Nabeel Hyatt

And then the market flipped. Something crazy happened.

And then the market flipped. Something crazy happened.

And then the market flipped. Something crazy happened.

I think you have to find a founder who is continually innovating. You can ask all the simple questions about barriers to entry and all the rest of it and have some decent answers. But the truth is, if you are not reinventing yourself.

I think you have to find a founder who is continually innovating. You can ask all the simple questions about barriers to entry and all the rest of it and have some decent answers. But the truth is, if you are not reinventing yourself.

I think you have to find a founder who is continually innovating. You can ask all the simple questions about barriers to entry and all the rest of it and have some decent answers. But the truth is, if you are not reinventing yourself.

I'm saying you have to justify it to yourself to go to sleep at night and maybe have some base where it says like, for right now, this is what I think the barrier to entry is. This is how I think their next year is going to be good. But some kind of compounding effect where we think no matter what happens after this year, it's eBay.

I'm saying you have to justify it to yourself to go to sleep at night and maybe have some base where it says like, for right now, this is what I think the barrier to entry is. This is how I think their next year is going to be good. But some kind of compounding effect where we think no matter what happens after this year, it's eBay.

I'm saying you have to justify it to yourself to go to sleep at night and maybe have some base where it says like, for right now, this is what I think the barrier to entry is. This is how I think their next year is going to be good. But some kind of compounding effect where we think no matter what happens after this year, it's eBay.

They just launch a product and 40 years later, the product looked basically exactly the same and it's just fine. Those ages are not right now. Those might metastasize inside of smaller vertical markets and AI in the next couple of years. But by and large, it is a sea of speed and taste at the same time right now.

They just launch a product and 40 years later, the product looked basically exactly the same and it's just fine. Those ages are not right now. Those might metastasize inside of smaller vertical markets and AI in the next couple of years. But by and large, it is a sea of speed and taste at the same time right now.

They just launch a product and 40 years later, the product looked basically exactly the same and it's just fine. Those ages are not right now. Those might metastasize inside of smaller vertical markets and AI in the next couple of years. But by and large, it is a sea of speed and taste at the same time right now.

We don't talk about or look at market size at all, unless it's sometimes there's a confirmation that it's a small market. If the guy's starting an ice cream truck, then it's probably not for us. But usually if you're creating a- But with respect, I would still push back and say crumble.

We don't talk about or look at market size at all, unless it's sometimes there's a confirmation that it's a small market. If the guy's starting an ice cream truck, then it's probably not for us. But usually if you're creating a- But with respect, I would still push back and say crumble.

We don't talk about or look at market size at all, unless it's sometimes there's a confirmation that it's a small market. If the guy's starting an ice cream truck, then it's probably not for us. But usually if you're creating a- But with respect, I would still push back and say crumble.

Starbucks was also a venture-backed business. I didn't say they can't be good businesses. I said they're not spark businesses. Again, we're not trying to canvas the entire world for every single possible thing that we can invest in. We're not trying to be the Brita filter of venture capital firms that has to look at absolutely everything. I need to do a good deal a year. That's the job.

Starbucks was also a venture-backed business. I didn't say they can't be good businesses. I said they're not spark businesses. Again, we're not trying to canvas the entire world for every single possible thing that we can invest in. We're not trying to be the Brita filter of venture capital firms that has to look at absolutely everything. I need to do a good deal a year. That's the job.

Starbucks was also a venture-backed business. I didn't say they can't be good businesses. I said they're not spark businesses. Again, we're not trying to canvas the entire world for every single possible thing that we can invest in. We're not trying to be the Brita filter of venture capital firms that has to look at absolutely everything. I need to do a good deal a year. That's the job.

It's not that hard. It's incredibly hard to execute. It is a simple thing in its essence. And so if I try and win every single war across every single front, I will be average across the whole board. So we try to be good at what we're doing. We try to partner well with founders who want that product.

It's not that hard. It's incredibly hard to execute. It is a simple thing in its essence. And so if I try and win every single war across every single front, I will be average across the whole board. So we try to be good at what we're doing. We try to partner well with founders who want that product.