Okay, I'm pleased to introduce Ben Horowitz. Ben, you can come on out and I'll say a little more about you once here in view.
好的,我很高兴向大家介绍本·霍洛维茨。本,你可以出来了,等你出来后我会再多说一些关于你的事情。
All right. Thank you for joining us. Hello, you want to hear. So Ben, welcome.
好的,非常感谢您的加入。你好,你想听。那么Ben,欢迎你。
Thank you. I knew you could be a lot of speaking. And so I thought it due a unique intro.
谢谢你。我知道你可以说很多话。因此,我想要准备一个独特的介绍。
All right. So I'm going to share with everyone the top four things that I think are admirable about Ben that are he hasn't that are in common with the note. All right. Something you only get here. So these are in reverse order.
So number four, you guys both started and run venture firms that raised their first outside funds in a financial downturn that's much worse than what we have now. Yeah, you remember in 2009. Yeah, we were the only two firms that raised new venture firms that successfully launched funds then. Yeah. Yeah.
So then number three is you're both successful startup CEOs that definitely endured hard things. Yeah. Check.
那么第三点是你们都是成功的创业CEO,肯定经历过困难的事情。没错。确定了。
Number two, you're both great dads, including where in circumstances where it's been challenging. And I admire that.
第二,你们两个都是出色的父亲,即使在有挑战的情况下依然如此。我很钦佩你们。
And then the number one hard thing you have in common is you've both managed me. All right. Yeah. True story.
然后,你们共同面临的最困难的问题就是你们都管理着我。没错。是的。真实的故事。
So we're talking about culture. And I thought we'd start with someone I know is one of your heroes Andy Grove. And Andy people think of as a management guru. But obviously they overlap between great management and building great culture is a lot. So I thought it'd be great to hear some about what have you taken away from your many studies with Andy, including as it relates to culture.
Let me just start with the open ended question. Yeah.
让我从开放式问题开始谈起。是的。
Well, I kind of just a set at the top. I think people get culture confused with like values on the wall. Integrity. We have each other's back. All this kind of stuff that people put on the wall and then don't do. And I think so when you think about culture. And I thought, you know, Bichito had kind of the best definition, which is culture is not a set of beliefs.
And so if you think about it, the reason it doesn't work is put in your annual review or you know, put values on the wall and so forth is because it's culture is the little things like somebody calls you a colleague. And so it's like a couple of minutes and an hour the next day or do you just drop them on the floor and never call them back at all. Like that's culture and that drives a lot of things.
You know, if you. It's a you know, do you show up on time for meetings or five minutes late or 10 minutes late is everybody like, you know, these are the cultural things that actually end up driving. And then you can work there and what it's like to do business with you.
And Andy really understood that at an amazing level. So he did things that seemed absurd. When you care about him like he would get to work at eight in the morning. And then like see who was there. And if they weren't there, like he would write them up. And then he would check their desk to see if it was clean. It was really important that you had a clean desk and you're like, well, what why do you care if somebody has a clean desk?
Well, it's Intel. So Intel was about precision. The cost of a miss on a tape out is extraordinary. So when you're about precision, like how do you get that into the culture? Well, it starts with when I go to work like I need my desk to be clean because Andy cares about everything being right.
And so like little things like that that he would do to set the whole tone. But I give you my favorite story from Andy. So after he had retired and he was at the Grove Foundation, I went to go see him. And you know, he had Parkinson's at that time. So he was, he's still very sharp, but like, you know, his speech was slurred and whatnot.
So it's a little office, the Grove Foundation, like very, you know, kind of as you would expect from Andy Grove, kind of, you know, low key. And he had one picture on the wall.
And it was this framed award that he got the Santa Clara Manufacturing Facility Leadership Award to Andy Grove. And I go, Andy, like, evolving in these, he was Time Magazine Man at the Year. He's like one of the greatest CEOs, maybe the greatest CEO in the history of Silicon Valley.
He's got this Santa Clara, you know, manufacturing facility award for leadership. I was like, why do you have that on the wall? Why'd they give you the award? You're the CEO.
Like we're thinking the CEO, the manufacturing facility award. And he says, well, Ben, he said, you know, they were ranked the lowest in maintenance in all of, you know, Intel, like they had the worst facility, under spec, terrible. So I go over there, you know, to talk to them about it. And they just start hitting me with all this bullshit about like how they don't have the right resources and how this was unfair and done it, and so I reach under my chair.
And I pull out a roll of toilet paper, and I put it on the desk and I said, when you're done cleaning up your bullshit, tell me when you're going to be up to spec. And he said it within three months, it was the highest rated facility at Intel. And that to me is Andy, like his the biggest thing he did culturally was like, you know, don't bullshit me.
I was, I escaped the communists and the Nazis, like I didn't come here for you to waste my time with a bunch of stories about what's what and, you know, excuses and this and that. Like let's just get to the real thing. Tell me when it's going to be ready. And that's how he was on everything. And yeah, what a great, great, great person. I wish, man, I miss that guy. He was amazing.
Well, let's go from him to another, I'm not sure what word to say dominant figure still scares the hell out of me. Bill Campbell and talk about letters and things that you've taken away from bill about building culture that are useful to share with people here. And include in your answer the EDS announcement story.
Yeah, so so Bill was like a very different guy than Andy Grove. So like when I look at Andy Grove, I as a CEO, I go, I don't know that I did anything better than him. Like he was so good at all aspects of that job, just incredible. Bill wasn't like that in that, you know, like there was things he was good at, things he wasn't that good at, but the thing that he was great at. He was better than anybody that I've ever met, which is he could like when you met him, he would get a read on you within like three minutes.
And then he would remember like you, your wife's name, your kids, like where you grew up, all that stuff, like forever. So I go all the way, I still run into people who knew Bill Campbell and they're all like bills, the greatest guy in the world, like everybody loved that guy because he was so good at the people skills. Only person I ever ran into who had that light came was Oprah, like that's how good he was.
然后他会像你一样记得你妻子的名字、你的孩子、你成长的地方等等,就像永远不会忘记一样。所以我会一直走下去,还会遇到知道 Bill Campbell 的人,他们都说 Bill 是世界上最了不起的人,因为他擅长与人打交道,每个人都喜欢他。我遇到的只有 Oprah 才像他一样好。
He was Oprah level at really understanding people. And the thing that it translated into from management standpoint was one of the hardest things to do to, and it's one of the most important things culturally is when you're talking to somebody, realize you're not talking to that person. You're talking to everybody in the company, you have to represent the people who are not in the room. Bill was really really good at that.
So for example, like if I'm talking to David and he goes, hey, Ben, can I get a raise? You know, like I've been working really hard and so forth. I can't just go, yes, I like David, I'm going to give him a raise because I have to think about all the people who aren't there. And what they think of him and what they think of and why aren't they getting a raise because they didn't ask, you know, like all that kind of thing comes into play.
But every decision and every conversation you have as a leader, you have to think about like, okay, how's it going to read? And so the kind of thing that David had referred to is, you know, when I was running Loud Cloud, we did this big deal to kind of get out of what would have been a business that took us bankrupt by selling the services component to EDS. And kind of becoming a software company and it was a big kind of escape death deal.
And we were going to announce it and we're going to announce it in New York. And I was talking to Bill on the phone saying, you know, like we just did this big deal and like it's really exciting. I'm going to announce it. And he goes, and you're going to, but you know, like you're selling a lot of employees to EDS and you're like, like a bunch of people off. I was like, yeah, I got to do that the next day. And he goes, no, no, no, no, he's like, you can't go to New York.
And I was like, what do you mean? He said, like, all anybody in the company is going to want to know is where they stand as soon as that news comes out. You can't wait a minute. You have to tell them like simultaneously with the announcement. And I was like, of course, you know, as soon as he said it, I knew it was right. And I sent Andrew sent to New York to do the announcement. And I did a layoff and told everybody where they were.
But I realized, you know, when I did that, we would have never like we ended up recovering as a company and, you know, selling it to he'll have Packard for, you know, 1.6 billion dollars, which was a lot of money. Not anymore so much, but, but none of that would have happened if I had gone to New York, like it was that important a moment. And he could see it so obviously. And, you know, I just said other things on my mind. I was thinking about it. But that, you know, that was Bill. He really always started there.
但我意识到,你知道的,当我这么做的时候,我们就不会像现在这样作为一家公司恢复过来了,你知道的,我们卖给了惠普[He'll have Packard],价格高达16亿美元,那是一大笔钱。现在这个数目也不算太多了,但如果我去了纽约,所有这些事情都不会发生,因为那个时刻太重要了。他显然看到了这一点。你知道的,我脑海中还有其他事情,但那就是比尔[Bill]。他总是从那里开始。
How's everybody going to re house everybody going to understand what happens. Does that the takeaway you think for people to think about these other. Yeah, you have to represent as a leader, you're always representing the people who aren't there. It's not the people who are, you know, your PR person or your HR person or your, you know, whoever you're to your CFO, like all those people are giving you the advice.
That's great. But what about the people who are not in the room? And what is it going to mean to them? And he was so good at that. Just amazing. And he was great at a lot of things, but Donna DeBence gave a great thing. She said, which is she was giving this speech. And she said, I'll bet all of you think that Bill is your best friend. And, you know, that's how he was. Everybody thought that Bill was their best friend. Even people he didn't like thought he was their best friend. He was great. Yeah, what a great person.
Let's talk about how CEOs go from, well, called the struggle, both struggling to be a good CEO and struggling with the company to be a great CEO. It's one thing that I think happens when people come to a conference like this is they see people like you and they think, well, I'm not like that. Like, I, how do I get to be that good?
In particular, I thought it's interesting to talk about Todd McKinnon and Octa where we work with Todd. And I often say Todd's one I actually call him the most improved CEO ever worked with. And you were a CEO coach. So what'd you do?
I like that you had to give more credit to Todd, but look, here's the thing that happens to CEOs. And I know a lot of your CEO. So you get this. The thing that makes you good is some combination of competence and confidence. And the difficulty with boards and VCs is they're really good at identifying what you can't do.
And so it's like, oh, you can't do marketing. You don't really know finance or whatever it does. And the problem with that is if you can't do it, like just hearing that you can't do it is all it does is mess up your confidence and your, your kind of flow. And so that's not always like that helpful. And so with Todd, you know, he was really good at some things and just like zero and other things. And the phrase always keep in mind when I'm working with somebody like that is coach them on what they can do, which is from Al Davis, the old Raiders owner.
And that's like really the case, I think with CEO. So Todd got himself into trouble if you recall, because they had the wrong go to market. Octa had this kind of bottoms up go to market. But at the time, you know, for a security product, it was only actually interesting one to larger companies and, you know, because little companies don't care that much about security. They have nothing to lose. And then the other thing is that it only kind of worked if everybody was on Octa.
So they had to sell the whole company at once. So you needed a different sales motion. And he just didn't know anything about go to market. He had been like a VP of engineering at Salesforce. And, but he didn't have enough time to learn it. And so, you know, there was kind of a couple of things that were screwed up. And I just said, look Todd, we don't even have time for you to learn this. So I just need you to trust me on it. And like, we'll work together and like, let me help you.
And, you know, the guy he wanted to hire to run the new go to market was the wrong guy. You know, and I knew, but he didn't know how to hire a sales guy. But I knew he didn't know how to do that. So he said, look, Todd, you don't know how to do this. We're going to lose the company if you get the wrong guy. I've got this other guy who was out of Marens, who ended up being the head of sales, who like, I know his whole lineage. I know all his managers, his whole career. He can absolutely do this. Let's bring him in. He's 100%. Like, he's going to work. And to Todd's credit, he said, okay.
But then, you know, in managing Adam, he learned so much about sales that when they made the next change to Charles race, like he made, you know, one of the best hires that I've ever seen on something like that. So he's. So it was, it was just like, Todd, you know, you're great at running the company. You're great on the leadership side. You just don't know how to do this. So like, let me just help you do that. And then once he was got that, then he got his confidence together. And then he just got better at everything. Although, you know, all the way up to the IPO, people still remembered when he was incompetent and a few of the investors really, really wanted to sell the company. But thankfully we didn't.
What do you think about the culture that he and Freddie have built there in any lessons for the CEOs here?
你认为他和弗雷迪所建立的文化如何,这是否有任何教训可以应用到这里的CEO们身上?
Yeah. So, to me, the thing that they did culturally that was the most important for them. And this is really important on culture is the thing that went with the company.
是啊。对我来说,他们在文化上做的最重要的事情是与公司一起进行的。这在文化方面真的非常重要。
Paragraph 2:
第二段:
I love to travel and experience new cultures. There is something so fascinating about exploring a place that is unfamiliar and learning about the people who call it home. Immersing myself in a new environment and trying local foods, traditions, and activities is one of my favorite things to do. It not only broadens my horizons but also allows me to appreciate the diversity in the world. I think everyone should travel at least once in their lifetime, as it is a truly enriching experience.
Because they were a security company, trust was always such a big thing for them. That that was kind of like a big component of the culture. Like, okay, you have to be able to trust us. And actually, it almost lost them the company. They were so committed to this idea of trust.
We had a quarter and I think it was right before you invested where like we were going to miss the quarters. They were missing every quarter at that time. And they got to, you know, they had to steal.
But the sales guy had promised features that they were going to have for two years that would be there in a quarter. And so they had to decide whether to tell the truth or just like take the order, get the round done and keep it moving.
But Todd was like, no, it's so important that like if there's a story where I okay a lie like I'll never get that out of the company. And so they told the truth. They didn't get the deal. They whiffed the quarter. We almost didn't get the round. And I think David led the B round with like $7 million check.
That's how like it was like by the, you know, by your fingernails, they were hanging on. But that cultural thing right kind of led to they always put reliability and security ahead of features as in their development.
And they were neck and neck with this company one log in who was actually turning out features much, much faster. But one day one log in got breached because they did not have that value. They didn't have that kind of belief. And that was the end of the competition. They we never saw them again. I mean I could just destroy them after that.
And so, you know, that that's one where a cultural thing if you commit to it. And it's really goes with the business strategy. Can have a huge payoff. And that that's probably the best thing that I that I saw them do.
Okay. So changing gears and topic that both of us care about is what I call diversity. But I've listened to you explain this is that's the wrong way to think about it. And it's better to think about it as talent discovery or well talent. Yeah. Yeah. Yeah.
第9段:
原文:Despite this, the researchers stress that their study is not meant to discourage donation.
翻译:尽管如此,研究人员强调他们的研究并不是为了阻止捐赠。
So look, I think this will be just like warning. Not what you've heard before on it if you haven't read my book. So like I think diversity is like a misdiagnosed problem because it's diagnosed as like racism and sexism. And that's why things aren't diverse.
第10段:
原文:In conclusion, language translation technology has come a long way and has greatly improved our ability to communicate with people from all over the world. While it is not perfect and there are still challenges to overcome, it has certainly made the world a smaller and more interconnected place.
改写为:总之,语言翻译技术发展了很长一段时间,大大提升了我们与世界各地的人进行交流的能力。虽然它并不是完美的,且仍有挑战需要克服,但它确实使世界变得更加紧密和互联。
And that's not really what's going on on diversity for the most part what's going on is profiling. How do you hire somebody while I know what I'm good at I value it highly and I can test for it in an interview. So I'm going to hire me. That's generally how it works.
And if you look at any organization. You know, if it's if you've got a group that's run by a Chinese person there will be a lot of Chinese people there. If you have a group run by a woman, there'll be a lot of women there. It's just like that's the way it goes. And you can look at almost any organization that works out this way.
And I was trying to diagnose this actually at Andrews and Horowitz when we first started out because we had marketing as run by Margaret when mockers everybody worked there was a woman we had, you know, researchers run by Frank Chen everybody work for amazation like the whole thing was playing out that way.
And I said, OK, I have to understand this better. And so I sat down with Margaret I said, Margaret, what's in your profile where no men can get the job. And she looked at me and she said, helplessness. And I was like, OK, I don't know that many helpful men. So she kind of got me on that.
But the really interesting thing about that was like we're a venture capital firm like we're in the services business. Like in what world is helpful, not like a good criteria for us like every job should have that in their criteria, like being able to anticipate somebody's need before they know what they even need and like get to it, like how is that not a competitive advantage.
Well, I went through every profile we had. She was the only one who had helpfulness in there. And I had never interviewed anybody on that. I didn't even know how to interview anybody on that. So it was basically talent blind. I couldn't see it like it was there, but I couldn't see it. And so, you know, that that's what like really got me to realize, OK, you have to change your whole process is you have to be able to understand talent that you don't have.
And be able to network to people you don't know if you're going to solve diversity. You have to be able to see the talent. That's where it starts. And it gets very dangerous if you try and not see the talent and just see the gender color.
And let me kind of I'll give you a great story on that.
让我来告诉你一个很棒的故事。
So Steve Stout, who spoke here a few years ago, I think, a minisatchepaner and our portfolio, very good friend of mine called me up one day and he says, Ben, I used to be president of Sony Urban Music. And I of course already knew that because I know them for years, but he was setting me up for a story.
And I said, yes, Steve, I know that he said, yeah, but it wasn't urban music. It was black music, but they made me call it urban music because calling it black music would have been racist. And I said, well, that's kind of silly.
He said, no, no, that was in the dump part. The dump part was because we called it urban music. And it wasn't allowed to market in rural areas like all black people lived in the city. I was like, wow, that's crazy. He said, you're not even listening to me.
I was president of Sony Urban Music. I had Michael Jackson. What white people don't like Michael Jackson. It wasn't black music. It was music. What are they talking about? And then if you fast forward from that era of the urban music department and the black section and terror records to today, go look on Spotify. Like the top 100.
Like more than 70% of the business is black music. It wasn't black music. It wasn't a niche. It was just music. And just, you know, because some executives had a diversity program to help them, they niched it into this tiny market that was much smaller than what its actual reach was.
And that's what we end up doing, you know, with I call it urban HR, where you have a diversity department run by somebody who's completely disconnected from the culture that you want for the rest of the company.
And they're putting people through a side door instead of through the front door because you can't see the talent. And so you've got to develop the ability to see talent that you don't have. And we have a whole like big process for this at the firm.
But I give you like one last example on this because it's so important. And so we had this position, you know, years ago, which I kind of stole from Michael Ovitz because he used to do this thing when he was at CAA where he'd call up an actress who was at William Morris.
And he would say, Hey, I've got a part for you. And she's like, well, you're not my agent. Why are you going to be a part because your agent sucks. And I'm going to like, I think you'd be great for this role. And you know, that way everybody would like CAA better.
So I was like, well, I'm going to do that in venture capital. So we had this role, the mini Michael Ovitz. And we're hiring for it. And the hiring manager was an investment banker. And so I see 15, you know, investment banker candidates. And so I call him up.
I'm like, yo, like what's the criteria for this job? And he says, well, you know, they have to be like really detailed, oriented, hard working, great at follow up, you know, going through all the investment banker characteristics.
I was like, that's all fine. But isn't the actual criteria for this job that you can get people to like you when there's no business reason to do so. And he goes, well, yeah. And I said, well, who likes investment bankers?
And he says, well, what should I do? I said, well, like let's start with the right criteria. And I said, like, well, what talent pool? Do you know, like, what culture? Do you know where like relationships are at the center where like even when you're a kid, like your parents, like teach you how to talk to people correctly and so forth, like what culture is that?
He goes, I have no idea. I said, well, look, in my experience, I said, like in like the African American community, like that's the whole culture is oriented around relationships. And looking for a relationship standpoint, maybe we also auto like in that talent pool as well.
I said, no, I want you to have the right criteria and look at places where you might fill that criteria, not investment bank. And he goes, okay, did it so long story short, we hired a guy by the name of Chris Lions.
He had previously, you know, been in the music industry as a sound engineer for Germain Dupree. He was a waiter at the cheesecake factory. Cheesecake factory rates every waiter on the percentage of tips they get.
He was number one nationwide. That's how likable this guy was. And so why is that important? Well, we get him in. He wasn't good at financial modeling. He wasn't good, you know, all kinds of things that we normally have in our criteria.
But he was a 10 out of 10 at that. And because we knew why we hired him. Like he was able to develop his career and he look, he's a general partner now. But you never go from an entry level job like that to general partner if I had hired him because he was black, because I would have never known what he was good at.
Like it doesn't, it doesn't work to do that kind of diversity. It's just a waste of time. It destroys, you know, your talent base. It's why you like you have all this, you know, employees, sad issues and companies of the diverse people. And so you know what I measure? I don't care about how many like of any kind of people we have. All I care about is attrition, job satisfaction, promotion rates. Can I tell what race or gender you are? And if I can't, then I'm good. Because that's what matters.
Like are you, if you're a great place to work for people of all different talents and backgrounds and cultures, then like you're going to be attractive to that, you have to understand that talent base to be that. And you know, you have to be able to evaluate it. And so, you know, that is in my view, you have to put in the work. You have to understand talent that you don't have. You have to network to people that you don't know. And if you just try and shortcut it by going like we're going to hire X number of this gender and this race and this orientation, then you're going to ruin your culture and your environment. Because everybody's going to question everybody like you can't unsee the hiring process.
So anyway, so that does like a bit of a round. I always get into trouble when I talk about this. So I'm a stop. Okay. My PR people will be so angry with last two questions.
Well, this question is basically about how to make trade-offs where you can't optimize for everything. And I put this under the heading of Pushido. You and I were talking about it when we remember hundreds of years ago when we were at Netscape and we had a star engineer who was critical with quitting because he got in a higher offer somewhere else. And I came to you and I said, well, we need to retain this person. And it wasn't that big a deal to match the offer. Like we could afford it. And you said, no, we're not doing that because the lesson was like if we do that with this guy, then we got to do with everybody else.
But how do people know when to when do they match offers? When do they do something? And sometimes there is a short term emergency where if you don't do it, you're dead. So how do you decide when they're to optimize for the long term and near term? And how do you think about that? Yeah, so look, I think that one thing that people care about a lot in a company and in life is fairness. Like, is there some set of rules at work that like if I do my job, if I make my contribution and so forth, like I'm going to be treated fairly like that. That's a big thing.
By the way, it's also a big thing on diversity. It's like, okay, are you just going to promote your buddies, your click your people like you or do I have a real chance here. And so it's such an important underpinning of, you know, everything you want to do, kind of culturally job satisfaction wise and so on. And so look at that, you know, my management kind of philosophy at that time and the way we were doing things is like we evaluate everybody on a frequent basis and together. And then whoever is performing the best, that's who gets the race, not the person who quits and gets another job offer, not the person who asks for it and so forth. And so that was the principle.
So, you know, for me, like that, that was more important than any individual just at that time. And, you know, it's always easy to go to that. Now look, read Hastings as a whole, another philosophy, which is you have to get another offer in order to get a raise that Netflix. At least that's kind of what he indicates in his book. And so, you know, there are different ways to go about it, but I think that you have to be, it has to be like transparent fair principle. And if we had given him the raise there, it would have been anything but that because the whole thing that we had agreed upon was like we had this process. And so anybody who followed the process got screwed. And I was, to me, that's never going to happen.
I never want to penalize people for not asking for a raise, for not like going to get another job and so forth. And much rather, you know, give people a reward for being like loyal and honest and doing what we ask them to do. Then like this other shadow way of doing things that, you know, that that gets rewards. And I just think, and this gets back to the bill thing, like you have to think about like how everybody was going to proceed that not just him, like did he stay. It's like, well, what is that going to mean for everybody who works here?
Okay, last question. When off the road was acquired by HP, you made a comment about what it was like to work at HP that it was like nobody cared. It wasn't their company. And yeah, at that time, at that time, which was sad because that's one time that was different.
好的,最后一个问题。当Off the Road被HP收购时,你曾发表过一些关于在HP工作的感受,说就好像没有人在乎。那不是他们自己的公司。确实,在那个时候,情况有点遗憾,因为那是一个不同寻常的时期。
And one thing that clearly helps the company succeed is having the whole company be resilient and having ownership and having the whole company be courageous. So for a closing thought, what would you, what advice would you give to CEOs to have to set a resilient culture?
Look, I mean, I think that there's a thing that you're getting at that's important, which is look at this point in most of you are probably at this stage in your company where it feels like every for everybody who works there, like they don't only work that they feel like is their company. It's a start up like we're all in this together.
This is my company, whatever I contribute is going to matter because this is something that I built. And that feeling, the longer you can preserve it at the high enough, the higher the scale, the better your company is going to be just in like a very rough terms.
And then, you know, at Chilett Packard, at the end, you know, nobody felt like it was their company. They were on their fourth professional CEO or whatever. And, you know, everybody was there for paycheck.
And the difference in like the quality, the company, the ability to do new things, everything really relies on that. You know, whether am I working there or isn't my company. And, you know, it's why, you know, one of the amazing things about Amazon that you see, you know, almost throughout Jeff's tenure, like he was able to maintain that idea that people at Amazon really felt like Amazon was theirs.
And it's a giant scale. So you can, now you lose it. It's never as good as in the very beginning. So you lose it over time, but the slower you lose it, the better off you are. So it's a really kind of, you know, when you think about culture and management and all these kinds of things, it's really important to keep that in mind.
If I do this, will everybody feel like it's their company, and which is kind of on the R.A. thing, right? You know, if I did that, then people would feel like, okay, this is not my company, because I just got screwed by Ben. So like, and as soon as you get to there, you know, that's the problem that keeps on giving.