Stuart Miller

And I've noticed this thing, I don't know if AI is like this now or not, but when you have a new field, it tends to attract the people who are available to be in that new field. And that's often unemployed people or people who are so Chicago improv that they're switching what they're doing and chasing the next thing. And so it can be kind of aesthetically distracting when there's a new thing.

And I've noticed this thing, I don't know if AI is like this now or not, but when you have a new field, it tends to attract the people who are available to be in that new field. And that's often unemployed people or people who are so Chicago improv that they're switching what they're doing and chasing the next thing. And so it can be kind of aesthetically distracting when there's a new thing.

Because the people who've gotten in there first are kind of scrappy, but also fly by night in this way. And crypto is like that. And so I went to this conference and I experienced a lot of the people as not like that line from Succession. They're not serious people. Yeah. And then I came across this woman who was running crypto for Facebook at the time. I was in a room of like 300 people.

Because the people who've gotten in there first are kind of scrappy, but also fly by night in this way. And crypto is like that. And so I went to this conference and I experienced a lot of the people as not like that line from Succession. They're not serious people. Yeah. And then I came across this woman who was running crypto for Facebook at the time. I was in a room of like 300 people.

I just followed her because I noticed that the room seemed to know that she was among the most credible in the room. And if I just sat near her, there was interesting incoming. And Matt Wong was at Sequoia at the time, and he came in. And then I was like, you know what? Actually, I'm going to follow him. And so I became kind of his wingman.

I just followed her because I noticed that the room seemed to know that she was among the most credible in the room. And if I just sat near her, there was interesting incoming. And Matt Wong was at Sequoia at the time, and he came in. And then I was like, you know what? Actually, I'm going to follow him. And so I became kind of his wingman.

And it turned out, in retrospect, he and Fred Ursham were debating whether to work together on that. They had gone on this trip partly to figure that out. I ended up having a road trip. I drove the two of them to the airport and we spent a bunch of time together. And I was just struck by, I experienced them both as commercial actors that I would back, feel agnostic. I would bet on them.

And it turned out, in retrospect, he and Fred Ursham were debating whether to work together on that. They had gone on this trip partly to figure that out. I ended up having a road trip. I drove the two of them to the airport and we spent a bunch of time together. And I was just struck by, I experienced them both as commercial actors that I would back, feel agnostic. I would bet on them.

individually and as partners, regardless of what they were pursuing. And I ended up interviewing CFOs for them. I like to interview team members for people because I can often add value that way. And I understand how they're approaching everything. And I learned a lot about it. And I happen to have just read the description of Enneagram One.

individually and as partners, regardless of what they were pursuing. And I ended up interviewing CFOs for them. I like to interview team members for people because I can often add value that way. And I understand how they're approaching everything. And I learned a lot about it. And I happen to have just read the description of Enneagram One.

On the morning that I interviewed this endowment person who they were interviewing as a CFO, and she and I had this amazing deep conversation and I realized, oh my God, she's in Enneagram One. And I said to them, to Fred and Matt, I think she's an amazing hire. She's going to bring institutional credibility into the inside of the firm.

On the morning that I interviewed this endowment person who they were interviewing as a CFO, and she and I had this amazing deep conversation and I realized, oh my God, she's in Enneagram One. And I said to them, to Fred and Matt, I think she's an amazing hire. She's going to bring institutional credibility into the inside of the firm.

The shadow side, the one catch is she's going to have this slight vibe of, of you're trying to get away with something. I said, particularly Fred, she's going to have this vibe of like kind of getting away with something. Why are you being that way? And if you take that personally, you're going to end up firing her. But if you don't, she's going to be amazing.

The shadow side, the one catch is she's going to have this slight vibe of, of you're trying to get away with something. I said, particularly Fred, she's going to have this vibe of like kind of getting away with something. Why are you being that way? And if you take that personally, you're going to end up firing her. But if you don't, she's going to be amazing.

And Matt recently sent me, I think that email recapping that she's ended up becoming their CFO. She's amazing. She's totally built their firm. She's their third partner. And because I was there with her before, it's like she and I share this. I noticed this recently in visiting somewhere else where I helped recruit a lot of people.

And Matt recently sent me, I think that email recapping that she's ended up becoming their CFO. She's amazing. She's totally built their firm. She's their third partner. And because I was there with her before, it's like she and I share this. I noticed this recently in visiting somewhere else where I helped recruit a lot of people.

You're sharing the before and after reality with somebody and you're on the same journey in this camaraderie like way. So I've seen them go from nothing to, I think they managed like 10 billion today. And to their credit, they've consistently invested in crypto and put real money to work at multiple bottoms because of their long-term belief in it and the quality of their decision-making.

You're sharing the before and after reality with somebody and you're on the same journey in this camaraderie like way. So I've seen them go from nothing to, I think they managed like 10 billion today. And to their credit, they've consistently invested in crypto and put real money to work at multiple bottoms because of their long-term belief in it and the quality of their decision-making.

I've got kind of a front row seat to that, and that's been really fun.

I've got kind of a front row seat to that, and that's been really fun.