It is always so odd how fixated investors/press are on the last private round price Whether ANT IPOs at $1.2T or $2T --> it is an insanely impressive act of value creation within 6 years *AND*, most of the value of companies ends up getting created after they are public

This is a LP letter that we recently wrote with our lessons on spotting talent from a decade of investing at the frontier. The most common thing you hear about early stage investing is that "It is 90% about the founder". We agree but have always been unsatisfied by the lack of falsifiability, specificity, and repeatability of that statement. What are the dimensions of excellence? How do they translate into companies? It was a pleasure to collaborate with @gopalkraman on this.

One weird effect of being max AI pilled is that I have started to really treasure IRL time with my family and my friends. Put on some techno, dance with friends, take your kids to the park. Let the agents cook (or not). But dear god, celebrate humans.