Likes GEICO story.

Transcript context

…That's what happened with Roblox. I remember when you told me this viewpoint. I'd never thought of things this way before. For me, so many lightbulbs went off and really helped me evolve the way I think about investing over the past year. It's tied to what we were talking about earlier that the out years of compounding are where the huge lion’s share of the value is. If you take the traditional or normal VC approach of, I'm looking for the markups, I'm looking to get paid, I want growth, and I want to offload it—that's a pejorative way of saying it, but that's how a lot of these traditional venture companies go. You're missing out on the potential to go from Roblox going from $2.5 billion to $68 billion. That's 90% of the value. Yeah. In a company like that, again, we're not thinking about what's going to happen to the price in the next one or two years. We're thinking about what we can do with this company in the next 5–10, or 20 years? The best ones will keep going longer. We always like to talk about GEICO. I love the GEICO story because that's a 70-year relationship between an investor and a company. It's like, wow, that would be amazing to have a 70-year relationship. Some of these tech companies might have a shorter life, but you could have a nice 20-year or 30-year run. We hope to have some of those kinds of runs. The GEICO story is the perfect transition to another topic I want to have you educate us on. You also said to me once that passing and missing are all in your head. That's just a construct. You can always invest. The Buffett GEICO story illustrates that so beautifully. He bought, he sold, he bought, he sold. He bought a part, then bought the rest of it. You can always invest. Tell us more about that.…

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