20VC: Benchmark's Newest General Partner Ev Randle on Why Margins Matter Less in AI | Why Mega Funds Will Not Produce Good Returns | OpenAI vs Anthropic: What Happens and Who Wins Coding | Investing Lessons from Peter Thiel and Mamoon Hamid

I think we should not be placing that much emphasis on margins today. We need a new taxonomy for AI companies. Like Tiger died and we got six or seven more Tigers. I don't think Ravi or Hamant or even Ben and Mark at this point, I don't think that they can go to LPs and say, we're going to get you 5x net on that. When you're writing billion dollar checks, that is your main product.

Go talk to the principals, the junior partners, and the associates at at those firms. And you tell me that Capital Velocity is not the North Star of those firms. I think Tiger's gonna end up much better than anyone thought they were going to end up. This is 20 VC with me, Harry Stebbings, and this is one of the best shows I've done in a long time, I think. So fun fact, I've never met this guest before.

When you hear, it feels and it sounds like two friends. Shooting the shit, catching up over a dinner, I have to say, I think he's just like my long-lost brother, but it was so much fun, so I'm thrilled to welcome General Partner at Benchmark, Benchmark's newest partner, Everett Randall. Benchmark are one of the best firms in Venture. In their latest fund, they have McCaw, $10 billion valuation, Sierra, $10 billion. $10 billion valuation, firework, $4 billion valuation, Lagora, $2 billion valuation, Langchain, $1.4 billion valuation.

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