Tal Zaks

So they brought in a bunch of geologists, and they started picking at the stone, and they came to the conclusion that, look, it's a big mountain, we gotta tunnel through it, but here's the thing, the shell of the mountain is really hard, but the core is soft, and so we'll get through the hard part, and then it'll be soft, it'll be easy digging, then we get to the other side a little bit of hard, and we're done.

So they brought in a bunch of geologists, and they started picking at the stone, and they came to the conclusion that, look, it's a big mountain, we gotta tunnel through it, but here's the thing, the shell of the mountain is really hard, but the core is soft, and so we'll get through the hard part, and then it'll be soft, it'll be easy digging, then we get to the other side a little bit of hard, and we're done.

So give us a couple million dollars in those terms, and two years, and we'll be through it. And five years in, and it's still hard. There was never any soft part in the middle of that mountain. But what are you going to do? You're halfway in. You're going to stop now. So they mustered up and they dug their way through it.

So give us a couple million dollars in those terms, and two years, and we'll be through it. And five years in, and it's still hard. There was never any soft part in the middle of that mountain. But what are you going to do? You're halfway in. You're going to stop now. So they mustered up and they dug their way through it.

And the moral of the story is it's always going to be harder than what we anticipate when we make the investment. As long as we're clear-eyed about what it is and you've got the right people around the table. And you're in a position where you can take the portfolio approach of those.

And the moral of the story is it's always going to be harder than what we anticipate when we make the investment. As long as we're clear-eyed about what it is and you've got the right people around the table. And you're in a position where you can take the portfolio approach of those.

Now, it is interesting to me, coming over to this side, the difference between being an investor and being an executive in one of these companies. So I can take a very hard-nosed look at the risk. And I know I owe my LPs a certain return over time, and it's going to be met by this portfolio. An executive in the company? Oh, no, they're going to live and die by that being successful.

Now, it is interesting to me, coming over to this side, the difference between being an investor and being an executive in one of these companies. So I can take a very hard-nosed look at the risk. And I know I owe my LPs a certain return over time, and it's going to be met by this portfolio. An executive in the company? Oh, no, they're going to live and die by that being successful.

And I remember when I joined Moderna, my wife, who's a smart one in the family and has a PhD in biochemistry, looked at me and said, Tal, come on, this thing, I mean, mRNA is never going to work. Really? And I looked at her and I said, honey, not only is it unlikely to work, we're also never going to make any money because the book value was yay high when I joined. And who thought?

And I remember when I joined Moderna, my wife, who's a smart one in the family and has a PhD in biochemistry, looked at me and said, Tal, come on, this thing, I mean, mRNA is never going to work. Really? And I looked at her and I said, honey, not only is it unlikely to work, we're also never going to make any money because the book value was yay high when I joined. And who thought?

But I said, I'd rather fail on something big than succeed in something small, I can afford to take the risk where we are in life. And if this were to work, this would be big. So she said, Okay, fine, go have fun, do whatever.

But I said, I'd rather fail on something big than succeed in something small, I can afford to take the risk where we are in life. And if this were to work, this would be big. So she said, Okay, fine, go have fun, do whatever.

And we agreed that I do this for three to four years, and then it will flame out, I'd have an interesting experience, and I would still be employable, probably, and it'd be okay. When investors came to me at some point, and I remember when we turned public, and so investors started asking me, well, Tal, what do you think about the stock price?

And we agreed that I do this for three to four years, and then it will flame out, I'd have an interesting experience, and I would still be employable, probably, and it'd be okay. When investors came to me at some point, and I remember when we turned public, and so investors started asking me, well, Tal, what do you think about the stock price?

And the only answer I could come up with, I'm investing in this company, something far more valuable to me than capital. It is my time on earth. So you do with your money what you see fit. But I'm telling you, I'm putting my time on earth into this. That's how I believe in this company. And so it taught me the primacy of sweat equity, if you will.

And the only answer I could come up with, I'm investing in this company, something far more valuable to me than capital. It is my time on earth. So you do with your money what you see fit. But I'm telling you, I'm putting my time on earth into this. That's how I believe in this company. And so it taught me the primacy of sweat equity, if you will.

And so I want to make sure that my capital equity follows the sweat equity of people I believe in. Because at the end of the day, that is the drive. Yes, the science and the technology and the medicine, they all have to work together. but it's the people who make it work.

And so I want to make sure that my capital equity follows the sweat equity of people I believe in. Because at the end of the day, that is the drive. Yes, the science and the technology and the medicine, they all have to work together. but it's the people who make it work.

And it's the people who believe who are putting their time on earth and their talents to drive it that are gonna make the difference and are gonna make the returns.

And it's the people who believe who are putting their time on earth and their talents to drive it that are gonna make the difference and are gonna make the returns.