我非常享受这次与 @patrick_oshag 在 @InvestLikeBest 的对话。我和 Patrick 从大学时期就认识了，而这是我们第一次以如此深入的程度讨论市场和投资。 公司构建的基本原则并没有改变：人、产品和市场依然最重要。 但显然，在我职业生涯中，私募市场已经发生了巨大的演变：如今私募领域的独角兽数量约为市值超过 10 亿美元的上市公司数量的 6 倍。而在 2010 年末，市值前十的公司中只有 2 家是科技公司；而今天，前十中有 8 家都是科技公司。 AI（以及更广义的“软件吞噬一切”趋势）显然推动了这一切的发展。但是，从蒸汽机时代，到 Facebook 和 Google 早期的用户变现模式，再到 Databricks、Anduril、OpenAI、Waymo 等实时成功案例，都能帮助我们更清晰地看到机会所在。 非常高兴能深入探讨这些内容以及更多话题！ I had a great time chatting with @patrick_oshag on @InvestLikeBest. I've known Patrick since college, and this is the first time we've talked markets and investing at this much depth. The fundamentals of company building haven’t changed: people, products, and markets matter. But obviously, private markets have evolved substantially over my career: there are now ~6x more private unicorns than public companies with a $1b+ market cap. And at the end of 2010, just 2 public technology companies were among the top 10 in market cap; today it’s 8 of 10. AI (alongside software eating everything more generally) is clearly driving a lot of this. But it’s instructive to look at everything from the steam engine, to the early days of Facebook and Google user monetization, to real-time success stories like Databricks, Anduril, OpenAI and Waymo, to get a clear picture of where the opportunities lie. It was a pleasure to go deep on all this and more!