Among our largest positions in the public markets are DoorDash, Affirm, Toast. We led those last private rounds, right?

he's got great believe that a firm can grow at the rates it's growing at for a reasonable period of time. In addition, they can do it without adding headcount. And the reason for that obviously is because he's going to go lean out a lot of processes that were not possible to go do before AI.

None of them actually have these super sharp competitive advantage, but yet if you really have studied Jay and you truly understand his human capital culture, and how he basically attracts and holds people accountable and his ability to basically decentralize incentives so people are aligned

I think about the example of Danaher so much because what Mitch and Steve have done. It's just stunningly hard to imagine that for nearly 40 years you've compounded wealth at 20% in something that didn't have deep physical moats or didn't have data network effects

if there's 3 value equations in pizza, it's quality, value, and convenience. And what they realized is if we really, really invest in technology, we can make convenience a lot better. And so they really invested in their app, built a direct relationship with their customer very early on.

I think what's misunderstood about Jay... What people haven't realized is he's built an incredible business, both in asset management on the real estate side and Harrison Street, and also he's building a terrific consulting platform.

Luis has talked about being 20x faster and generating content. And we've already seen it. He's publicly said he developed Chess, which is doing incredibly well. And my kids really love that product.

Among our largest positions in the public markets are DoorDash, Affirm, Toast. We led those last private rounds, right? And so yeah, they persisted and we kind of bought more, right? At different points on the curve.

I love physical real estate. I love Amazon or We're investors in Carvana.

My partner Catherine, who when we first underwrote Figma in 2020, and also when we led the investment round in '21, is the same person who basically was at the all-hands meeting with Figma when Dylan announced to the company that they were going public.

what Amazon was able to do is ride a cost curve where they were deflating the cost of sending a box out at 3 to 5% a year for 20 straight years. And the people who did not leverage the right distribution infrastructure... were probably at a curve that probably inflated at 3 to 5%