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Conversations with Tyler / episode intelligence

Sebastian Mallaby on Venture Capital

9 Feb 2022 22 published claims 1 attributable person
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Speakers in the public record

Sebastian Mallaby

Claim mix

belief 10evaluation 5prediction 4uncertainty 1observation 1recommendation 1

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Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.

Claim ledger

The useful parts, with receipts.

22 published records

01 / belief

Things that happened in the 2000s, like the virtual elimination of the estate tax, are a really, really bad thing, and we need to undo that. It’s one thing to say we want strong incentives for entrepreneurship, and I’m all for that because I’ve just written this book about venture capital, and I believe in disruption in the economy, and I believe in risk-taking, and I believe people should be compensated for taking those risks.

“Things that happened in the 2000s, like the virtual elimination of the estate tax, are a really, really bad thing, and we need to undo that. It’s one thing to say we want strong incentives for entrepreneurship, and I’m all for that because I’ve just written this book about venture capital, and I believe in disruption in the economy, and I believe in risk-taking, and I believe people should be compensated for taking those risks.”
Publisher
Conversations with Tyler

02 / belief

I think at a basic level, it’s not so surprising that people continue to invest in actively managed hedge funds because they’re a better option than actively managed mutual funds.

“I think at a basic level, it’s not so surprising that people continue to invest in actively managed hedge funds because they’re a better option than actively managed mutual funds.”
Publisher
Conversations with Tyler

06 / belief

I think the point here is that, any time we’re dealing with alternative asset managers — whether it’s hedge funds or venture capital — it’s the skill that you need.

“I think the point here is that, any time we’re dealing with alternative asset managers — whether it’s hedge funds or venture capital — it’s the skill that you need.”
Publisher
Conversations with Tyler

07 / belief

I think Bob Zoellick, when he was head of the World Bank a few years back, was a good choice because he was an American, but he was also close to China and understood China.

“I think Bob Zoellick, when he was head of the World Bank a few years back, was a good choice because he was an American, but he was also close to China and understood China.”
Publisher
Conversations with Tyler

09 / belief

I think, if you look at what happened in the 2008 crisis, actually, hedge funds were not driving the crisis because the prime brokers who extend leverage to hedge funds learned the lessons from LTCM, and they didn’t extend loans without taking good collateral.

“I think, if you look at what happened in the 2008 crisis, actually, hedge funds were not driving the crisis because the prime brokers who extend leverage to hedge funds learned the lessons from LTCM, and they didn’t extend loans without taking good collateral.”
Publisher
Conversations with Tyler

13 / evaluation

Andreessen Horowitz has now given up the rule that to become a partner at the company you have to have been a former founder of a company yourself because it just isn’t the best way, necessarily.

“Andreessen Horowitz has now given up the rule that to become a partner at the company you have to have been a former founder of a company yourself because it just isn’t the best way, necessarily.”
Publisher
Conversations with Tyler

14 / prediction

My view is that, when you get venture investors added to the mix that are willing to underwrite the risk of small start-ups, all of a sudden people are willing to start them because the risk is paid for.

“My view is that, when you get venture investors added to the mix that are willing to underwrite the risk of small start-ups, all of a sudden people are willing to start them because the risk is paid for.”
Publisher
Conversations with Tyler

15 / evaluation

When I read it, what it told me is that in the ’50s — in other words, right at the beginning of his professional career — Greenspan’s obsession was with stock market bubbles.

“When I read it, what it told me is that in the ’50s — in other words, right at the beginning of his professional career — Greenspan’s obsession was with stock market bubbles.”
Publisher
Conversations with Tyler

16 / prediction

Once you get angels, then I think entrepreneurs are going to want to use them because they’re friendly, they’re typically people who know a lot technically and that you relate to, you look up to when you’re a founder.

“Once you get angels, then I think entrepreneurs are going to want to use them because they’re friendly, they’re typically people who know a lot technically and that you relate to, you look up to when you’re a founder.”
Publisher
Conversations with Tyler

17 / observation

Now what’s happened is that the IPO point has been delayed because you’ve got this ability to raise late-stage growth capital, and more and more checks have been written — $100 million, $200 million, $300 million — into companies that are worth $1 billion, $2 billion, $10 billion.

“Now what’s happened is that the IPO point has been delayed because you’ve got this ability to raise late-stage growth capital, and more and more checks have been written — $100 million, $200 million, $300 million — into companies that are worth $1 billion, $2 billion, $10 billion.”
Publisher
Conversations with Tyler

18 / evaluation

I think, at the limit, to answer your question directly, there are things which are either so capital-intensive — like building a new semiconductor fab — where you’re really in the billions from the get-go, where that’s .

“I think, at the limit, to answer your question directly, there are things which are either so capital-intensive — like building a new semiconductor fab — where you’re really in the billions from the get-go, where that’s .”
Publisher
Conversations with Tyler

19 / recommendation

A really good venture capitalist combines technical knowledge of what he or she is investing in — whether that’s biotechnology or computer science — plus business feeling, plus the skill of networking with people and putting teams together. And a phenomenal energy, because you’ve got to be out there getting up in the morning for one breakfast with one potential person you might invest in, and then doing 14 cups of coffee before you go to bed, and being that wired, you still sleep.

“A really good venture capitalist combines technical knowledge of what he or she is investing in — whether that’s biotechnology or computer science — plus business feeling, plus the skill of networking with people and putting teams together. And a phenomenal energy, because you’ve got to be out there getting up in the morning for one breakfast with one potential person you might invest in, and then doing 14 cups of coffee before you go to bed, and being that wired, you still sleep.”
Publisher
Conversations with Tyler

22 / evaluation

He was willing to go into China, which was a whole different challenge, go through a period when he had to fire the co-founder of Sequoia China because it wasn’t working out, but stick with it.

“He was willing to go into China, which was a whole different challenge, go through a period when he had to fire the co-founder of Sequoia China because it wasn’t working out, but stick with it.”
Publisher
Conversations with Tyler
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