Max Levchin

I even understand why me and not the next person. I hope there's an opportunity to come back. I really love this place. I want to come back. Is overhiring a calculated risk? Yes, it certainly is. That's a good answer in retrospect to your question about calculated risks that did not pan out. You decide that you want every incremental engineer to build more features while the fundraising is good.

And then suddenly it's not. And what do you do? And there's nothing you can do other than to say, so sorry, but some of you cannot have a seat anywhere.

And then suddenly it's not. And what do you do? And there's nothing you can do other than to say, so sorry, but some of you cannot have a seat anywhere.

And then suddenly it's not. And what do you do? And there's nothing you can do other than to say, so sorry, but some of you cannot have a seat anywhere.

The analysis is typically about how fast something will grow, right? how well you can have the market protect your cash flow. If it doesn't, how profitable something will be. It's roughly what you said, but the calculus is a little bit more complicated. You're typically estimating more than a few variables. One of my favorite internal lines at Affirm is Affirm is a constant multivariate

The analysis is typically about how fast something will grow, right? how well you can have the market protect your cash flow. If it doesn't, how profitable something will be. It's roughly what you said, but the calculus is a little bit more complicated. You're typically estimating more than a few variables. One of my favorite internal lines at Affirm is Affirm is a constant multivariate

The analysis is typically about how fast something will grow, right? how well you can have the market protect your cash flow. If it doesn't, how profitable something will be. It's roughly what you said, but the calculus is a little bit more complicated. You're typically estimating more than a few variables. One of my favorite internal lines at Affirm is Affirm is a constant multivariate

analysis problem solving. It's very rare. It's like, well, that thing, do we think it's five or is it 10 or is it going to be 500? Those are very easy to estimate. It's like, well, we have nine variables and they're all non-linearly distributed. And some of them multiply with the others. And some of the other ones, we don't really know how they relate to the first pack.

analysis problem solving. It's very rare. It's like, well, that thing, do we think it's five or is it 10 or is it going to be 500? Those are very easy to estimate. It's like, well, we have nine variables and they're all non-linearly distributed. And some of them multiply with the others. And some of the other ones, we don't really know how they relate to the first pack.

analysis problem solving. It's very rare. It's like, well, that thing, do we think it's five or is it 10 or is it going to be 500? Those are very easy to estimate. It's like, well, we have nine variables and they're all non-linearly distributed. And some of them multiply with the others. And some of the other ones, we don't really know how they relate to the first pack.

We're going to have to estimate all of them and predict the outcome based on that. And so it's a hard problem to solve, not just for a firm, but for any company. You're inevitably evaluating a bunch of variables concurrently.

We're going to have to estimate all of them and predict the outcome based on that. And so it's a hard problem to solve, not just for a firm, but for any company. You're inevitably evaluating a bunch of variables concurrently.

We're going to have to estimate all of them and predict the outcome based on that. And so it's a hard problem to solve, not just for a firm, but for any company. You're inevitably evaluating a bunch of variables concurrently.

I think they announced that they grew 32% last quarter. I think we announced that we grew 35%.

I think they announced that they grew 32% last quarter. I think we announced that we grew 35%.

I think they announced that they grew 32% last quarter. I think we announced that we grew 35%.

In the last few quarters, and their numbers aren't public, they're about to go public, so it will be a little bit easier to track their numbers, I think, for all involved. But for the last several quarters, from estimates, we have been taking share in the market against all competitors, not just them. that's a good sign for us. We offer more services though.

In the last few quarters, and their numbers aren't public, they're about to go public, so it will be a little bit easier to track their numbers, I think, for all involved. But for the last several quarters, from estimates, we have been taking share in the market against all competitors, not just them. that's a good sign for us. We offer more services though.

In the last few quarters, and their numbers aren't public, they're about to go public, so it will be a little bit easier to track their numbers, I think, for all involved. But for the last several quarters, from estimates, we have been taking share in the market against all competitors, not just them. that's a good sign for us. We offer more services though.

Majority of our competitors specialize in paying for or something very, very specific. We made the decision from day one to provide every possible service from the 45 day super short term loan all the way out to four years. Very, very few people do everything. And so it should be a natural consequence of our ability to serve all that we would take this proportion to share.