Nick Beim

I think if you've really...

built a franchise, an investment franchise in an area, it will always yield fruit, but maybe you've gotten the most attractive fruit early on.

And AI has increased the pace of change so much that vast new things may be possible in areas that you previously had written off as not being sufficiently exciting to invest in, or maybe you missed some of the early investments, but you'll see very big new ideas.

In venture capital, the moment you stop investing,

exploring fascinating new ideas that could be highly disruptive and are content with what you're doing, you're done.

The world just moves too fast.

the biggest piece of advice would be to be more cautious about pattern recognition.

Pattern recognition is incredibly valuable to venture investors and sort of sorting all the opportunities that you see and to very quickly make a judgment on whether something might be a good investment.

But it fails in one critical case, the most important case of all, which is very big, new disruptive investments.

They don't fit a pattern.

And when you see them, they look different.

They sparkle with greatness, but they look kind of weird.

And there are 50 reasons to turn them down according to traditional pattern matching.

And this is true for, if you think back at Apple, if you look at open AI, if you look, you know, it was a nonprofit, you know, how would you invest in that?

A lot of the most disruptive companies, you have to throw out pattern recognition, shift from fast thinking to slow thinking and go to ground fundamentals and,

Really use your imagination based on those fundamentals to think what's possible.

And right now, I spend all of my time looking for really big opportunities.

I'm not satisfied with things that could be a double or a triple.

I'm satisfied to take my time, take really a significant risk, but really calibrated, thoughtful risk in areas where I think I have an advantage to go after something huge.

Because in our business...