Sam Altman

This is like a big iron complicated engineering project.

And they are a big and complex company.

And I think like many great partnerships or relationships, we've sort of just continued to ramp up our investment in each other.

And it's been very good.

I think most other companies...

wouldn't maybe now they would it wouldn't at the time have understood why we needed all the weird control provisions we have and why we need all the kind of like agi specialness um and i know that because i talked to some other companies before we did the first deal with microsoft um and i think they were they are unique in terms of the companies at that scale that understood why we needed the control provisions we have

I think most CEOs are either great leaders or great managers.

And from what I have observed with Satya, he is both.

Super visionary, really like gets people excited, really makes long duration and correct calls.

And also he is just a super effective hands-on executive and I assume manager too.

And I think that's pretty rare.

I mean, he's just like done an unbelievable job, but he is amazing at being like,

clear and firm and getting people to want to come along but also like compassionate and patient with his people too i'm getting a lot of love not fear i'm a big satya fan

I think they just like horribly mismanaged

while chasing returns in a very silly world of 0% interest rates, buying very long-dated instruments secured by very short-term and variable deposits.

And this was obviously dumb.

I think

Totally the fault of the management team, although I'm not sure what the regulators were thinking either.

And it's an example of where I think you see the dangers of incentive misalignment.

Because as the Fed kept raising, I assume that the incentives on people working at SVB to not sell at a loss their super safe bonds, which were now down 20% or whatever, or down less than that, but then kept going down.