Patrick O'Shaughnessy

What are the most important reasons why this is the thing you do?

If you think about the environments that are better or worse for growth investing of the type that you do, what are those conditions?

If you could cook up in the kitchen the perfect environment for you to be deploying dollars, what are the features of it?

What does that mean, early product cycle?

You and I have talked before about this idea of push versus pull companies.

Can you describe that difference and how that's an idea that you care about when evaluating them?

Do you basically just not care if a company has zero percent gross margin, for example, but the revenue growth and the customer love and all this stuff, the poll is all there?

Does it round to we don't care?

How much do you care that the way the product behaves and the way it's distributed is truly singular and different than competitors versus just the best of a class of company?

What are the trade-offs of the way that Andreessen is structured?

No firm is perfect.

There's choices for how you have structured and nested the team, lots of different groups, leaders of groups like you.

What are the negative parts of the trade-offs for how Andreessen is structured versus a more monolithic structure or something that was just different?

What percent of the investments you make did the firm have a prior investment in?

Can we talk about selling?

This is such an interesting topic to me because you can ask lots of investors that invest in private markets when and how they sell.

And most of the answers you hear are fairly simple heuristics.

When you hear a lot is when there's a crystallization, you sell a third, hold a third, hold a third forever.

It's like the Fred Wells.

Now, later, never.