WEBVTT - GSV's Moe Sees Opportunities in Post-Virus World

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. Really really excited about our next guest,

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<v Speaker 1>Michael mo co founder of gs V Asset Management, long

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<v Speaker 1>time thinker, investor, just all around good guy and full confession,

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<v Speaker 1>full disclosure. A friend of mine joining us on the

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<v Speaker 1>phone from Woodside, California. Michael, it's just great to hear

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<v Speaker 1>your voice. How are you. I'm doing well, Jason, great

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<v Speaker 1>to hear your voice as well. All right, well, I

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<v Speaker 1>wish we were having this conversation at the Village Pub

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<v Speaker 1>right next door to where you are, but uh, here

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<v Speaker 1>we are. First of all, you know, what's it like

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<v Speaker 1>out there? You're in California? Obviously, you know, before New

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<v Speaker 1>York became the epicenter, you know, northern California really was

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<v Speaker 1>where people's attention was focused. What do you make of it?

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<v Speaker 1>What's going on around there? Well? I mean I think,

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<v Speaker 1>you know, I mean, clearly everywhere people are are UM

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<v Speaker 1>a little bit of a shock, and I think you know,

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<v Speaker 1>the fear of the virus, you know, has UM really

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<v Speaker 1>kind of consumed many people's thinking and behavior, and when

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<v Speaker 1>people get scared, and I think many a lot of

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<v Speaker 1>people are scared. You know, it's hard to focus on

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<v Speaker 1>much else, and so I think, jelly speaking, that's kind

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<v Speaker 1>of it. It's a little bit eerie. It's you know,

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<v Speaker 1>I live in a place where there is typically a

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<v Speaker 1>lot going on, a lot of energy, and it's very

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<v Speaker 1>very quiet. Yeah, and I think we do wonder, Michael,

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<v Speaker 1>you know, how much of kind of how we're adjusting

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<v Speaker 1>our lives at this point, how much of it once

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<v Speaker 1>we get through this. I'm assuming we, of course, will

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<v Speaker 1>you know that how much of it stays with us

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<v Speaker 1>in terms of you know, concerns about viruses because there

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<v Speaker 1>will be more viruses to come, but also how we're

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<v Speaker 1>kind of adapting our work lives, a lot of us

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<v Speaker 1>working from home and the ability to do that. I

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<v Speaker 1>just wonder, you know, we had a conversation with someone

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<v Speaker 1>who talked a well known investor, Cathy Wood, who invest

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<v Speaker 1>in disruption, and she says, you know, when you see

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<v Speaker 1>market disrupt and that's where you kind of get innovation

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<v Speaker 1>and opportunity. So I wonder, you know, if you're looking

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<v Speaker 1>at it in a similar way, that's clearly where the

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<v Speaker 1>half is glass, the half the glasses half full. I mean,

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<v Speaker 1>you've seen this over and over again, where you've had

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<v Speaker 1>this location and disruption, you've also had huge opportunities, and

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<v Speaker 1>so I think, what's exciting And then again, this is

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<v Speaker 1>a very serious situation and and obviously the most important

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<v Speaker 1>thing is health and safety, but you are seeing people

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<v Speaker 1>in their creativity and the innovation thinking about what you know,

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<v Speaker 1>what does this mean and where does this go? So

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<v Speaker 1>I like to say, is we were it was? It

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<v Speaker 1>was BC before, that's before Corona, and now we've got

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<v Speaker 1>a d which is going to be after the disease,

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<v Speaker 1>and these opportunities that emerge a d UM I think

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<v Speaker 1>are going to be I'm very exciting. And so that's

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<v Speaker 1>part of what we're doing is focus on what those

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<v Speaker 1>opportunities might be and also understand what it means for

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<v Speaker 1>kind of companies that UM grew up in the old world. Right. Well,

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<v Speaker 1>one of the things I wanted to make sure we

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<v Speaker 1>talked about Michael was you know, normally this time of year,

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<v Speaker 1>you are like in the thick of planning this massive

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<v Speaker 1>conference that you do in in San Diego and partnership

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<v Speaker 1>with Arizona State. I believe you you bring together some

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<v Speaker 1>huge speakers to talk about the future of education, education, technology,

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<v Speaker 1>and tech specifically. I guess two things. It seems like

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<v Speaker 1>you've made a big decision to do a lot of

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<v Speaker 1>that virtually this year. Tell us about that. First, Well,

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<v Speaker 1>we're shifting the physical conference to the fall UM with

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<v Speaker 1>the hopes that things will be UM more or less

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<v Speaker 1>back to normal by that. But we didn't want to

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<v Speaker 1>lose the UM opportunity to convene people that we're gonna

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<v Speaker 1>do it virtually, So we're gonna have a one day

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<v Speaker 1>virtual event UM next Wednesday, April one, and we called us,

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<v Speaker 1>you know, the dawn of the age of digital Learning.

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<v Speaker 1>Because while digital learning has been you know, growing at

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<v Speaker 1>a very healthy clip up until UM, you know this,

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<v Speaker 1>the coronavirus has really been a major catalyst to accelerate this.

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<v Speaker 1>And with whether you're a parent, whether you're a K

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<v Speaker 1>twelve school you know, there's one point four billion kids

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<v Speaker 1>around the world right now that that we're going to

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<v Speaker 1>school now our home UM. You know, universities are scrambling

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<v Speaker 1>to figure out what they do to UM, you know,

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<v Speaker 1>to provide courses for for their for their college students,

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<v Speaker 1>and corporations there are reimagining what they need to do

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<v Speaker 1>to upscale reschool, their their work force. So it is

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<v Speaker 1>as much of this is a a very difficult situation

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<v Speaker 1>for society, for the economy, for online learning. Um, it's

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<v Speaker 1>it's I think, you know, it's based an accelerant to

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<v Speaker 1>the future. Well, and the same thing with like I think, um,

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<v Speaker 1>you know, using the virtual world in terms of distance

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<v Speaker 1>and reaching out to our medical community, right in terms

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<v Speaker 1>of telehealth. UM, I mean, I wonder if that is

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<v Speaker 1>something that we look at very differently coming out on

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<v Speaker 1>the other side, for sure. I mean again, I think

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<v Speaker 1>this has been it has been a total shift in

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<v Speaker 1>terms of how people you think about what you know,

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<v Speaker 1>those sort of the realities of of an interconnected world,

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<v Speaker 1>urbanization and uh and and globalization that that you know,

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<v Speaker 1>the pandemics. You know, people that are you know, worry

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<v Speaker 1>about you know, things that could happen in the future

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<v Speaker 1>have been worried about pandemics for some time. But really

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<v Speaker 1>this is the first time where it's been you know,

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<v Speaker 1>basically relevant to everybody. And I think that kind of

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<v Speaker 1>you know, mind shift is going to affect This isn't

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<v Speaker 1>because the genie is not going back in the bottle.

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<v Speaker 1>I think it's a permanent shift about how people think

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<v Speaker 1>about UM activity and how they've done how they do

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<v Speaker 1>things in the future differently than maybe they did in

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<v Speaker 1>the past. Let's get back to our conversation with Michael

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<v Speaker 1>mo He is out in California and it's co founder

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<v Speaker 1>of GSV Asset Management. Michael, great to have you still

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<v Speaker 1>with us. And you know you wrote a book a

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<v Speaker 1>couple of years ago that I read. It's fantastic, and

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<v Speaker 1>it's about Global Silicon Valley. This whole notion of the

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<v Speaker 1>Global Silicon Valley is the Global Silicon Valley Handbook is

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<v Speaker 1>the technical title. Um, but you have really explored this

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<v Speaker 1>notion of this interconnected world and this notion that the ideas,

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<v Speaker 1>the ethos of Silicon Valley is much wider spread than

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<v Speaker 1>just the place where you happen to be sitting right now.

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<v Speaker 1>Does this dent that ambition at all or does it

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<v Speaker 1>strengthen it? Yeah, I think it's actually is going to

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<v Speaker 1>strengthen it. And I think that's partially You've had this

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<v Speaker 1>trend that's been going on for a dozen years. Oh

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<v Speaker 1>you know, the front g s V stands for Global

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<v Speaker 1>Silicon Valley and so to your point, you know, the

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<v Speaker 1>mindset of innovation and entrepreneurship that's made Silicon Valley is

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<v Speaker 1>such an amazing place and I've been fortunate to live

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<v Speaker 1>in for twenty five years, is going, you know, spreading

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<v Speaker 1>throughout the world. And you're looking at the ambition that

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<v Speaker 1>exists with young people that want to not work for

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<v Speaker 1>the large company but want to start their own business.

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<v Speaker 1>And you know, in today's world, where you know you're

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<v Speaker 1>gonna have more difficulated hiring is going to not be

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<v Speaker 1>as robust as what we've seen the last five years,

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<v Speaker 1>you're gonna see that likely accelerate because your opportunity costs

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<v Speaker 1>to start a business is lower. And so what we're

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<v Speaker 1>seeing is from you know, from Austin to Boston, from

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<v Speaker 1>Chicago to Salpallo, from Mumbai to Shanghai. Do by this

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<v Speaker 1>emergence of this global Silicon valley and just to put

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<v Speaker 1>some meat on the bones. In terms of data, ten

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<v Speaker 1>years ago, of all venture capitals the United States, and

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<v Speaker 1>much of that was Silicon Valley. Last year, fifty of

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<v Speaker 1>all venture capital was outside of the States. This shift

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<v Speaker 1>has been dramatic, and it's excited. It's great. I mean,

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<v Speaker 1>you know, the US is excuse me, US is four

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<v Speaker 1>percent of the world population, So spreading a democratizing entrepreneurship,

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<v Speaker 1>you know, creating opportunities wherever you might be. You don't

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<v Speaker 1>have to move to Silicon Valley to start an idea

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<v Speaker 1>that could be transformed of I think that's very very

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<v Speaker 1>positive vote for entrepreneurs, but also for society overall. Right,

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<v Speaker 1>creates a competitive environment, and as Jason knows, I'm pretty

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<v Speaker 1>competitive kind of person. But I think, but I think,

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<v Speaker 1>but I think it makes all of us and he

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<v Speaker 1>is too, and it makes the world or makes us

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<v Speaker 1>all better. But I do wonder you've heard some of

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<v Speaker 1>the conversations Michael about um you know kind of a

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<v Speaker 1>tech you know war between uh China and the United States.

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<v Speaker 1>How do you see does you look around the globe?

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<v Speaker 1>Are we are we going to be entering that kind

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<v Speaker 1>of phase? And is that a good kind of war

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<v Speaker 1>to be having? If so, well, I think the war

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<v Speaker 1>of creating better product and better technology is going to

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<v Speaker 1>ultimately benefit UM, society and and everybody. I mean, when

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<v Speaker 1>you go to China. I've been to China twenty times

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<v Speaker 1>in the last three years, and the thing I know

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<v Speaker 1>about China is the more I go, the less I know.

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<v Speaker 1>But I also know the ambition of the people in

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<v Speaker 1>China is remarkable. So it used to be the place

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<v Speaker 1>that you know, was was a copier. You know, they

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<v Speaker 1>were the imitator. Now they're the innovator. And so there

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<v Speaker 1>is like artificial intelligence, it's gonna push you know, other

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<v Speaker 1>geographies include the United States to compete and I think

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<v Speaker 1>the you know, the kind of the noise with the

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<v Speaker 1>with the China US trade war. You know, while that's

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<v Speaker 1>created a lot of um, you know, some a lot

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<v Speaker 1>a lot of noise, I think ultimately it should have

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<v Speaker 1>a benefit to to level of playing field that ultimately,

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<v Speaker 1>you know, benefits everybody that wants to compete on more

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<v Speaker 1>a fair basis. So anyway, I think and there's no absolute, um,

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<v Speaker 1>you know answer, but the but the but the overall

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<v Speaker 1>gravity of this as I think it's it's going to

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<v Speaker 1>accelerate innovation and technology. It's gonna benefit society, it's gonna

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<v Speaker 1>benefit business. And so, you know, Michael, one of the

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<v Speaker 1>reasons I love talking to you and especially like having

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<v Speaker 1>dinner with you, is you just you can be so

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<v Speaker 1>expansive in a lot of ways. And I've seen some

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<v Speaker 1>very provocative presentations that you've given. As I was alluding

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<v Speaker 1>to earlier You have a great historical perspective about the markets,

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<v Speaker 1>about economies globally and domestically. Put this in perspective for us.

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<v Speaker 1>We keep throwing around words like unprecedented, which it is

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<v Speaker 1>in a lot of ways, But help us give us

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<v Speaker 1>some context here and maybe they'll make us feel a

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<v Speaker 1>little bit better about this disruptive time we seem to

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<v Speaker 1>be living in. Well, I think what we've seen. I mean,

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<v Speaker 1>first of all, anytime you've seen a number of times,

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<v Speaker 1>anytimes you have a greater decline, eighty percent of the

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<v Speaker 1>time that's followed by recession. So I think that's a reality.

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<v Speaker 1>Do you have a V shape? You have a U

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<v Speaker 1>shaped to have an L shape. I'm bullish that you

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<v Speaker 1>have overall um platform in terms of business opportunity and

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<v Speaker 1>activity that will when when you get the panic behind us,

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<v Speaker 1>It's not gonna be back to normal, but I think

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<v Speaker 1>you're going to see things that emerge. And to the

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<v Speaker 1>earlier part of our conversation, I think you can see

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<v Speaker 1>new areas or ears that existed, but all of a

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<v Speaker 1>sudden you see this boom and acceleration. Obviously you know

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<v Speaker 1>I mean zoom and slacker or two places is that um,

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<v Speaker 1>you know, just it just it's you know that that's

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<v Speaker 1>gonna be a mega way for a long time. Are

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<v Speaker 1>the area that's personal, that's that's near and dear to

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<v Speaker 1>your heart, personal fitness. You look at these, you know,

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<v Speaker 1>the companies of the the Pelotons, the Tonals, the mirrors.

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<v Speaker 1>I mean, this is you see more and more of innovation,

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<v Speaker 1>you know, in in that in that world. And and

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<v Speaker 1>and again with the great news about entrepreneurs, and they

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<v Speaker 1>solve problems, they run to wait space, they're right to

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<v Speaker 1>run two issues. And I think you're gonna see very

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<v Speaker 1>exciting companies like we saw after the financial crisis. You

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<v Speaker 1>had you know, you had Square, you had Stripe, you

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<v Speaker 1>had Uber. You know, all these these are all in

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<v Speaker 1>the in the rubble of the mess of the financial crisis.

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<v Speaker 1>And again I think I'm hopeful, I'm optimistic like we've seen,

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<v Speaker 1>you know, throughout history basically that new leaders emerged from

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<v Speaker 1>disruptive times. All right, we're gonna leave it there. We

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<v Speaker 1>can talk to you, Michael mo You're the best. Come

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<v Speaker 1>see us in New York. Well see you in Silicon Valley.

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<v Speaker 1>Once this is all uh said and done. Always appreciate

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<v Speaker 1>the Village Pub. It's the Village Pub, and it's one

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<v Speaker 1>of the best restaurants I've ever been to, and it's

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<v Speaker 1>a great place to go and hang out with Michael

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<v Speaker 1>mo have a nice glass of wine and a nice dinner,

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<v Speaker 1>and hopefully solve some of the problems of the world.

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<v Speaker 1>Michael Mo is the co founder of Global Silicon Valley

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<v Speaker 1>GSV Asset Management. His books really worth reading Global Silicon

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<v Speaker 1>Valley Handbook and finding the Next Starbucks. A fascinating uh

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<v Speaker 1>career that he has had