Sarah Guo - 投资前沿 - [Invest Like the Best, EP.489]

Brett在做企业AI。

Brett's doing enterprise AI.

我明白他在做什么。

I understand what he's doing.

如果现在画一个你时间的饼图，不是公司刚成立那会儿，而是现在，会有见新公司。

If I were to build a pie chart of your time now, not when you started the firm, but today, there's meeting new companies.

有帮现有公司。

There's helping existing companies.

有跟研究人员交流。

There's talking to researchers.

有跟其他人相处的时间。

There's time with other people.

有跟候选人谈话。

There's talking to candidates.

我完全不知道会是什么样。

I have no sense of what it would be.

如果让你总结一下，你平时的时间都花在哪些事情上，大概各占多少比例？

If you had to sum it up, what are the things that you spend your time on and what's the percentage allocation?

我觉得我大概有三分之二到五分之三的时间都花在投资组合公司的事情上。

I think I spend two thirds, three fifths of my time working on portfolio company stuff.

包括招人、帮他们理清思路，还有想办法影响外部生态。

And that is recruiting, helping people think through things, trying to influence the outside ecosystem in some way.

然后是募资。

Then raising money.

接下来最大的一块是看项目。

The next largest piece is looking at companies.

我也不确定这样分对不对。

I don't know if this is right or wrong.

有时候会特别焦虑，然后调整一下比例，但我大概每周会看四到六家新公司。

Get paranoid about it and like move the number, but I probably see four to six new companies a week.

这个量其实不算大。

It's not a very high volume.

我在老公司头几个月看了500家公司。

My first couple months at my old firm, I saw 500 companies.

所以我就觉得

And so I'm like

哇。

Wow.

现在我觉得更有把握了，一眼就能看出来。

Now I feel more calibration where I just have much more confidence I can tell.

剩下的时间，我会帮合伙人看项目，也会见一些能让我开阔眼界的人。

The balance of my time, I am doing a combination of help one of my partners look at something, meet people that might teach me something about the world.

可能是研究员。

And that could be a researcher.

如果你在大公司只做早期投资，你可能会很狭隘，因为你的圈子够大。

Or if you are purely early stage in a larger firm, you can be very myopic because your ecosystem is big enough.

而我们是一家很小的公司。

And we are a very small firm.

我们是生态导向的。

We're ecosystem oriented.

所以，通过认识那些想法和我不同、包括不同资产类别的投资者，我学到了很多。

So I've learned so much from just getting to know investors who think differently than I do, including different asset classes.

嗯，我以前很少和公开市场的人打交道，他们看待世界的方式真的很有启发性。

Well, I never spent that much time with public markets people before, and it is very educational how they think about the world.

我会花时间和各种技能和资产类别的投资者交流。

I spend time with other investors of all skills and asset classes.

我现在也和公司打交道，比如一家制药公司，他们正在思考AI会如何改变他们的业务。

I spend time with companies right now with a pharma company who is thinking about how AI is gonna transform their business.

这对我来说很有意思，因为我从中学到了很多他们对未来的看法。

This is very interesting to me because I've learned a lot about what they believe about the future.

我已经做了很多，但我在日程表上留出空间来学习，满足好奇心。

I've done a lot, but I'm like leaving room in my calendar for learning, feeding curiosity.

还有其他的部分，比如连接华盛顿特区的桥梁，对外沟通。

And then there are pieces that are other parts of bridges to DC, external communication.

你打算怎么去筹钱？

Where you going about raising money?

我坚持一个我常给创业者建议的观点：你应该了解别人对你所做的事情的反对意见和疑问，但你不应该只告诉他们想听的话。

I stand with the belief that I advise entrepreneurs with, which is you should understand people's objections to what you are doing and their questions, but you should not tell them what they want to hear.

当我开始为第一支基金募资时，我已经认识很多有限合伙人很长时间了。

When I started the fundraise for Fund One, I knew a lot of LPs over a long period of time already.

所以过程并不复杂。

So it was not very complicated.

但我有一个做私募股权投资的朋友说，你必须给有限合伙人讲一个非常独特的故事。

But I had one of my friends who is a private equity investor who stated you have to have like a very differentiated story for LPs.

漏斗的每个环节都应该明确你要做的具体事情。

Every part of the funnel should be the specific thing you're gonna do.

我当时就想，说实话，我自己还不知道具体要做什么，但我需要先筹到钱，这样才能去尝试和摸索。

And I'm like, let's be honest, I don't know yet, but I need to raise some money so I can go experiment and figure it out.

所以我从来没有做过幻灯片，也没有讲过关于我们现在尝试做的所有事情的特定故事。

So I never made slides and told a specific story about all the things that we attempt to do now.

我觉得你得先接触现实，认真思考，并且真正进入市场，才能知道答案。

I think you don't know until you make contact with the reality and think about it and you're in the market.

确实有些LP不喜欢这样。

There were definitely LPs who did not like that.

我给人们发了一份两页纸的材料，介绍我的背景和投资经历，并声称我擅长识别非凡的人，对这些人有用，并且是真诚的支持者。

I gave people a two pager on my background and investing history and claimed that I was good at identifying extraordinary people, being useful to that set of people and being genuine supporters.

如果你再加上投资判断力和招募能力，你就有了一个起点。

If you combine that with investment judgment and ability to recruit, you got a starting point.

大部分是我对公司文化的一些设想，然后我们会拼命执行，边做边摸索。

Mostly some things I imagine about firm culture, and then we'll go execute like hell and figure it out.

我能理解从LP的角度来看，这确实很难。

I can see how this is tough from an LP perspective.

我非常感激那些早期就押注我们的人，因为他们要为投资委员会写备忘录。

And I deeply value the people who bet on us early because they go write a memo for their investment committee.

他们会说，她会拼命执行的。

And they're like, she's going to execute like hell.

我们走着瞧吧。

We'll find out.

有时候，人们追求的就是故事的清晰度。

Sometimes the cleanliness of the story is what people are looking for.

我没法给其他经理人建议，因为每个人的结果都不一样。

I can't advise other managers on this because people have different outcomes.

如果你告诉别人你要做什么，生活就简单多了；如果你告诉别人你真正相信什么，生活也简单多了。

If you tell people what you are going to do, life is much simpler and what you actually believe life is much simpler.

对我来说，作为投资者，当有人能让我相信世界和我原来想的不一样时，我会立刻变得非常兴奋。

And for me as an investor, when somebody can convince me that the world works differently than I thought, I'm, like, immediately incredibly excited.

也许我能说服别人，事情实际上就是这样运作的。

Maybe I'd convince people that this is just how it actually works.

过去四年里，我见了更多的投资经理。

I've met a lot more investment managers for the last four years.

我认识很多风投，但那些在做创意事情的人，我也认识不少。

I knew a lot of VCs, but people who are doing creative things.

我真的很喜欢像你这样的创业型投资经理，我想你也是，而且你可能想象得到，我并不想建立他们建立的那种公司，但菲利普和托马斯或者Thrive的乔希他们经营业务的那种创造力，以及他们鼓励别人去经营自己业务的那种态度，我觉得很棒。

I really like entrepreneurial investment managers as you, I think, do and as you might imagine, where I'm like, I don't want to build the firms that they've built, but the creativity with which Philippe and Thomas go to or that Josh at Thrive approach their business and the encouragement they have for others to approach their business.

你可以做新的事情，你应该以你的投资管理公司的形式来表达你的观点，我觉得这太棒了。

Well, you can do new things and you should go express your opinions in the form of your investment management firm, I think is amazing.

你看着你父母都是企业家，这对你有什么影响？

What was imprinted on you watching your parents who are both entrepreneurs?

我觉得这对我很有帮助，因为在我的童年和青少年时期，我从来没有觉得他们不在我身边，尽管他们一直在工作。

I think this is very helpful to me because there was no moment of my childhood or being a teenager where I felt like they were not there for me even though they worked all

一直在工作。

the time.

停在这里。

Stop there.

他们俩都是。

Both of them.

如果你试图解决这些问题，我是个相当独立的孩子。

If you try to resolve these things, I was pretty independent kid.

这对我很有帮助。

That helps me.

我不知道自己处于什么位置，但我觉得自己挺独立的。

I don't know where I was in the distribution, but I feel like I was pretty independent.

这让我明白，你的家人可以让你觉得自己是他们世界的中心，但他们也是有自己的兴趣和想做的事的完整的人。

It helps me to think your family can make you feel like you are the center of their world, but they're whole people with other interests and they wanna spend time doing other things too.

甚至只是从记住自己10岁时的感受的角度，来认识到自己的重要性。

Even just recognize my own importance from the perspective of, like, remembering what it's like to be 10 years old.

我喜欢我妈妈。

I liked my mom.

我爱我的爸爸妈妈。

I love my mom and dad.

那真的很酷。

And it was so cool.

我们的家庭价值观和他们非常相似。

Our family values are very similar to theirs.

正直、独立思考、思想独立，然后还有注重家庭、团队精神和家庭。

Integrity, thinking for yourself, independence of thought, and then there's, like, focus on family, team spirit and family.

独立思考可能是其中最不常见的一个。

The independence of thought is probably the least generic one of those.

我觉得很多人都想做好人、善良、努力工作，诸如此类。

I think a lot of people, like, wanna be good and kind and work hard and whatever else.

对我的父母来说，这都关乎道德问题。

For both my parents, it was a moral issue.

你永远不能在意别人怎么想。

You cannot ever worry about what other people think.

我虽然在这个方面走得很远，但有时候还是会想一想。

I'm like far to that side of the spectrum, but I do think about it sometimes.

你有时候确实会在意别人怎么想？

You do sometimes worry what other people think?

是的。

Yeah.

你希望他们怎么想，而你担心他们不会这么想？

What do you want them to think that you worry that they don't?

我担心的是在生态圈里引起别人的竞争敌意。

I worry about raising people's competitive hackles in the ecosystem.

为什么？

Why?

因为我是一个友善的人。

Because I'm a friendly person.

我想和每个人都成为朋友。

I wanna be friends with everybody.

我不介意竞争，但传统A轮、B轮公司那种纯粹的零和竞争态度，就是说我要占这家公司18%到25%的股份，还要进董事会，而你什么都得不到。

I don't mind competition, but the sometimes pure zero sum competition stance of traditional series a firms, series a, series b firms that says, I'm gonna own 18 to 25% of this company and take the board, and you're going to own none of it.

这种态度不利于很多合作。

It's not conducive to like a lot of collaboration.

从激励机制的角度来看，这确实有问题。

There are issues with that from an incentives perspective.

但公开市场的导向是，人们喜欢告诉你他们最好的想法，然后跟着一起涌入。

But the public markets orientation, people are loved to tell you about their best ideas pile in after them.

这是一个非同寻常的情况。

This is an extraordinary situation.

我很想谈谈为什么游戏和娱乐会完全不同，而且人们对它的配置严重不足。

I would love to talk about why gaming and entertainment is gonna be totally different and people are super under indexed on it.

这种导向中有部分吸引我，因为我是一个非常积极的人。

There's part of that orientation that just appeals to me as a very positive some person.

我一直对灵感的来源很感兴趣。

I'm always interested in sources of inspiration.

我好奇两个方面。

I'm curious in two ways.

在你的一生中，谁对你启发最大？

Overall in your life, who has inspired you the most?

还有现在此时此刻，谁对你的启发最大，为什么？

And also right now in this very moment, who is inspiring you the most and why?

我亲眼看着父母创办了一家公司。

I saw my parents build a company.

我当时就觉得，这太酷了。

I was like, this is so cool.

就像是我们跟大公司对着干。

It's us against the man.

那个大公司就是那个大企业。

The man is very big company.

它就像个想置我们于死地的对手。

He's a man that's trying to kill us.

但我们还是能做到，因为我们的技术更好。

We can still do it just because the technology is better.

产品更好，客户自然会想要。

The product is better, and the customer will want it.

我的热情和信念都倾注在创业者身上。

My, like, love and ethos goes to entrepreneurs.

你可以从无到有做出一些东西，因为你看到了更好的未来，而且你能很快做到。

You can make something out of nothing because you see a better future and you can do it really fast.

这些是我想要尝试的事情，很吸引我。

These things appeal to me in terms of what I want to try.

这里面有太多的勇气和乐观。

There's so much courage in that and optimism.

现在有些东西让我觉得有毒，尤其是后Z世代的创业者群体，他们觉得一切都是营销，品牌就是一切。

There is something poisonous that bothers me today where think especially like the post gen z entrepreneurial crowd think it's like all marketing and brand is real.

建立人脉网络是完全真实的。

Building a network is totally real.

没人否认这一点。

No one denies that.

但当人们对世界的运作方式、创业的本质非常愤世嫉俗，觉得那只是靠关系，推特有用而已。

But when folks are very cynical about how the world works, how entrepreneurship works, that it's just nepotism and Twitter is useful.

我觉得那完全是胡说八道。

I think that's nonsense.

如果你专注于创造价值、善待他人，和优秀的人一起工作，并且愿景值得追求，那么成功的概率比你想象的要高。

If you focus on value and treating people well and you work with extraordinary people and the vision is worthwhile, that works more times than you'd think.

关于玩转这个游戏，无论是营销还是融资，总有太多批评的声音。

There's so much criticism about playing the game, be it marketing or fundraising.

我特别讨厌这一点。

And I hate that.

托德就是这样的人。

Todd is like this.

我觉得他非常鼓舞人心。

I find him very inspiring.

他就是那种，只要我们对客户做正确的事，我们就会赢，我觉得他特别鼓舞人心。

And is like this, I find him very inspiring where he's just like, if we just do the right thing by the customer, we will win.

现实感觉比这复杂得多。

Feels a lot more complicated than that.

但我觉得他是对的。

I think he's right.

看起来这招挺管用的。

That seems to be working.

现在一个很大的争论就是，面对那些不是美国制造的开源模型，它们在AI模型性能的前沿上很有竞争力，而且很明显至少在一定程度上是基于美国模型的工作成果，我们该怎么办？

One of the huge debates right now is what to do about the fact that there are open source models, not American made, which are competitive at the frontier of performance of AI models and seem to clearly have been at least to some degree based on the work of American models.

这个问题该怎么处理？

What to do about this?

这对AI的未来意味着什么？

What it means for the future of AI?

公司喜欢开源，因为它们可以基于这些模型构建自己的东西，还有像Base 10这样的公司，它们用很多这样的模型来处理大量的推理工作。

Companies love open source because they can build their own thing and base 10 and others that serve a lot of inference work with a lot of these models.

你觉得怎么做才是对的？

How are you thinking about what's right?

应该发生什么？

What should happen?

实际会发生什么？

What will happen?

这对商业有什么影响？

The implications for business?

这是一个重大、棘手、重要且有趣的问题。

This is big hard important interesting question.

确实是个大问题。

It's a big question.

我的观点是，什么对商业、美国、生态系统和个人有益，然后还要看实际已经发生了什么。

My point of view on what is healthy for businesses, America, the ecosystem, individuals, and then there's what's already actually happened.

现实是，过去三年里，来自各方的开源模型越来越有竞争力，主要来自中国，但美国和欧洲也肯定有。

The reality is we have over the last three years increasingly competitive open source models from all fronts, Largely China, but definitely also The US and Europe.

最近，像Thinky、Poolside，还有大家期待的Reflection，NVIDIA的模型，Mistral。

Most recently, Thinky Poolside, people waiting for reflection, NVIDIA models, Mistral.

我们会有，而且已经有了来自西方国家的非常强大的开源模型。

We will have very powerful and already do have very powerful open source models from Western countries.

木已成舟，这些模型到处都在用。

The cat is out of the bag and these are in use everywhere.

就算你对实验室没有经济上的看法，只问能力会怎么在经济中扩散，那又怎样？

Even if you have no economic point of view on the labs and you just say, how is the diffusion of capability going to happen in the economy?

在很多情况下，使用前沿提供商的模型太贵、太敏感，或者太慢了。

There are a huge number of instances where it is too expensive, too sensitive, or too slow to use the model from the frontier providers today.

而且我觉得随着我们学会用AI做更多事情，这种情况还会增加，因为实际上成本挺高的。

And I think that's going to increase as we learn how to do more things with AI because it's actually quite expensive.

客观来说，如果能力更普及，你会看到它们被用在更多地方。

It's objectively true that if the capabilities are more democratized, you will see them used in more ways.

我希望看到这种情况发生。

I want to see that happen.

我确实认为，随着模型的发展，不了解它们的安全状况是不负责任的，因为你得划清界限。

I do think that it would be irresponsible not to understand the safety profile of models as they progress because you just draw the line.

我们有公司用前沿模型的能力做防御性网络安全和生物学工作。

We have companies that use frontier model capability for defensive cybersecurity and for biology work.

如果这些用例有效，那显然也应该以类似的方式用于

If it works for those use cases, it obviously also should work in similar ways for

办公用途

the Office Use

或者生物武器、生物安全方面的用途。

cases or the bioweapons, biosecurity use cases.

我们需要正视这个现实，思考还有哪些其他方式来控制这些风险。

We just need to look at that reality and think about what are the other ways in which you control this.

但试图阻止技术进步和开放的态度，

But attempting to stop technological progress and openness around it.

如果在美国限制开源模型的使用，基本上只会限制守法的美国企业，拖慢它们的步伐，或者把利润转移到其他地方，阻止某些用途。

If you did restrict use of open source models in The United States, you'd basically just restrict law abiding American businesses and slow them down or move profits different pockets, prevent certain uses of them.

因为真正的攻击者或那些有恶意用途的人，根本不会受你的限制影响。

Because the actual attackers or people who have adversarial uses of these things are not affected by your restrictions.

你只是在限制自己人。

You're restricting your own people.

我的看法是，应该对前沿模型进行测试和了解。

My view would be there should be testing and understanding of these models at the frontier.

大家都很担心中国模型里会不会有后门之类的行为。

People are very worried about backdoor like behaviors in Chinese models.

实际上该做的就是对这些模型进行非常严格的安全测试。

The thing to do would actually be like have a very rigorous set of safety testing on that.

就是说，我们尽量去搞清楚实际情况，而不是在那儿猜测可能有什么问题，因为目前真正的研究还远远不够。

Like, let's go find out as much as we can instead of talking about how there might be this issue in a speculative way where there's not been nearly enough actual research on it.

就像山姆说的，未来智能会变得非常便宜，几乎可以随便用，这个趋势是挡不住的。

The future where there is broad access to intelligence too cheap to meter, as Sam put it, that is coming.

开源会支撑这个未来。

It will be supported by open source.

企业想要掌控自己的命运，无论是从经济角度还是从能力角度。

Businesses want it to control their own destiny for economics, for capacity.

如果有了这些模型，再加上越来越多的人掌握了微调模型、搭建工具、使用任务这些技能，那经济规模会非常庞大。

If given those models and the increasing democratization of the skills to post train these models, build harnesses, use tasks, the economy is so big.

每个人都有各自的使用场景，这些场景是前沿实验室里的研究人员想象不到的。

Every individual has these use cases that are not going to be imagined by a researcher in a frontier lab.

你无法想象现实的多样性。

You can't imagine the diversity of reality.

即使你信任模型自己去想办法，它们也得先到达那个地步。

Even if you trusted the models to go figure out what to do, they have to get there.

实现这一目标的最佳方式，就像经济中一直存在的那样，是一个由企业构成的生态系统，加上廉价的基础设施。

The best way for that to happen is a ecosystem of businesses as we've always had in the economy, cheap infrastructure.

你有没有担心过，美国历史的另一个版本是，因为我们建了一千个AP一千之类的，能源便宜到几乎不用计量，就像中国现在在核能方面做的那样。

Do you ever worry that an alternate version of US history is that there was energy too cheap to meter because we built a thousand AP one thousands or something, much like China is doing now in nuclear.

然后一系列情况凑巧发生，结果我们就是没能实现那个。

And just a set of circumstances happened such that, like, we just didn't get that.

你有没有担心过，这跟智能的情况类似？

Do you ever worry about that as it relates to intelligence?

看起来我们确实不可避免地会拥有丰富、易得、低成本且有价值的智能。

It does seem inevitable that we're gonna have abundant, accessible, low cost, valuable intelligence.

你能想象一个没有这种智能的世界吗？

Can you imagine a world where we don't?

是的。

Yes.

绝对会。

Absolutely.

而且我也觉得，我很容易想象一个世界，在那里我们无法以竞争性的方式获得这种智能，因为它对经济竞争力和国家安全至关重要。

And I also think I can imagine very easily a world where we don't have that in a competitive way because it is essential to economic competitiveness and national security.

在美国，如果不实现自动化，就没有办法重建我们的工业基础。

There is not a version of the world where we rebuild our industrial base without automation in The United States.

如果我们不引进人才，而我们的劳动力成本又高，还缺乏一些技能，但我们又想生产更多的商品，拥有更有韧性的供应链。

If we don't import people and our people are expensive and we lack some of the skills, but want to produce a lot more goods and have a more resilient supply chain.

这根本说不通。

Just doesn't add up.

谁来生产这些东西？

Who's gonna produce this stuff?

美国人不愿意，也不应该愿意为了每小时13美元去做一份非常不人道的工作。

People in The United States do not want to work and should not want to work for $13 an hour doing a very inhuman job.

我不认为我们保持竞争力是必然的，我觉得我们需要主动做出这个决定。

I don't think it is inevitable that we are competitive, and I think we need to, like, make that decision actively.

我觉得很有可能出现的情况是，人们理性地担心AI对工作的影响，或者反感少数科技公司垄断收益，拒绝接受自己永远处于底层，然后把这种情绪和反资本主义的倾向联系起来，这种思潮可能会拖慢能源、基础设施和工业产能的建设。

The version of it that I think is very possible is that people are rationally afraid of the impact of AI on jobs or dislike the capture of rent by a small number of technology firms, rejecting the idea of being in the permanent underclass and then connecting that to a anti capitalist orientation, that contingent of thought can slow down build of energy and infrastructure and industrial capacity.

最重要的投入之一就是算力。

One of the most important inputs is compute.

如果我们没有算力，自然就没有竞争力，至少也无法独立。

If we don't have it, we're naturally not competitive or we're at least not independent.

我觉得我们接下来会越来越多地讨论算力独立。

I think we're gonna start talking much more about compute independence.

那是个大问题。

That's a big problem.

那关于算力独立，具体是什么意思呢？

So on this point of compute independence, what does that mean?

算力独立还缺哪些环节？

What are the missing pieces of compute independence?

最明显的可能是增加晶圆产能，尤其是在美国增加先进制程的晶圆产能，或者类似这样的措施。

Like, the most obvious one might be more fab capacity, more leading edge fab capacity here in The US or something like this.

上游还有很多环节。

There's all sorts of stuff upstream.

比如有一种特殊的玻璃，非常重要，基本上由一家公司控制，台积电对这种玻璃的供应有垄断地位。

There's particular kinds of glass, very important that's controlled by basically one company that TSMC has like a monopoly on the supply of.

还有所有这些零部件。

There's all these component parts.

但如果你想想算力自主，如果一切都归结于算力，那该怎么办呢？

But if you think about compute independence, like if so much boils down to compute, what's to be done about it?

你是想投资那些解决这个问题的公司吗？

Are you trying to invest in companies that are solving that problem?

问题到底是什么？

What is the problem?

详细说说需要做些什么吧。

Say a bit more about what it'll take.

嗯，如果你从装满GPU的数据中心倒推回去，考虑冷却、供电、训练和推理，以支持各种应用场景。

Well, if you just work backwards from a data center full of GPUs, cooling, powering, training and inference so we can support the use cases.

所有这些投入，实际上看起来很像能源独立之类的事情。

All of those inputs, it actually looks a great deal like energy independence or something like that.

所有这些投入，都存在一个全球供应链。

All those inputs, there is a global supply chain.

我手里还拿着我的台积电马克杯。

I've got my TSMC mug with me.

供应链中有一些环节就像一层很薄的筛子，而且位于不一定稳定或对美国及其盟友可及的地方。

There are parts of that supply chain that are like a very thin sieve in a place that is not necessarily stable or accessible to The US and allies.

一个不同的世界版本，需要大量投资以及国家安全和能源政策，比如雅各布·赫尔伯格正在研究一个叫Paxilica的项目。

A different version of the world that will take a bunch of investment and national security and energy policy is, for example, Jacob Helberg is working on something called Paxilica.

然后就像是，对于供应链的每一个环节，我们能否投资增加产能，并找出独立的路径？

And it was like, okay, for every part of the supply chain, can we invest in more capacity and figure out what the independent paths are?

我不认为这意味着所有东西都必须在美国制造。

I don't think that means it's all got to be created in The United States.

比较优势是真实存在的。

Comparative advantage is real.

但拥有多个来源是每个人都想处于的位置。

But having more than one source is a position that everybody wants to be in.

当我们考虑我们投资的组件时，我们投资了数据中心和机器人领域的劳动力缺口。

When we think about the components that we've invested in, we've invested in the labor gap for data centers and robotics.

我们投资了核能。

We've invested in nuclear energy.

我们投资了替代芯片架构。

We've invested in alternative chip architectures.

我们一直在关注那些基本上是数据中心建设者、太阳能和电池安装商的人。

We keep looking at people who are essentially data center builders, solar and battery installers of some kind.

这部分实际上是产能建设。

Part of this is the actual capacity buildup.

那是一个非常运营性的业务，介于运营、技术和房地产之间。

That's a very operational business, like somewhere between operations, some technology, and real estate.

还有融资。

And financing.

对。

Yeah.

还有融资。

And financing.

没错。

Absolutely.

那可能是最主要的部分。

That's probably the dominant thing.

我们虽然一直在密切关注，但还没有投资这个领域。

We have not invested in it yet despite looking very closely.

我并不反对，但本质上我是个科技投资者。

I'm not opposed to it, but fundamentally, I'm a technology investor.

我想搞清楚人们正在构建的持久产品资产到底是什么。

Like, I wanna understand what it is that is the durable product asset people are building.

在Conviction内部，最大的争论是什么？

What are the biggest debates inside of Conviction?

你们团队真的很有意思。

You've got such an interesting team.

比如你的合伙人是个非常技术型的人，出色的工程师。

Like your partner is a very technical person, amazing engineer.

你们公司的年轻人才带来了非常有趣的视角。

The young talent in your firm brings really interesting perspectives.

所以我想象中会有很多关于重要事情的激烈讨论，等等。

So I'm imagining great lively debates about things that matter, etcetera.

现在最大的争论是什么？

What are the big debates today?

很多，而且我有一个播客叫No Priors。

A lot and I have a podcast called No Priors.

你之前相信的一些东西，特别是作为牧师对市场的看法，现在已经不再成立，这个前提很有意思。

This premise of some of the things you believed, especially about markets as a pastor, like no longer true is an interesting one.

而且我们经常看一些不属于传统软件领域的公司。

And regularly, we look at companies in domains that are not traditional software domains.

甚至不是传统软件领域，而是这个市场到底能不能赚钱。

Not even traditional software domains, but can you make money in this market at all?

投资半导体公司的风投，除了陈立武之外，长期以来都是个非常糟糕的生意。

Venture investing in semis companies, Lip Bu Tan aside, was like a god awful business for the longest time.

回报率

The returns

所有人都这么跟我说。

Everyone told me this.

对。

Yes.

确实非常糟糕。

It was really bad.

比如我们团队的合伙人贝拉，她开始研究一批这样的公司，很明显需求是存在的。

That's like a example of Bella, a partner on our team, started looking at a bunch of these companies, and it's obvious that the demand is there.

现在我觉得我们也得出了和别人一样的结论，那就是如今市场已经不同了。

Now I think we have arrived at the conclusion that others are as well, which is, well, the market is different today.

我们看到对加速器或供应链独立性的需求正在大规模整合，因为大买家也想要这些。

We are seeing consolidated at scale demand for accelerators or even supply chain independence because the big buyers of it want it too.

我们不能都挤在台积电的一条生产线上。

We can't all be stuck on one line at TSMC.

所有这些都非常有价值，也改变了这些公司的风险格局。

All of that is very, very valuable and that changes the risk equation for these companies.

我们一开始对发展方向或值得解决的问题有相当一致的看法。

We start with pretty aligned beliefs about the direction of travel or the problems that are worth working on.

然后很多争论在于，市场对风投支持的公司是否友好。

And then a lot of the debates are like, is the market friendly to a venture backed company or not?

太空领域对风投支持的公司并不友好，但有没有可能呢？

Space is not a friendly market to a venture backed company, but is it possible?

结果分布是否值得下注？

Is the distribution of outcomes worth betting on?

这在太阳能、电池、核能、涡轮机制造、机器人和生物学领域都可能成立。

That could be true in solar and batteries and nuclear, in turbine manufacturing, in robotics and biology.

这些可不是十年前你喜欢的那些软件市场。

These are not your favorite software markets from ten years ago.

每一个都是新的争论点。

Each of them is a new debate.

生物学是个有趣的例子，因为通过实证数据，我现在已经坚定地站在了争论的一方。

Biology is an interesting one where by virtue of seeing the data empirically, I have now strongly moved to one side of the debate.

是哪一方？

What side is that?

你可以通过生物学中的模型创造并获取巨大的价值。

You can create and capture enormous value with models in biology.

而且生物学中可能会有不同的AI软件。

And there could be different AI software in biology.

我们是一家名为Chai Discovery的公司的首个投资方。

We're the first check-in a company called Chai Discovery.

Chai正在与多家全球前十的制药公司合作，以非常实质性的方式加速研发流程的某些环节。

And Chai is working with a number of top 10 pharma companies in really significant ways to accelerate some part of the r and d process.

我们投资这家公司时的传统看法是——那时我已经研究各种计算生物学公司五年多了。

The conventional wisdom when we invest in this company and I've been looking at computational biology companies of different sorts for five plus years at that point.

传统观点认为，在生物技术或服务制药行业赚钱的唯一途径是研发药物，然后达成biobucks交易，再决定你愿意承担多大的风险。

The conventional wisdom was the only way you make money in biotech or serving pharma is by make a drug and then get biobucks deals and then decide how far along that risk path you wanna take.

这对公司的资本结构意味着什么呢？

And what that means for the capital structure of the company is, okay.

那些伟大的传统生物技术公司会找到这些主要研究者。

The great traditional biotech firms find these principal investigators.

他们拥有公司40%的股份，然后他们把这些东西组装起来，变成候选药物。

They own 40% of the company, and they're kinda assembling these things, turning them into candidates.

但大多数都不成功。

But most of it doesn't work.

所以这就像是一种非常不同的结果分布、结构和投资企业的方式。

So it's just like a very different distribution of outcomes and structure and way to invest in businesses.

那些不懂软件的投资者会说，你不可能靠向制药公司卖软件赚钱，也不可能在制药行业建立平台业务。

Dumb software investors, you can't make money selling software to pharma or build platform businesses in pharma.

争论的焦点是，模型的出现会不会改变这一点？

The debate is, does it change with models?

我现在非常肯定，会的。

I'm a strong yes now.

不过，监管方面的问题还有待解决。

We still have a question to solve on regulatory.

物理世界的速度限制和安全性问题不是那么容易克服的，但我认为我们将会看到治愈方法的巨大加速。

There's the speed of the physical world and safety is not something you can overcome easily, But I think we should see a massive acceleration in cures.

是什么让你改变了看法？

What flipped that for you?

你从“我们还不清楚”中看到了什么证据？

What evidence did you see from we don't know yet?

我们在还不清楚的时候就已经投资了。

We invested when we didn't know yet.

这也是冒险的一部分乐趣。

That's part of the fun adventure.

我们当时觉得，这是有可能的。

We were like, it is possible.

对。

Yeah.

值得一试。

It is worth trying.

确实发生了。

Happened.

对。

Yeah.

这里没有什么天才。

There's no genius here.

那是一份一千万美元的合同。

That's a $10,000,000 contract.

另一部分其实就是，你去跟客户那边的科学家或者某个工具的主要使用者聊聊。

The other piece is actually you just talk to the scientist at the customer or somebody who leads a User of

工具的使用者。

the tool.

对。

Yeah.

就是那个工具的使用者。

The user of the tool.

或者你也可以看到，现在也有一些终端用户直接采用的产品，比如产品驱动增长的工具，在这个领域里也在发挥作用。

Or you see there are also end user adopted tools, product led growth tools that are working in the space.

客户自己知道这东西有没有价值。

Well, the customer knows if it's valuable or not.

这个行业的顿悟时刻，就是当我们看到一个新适应症或者新药，它的发展轨迹明显被AI改变了。

The light bulb moment for the industry is when we will have a new indication or a new drug that clearly the trajectory of the thing was changed, created by AI.

我们应该会看到一波巨大的投资浪潮，这也是应该的，但这一天一定会来。

We should see a huge wave of investment and rightfully so, but it's going to happen.

我真的对制药和整个医疗行业接受速度之快感到非常惊讶，他们都说，是的，这会带来改变，而且我们真的认为它会改变这个行业。

I'm, like, very impressed by the speed with which pharma and health care overall has said, yes, this is gonna make a difference, and we actually think it's gonna change the business.

你为什么称之为信念？

Why do you call it conviction?

这是一种理想化的说法。

It's aspirational.

最传统的早期投资方式是，你早期投资一家公司，持有大量股份，从不卖出，然后一直陪伴这家公司，直到它成功、被收购或者倒闭。

The most traditional form of early stage investing is you start early with a company, you have a significant position, you never sell the position, and then you work on the company until it works or is sold or dies.

这种方式有很好的利益一致性和简单性。

There's wonderful alignment and simplicity to that.

迈克和我都有幸参与过一些公司的成长历程，这些公司一开始并不顺利，或者起初并不明显。

Mike and I have both had the benefit of being part of the journey for some companies where it took a minute to begin to work or it's, like, not obvious at the beginning.

Sigma、Notion、Rippling。

Sigma, notion, rippling.

你不会指望一家公司花四五年时间才找到方向，然后才去投资它。

You wouldn't bet on a company hoping that it's gonna take four or five years to, like, find the thing.

我觉得每个人都是自己经历的产物，包括投资经历。

I think everybody is a product of their own experiences, including investing experiences.

在Base Ten的头几年，情况也很不明朗。

The first couple years at base ten were, like, very non obvious as well.

能够持有一种市场上并不明显的观点，可能是因为市场原因，也可能是因为人们的背景，或者其他什么原因，然后暂时放下疑虑，带着完全的信念去行动，直到它成真或破灭。

The ability to take a point of view that is not obvious in the market because the market or because of people's backgrounds, whatever reason, and then just suspend doubt and act with full belief until it's true or not.

这是与创业者合作的好方式。

That's a great way to be a partner to somebody building a business.

我正努力建立一种伙伴关系，我深信这是团队运动。

I am trying to build a partnership and I deeply believe this is a team sport.

我跟一个经营另一家投资公司的朋友聊过，他说他们没有对投资项目的个人所有权。

I was talking to a friend who runs another investing firm where he is like, we don't have individual ownership of our investments.

我觉得这对我来说毫无意义。

I'm like, that is nonsense to me.

怎么能那样经营一家公司呢？

How could you run a business that way?

因为总得有人来拍板。

Because somebody has to own the decision.

我不知道这样对不对，但除了让帕特里克来做决定，我想不出别的投资方式。

I don't know if this is right or wrong, but I don't know any other way to invest by saying, Patrick, you must make the decision.

你信不信？

Do you believe?

说服我们。

Convince us.

我们怎么帮你做这个决定？

How can we help you make that decision?

关于冒险，你学到了什么？

What have you learned about risk taking?

听起来，在信念的背后，往往需要某种信仰的飞跃。

Behind conviction, it sounds like there is often a leap of faith of some sort.

显然，如果你什么都知道，一切都显而易见，那这些早就被市场定价了，也就没有回报机会了。

Obviously, if you knew everything and it was obvious, that would be priced in and there'd be no return opportunity.

是不是总得有某种信念的飞跃？

Is there always a leap of faith?

这算不算另一种形式的风险承担？

Is that risk taking by another name?

和我在Founderspond的好朋友们不同，我没有刻意反其道而行的本能，但我确实认为，决定自己的想法、不过分在意别人的看法，这是非常根本的。

Unlike my good friends at Founderspond, I don't have an instinct to be contrarian, but I do think it is so fundamental to decide what you think and not worry too much about what other people think.

别人指的是那个时代的主流叙事，或者生态系统中那些真正重要的参与者所宣称的各种观点。

Other people is the dominant narratives of the period or even what different players in the ecosystem that are really important declare one way or another.

我觉得你只需要找到真相。

I think you just need to find the truth.

如果我把这和风险承担联系起来，那就是当你找到真相，而它的定价是错误的，并且你坚持这个看法，那你就处于有利位置。

The way I would relate that to risk taking is if you find the truth and it is wrongly priced and you hold on to that, you're in a good position.

你需要的是不对称的信息，以及在别人还没转变观点时坚持己见的信心。

You want asymmetric information and then the confidence to hold the opinion when other people haven't come around to it yet.

我花了很多心思去思考，如何确保我们掌握的信息比别人更好，然后保护自己免受噪音的干扰。

I think a lot about how to make sure we have the information that is better than other people's and then protect ourselves from noise.

再详细一点说说这个。

Describe that in one more level of detail.

这个问题问得很好，就像是在问今天的信念是什么样的。

That's a great way of asking, like, what conviction looks like today.

你正在构建那个框架。

You're building that shell.

要做好这两件事，既要掌握真相又要避免噪音，关键是什么？

What are the keys to doing those two things well, both having the truth and protecting yourself from the noise?

我喜欢花时间向那些正在推动事情发生的人学习，比如我们投资组合里的创始人，或者那些在我们投资组合之外做着惊人事情的人，他们做的事情让我感到惊喜，或者推动了他们的前沿，或者有非常聪明的信念，而我没有。

I like wanna spend my time when I'm learning about the world from somebody who is making it happen, our portfolio founders or the many founders who are doing amazing things outside of portfolio, who are doing something that surprises me or advances their frontier or really smart beliefs something I don't.

这可以分为三类。

There's three different categories.

我给你举个例子。

And I'll give you an example.

Suno的Mikey Schulman正在做音乐生成，打造一个很棒的业务。

Mikey Schulman at Suno is building an amazing business doing music generation.

真是丢脸。

Shame on me.

我认识Mikey，我们共同的一个朋友是投资人，他让我投资，我傻乎乎地拒绝了。

I knew Mikey, a mutual friend of ours who's an investor asked me to invest and I stupidly said no.

我当时就想，哦，我觉得没多少人想创作音乐吧。

But I was just like, oh, I don't think that many people want to make music.

我自己也做音乐。

I make music.

但能把它变成一个社交网络吗？

But can you turn it into a social network?

会有多少消费量呢？

How much consumption is there gonna be?

很多疑问。

A lot of questions.

我的直觉就是错了。

My intuition is just wrong.

其实我确实有些判断错了，因为我低估了很多AI工具在表达、娱乐和创作方面的潜力。

It's been actually somewhat wrong because I have underestimated the amount of expression or entertainment and creation for a lot of AI tools.

通过和Mikey聊他的业务以及大家在做的事情，我学到了一些东西。

I've learned something here by talking to Mikey about his business and what people are trying to do.

所以，如果有创始人创办的公司正在创造一种你不理解的行为，或者有人在研究一个有趣的方向，或者有企业说‘这是我们的AI计划’，这些都很有教育意义。

So if it is founders who have companies that are creating a behavior you don't understand, somebody working on research and an interesting direction, businesses that are like, here's my plan for AI.

所有这些都非常有启发性。

All that is super educational.

我觉得有时候那种循环逻辑，比如‘大家对大实验室的策略怎么看，应用怎么才能活下来’，其实对你的决策帮助不大。

I think the circular logic sometimes of what do people believe about the big lab strategy today, How can any of the applications live?

这对你做决定其实没什么指导意义。

It's actually not that instructive for your decision making.

我的想法是，任何组织都有几个关键优先事项。

The way I think of it is any organization has a couple of key priorities.

假设OpenAI、Anthropic和DeepMind的优先事项是以安全的方式实现AGI或ASI，同时获取大量利润。

Let's assume the priority for OpenAI and Anthropic and DeepMind is AGI or ASI in a safe way where they capture a lot of profit.

这些目标往上推，大概就是ChatGPT、广告、编程这些。

The priorities that ladder into that probably look like chat GPT, ads, coding.

之后可能还会有扩展。

Maybe there's an expansion after that.

比如协同工作，让不同类型的用户能完成更复杂的任务，用更多的界面。

Cowork, the ability to get different types of users to do richer tasks and more interfaces.

我觉得你得看这些努力的实际竞争力，合理的范围，然后跟咱们各自的公司或者正在看的机会对比一下。

I think you have to judge the actual competitiveness of any of those efforts, the reasonable scope of them, and then look at them relative to each of our companies or opportunities that we're looking at.

想出一个宏大的战略框架，比如哪一层会赢，我觉得对我没什么用。

Coming up with some grand strategic framework for, like, what layer is gonna win here, I think is not useful to me.

我觉得人们花太多精力在思考这些上，而我想把精力花在弄清楚如果我们只走了1%，剩下的99%的扩散路径是什么。

And I feel like people spend so much of their investing energy thinking about versus I wanna spend my energy figuring out if we're 1% of the way in, what is the next 99% of diffusion?

这就是我们努力的方向。

That's where we try to direct our energy.

为了好玩，在我们快结束的时候，这纯粹是个假设性问题，更多是为了好玩，而不是真的预测。

For fun, as we wind down here, understand this is like a purely speculative question and it's meant more fun than raw prediction.

基于你身边那些了不起的人、研究社区、像周日创始人这样的创业者，综合来看，事情发展得很快。你觉得一年后有哪些事情会成真？

What are some things you think are true a year from now based on all these incredible people that you're close with, the research community, the entrepreneurs like the Sunday founders, you add it all up, things are moving fast.

一年是很长的时间，现在就像狗年倒过来算一样。

A year is a long time and it's like reverse dog years now.

你觉得一年后科技世界会有什么显著的不同？

What do you think is notably different about the world of technology a year from now?

我希望一年后，我们能看到杰明悖论在实践中体现，因为我们的代理和产品能在我们生活的各个领域更有效地处理更多琐碎的事情。

I'm hopeful that a year from now, we see Jemin's paradox in practice as we have agents and products that do more of the mundane more effectively in all the domains of our lives.

这应该看起来像软件工程领域已经发生的转变。

It should look like the transformation that has happened in software engineering.

有些公司，

You have companies.

我认识一些公司，他们说，我们就是进展快多了。

I have companies where they're like, we're just going way faster.

我预计类似的情况也会发生。

I expect that some analogy like that will happen

其他地方也是。

Forever else.

对，到处都一样。

Everywhere else.

在我们投资的公司里也能看到这种情况。比如有一家我们投资的公司，市场部基本上就一个人。

And we see it in our companies where I'm thinking about in one of our portfolio companies, the marketing department is like a person in the house.

这家公司服务很多客户。

This is a company that serves lots of customers.

他们需要做一些很传统的事情，比如销售支持内容。

They need to do very traditional things, sales enablement content.

结果呢，负责市场的那个人想给自己创造更多杠杆。

What happened was the guy in charge of marketing is interested in creating leverage for himself.

他就说，我给我们公司搞了一个自主运作的市场部。

And he's like, I made an autonomous marketing department for us, the company.

在每个职能里，随着你学得更快，少做那些琐碎的事，你总会想办法重新利用那些省下来的时间。

In every function as you learn faster, do less of the mundane, you will repurpose that time somehow.

你现在用AI效率更高了，是不是工作就少了？

Do you work less now that you are more productive with AI?

对。

Yeah.

我工作更多了。

I work more.

我觉得这就是黄仁勋的核心智慧，那就是我们都会更有工作可做。

And I think this is like a core wisdom of Jensen's, which is we're all gonna be more employed.

我们需要确保人们能获得使用这些工具的机会和培训，这样才能实现这一点。

And we need to make sure that people are given access and education to the tooling that will allow that to happen.

你做的这个东西真是太棒了。

Well, what you've built is incredible.

通过Colossus这边，我们很喜欢了解你的整个领域。

We've loved through the Colossus side getting to know your whole world.

它非常独特。

It's so distinctive.

你就是一个很好的例子，说明优秀永远有空间。

You are a great example that there's always room for great.

意思是，当你创办Conviction的时候，早期投资公司已经很多了。

Meaning, there's plenty of early stage investment firms when you started Conviction.

但四年过去了，我们还是走到了今天。

And yet here we are four years later or whatever.

如果你问问和你共事过的人，你确实给他们的生活带来了很大的改变。

And if you ask the people you've worked with, you've made a real huge difference in their lives.

优秀永远有空间。

There's just always room for great.

我觉得这是一个很棒的教训，尤其是因为我喜欢你描述早期融资的方式，不是说我们在每个环节都与众不同。

I think that's like a great awesome lesson, especially because I love how you described the early pitch was not like, here's how we're differentiated every level of the funnel.

我们就是直接冲上去干。

We're just gonna run at this thing.

到最后，我真的很沮丧。

By the end, I got so frustrated.

我当时就想，这拼的就是执行力。

I was just like, it's an execution game.

完全同意。

Totally.

我问每个人同样一个传统的收尾问题。

I ask everyone the same traditional closing question.

有人对你做过的最善良的事是什么？

What is the kindest thing that anyone's ever done for you?

我喜欢这个问题。

I love this question.

我想给一个综合性的回答。

I'm gonna give like a collective answer.

我觉得硅谷有很多非常成功的人，他们一旦和你聊起来，就很少在意你的背景出身。

I think there are so many people who are extraordinarily accomplished in Silicon Valley who care very little for pedigree as soon as they have conversation with you.

他们会说，也许你能帮我，或者你有个有趣的想法，又或者我只是觉得你很有潜力。

And they're like, maybe you can help me or you have an interesting idea or maybe I just think you're promising.

他们愿意投入一段关系或一个人身上的主要因素，就是他们对这个想法和这个人的评估。

And the dominant factor in their own willingness to invest in a relationship or a person is just their assessment of the idea in the person.

我觉得这太棒了。

I think that's amazing.

大多数生态系统可不是这样的。

That is not how most ecosystems work.

所以，像Ashim Chandni、Aneel Bustry、Joseph Ann Sonali，还有在Greylock雇佣我的Reid Hoffman，我23岁就开始了。

And so Ashim Chandni and Aneel Bustry and Joseph Ann Sonali and Reid Hoffman who hired me at Greylock, I started when I was 23.

人们喜欢嘲笑年轻的VC，说他们是生态系统上的藤壶。

People love to make fun of young VCs where they're like, what a barnacle on the ecosystem.

这对创业者来说是很糟糕的经历。

It's a terrible experience for entrepreneurs.

他们什么都不懂。

They don't know anything.

他们却试图给别人建议。

They're trying to advise people.

谁给这小孩钱的？

Who gave this kid money?

然后我就想，首先，我当时的工作就是帮助别人成功。

And I'm like, well, one, my job was just to make other people successful at the time.

你可以把任何工作中的任何任务，通过模仿和第一性原理思考，努力把它做好。

You can take any task in any job and just try to be great at a task with mimicry and first principles thinking.

我们公司确实会招一些职业生涯早期的人，但我真的觉得，天哪，谢谢你愿意冒险相信一个陌生人，还花时间教我怎么做投资人。

We hire earlier career people at my firm, but I do think, oh my goodness, thank you for taking a shot on some random person and then investing the time to like teach me how to be an investor.

我觉得在我创办公司时，有几个人给过我建议，他们可能觉得这根本不算什么。

I think there were a few people who gave me advice starting the firm who I think they would think of this as entirely trivial.

我只是给你我的看法而已。

I'm just giving you my opinion.

但Ravi Gupta，他现在是Ithaca这家新公司的联席CEO，还有Dylan Field、Elena Nadolinski，以及John Lilly，他是我多年的合伙人和朋友。

But Ravi Gupta who is now co CEO of a new thing called Ithaca, Dylan Field and Elena Nadolinski, John Lilly who's been a longtime partner and friend.

有几个人就是跟我说，你肯定能做到的。

There are a few folks who were just like, you can definitely do it.

无论如何我都会去做，但有那些相信我能做出成绩的人的鼓励，包括我们最早的一些投资人，我会永远感激那些愿意和我一起冒险的人。

I was gonna do it either way, but having the encouragement of people who believed that there was room to be great and including some of our first LPs, I will be forever grateful to, I guess, the people who took risk with me.

世界靠信任运转，这很美——在没有证据的情况下相信，仍然对某人的能力抱有信念。

It's beautiful the world runs on faith, belief without evidence yet, and still conviction in someone's ability to do something.

挺酷的。

Pretty cool.

这是对人的信任。

It's faith in people.

我们聊了很多关于人们的想法和我们对他们看法如何交织在一起的话题。

We talked a lot about how people's ideas and our opinions of them are intertwined.

但我觉得这很美好，因为你不必拥有任何特别的优势就能有一个想法。

But I think that's a beautiful thing because you don't need any particular advantage to have an idea.

人们会评估这些想法并信任我们，我感激不尽。

The fact that folks will evaluate that and put faith in us, I could not be more grateful.

通过观察你的运作和与你交谈，我学到了很多。

I've learned a lot watching you operate and talking to you.

这真的很有意思。

This has been really fun.

谢谢你的邀请。

Thanks for having me.

谢谢。

Thanks.

如果你喜欢这一集，请访问 colossus.com。

If you enjoyed this episode, visit colossus.com.

你会找到这个播客的每一集，还有手工编辑的文稿。

You'll find every episode of this podcast complete with hand edited transcripts.

你还可以订阅 Colossus，我们的季度印刷版、数字版和私人音频出版物，里面包含我们最欣赏的创始人、投资者和公司的深度介绍。

You can also subscribe to Colossus, our quarterly print, digital, and private audio publication featuring in-depth profiles of the founders, investors, and companies that we admire most.

更多信息请访问 colossus.com/subscribe。

Learn more at colossus.com/subscribe.

你知道小优势是如何随时间累积的吗？

You know how small advantages compound over time?

这在投资领域如此，在经营公司方面也同样如此。

That's true in investing and just as true in how you run your company.

你的支出体系就是你的资本配置策略。

Your spending system is your capital allocation strategy.

Ramp 让这一切默认变得更智能。

Ramp makes it smarter by default.

更好的数据，更好的决策，长期来看更好的经济效益。

Better data, better decisions, better economics over time.

详情请访问 ramp.com/invest。

See how at ramp.com/invest.

随着你的业务增长，Vanta 会与你一同扩展，自动化合规流程，并为安全和风险提供单一事实来源。

As your business grows, Vanta scales with you, automating compliance and giving you a single source of truth for security and risk.

更多信息请访问 vanta.com/invest。

Learn more at vanta.com/invest.

从 OpenAI 到 Cursor 再到 Perplexity，最优秀的 AI 和软件公司都使用 WorkOS，在一夜之间实现企业级就绪，而不是耗时数月。

The best AI and software companies from OpenAI to Cursor to Perplexity use WorkOS to become enterprise ready overnight, not in months.

访问workos.com，跳过那些不讨好的基础设施工作，专注于你的产品。

Visit workos.com to skip the unglamorous infrastructure work and focus on your product.

Ridgeline正在重新定义资产管理技术，它更像一个真正的合作伙伴，而不只是软件供应商。

Ridgeline is redefining asset management technology as a true partner, not just a software vendor.

他们帮助公司实现了五倍的增长，促进了更快的成长、更智能的运营和竞争优势。

They've helped firms 5x in scale, enabling faster growth, smarter operations, and a competitive edge.

访问ridgelineapps.com，看看他们能为你的公司带来什么。

Visit ridgelineapps.com to see what they can unlock for your firm.

每家投资公司都是独一无二的，通用AI并不理解你的流程。

Every investment firm is unique and generic AI doesn't understand your process.

Rogo理解。

Rogo does.

这是一个专为华尔街打造的AI平台，连接你的数据，理解你的流程，并产生真正的成果。

It's an AI platform built specifically for Wall Street, connected to your data, understanding your process, and producing real outputs.

去rogo.ai/invest看看吧。

Check them out at rogo.ai/invest.