20VC: Benchmark's Victor Lazarte on Why Portfolio Construction is BS| Why SaaS Spreadsheet Investing is Dead | Why China is a Stabilising Force for the US | Three Traits All the Best Founders Have & The Lie All Big Tech Companies Have Been Telling

big companies see all talking about like, oh no, AI, AI is not replacing people. AI is actually augmenting people's abilities. Like this is bullshit, you know, like it's fully replacing people. But then the first question that we ask is, if models get a lot better, is your company worse or is your company better? Like is there a bubble?

Are people getting paid for the the risk they are taking, right? What I'm telling you is in the next three years, someone will start a company that is going to be worth a trillion dollars. So I think on average, buying the winners today will work out. This is 20 VC with me, Harry Stebbings.

Now I heard so many wonderful things about this guest for a long time from Pat Grady, Bruce Dunlevy, Peter Fenton, some of the best. And so I'm thrilled to welcome Victor Lazarte to the hot seat. day, Victor is a general partner at Benchmark, one of the most renowned venture firms in the world. Now at Benchmark, Victor has led deals in the likes of HeyGen and McCaw, which recently announced it scaled to 100 million in ARR in just 11 months. As an angel, he was the first investor and board member of Brex, and as a founder, he scaled Wildlife Studios, bootstrapping it to become the largest gaming company in Latin America with about 4 billion downloads.

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