Neil Mehta

And a couple of reasons why. I mean, you could go back to the 60s and you could talk about companies like AMD and Intel that were around in the 60s. You could go to the 70s where you had Apple and Microsoft. You could go to the 80s where you had Dell, ASML. You could go to the 90s where you, of course, have Google, 2000s, you have Facebook. You

And a couple of reasons why. I mean, you could go back to the 60s and you could talk about companies like AMD and Intel that were around in the 60s. You could go to the 70s where you had Apple and Microsoft. You could go to the 80s where you had Dell, ASML. You could go to the 90s where you, of course, have Google, 2000s, you have Facebook. You

A small number of companies, I think 1% of the S&P 500 make up 90% of the value. And most of those were growth. All of those were really growth companies. They were companies that over the course of many decades, reappropriated free cash flow away from these legacy incumbents, moved it into their own purview and became a staple for how consumers enterprises work in the world.

A small number of companies, I think 1% of the S&P 500 make up 90% of the value. And most of those were growth. All of those were really growth companies. They were companies that over the course of many decades, reappropriated free cash flow away from these legacy incumbents, moved it into their own purview and became a staple for how consumers enterprises work in the world.

And to me, that is such an enjoyable way to spend your time, to find founders that are hell-bent on trying to create one of those S&P 500 companies that delight customers at scale. It's also the most rewarding financially. I think the companies that we invest in will capture a lion's share of new economic value in the world. Everything else is just a shell game around it.

And to me, that is such an enjoyable way to spend your time, to find founders that are hell-bent on trying to create one of those S&P 500 companies that delight customers at scale. It's also the most rewarding financially. I think the companies that we invest in will capture a lion's share of new economic value in the world. Everything else is just a shell game around it.

I have lots of friends that figure out what's happening quarterly with Netflix. It doesn't matter to me at all. I'm much more interested in figuring out, is Netflix a great compounder that is going to grow over 20, 30 years?

I have lots of friends that figure out what's happening quarterly with Netflix. It doesn't matter to me at all. I'm much more interested in figuring out, is Netflix a great compounder that is going to grow over 20, 30 years?

There's going to be a lot of people that disagree. Growth is an output, not an input. And growth for growth's sake makes no sense. But one of the unique things about our industry and about great companies, if you historically look at the growth rate of many great technology companies, they were very high for a long time.

There's going to be a lot of people that disagree. Growth is an output, not an input. And growth for growth's sake makes no sense. But one of the unique things about our industry and about great companies, if you historically look at the growth rate of many great technology companies, they were very high for a long time.

They had a lot of growth persistence as well, or growth endurance is another way to put it. The next year, was it in the 80s or 90% of the previous year? The best companies have extraordinarily high growth persistence or growth endurance. I am a believer. There's this meme that's come out, which is too high of growth, like destroys company. I think very high growth is very good for companies.

They had a lot of growth persistence as well, or growth endurance is another way to put it. The next year, was it in the 80s or 90% of the previous year? The best companies have extraordinarily high growth persistence or growth endurance. I am a believer. There's this meme that's come out, which is too high of growth, like destroys company. I think very high growth is very good for companies.

I think like a reasonably high growth is very good for companies. And Mario Andretti quote, where it's like, if everything's under control, you're not going fast enough type thing. It is healthy in my mind, in the businesses I've been involved in. It's healthy to let a few things break here or there in order to keep pushing. And that results in a high growth.

I think like a reasonably high growth is very good for companies. And Mario Andretti quote, where it's like, if everything's under control, you're not going fast enough type thing. It is healthy in my mind, in the businesses I've been involved in. It's healthy to let a few things break here or there in order to keep pushing. And that results in a high growth.

And I'm especially for software companies or bits companies rather than Adams companies. I think it's good.

And I'm especially for software companies or bits companies rather than Adams companies. I think it's good.

A lot. Yeah. And by the way, what's interesting is almost every company in our portfolio that's been successful has had many hundred plus year over year growth rates. Wiz is a great example.

A lot. Yeah. And by the way, what's interesting is almost every company in our portfolio that's been successful has had many hundred plus year over year growth rates. Wiz is a great example.

When the war started more recently, when Hamas attacked Israel and some disproportionate share of the people involved in Wiz and the go-to-market team and the engineering team went to go serve for their country. Of course, our natural reaction, I think it was like Q3 or it was October, of course. So we're like, ah, this is the right thing.

When the war started more recently, when Hamas attacked Israel and some disproportionate share of the people involved in Wiz and the go-to-market team and the engineering team went to go serve for their country. Of course, our natural reaction, I think it was like Q3 or it was October, of course. So we're like, ah, this is the right thing.