Brad Gerstner: uncertainty

Transcript context

…He came in the A with [...]. Yeah. Maybe it's the nomenclature. I don't know if one was a seed, an A, and a B, but those were the first three rounds of institutional capital. Jay had a relationship with Rich from his days at Expedia. I obviously had a relationship with Rich. We knew he was a special entrepreneur. I knew Bill as well. It was a big idea. It was a special collection of people out of Expedia led by Rich and Lloyd. I remember at the time talking to Jay about technology crossover ventures, like you are the guy to do crossover. I remember sitting down saying, this is what I like, that's the winning model. That's really the winning model. I was coming at it with a more, I think, clearer idea of public pool of capital and venture pool of capital. TCV had evolved into almost more of a later-stage venture firm that held some public positions, but didn't have a hedge fund per se. I think I had a slightly different view. But credit where credit is due, their vision for where the world was going was ahead of their time. Okay, at the end of 2007, beginning 2008, you told Paul you're going to go out on your own.…

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