20VC: The 10 Question Framework a $217BN Manager Uses to Make Investment Decisions | Lessons from Turning Down Stripe, Coinbase and Losing Money on Northvault | The Bull Case for Bytedance | How Anduril Could Be a $200BN Company with Peter Singlehurst

I think what people realise today is that you can build a better business by staying private for longer. You're starting to see the evolution of these very large company facilitated secondary rounds. I can see those starting to become more of a feature. There's lots of investments we've made that have been painful experiences. But ironically, I would say not all of our bad investments are necessary. We haven't taken the plunge into any of the big AI LLM companies, we still are trying to define what we think competitive advantage will look like at the large language model level. This is 20 VC with me, Harry Stebbings. Now I am excited for the show's day. If you hadn't guessed it already, I'm a bit of an investing nerd, and one of the best, most thoughtful, most long-term investors is Bailey Gifford. They just do things differently. They don't care what others think, and they manage 217. billion. Yes, two hundred and seventeen billion. Today I'm so excited to welcome Peter Singlehurst, an old friend of the show. He's head of private companies at Bailey Gifford, where he's worked on deals like Epic Games, Bending Spoons, Angeril, Grammarly, Airbnb, and a firm to name a few. But before we dive in today, here are two fun facts about our newest brand sponsor, Kajabi. First, that customers just crossed a collective eight

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