20VC: a16z's David George on How $BN Funds Can 5×, Do Margins & Revenue Matter in AI & the Most Controversial Bet at a16z

**David George** (0:00)
Our best-performing fund in the history of the firm is actually a $1 billion fund. If you overweight the fear of future theoretical competition, you can always talk yourself out of making an investment. The number one way to measure a company is ultimately return on invested capital. On the gross margin point today, I'll say this, we give a little bit more of a pass than we used to.

**Harry Stebbings** (0:23)
At what point does the entry price, do you think, for OpenAI become not a good use of dollars? What I just don't understand that I would love to is flow. Can you help me understand flow? Because I think the world kind of scratched their head. Why did it make sense to you when it didn't make sense to anyone else? This is 20VC with me, Harry Stebbings, and I'm so excited for the show today. This guest is a dear friend, a long time friend. And so I was hurt even more when he did a competitive show recently with another podcast. I was so pissed off. I actually said to him, listen, we'll do our show, but it's going to be spicier than normal. I'm not going to go easy on you, and you're going to have to put up with it. And he said, fine, let's do it. And so today we welcome David George. David George is a general partner at Andreessen Horowitz, where he leads the firm's growth investing. His team has backed some incredible defining companies of this era, including Databricks, Figma, Stripe, SpaceX, Anduril, and OpenAI.
He's now investing behind a new generation of AI start-ups like Cursor, Harvey, and Abridge, to name a few. But before we dive into the show today, are you drowning in AI tools? Chat GPT for writing, Notion for docs, Gmail for email, Slack for comms, and you're constantly copy pasting between them all, losing context and losing time. This is the AI productivity tax, and it's killing your output. At 20VC, we're all about speed of execution and Superhuman is the AI productivity suite that gives you superpowers everywhere you work. With the intelligence of Grammarly, Mail and Coda built in, you can get things done faster and collaborate seamlessly. Finally, AI that works where you work, however you work. Superhuman gets you from day one with zero learning curve, and it's personalized to sound like you at your best, not like everyone else using generic AI. Get AI that works where you work, unlock your superhuman potential. Learn more at superhuman.com/podcast, that's superhuman.com/podcast.
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**David George** (4:45)