We were investing in consumer at a time when a lot of people thought consumer was a bad word in venture. That was fine with us.
The things that look weird and niche right now are often the most important things. Reddit looked weird. The open web looked weird. Crypto looked weird. That's the pattern.
The best opportunities come when others are most afraid. Our job is to be ready when fear peaks.
The best investment you can make is in something the world hasn't priced correctly yet.
The crisis was an opportunity for us. While others were pulling back, we saw good assets at fair prices.
When you build something in a market no one else believes in, the returns reflect that courage.
It's not always easy to do what's not popular, but that's where you make your money.
We were not contrarians for its own sake. We were contrarians because the numbers said so.
Distressed investing is not about being ghoulish. It's about pricing risk better than everyone else.
The hardest decision is always to hold when everyone around you is selling. But that is precisely when irreplaceable assets trade at their biggest discounts.
Everyone said linear TV was dead. I said: The Weather Channel has 100 million households, decades of trust, and meteorological data that every airline and government needs. That is not dead. That is infrastructure.