Marc Andreessen

Let's be more free. Let's be more open, strong, but more friendly, more collaborative, more cooperative, and essentially seduce the world into being on our side as opposed to restricting and controlling and overtly threatening.

Let's be more free. Let's be more open, strong, but more friendly, more collaborative, more cooperative, and essentially seduce the world into being on our side as opposed to restricting and controlling and overtly threatening.

Yeah, so the analytical component hopefully will change dramatically. One assumes that the world's best investment companies are going to be very good at harnessing this technology for the use of the kind of analysis that they do, that we do.

Yeah, so the analytical component hopefully will change dramatically. One assumes that the world's best investment companies are going to be very good at harnessing this technology for the use of the kind of analysis that they do, that we do.

Now, having said that, the whole thing where the shoemaker's son has no shoes, one might say that maybe the venture firms that are the most aggressive at investing in AI might be among the less aggressive on actually figuring out how to use it. We have a bunch of internal efforts underway that I'm super excited about, but firms like ours need to be on the ball here. So we need to actually do it.

Now, having said that, the whole thing where the shoemaker's son has no shoes, one might say that maybe the venture firms that are the most aggressive at investing in AI might be among the less aggressive on actually figuring out how to use it. We have a bunch of internal efforts underway that I'm super excited about, but firms like ours need to be on the ball here. So we need to actually do it.

Some of that work happening yet, probably not across the industry, probably not enough. Having said that, there is another side to it. And for like late stage investing or for public market investing, a lot of people you talk to have a very analytical lens. And there's even, you know, great investors. I think it's Warren Buffett. I think he never does management meetings.

Some of that work happening yet, probably not across the industry, probably not enough. Having said that, there is another side to it. And for like late stage investing or for public market investing, a lot of people you talk to have a very analytical lens. And there's even, you know, great investors. I think it's Warren Buffett. I think he never does management meetings.

I don't know if it's true or not, but the story I've always heard is Warren doesn't want to meet with CEOs.

I don't know if it's true or not, but the story I've always heard is Warren doesn't want to meet with CEOs.

Yeah, yeah. He wants to have sandwich companies. And I think he's also a little bit worried that he's going to get seduced by a good story. A lot of CEOs, they're very charming. I always describe as that great hair, great teeth, their shoes are shiny, the suits impeccable. They're really good at selling. And among the things they're really good at selling is their stock.

Yeah, yeah. He wants to have sandwich companies. And I think he's also a little bit worried that he's going to get seduced by a good story. A lot of CEOs, they're very charming. I always describe as that great hair, great teeth, their shoes are shiny, the suits impeccable. They're really good at selling. And among the things they're really good at selling is their stock.

And so if you're Buffett, you sit in Omaha, what you do is you read the annual reports. The companies put everything in the annual reports and they're constrained by federal law to make sure that it's true. And so that's how you analyze. And so

And so if you're Buffett, you sit in Omaha, what you do is you read the annual reports. The companies put everything in the annual reports and they're constrained by federal law to make sure that it's true. And so that's how you analyze. And so

Should 01 or 03 or 07 or R4 or whatever the reasoning models are, should that be better at analyzing annual reports than at least most investors doing it by hand? Yeah, probably. As you know, investing is an arms race like everything else. And so if it works for one person, it'll work for everybody. It'll be an arbitrage for a little while and then it'll close and it'll become standard.

Should 01 or 03 or 07 or R4 or whatever the reasoning models are, should that be better at analyzing annual reports than at least most investors doing it by hand? Yeah, probably. As you know, investing is an arms race like everything else. And so if it works for one person, it'll work for everybody. It'll be an arbitrage for a little while and then it'll close and it'll become standard.

And so I would expect the investment management industry will adopt this technology in that way. This will become a standard way to operate. I do think it gets a little bit different, especially earlier in the process for early stage venture. What I'm about to say may just be wishful thinking on my part. I might be the last Japanese soldier on the remote island in 1948.

And so I would expect the investment management industry will adopt this technology in that way. This will become a standard way to operate. I do think it gets a little bit different, especially earlier in the process for early stage venture. What I'm about to say may just be wishful thinking on my part. I might be the last Japanese soldier on the remote island in 1948.

By saying what I'm about to say, I'm going to tempt fate. But I'm going to say, you know, look, so much of what we do on the early side in the first five years is really very deep evaluation of individual people. And then it's working with those people in very deep partnership. And this is one of the reasons, by the way, that venture doesn't scale well.

By saying what I'm about to say, I'm going to tempt fate. But I'm going to say, you know, look, so much of what we do on the early side in the first five years is really very deep evaluation of individual people. And then it's working with those people in very deep partnership. And this is one of the reasons, by the way, that venture doesn't scale well.