Neil Mehta

If you look at the valuations of these businesses, the investment that you have to make versus the payoff you get, and then the fact that you have to make that investment 12 months later, and there seems to be like a pretty fast catch up. It just didn't strike me as in the laws of business is a great business model.

If you look at the valuations of these businesses, the investment that you have to make versus the payoff you get, and then the fact that you have to make that investment 12 months later, and there seems to be like a pretty fast catch up. It just didn't strike me as in the laws of business is a great business model.

Of course, ChachiBT has proven that you can build a consumer business on top of it.

Of course, ChachiBT has proven that you can build a consumer business on top of it.

I used to think about this a lot, especially when we were starting, because in our first many funds, people would ask us. They'd have a list of other firms they'd ask us about and be like, what about these guys? What about these guys? I found that, first of all, if we're going to screw it up or lose, it's usually something we're going to do internally.

I used to think about this a lot, especially when we were starting, because in our first many funds, people would ask us. They'd have a list of other firms they'd ask us about and be like, what about these guys? What about these guys? I found that, first of all, if we're going to screw it up or lose, it's usually something we're going to do internally.

It's almost always we've internally messed something up that has led us astray. And just getting this stuff right internally, that's hard enough. So I don't spend that much time anymore thinking about the competitive dynamic in our industry. I would actually argue it has become much less competitive. It's counterintuitive. Think about what we're doing.

It's almost always we've internally messed something up that has led us astray. And just getting this stuff right internally, that's hard enough. So I don't spend that much time anymore thinking about the competitive dynamic in our industry. I would actually argue it has become much less competitive. It's counterintuitive. Think about what we're doing.

We're scouring the world for founders that we think are going to build future S&P 500 companies at the exclusion of everything else. But if you think about the job to be done in our industry, it's been layered. People that have injected complexity in ways that are so counterintuitive. There are firms whose only job is to do fintech in Brazil.

We're scouring the world for founders that we think are going to build future S&P 500 companies at the exclusion of everything else. But if you think about the job to be done in our industry, it's been layered. People that have injected complexity in ways that are so counterintuitive. There are firms whose only job is to do fintech in Brazil.

There are firms that their only job is to do everything that comes out of Y Combinator. Their only job is to do New York City consumer startups. It's become this specialization of our industry. That goal I mentioned, that Green Oaks goal, of course, I don't think everybody would agree that that may be their end state goal, but they have maybe a different job to be done on a day-to-day basis.

There are firms that their only job is to do everything that comes out of Y Combinator. Their only job is to do New York City consumer startups. It's become this specialization of our industry. That goal I mentioned, that Green Oaks goal, of course, I don't think everybody would agree that that may be their end state goal, but they have maybe a different job to be done on a day-to-day basis.

Our industry is more like, I think this is investing generally. Investing, it's a game of reducing complexity. It's a game of reducing noise. There's too much noise.

Our industry is more like, I think this is investing generally. Investing, it's a game of reducing complexity. It's a game of reducing noise. There's too much noise.

And I find the people that are willing to have the intestinal fortitude to dramatically reduce the noise and make their job extremely simple and have the temperament to allow it to be so simple, to know that you only need 110 points of IQ to do this, the number of people that I feel we compete with on that is very, very low.

And I find the people that are willing to have the intestinal fortitude to dramatically reduce the noise and make their job extremely simple and have the temperament to allow it to be so simple, to know that you only need 110 points of IQ to do this, the number of people that I feel we compete with on that is very, very low.

These were 100 times. I think it was $2 billion when Don Valentine did NVIDIA, and now it's $200 billion or something like that.

These were 100 times. I think it was $2 billion when Don Valentine did NVIDIA, and now it's $200 billion or something like that.

Two things are allowed to be true at the same time, which is... Our space has too much capital and it's actually less competitive for great companies. And I'll try to explain those, the economy. A lot more companies are getting funded. Thousands of companies will get funded by really great investors.

Two things are allowed to be true at the same time, which is... Our space has too much capital and it's actually less competitive for great companies. And I'll try to explain those, the economy. A lot more companies are getting funded. Thousands of companies will get funded by really great investors.