Martín Escobari

And we were like, no, we have to do it.

First mover will be incredibly valuable.

We did it in one year.

So it's this ability to move very, very fast, to capture opportunities which are fleeting, which seem humanly impossible, are actually not.

And all bubbles are born out of a truly transformative technology.

In all the previous bubbles, the promise was spectacular, the short term was disappointing, and the long term delivered more than expected.

But in that process, a lot of fortunes were made and destroyed.

So I think as a firm, John Athletic has been around for 45 years, we try to make different mistakes in each bubble.

And I'm sure we're making our approach this time, different from the Internet, has been to be incredibly aggressive at deploying AI in the portfolio.

The promise of AI is clear to everyone.

Let's see what's working in the real world.

And let's share Brecht's practices.

And we have incredible scale.

We have over 200 portfolio companies.

We have 100 people in our portfolio support, portfolio operations team.

This year, we'll do 500 projects with the portfolio.

A third of them are AI projects.

So we're seeing what works in the front lines.

And as soon as we see a use case with real ROI and real revenue to the provider of the service, and you can sort of model what the economics and the cost to serve and what the long-term profitability maybe is of this exciting new market, then we pounce.

The first one where we felt that has happened is code generation.