Apollo and Blackstone don’t believe in anything, really. They are financial institutions meant to deliver financial returns. And there is absolutely nothing wrong with that. The economy needs what they provide, and they are very good at providing it. The very best.

One of the structural advantages that the firm had early on was that Marc and Ben were already very wealthy and so didn’t need to take salaries. Instead, they’d play the long game and invest management fees into the platform, and build sources of compounding competitive advantage.

“Any time I need to talk to anyone, anywhere on planet earth, I can talk to them if I message Katherine.”

All of the founders I spoke with described a particular work style that’s consistent across a16z, no matter the GP you work with, that is clearly inspired by CAA: they stay out of your way and let you run the company, until you ask for something, at which point, they SWARM.

.001% of a16z’s AUM.

Around 2010, the industry permanently changed... the big winners in tech more and more are companies that go directly into an incumbent industry.

It was ostensibly written as advice to startup technology companies, but in hindsight, reads like a manual to founding a16z

“The objective function of a fund is to generate the most carry with the fewest people, in the shortest amount of time possible,” he explains. “A Firm is about delivering exceptional returns, and building sources of compounding competitive advantage. How do we get stronger with scale, not weaker?”

“Technology is the glory of human ambition and achievement, the spearhead of progress, and the realization of our potential.”