Lenny Rachitsky: belief

Transcript context

…erstanding that how do you build naturally hedged products is probably another kind of reason why... It just influences how you make decisions and how do you kind of scale your core product portfolio. Just one example, for about a year and a half ago, we were largely year bank with a card and we were the first mobile bank and that was a big enough market. But in the last year or so, we have just fleshed out that product portfolio. We have a big lending portfolio now. We launched savings last year. We invested heavily in savings because the interest rates were high, was a super amazing tool to attract new users by offering high interest rates. But as the interest rates are going down now, which is investing heavily in lending because now you can get loans for lower prices, which was super hard to get last year. So being able to build products that complement the macro also gives you that kind of additional balancing act that you don't get in typical single focus companies. So I think it's a combination of few of those things, being able to get great talent, being able to train them now more so especially around experimentation and just see how we can build a product portfolio that complements each other but also naturally hedges against each other, just gives you a better, well-balanced way to operate. I think this explains something really interesting. As you were talking, I realized that a lot of these companies that produce the best PMs are to your point, non-US based, but incredibly successful in their location. And so it draws in the most talented people in that region. So I know Intercom I think technically is... So Intercom was number one on this list of companies that produce the best PMs. Intercom, Palantir, Revolut, and then N26, Chime, Stripe, Dropbox were kind of at the top. And four of those essentially, or three of those are non... Intercom I think was Ireland for a lot of their team is based in Ireland. Then Revolut is the UK and then you guys. So it's interesting, that explains some really interesting insights of just be the best, be the big fish in a small pond, draw in the best talent and then work on really hard problems and be really successful. There you go. There's a formula. Yes, yes. It's very simple when you put it that way.…

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