"The one thing I think that's going to be truly future proof is judgment. Why? Because you have the big challenge of AI slop. Every product leader I've talked to is extremely worried that because you h..."

"And what that thing is is the notion of a long horizon, a longunning agent. I've experienced it myself about 6 months ago. I tried to use clot code in the early days to build something. I call it a vi..."

"So capabilities and models are changing very fast. If whatever you think of 6 months ago, if you continue thinking on that dimension, you have fallen behind. So it's very very important for the produc..."

"And then I think the other very very important thing that's happened which is fundamentally different is when I was growing up products were deterministic. There was a workflow you knew if X happened ..."

"If you think about uh my friend Zach has this great way of thinking about AI which is we had the industrial revolution for goods and that basically this kicks off an industrial revolution for services..."

"You can build something amazing that adds a tremendous amount of value to the customer but doesn't build any value to the business. And you can do something that is awesome for the business by raising..."

"So there are all these different product states or if you do a poor job they can go from becoming a loyal customer to becoming a churned customer. So these are all behaviors. Everything you do or buil..."

"You mentioned at the start the difference between the video transcription tool six months ago versus you know more recently and how quickly that changed. It's just such a hard future to uh reason abou..."

"As you evaluate companies today, build things yourself and just think about this problem and the trajectory of these tools. Maybe walk through how someone should think about building an AI application..."

"So the the question you have to ask is where are what industry are there roles of people that are highly paid that are doing somewhat of a repetitive job and that can be done by software. Every 3 mont..."

"You want to target a workflow uh a way of working that is deep that is complex and that is u that is basically uh that that requires custom data. I met with the CIO of a fortune 500 company a few week..."

"So I'm just going to put them using these horizontal tools to build my AI agents. Why do you need any startups? And so that's the kind of thing you're going to face that if the CIO of a company of you..."

"So what that means is you've got to have durability because ultimately as venture capitalists are or even as an entrepreneur your time horizon can't be building something that lasts for one year and t..."

"A control point is a thing that controls how people interact with money or with data. So if you you want to own that. Third, you want to maybe have hardware which is hard to replace. Fourth, maybe you..."

"For example, in legal there's a company called Filevine or another company called Cleo. There's a few of these companies in sales at Salesforce. In in healthcare it's Epic. Now for many years these co..."

"So you started seeing last year that these companies are cutting off access to APIs. Slack has done it most publicly. Slack is owned by Salesforce. They cut off access to Glean where Glean can no long..."

"And I'm hearing from other verticals that they're doing one of three things. They're blocking access to APIs. They're offering their own agents for free bundled or they're charging these AI agent comp..."

"So the agent companies have no option but to also start building and offering a system of record. So every company I know is now trying to figure out how do I build the entire platform and not just a ..."

"I think last year everyone was like, "Oh, we can do workflows. We can build what is called the system of action uh and live on top of the system of record." I don't think that's an option anymore."

"The Slack example is a good one of uh a sort of last generation software company which was very big and very successful. One of the most interesting investor questions and I'm curious for your answer ..."

"How do you think about that question of like obviously public markets seem to think software is in a lot of trouble. The multiples are really really low. How much would you be worried if you ran like ..."

"There are two or three kinds of software companies. I think the the software companies that are should be the most worried right now is where they are pricing the product based on utility. Zenesk is a..."

"So that company should be worried. Why? Because I can have an AI agent sit right next to Zenesk and you can slowly siphon off. You can use instead of paying for 50 Zenesk seats, you can pay for 20 and..."

"You need to change your pricing model to be based on outcome and you need to actually build the product to be based on outcome. It's easier said than done because literally you're going from a 20 or $..."

"That's why I think many of them probably need to go private because they have to make this business model transformation in private. I think it's going to be hard for them to stay public."

"The companies that are less exposed are ones where the utility is not based on seats but it's based on data that has been collected and captured over a period of time and the the more uh timeless the ..."

"Slack for example I would say might be in a little bit more precarious state because the data in Slack is half time halfife is very short that's a great way of putting it but if you have ERP is a grea..."

"There are legacy or somewhat new what is called a system of record which is a system where most of the data is stored for that system. For example, in legal there's a company called Filevine or anothe..."

"Now for many years these companies all had APIs that if you enter that industry you could build an agent company on top of these APIs. In 2025 things changed. These companies started seeing that these..."

"So you started seeing last year that these companies are cutting off access to APIs. Slack has done it most publicly. Slack is owned by Salesforce. They cut off access to Glean where Glean can no long..."

"I think it's going to be very hard for a end customer to use multiple companies where you have a system of record and then you have this agent that sometimes doesn't work with it properly."

"What business ideas don't work in in advertising? Like what are the business models that just are doomed to fail? >> Trying to be a middleman on top of these large platforms from my understanding work..."

"What would you be worried about if you were one of these fairly monopolistic owners of a massive ad network like the ones we've discussed? There Uber and Amazon in the mix, Door Dash, Facebook, Google..."

"There's a new battle happening for that first category which is a new interface to be owned. We know chat GBT is sort of does I'm curious if you think being the first mover matters to build a new ad n..."

"So like fully fully self-serve. Love to hear you talk about that. And a related idea was that's sort of on the builder side. On the investor side, you mentioned to me that all the great investments th..."

"And so I think that's what you want. You want somebody who is essentially acting as a manager but not of humans but of AI agents. And management has to be a full-time job. What I mean by that is if yo..."

"I think good example is the Collisons I think bought a book on payments and they studied exactly why all the payments companies did what they did and how they failed and how they succeeded and I think..."

"I think one of the best practices I've seen done and I've I've now tried to push other companies to do it is a notion of a board buddy. So everyone on the board should become a buddy to manage team me..."

"I think influencers have become much more every year they become much more powerful in how people especially younger people consume products and and even choose products."