"Today, I have the great pleasure of speaking with  Marc Andreessen, which means for the first time   on the podcast, the guest’s and the host’s  playback speed will actually match. Marc,   welcome to ..."

"Because it's such a gigantic, emotional,  irrational thing to do. The implications of that   decision are so profound in terms of how you live  your life. Look, there are plenty of great ideas,   and ..."

"Before AWS, deploying applications was  probably the bottleneck on new software.   What is the biggest bottleneck today? At what  layer of abstraction do we need new tools?   Literally sitting here to..."

"The big thing I would just say is that  reality plays out in really complicated ways.  Everything on paper is straightforward. Reality  is very complicated and messy. The technical way   that I think ..."

"A consequence of that, that I think is pretty  obvious, is that managerial capitalism has a   big advantage that Burnham identified, which is  that the managers are often very good at running   things..."

"When the companies we fund get to scale, they  tend to get pulled into the managerial orbits,   they tend to get pulled into the managerial  matrix, which by the way, is when they stop being   able to..."

"overwhelming trend towards managerialism. If you had a fund with a 100 year lock-in   what would you be able to invest in  that you can’t invest in right now?   The base lockup for venture is like 1..."

"they're not working with customers. They just  start to become bubbles of their own reality.   Contact with the real world is difficult every  single time. The real world is a pain in the butt.   And ..."

"would be — what if you just had more zeros on  the amount of money? What if instead of funding   companies for $20 million, you could fund them  for $2 billion, or $20 billion? In other words,   maybe..."

"But what about basic research? You've  spoken about the dysfunctions of the   academic-government-research complex.  But within the next internet, the next   thing that the Andreessen firm 10 years fr..."

"He comes from a high pedigree in economic  theory background. And himself was a legendary   venture capitalist in his career. He became a  hands-on investor at the firm Warburg Pincus   and funded som..."

"And all the money that people poured into  cleantech and da-da-da, all these other areas   the venture capitalists tried to fund,  they just didn't work from a return   standpoint. You just burned the..."

"years. Computer science based venture capital  was able to productize 50 prior years of basic   research in computer science, information science,  information theory, communications theory,   algorit..."

"And so he says, if you want to predict the future  venture capital, you basically just look at where   the previous 50 years of basic research, R&D has  happened, federal research funding has happened..."

"Yeah, there are people who make  their living on baseball cards.   Look, art has been a part of the economy  for thousands of years. Art is one of the   original things that people bought and sold.  A..."

"I don't mean to get hung up on this — but if you  think of something like the stock market or the   bond market, fundamentally you can tell a story  there. Where the reason what these stockbrokers or ..."

"As a consequence, funding movies as another  example of what you're talking about,   is a thing that really makes the world better.  And here's the other thing. The world we live   in actually is the ..."

"Have we reached the end of history when it comes  to how venture capital works? For decades you get   equity in these early stage companies, you  invest more rounds, it's a 2-20 structure.   Is that w..."

"There's already shades of gray. I would  say that's already dissolving. There's very   formal rules here. But there's already shading  that is taking place. In the last 20 years,   it's become much mo..."

"Honestly, it's a little bit like  — Why don't the great football   broadcasters go get on the field? Try  being the running back for a season?   Got it. How soon can you tell whether  somebody will m..."

"And by “might want to do it” I mean, 20 years from  now, they still want to be running their company.  And enough of them where we get the success  cases. But having said that as an entrepreneur,   yo..."

"The degenerate version of that is a manager  running a company of people who in theory can   build your products. But in the Burnham sense,  if the CEO is the manager who is running a team   of people..."

"and there'll be a chance to make money  for people who make good investments.  So it's probably not that, and then there'll be  the micro explanation, which is we just make bad   investments. We inves..."

"And then I don't know, let's say crypto  gets regulated or it's just not ready yet.   It doesn't have to be crypto specifically.  But what happens to a16z as a whole? I mean,   does a whole firm carry..."

"Yeah. What did the old management of Twitter  fail to see about the potential of the platform?   So first I'd say that I have a very hard  time second guessing management teams,   because like I said,..."

"politics operates, this ought to be where every  creative profession operates, this ought to be   where a huge amount of the economy operates. They were always on to such a big idea.   Like with every..."

"was just this overwhelming critique from  all the smart people, as I like to say.   That was basically — this thing is useless.  This is narcissism. This is just pointless   self ego stroking, like na..."

"but we’ll make the other 50% really good?  When you're building alternatives, do you just   accept the loss of the existing system? Education is a great example. I think   the incumbent education sy..."

"fundamental and obvious ways. Healthcare, same thing.   It’s extraordinarily difficult to find positive  outcomes in healthcare. In other words,   there’s lots of activity in healthcare. It’s very  ha..."

"to cancer and we’re always twenty years  away from making education technological.  You’ve talked about how big tech is 2 to 4x  overstaffed in the best case. I’m curious   how overstaffed do you thin..."

"part of their asset allocation. In the way  that modern investors do asset allocation.   The full version of it he describes is  that — there’s only ever been two models of   institutional investment...."

"there’s some great new sector that will open  up. A huge advantage that venture capital   has is the long dated part of it. It means you  don’t suffer the consequences of a bad venture   capital inves..."