Ben Gilbert: evaluation

Transcript context

…Incredibly meaningful. The key insight in letting your winners ride, when to let your winners ride and when not, it's not your growth rate in any given year that matters. Frankly, that doesn't matter at all. What matters is how many years of growth do you have left. That is the ultimate question. In the case of Amazon, in the case of Apple, if you have decades of growth left, again, that's all that matters. It leaves you in this interesting place where you're thinking, well, okay, do I always continue to hold? This is why venture capitalists tend to be totally obsessed with market size because it's this idea that you basically need to be able to run forever, or decades and decades and decades, and continue to grow, and those markets continue to be this globally addressable, absolutely massive opportunity. The funny thing about it is all of the value tends to show up in the out years. The trick is figuring out okay, when am I in the out years? Like everything in startups, there's a great Paul Graham quote to go along with it. He remarked in December 2020 that an astonishing 99.98% of Amazon's growth had happened since the IPO. I just love this and I actually printed it out and I have it at home. It reminded me just how much running room Amazon had ahead of it after its IPO. All right, number four, one of our very favorites. I love this picture of Jensen Huang showing off the NVIDIA logo tattoo that he has on his shoulder.…

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