WEBVTT #Elemental Media Engine(TM) 2.16.0.601691 00:00:03.837 --> 00:00:03.970 WITH 00:00:03.970 --> 00:00:04.104 WITH BUSINESS 00:00:04.104 --> 00:00:05.305 WITH BUSINESS INSIDE 00:00:05.305 --> 00:00:05.538 WITH BUSINESS INSIDE HENRY 00:00:05.538 --> 00:00:05.572 WITH BUSINESS INSIDE HENRY BLODGET. 00:00:05.572 --> 00:00:06.039 BLODGET. 00:00:06.039 --> 00:00:06.406 BLODGET. GOOD 00:00:06.406 --> 00:00:06.439 BLODGET. GOOD MORNING 00:00:06.439 --> 00:00:06.606 GOOD MORNING 00:00:06.606 --> 00:00:06.639 GOOD MORNING ROGER, 00:00:06.639 --> 00:00:06.773 GOOD MORNING ROGER, I 00:00:06.773 --> 00:00:07.007 GOOD MORNING ROGER, I WILL 00:00:07.007 --> 00:00:07.273 GOOD MORNING ROGER, I WILL START 00:00:07.273 --> 00:00:07.574 GOOD MORNING ROGER, I WILL START WITH 00:00:07.574 --> 00:00:07.607 GOOD MORNING ROGER, I WILL START WITH YOU 00:00:07.607 --> 00:00:07.774 ROGER, I WILL START WITH YOU 00:00:07.774 --> 00:00:07.874 ROGER, I WILL START WITH YOU LOSSES 00:00:07.874 --> 00:00:08.641 ROGER, I WILL START WITH YOU LOSSES AT 00:00:08.641 --> 00:00:11.478 ROGER, I WILL START WITH YOU LOSSES AT WEWORK, 00:00:11.478 --> 00:00:11.845 ROGER, I WILL START WITH YOU LOSSES AT WEWORK, THE 00:00:11.845 --> 00:00:12.012 ROGER, I WILL START WITH YOU LOSSES AT WEWORK, THE TURMOIL 00:00:12.012 --> 00:00:12.278 LOSSES AT WEWORK, THE TURMOIL 00:00:12.278 --> 00:00:12.312 LOSSES AT WEWORK, THE TURMOIL CONTINUES. 00:00:12.312 --> 00:00:12.412 CONTINUES. 00:00:12.412 --> 00:00:12.579 CONTINUES. >> 00:00:12.579 --> 00:00:12.812 CONTINUES. >> THE 00:00:12.812 --> 00:00:13.313 CONTINUES. >> THE THING 00:00:13.313 --> 00:00:15.048 CONTINUES. >> THE THING THAT 00:00:15.048 --> 00:00:15.081 CONTINUES. >> THE THING THAT SCARCE 00:00:15.081 --> 00:00:15.215 CONTINUES. >> THE THING THAT SCARCE ME 00:00:15.215 --> 00:00:15.348 >> THE THING THAT SCARCE ME 00:00:15.348 --> 00:00:15.415 >> THE THING THAT SCARCE ME ABOUT 00:00:15.415 --> 00:00:15.548 >> THE THING THAT SCARCE ME ABOUT WE 00:00:15.548 --> 00:00:15.849 >> THE THING THAT SCARCE ME ABOUT WE WORK, 00:00:15.849 --> 00:00:15.949 >> THE THING THAT SCARCE ME ABOUT WE WORK, IT 00:00:15.949 --> 00:00:16.016 >> THE THING THAT SCARCE ME ABOUT WE WORK, IT COULD 00:00:16.016 --> 00:00:17.117 >> THE THING THAT SCARCE ME ABOUT WE WORK, IT COULD BE 00:00:17.117 --> 00:00:17.150 >> THE THING THAT SCARCE ME ABOUT WE WORK, IT COULD BE A 00:00:17.150 --> 00:00:18.685 ABOUT WE WORK, IT COULD BE A 00:00:18.685 --> 00:00:18.752 ABOUT WE WORK, IT COULD BE A TRIGGER 00:00:18.752 --> 00:00:18.852 ABOUT WE WORK, IT COULD BE A TRIGGER OF 00:00:18.852 --> 00:00:19.119 ABOUT WE WORK, IT COULD BE A TRIGGER OF OTHER 00:00:19.119 --> 00:00:19.452 ABOUT WE WORK, IT COULD BE A TRIGGER OF OTHER ISSUES 00:00:19.452 --> 00:00:22.622 ABOUT WE WORK, IT COULD BE A TRIGGER OF OTHER ISSUES IN 00:00:22.622 --> 00:00:22.655 ABOUT WE WORK, IT COULD BE A TRIGGER OF OTHER ISSUES IN THE 00:00:22.655 --> 00:00:22.822 TRIGGER OF OTHER ISSUES IN THE 00:00:22.822 --> 00:00:22.856 TRIGGER OF OTHER ISSUES IN THE MARKET 00:00:22.856 --> 00:00:22.989 MARKET 00:00:22.989 --> 00:00:23.223 MARKET IT 00:00:23.223 --> 00:00:23.723 MARKET IT IS 00:00:23.723 --> 00:00:23.757 MARKET IT IS HUGE 00:00:23.757 --> 00:00:23.990 IT IS HUGE 00:00:23.990 --> 00:00:25.125 IT IS HUGE THE 00:00:25.125 --> 00:00:25.625 IT IS HUGE THE SCALE 00:00:25.625 --> 00:00:25.825 IT IS HUGE THE SCALE OF 00:00:25.825 --> 00:00:27.427 IT IS HUGE THE SCALE OF INVESTING 00:00:27.427 --> 00:00:27.594 IT IS HUGE THE SCALE OF INVESTING IN 00:00:27.594 --> 00:00:27.794 THE SCALE OF INVESTING IN 00:00:27.794 --> 00:00:27.894 THE SCALE OF INVESTING IN UNICORNS 00:00:27.894 --> 00:00:28.094 THE SCALE OF INVESTING IN UNICORNS THAT 00:00:28.094 --> 00:00:28.461 THE SCALE OF INVESTING IN UNICORNS THAT WERE 00:00:28.461 --> 00:00:28.661 THE SCALE OF INVESTING IN UNICORNS THAT WERE I 00:00:28.661 --> 00:00:29.029 THE SCALE OF INVESTING IN UNICORNS THAT WERE I THINK 00:00:29.029 --> 00:00:29.195 THE SCALE OF INVESTING IN UNICORNS THAT WERE I THINK AT 00:00:29.195 --> 00:00:30.663 UNICORNS THAT WERE I THINK AT 00:00:30.663 --> 00:00:31.031 UNICORNS THAT WERE I THINK AT BEST 00:00:31.031 --> 00:00:31.364 UNICORNS THAT WERE I THINK AT BEST UNPROVEN, 00:00:31.364 --> 00:00:32.198 UNICORNS THAT WERE I THINK AT BEST UNPROVEN, MAYBE 00:00:32.198 --> 00:00:33.867 UNICORNS THAT WERE I THINK AT BEST UNPROVEN, MAYBE AT 00:00:33.867 --> 00:00:34.034 UNICORNS THAT WERE I THINK AT BEST UNPROVEN, MAYBE AT WORST 00:00:34.034 --> 00:00:34.200 BEST UNPROVEN, MAYBE AT WORST 00:00:34.200 --> 00:00:34.367 BEST UNPROVEN, MAYBE AT WORST NOT 00:00:34.367 --> 00:00:34.768 BEST UNPROVEN, MAYBE AT WORST NOT REAL 00:00:34.768 --> 00:00:34.968 BEST UNPROVEN, MAYBE AT WORST NOT REAL BUSINESSES 00:00:34.968 --> 00:00:35.435 BEST UNPROVEN, MAYBE AT WORST NOT REAL BUSINESSES IS 00:00:35.435 --> 00:00:35.835 BEST UNPROVEN, MAYBE AT WORST NOT REAL BUSINESSES IS SUCH 00:00:35.835 --> 00:00:35.869 BEST UNPROVEN, MAYBE AT WORST NOT REAL BUSINESSES IS SUCH THAT 00:00:35.869 --> 00:00:36.036 NOT REAL BUSINESSES IS SUCH THAT 00:00:36.036 --> 00:00:36.202 NOT REAL BUSINESSES IS SUCH THAT AS 00:00:36.202 --> 00:00:37.103 NOT REAL BUSINESSES IS SUCH THAT AS THE 00:00:37.103 --> 00:00:37.370 NOT REAL BUSINESSES IS SUCH THAT AS THE STUFF 00:00:37.370 --> 00:00:37.737 NOT REAL BUSINESSES IS SUCH THAT AS THE STUFF IMPLODES, 00:00:37.737 --> 00:00:37.837 NOT REAL BUSINESSES IS SUCH THAT AS THE STUFF IMPLODES, IT 00:00:37.837 --> 00:00:38.004 NOT REAL BUSINESSES IS SUCH THAT AS THE STUFF IMPLODES, IT COULD 00:00:38.004 --> 00:00:38.204 AS THE STUFF IMPLODES, IT COULD 00:00:38.204 --> 00:00:38.571 AS THE STUFF IMPLODES, IT COULD TAKE 00:00:38.571 --> 00:00:39.439 AS THE STUFF IMPLODES, IT COULD TAKE SOFTBANK 00:00:39.439 --> 00:00:39.806 AS THE STUFF IMPLODES, IT COULD TAKE SOFTBANK WITH 00:00:39.806 --> 00:00:39.839 AS THE STUFF IMPLODES, IT COULD TAKE SOFTBANK WITH IT. 00:00:39.839 --> 00:00:40.040 TAKE SOFTBANK WITH IT. 00:00:40.040 --> 00:00:40.073 TAKE SOFTBANK WITH IT. SOFTBANK 00:00:40.073 --> 00:00:40.240 TAKE SOFTBANK WITH IT. SOFTBANK IS 00:00:40.240 --> 00:00:40.440 TAKE SOFTBANK WITH IT. SOFTBANK IS BIG 00:00:40.440 --> 00:00:41.408 TAKE SOFTBANK WITH IT. SOFTBANK IS BIG ENOUGH 00:00:41.408 --> 00:00:41.574 TAKE SOFTBANK WITH IT. SOFTBANK IS BIG ENOUGH TO 00:00:41.574 --> 00:00:41.841 SOFTBANK IS BIG ENOUGH TO 00:00:41.841 --> 00:00:42.108 SOFTBANK IS BIG ENOUGH TO TRIGGER 00:00:42.108 --> 00:00:42.208 SOFTBANK IS BIG ENOUGH TO TRIGGER ALL 00:00:42.208 --> 00:00:42.542 SOFTBANK IS BIG ENOUGH TO TRIGGER ALL KINDS 00:00:42.542 --> 00:00:42.909 SOFTBANK IS BIG ENOUGH TO TRIGGER ALL KINDS OF 00:00:42.909 --> 00:00:42.976 SOFTBANK IS BIG ENOUGH TO TRIGGER ALL KINDS OF ISSUES 00:00:42.976 --> 00:00:43.076 SOFTBANK IS BIG ENOUGH TO TRIGGER ALL KINDS OF ISSUES FOR 00:00:43.076 --> 00:00:43.376 TRIGGER ALL KINDS OF ISSUES FOR 00:00:43.376 --> 00:00:43.743 TRIGGER ALL KINDS OF ISSUES FOR THE 00:00:43.743 --> 00:00:43.910 TRIGGER ALL KINDS OF ISSUES FOR THE MARKET. 00:00:43.910 --> 00:00:44.110 THE MARKET. 00:00:44.110 --> 00:00:44.244 THE MARKET. >> 00:00:44.244 --> 00:00:44.511 THE MARKET. >> YOU'RE 00:00:44.511 --> 00:00:46.479 THE MARKET. >> YOU'RE SCARING 00:00:46.479 --> 00:00:46.579 THE MARKET. >> YOU'RE SCARING PEOPLE 00:00:46.579 --> 00:00:46.713 THE MARKET. >> YOU'RE SCARING PEOPLE SAYING 00:00:46.713 --> 00:00:46.813 >> YOU'RE SCARING PEOPLE SAYING 00:00:46.813 --> 00:00:46.913 >> YOU'RE SCARING PEOPLE SAYING IT 00:00:46.913 --> 00:00:46.980 >> YOU'RE SCARING PEOPLE SAYING IT COULD 00:00:46.980 --> 00:00:47.147 >> YOU'RE SCARING PEOPLE SAYING IT COULD TAKE 00:00:47.147 --> 00:00:47.480 >> YOU'RE SCARING PEOPLE SAYING IT COULD TAKE SOFTBANK 00:00:47.480 --> 00:00:48.014 >> YOU'RE SCARING PEOPLE SAYING IT COULD TAKE SOFTBANK WITH 00:00:48.014 --> 00:00:48.048 >> YOU'RE SCARING PEOPLE SAYING IT COULD TAKE SOFTBANK WITH IT 00:00:48.048 --> 00:00:50.050 IT COULD TAKE SOFTBANK WITH IT 00:00:50.050 --> 00:00:51.317 IT COULD TAKE SOFTBANK WITH IT SIGNIFICANT 00:00:51.317 --> 00:00:52.318 IT COULD TAKE SOFTBANK WITH IT SIGNIFICANT LOSSES, 00:00:52.318 --> 00:00:52.685 IT COULD TAKE SOFTBANK WITH IT SIGNIFICANT LOSSES, NO 00:00:52.685 --> 00:00:52.719 IT COULD TAKE SOFTBANK WITH IT SIGNIFICANT LOSSES, NO DOUBT 00:00:52.719 --> 00:00:52.919 SIGNIFICANT LOSSES, NO DOUBT 00:00:52.919 --> 00:00:53.053 SIGNIFICANT LOSSES, NO DOUBT THAT'S 00:00:53.053 --> 00:00:53.453 SIGNIFICANT LOSSES, NO DOUBT THAT'S A 00:00:53.453 --> 00:00:56.322 SIGNIFICANT LOSSES, NO DOUBT THAT'S A FEW 00:00:56.322 --> 00:00:56.389 SIGNIFICANT LOSSES, NO DOUBT THAT'S A FEW STEPS 00:00:56.389 --> 00:00:56.656 SIGNIFICANT LOSSES, NO DOUBT THAT'S A FEW STEPS DOWN 00:00:56.656 --> 00:00:56.823 SIGNIFICANT LOSSES, NO DOUBT THAT'S A FEW STEPS DOWN THE 00:00:56.823 --> 00:00:56.990 THAT'S A FEW STEPS DOWN THE 00:00:56.990 --> 00:00:57.023 THAT'S A FEW STEPS DOWN THE ROAD 00:00:57.023 --> 00:00:58.324 ROAD 00:00:58.324 --> 00:00:58.458 ROAD THE 00:00:58.458 --> 00:00:59.626 ROAD THE SAUDIS 00:00:59.626 --> 00:01:00.026 ROAD THE SAUDIS ARE 00:01:00.026 --> 00:01:00.226 ROAD THE SAUDIS ARE 45 00:01:00.226 --> 00:01:00.593 ROAD THE SAUDIS ARE 45 BILLION 00:01:00.593 --> 00:01:00.760 ROAD THE SAUDIS ARE 45 BILLION IN, 00:01:00.760 --> 00:01:01.461 THE SAUDIS ARE 45 BILLION IN, 00:01:01.461 --> 00:01:01.895 THE SAUDIS ARE 45 BILLION IN, THEY'RE 00:01:01.895 --> 00:01:03.263 THE SAUDIS ARE 45 BILLION IN, THEY'RE GETTING 00:01:03.263 --> 00:01:03.496 THE SAUDIS ARE 45 BILLION IN, THEY'RE GETTING 7% 00:01:03.496 --> 00:01:03.963 THE SAUDIS ARE 45 BILLION IN, THEY'RE GETTING 7% DEFERRED 00:01:03.963 --> 00:01:04.164 THEY'RE GETTING 7% DEFERRED 00:01:04.164 --> 00:01:04.431 THEY'RE GETTING 7% DEFERRED RETURN, 00:01:04.431 --> 00:01:04.697 THEY'RE GETTING 7% DEFERRED RETURN, AND 00:01:04.697 --> 00:01:05.899 THEY'RE GETTING 7% DEFERRED RETURN, AND THEN 00:01:05.899 --> 00:01:05.932 THEY'RE GETTING 7% DEFERRED RETURN, AND THEN OTHER 00:01:05.932 --> 00:01:06.166 RETURN, AND THEN OTHER 00:01:06.166 --> 00:01:06.199 RETURN, AND THEN OTHER INVESTORS, 00:01:06.199 --> 00:01:06.766 RETURN, AND THEN OTHER INVESTORS, IT 00:01:06.766 --> 00:01:07.033 RETURN, AND THEN OTHER INVESTORS, IT IS 00:01:07.033 --> 00:01:07.834 RETURN, AND THEN OTHER INVESTORS, IT IS NOT 00:01:07.834 --> 00:01:07.867 RETURN, AND THEN OTHER INVESTORS, IT IS NOT CLEARLY 00:01:07.867 --> 00:01:08.068 INVESTORS, IT IS NOT CLEARLY 00:01:08.068 --> 00:01:08.101 INVESTORS, IT IS NOT CLEARLY SOFTBANK 00:01:08.101 --> 00:01:08.435 INVESTORS, IT IS NOT CLEARLY SOFTBANK AT 00:01:08.435 --> 00:01:10.403 INVESTORS, IT IS NOT CLEARLY SOFTBANK AT RISK 00:01:10.403 --> 00:01:10.470 INVESTORS, IT IS NOT CLEARLY SOFTBANK AT RISK IN 00:01:10.470 --> 00:01:11.871 INVESTORS, IT IS NOT CLEARLY SOFTBANK AT RISK IN THE 00:01:11.871 --> 00:01:12.038 INVESTORS, IT IS NOT CLEARLY SOFTBANK AT RISK IN THE WAY 00:01:12.038 --> 00:01:12.138 SOFTBANK AT RISK IN THE WAY 00:01:12.138 --> 00:01:12.405 SOFTBANK AT RISK IN THE WAY YOU 00:01:12.405 --> 00:01:12.439 SOFTBANK AT RISK IN THE WAY YOU -- 00:01:12.439 --> 00:01:12.705 YOU -- 00:01:12.705 --> 00:01:13.006 YOU -- >> 00:01:13.006 --> 00:01:13.473 YOU -- >> IF 00:01:13.473 --> 00:01:13.573 YOU -- >> IF THEY 00:01:13.573 --> 00:01:13.740 YOU -- >> IF THEY BLOW 00:01:13.740 --> 00:01:14.407 YOU -- >> IF THEY BLOW THROUGH 00:01:14.407 --> 00:01:14.441 YOU -- >> IF THEY BLOW THROUGH ENOUGH 00:01:14.441 --> 00:01:14.607 >> IF THEY BLOW THROUGH ENOUGH 00:01:14.607 --> 00:01:15.275 >> IF THEY BLOW THROUGH ENOUGH MONEY, 00:01:15.275 --> 00:01:15.742 >> IF THEY BLOW THROUGH ENOUGH MONEY, IT 00:01:15.742 --> 00:01:16.109 >> IF THEY BLOW THROUGH ENOUGH MONEY, IT SIGNALS 00:01:16.109 --> 00:01:16.376 >> IF THEY BLOW THROUGH ENOUGH MONEY, IT SIGNALS A 00:01:16.376 --> 00:01:16.543 >> IF THEY BLOW THROUGH ENOUGH MONEY, IT SIGNALS A FUNDAMENTAL 00:01:16.543 --> 00:01:18.244 MONEY, IT SIGNALS A FUNDAMENTAL 00:01:18.244 --> 00:01:18.278 MONEY, IT SIGNALS A FUNDAMENTAL CHANGE 00:01:18.278 --> 00:01:18.411 MONEY, IT SIGNALS A FUNDAMENTAL CHANGE IN 00:01:18.411 --> 00:01:18.611 MONEY, IT SIGNALS A FUNDAMENTAL CHANGE IN HOW 00:01:18.611 --> 00:01:19.145 MONEY, IT SIGNALS A FUNDAMENTAL CHANGE IN HOW WE 00:01:19.145 --> 00:01:19.245 MONEY, IT SIGNALS A FUNDAMENTAL CHANGE IN HOW WE PERCEIVE 00:01:19.245 --> 00:01:19.412 MONEY, IT SIGNALS A FUNDAMENTAL CHANGE IN HOW WE PERCEIVE NEW 00:01:19.412 --> 00:01:19.579 CHANGE IN HOW WE PERCEIVE NEW 00:01:19.579 --> 00:01:19.679 CHANGE IN HOW WE PERCEIVE NEW THINGS 00:01:19.679 --> 00:01:19.846 CHANGE IN HOW WE PERCEIVE NEW THINGS GOING 00:01:19.846 --> 00:01:20.180 CHANGE IN HOW WE PERCEIVE NEW THINGS GOING ON 00:01:20.180 --> 00:01:20.513 CHANGE IN HOW WE PERCEIVE NEW THINGS GOING ON IN 00:01:20.513 --> 00:01:20.914 CHANGE IN HOW WE PERCEIVE NEW THINGS GOING ON IN THE 00:01:20.914 --> 00:01:20.947 CHANGE IN HOW WE PERCEIVE NEW THINGS GOING ON IN THE ECONOMY 00:01:20.947 --> 00:01:21.047 THINGS GOING ON IN THE ECONOMY 00:01:21.047 --> 00:01:21.247 THINGS GOING ON IN THE ECONOMY >> 00:01:21.247 --> 00:01:21.414 THINGS GOING ON IN THE ECONOMY >> THE 00:01:21.414 --> 00:01:22.148 THINGS GOING ON IN THE ECONOMY >> THE VISION 00:01:22.148 --> 00:01:22.215 THINGS GOING ON IN THE ECONOMY >> THE VISION FUND 00:01:22.215 --> 00:01:22.482 THINGS GOING ON IN THE ECONOMY >> THE VISION FUND WAS 00:01:22.482 --> 00:01:22.515 THINGS GOING ON IN THE ECONOMY >> THE VISION FUND WAS A 00:01:22.515 --> 00:01:22.749 >> THE VISION FUND WAS A 00:01:22.749 --> 00:01:22.882 >> THE VISION FUND WAS A FUNDAMENTAL 00:01:22.882 --> 00:01:23.049 >> THE VISION FUND WAS A FUNDAMENTAL CHANGE 00:01:23.049 --> 00:01:23.383 >> THE VISION FUND WAS A FUNDAMENTAL CHANGE IN 00:01:23.383 --> 00:01:23.650 >> THE VISION FUND WAS A FUNDAMENTAL CHANGE IN HOW 00:01:23.650 --> 00:01:23.783 >> THE VISION FUND WAS A FUNDAMENTAL CHANGE IN HOW WE 00:01:23.783 --> 00:01:23.950 >> THE VISION FUND WAS A FUNDAMENTAL CHANGE IN HOW WE GO 00:01:23.950 --> 00:01:24.651 FUNDAMENTAL CHANGE IN HOW WE GO 00:01:24.651 --> 00:01:24.818 FUNDAMENTAL CHANGE IN HOW WE GO ABOUT 00:01:24.818 --> 00:01:25.218 FUNDAMENTAL CHANGE IN HOW WE GO ABOUT INVESTING 00:01:25.218 --> 00:01:25.452 FUNDAMENTAL CHANGE IN HOW WE GO ABOUT INVESTING IN 00:01:25.452 --> 00:01:25.485 FUNDAMENTAL CHANGE IN HOW WE GO ABOUT INVESTING IN THINGS. 00:01:25.485 --> 00:01:25.585 ABOUT INVESTING IN THINGS. 00:01:25.585 --> 00:01:25.752 ABOUT INVESTING IN THINGS. >> 00:01:25.752 --> 00:01:26.019 ABOUT INVESTING IN THINGS. >> TURNS 00:01:26.019 --> 00:01:26.052 ABOUT INVESTING IN THINGS. >> TURNS OUT 00:01:26.052 --> 00:01:26.453 ABOUT INVESTING IN THINGS. >> TURNS OUT TO 00:01:26.453 --> 00:01:26.686 ABOUT INVESTING IN THINGS. >> TURNS OUT TO BE 00:01:26.686 --> 00:01:26.853 ABOUT INVESTING IN THINGS. >> TURNS OUT TO BE NONSENSE 00:01:26.853 --> 00:01:26.986 >> TURNS OUT TO BE NONSENSE 00:01:26.986 --> 00:01:27.053 >> TURNS OUT TO BE NONSENSE WHICH 00:01:27.053 --> 00:01:27.120 >> TURNS OUT TO BE NONSENSE WHICH IS 00:01:27.120 --> 00:01:27.353 >> TURNS OUT TO BE NONSENSE WHICH IS THE 00:01:27.353 --> 00:01:27.620 >> TURNS OUT TO BE NONSENSE WHICH IS THE WAY 00:01:27.620 --> 00:01:27.854 >> TURNS OUT TO BE NONSENSE WHICH IS THE WAY IT 00:01:27.854 --> 00:01:28.121 >> TURNS OUT TO BE NONSENSE WHICH IS THE WAY IT LOOKS 00:01:28.121 --> 00:01:29.022 >> TURNS OUT TO BE NONSENSE WHICH IS THE WAY IT LOOKS TO 00:01:29.022 --> 00:01:29.189 >> TURNS OUT TO BE NONSENSE WHICH IS THE WAY IT LOOKS TO ME 00:01:29.189 --> 00:01:29.289 WHICH IS THE WAY IT LOOKS TO ME 00:01:29.289 --> 00:01:30.156 WHICH IS THE WAY IT LOOKS TO ME AT 00:01:30.156 --> 00:01:30.390 WHICH IS THE WAY IT LOOKS TO ME AT THE 00:01:30.390 --> 00:01:30.657 WHICH IS THE WAY IT LOOKS TO ME AT THE MOMENT, 00:01:30.657 --> 00:01:31.124 WHICH IS THE WAY IT LOOKS TO ME AT THE MOMENT, IT 00:01:31.124 --> 00:01:31.291 WHICH IS THE WAY IT LOOKS TO ME AT THE MOMENT, IT HAS 00:01:31.291 --> 00:01:32.859 AT THE MOMENT, IT HAS 00:01:32.859 --> 00:01:33.426 AT THE MOMENT, IT HAS SIGNIFICANT 00:01:33.426 --> 00:01:33.460 AT THE MOMENT, IT HAS SIGNIFICANT IMPLICATIONS 00:01:33.460 --> 00:01:33.626 SIGNIFICANT IMPLICATIONS 00:01:33.626 --> 00:01:33.993 SIGNIFICANT IMPLICATIONS >> 00:01:33.993 --> 00:01:34.694 SIGNIFICANT IMPLICATIONS >> THAT'S 00:01:34.694 --> 00:01:35.061 SIGNIFICANT IMPLICATIONS >> THAT'S NOT 00:01:35.061 --> 00:01:36.396 SIGNIFICANT IMPLICATIONS >> THAT'S NOT TAKING 00:01:36.396 --> 00:01:36.963 SIGNIFICANT IMPLICATIONS >> THAT'S NOT TAKING SOFTBANK 00:01:36.963 --> 00:01:37.163 >> THAT'S NOT TAKING SOFTBANK 00:01:37.163 --> 00:01:37.197 >> THAT'S NOT TAKING SOFTBANK DOWN 00:01:37.197 --> 00:01:37.297 DOWN 00:01:37.297 --> 00:01:37.397 DOWN >> 00:01:37.397 --> 00:01:37.697 DOWN >> WEWORK 00:01:37.697 --> 00:01:37.831 DOWN >> WEWORK CONTROLS 00:01:37.831 --> 00:01:38.031 DOWN >> WEWORK CONTROLS A 00:01:38.031 --> 00:01:38.298 DOWN >> WEWORK CONTROLS A LOT 00:01:38.298 --> 00:01:38.765 DOWN >> WEWORK CONTROLS A LOT OF 00:01:38.765 --> 00:01:38.798 DOWN >> WEWORK CONTROLS A LOT OF REAL 00:01:38.798 --> 00:01:38.965 >> WEWORK CONTROLS A LOT OF REAL 00:01:38.965 --> 00:01:38.998 >> WEWORK CONTROLS A LOT OF REAL ESTATE 00:01:38.998 --> 00:01:39.099 ESTATE 00:01:39.099 --> 00:01:39.933 ESTATE IF 00:01:39.933 --> 00:01:40.233 ESTATE IF THEY'RE 00:01:40.233 --> 00:01:40.633 ESTATE IF THEY'RE FORCED 00:01:40.633 --> 00:01:40.767 ESTATE IF THEY'RE FORCED TO 00:01:40.767 --> 00:01:40.934 ESTATE IF THEY'RE FORCED TO SUDDENLY 00:01:40.934 --> 00:01:42.602 IF THEY'RE FORCED TO SUDDENLY 00:01:42.602 --> 00:01:42.669 IF THEY'RE FORCED TO SUDDENLY GET 00:01:42.669 --> 00:01:42.735 IF THEY'RE FORCED TO SUDDENLY GET OUT 00:01:42.735 --> 00:01:42.802 IF THEY'RE FORCED TO SUDDENLY GET OUT OF 00:01:42.802 --> 00:01:42.902 IF THEY'RE FORCED TO SUDDENLY GET OUT OF IT, 00:01:42.902 --> 00:01:43.870 IF THEY'RE FORCED TO SUDDENLY GET OUT OF IT, LEASES 00:01:43.870 --> 00:01:44.170 IF THEY'RE FORCED TO SUDDENLY GET OUT OF IT, LEASES ARE 00:01:44.170 --> 00:01:44.804 GET OUT OF IT, LEASES ARE 00:01:44.804 --> 00:01:45.071 GET OUT OF IT, LEASES ARE UNDERWATER, 00:01:45.071 --> 00:01:46.973 GET OUT OF IT, LEASES ARE UNDERWATER, HUGE 00:01:46.973 --> 00:01:47.707 GET OUT OF IT, LEASES ARE UNDERWATER, HUGE AMOUNT 00:01:47.707 --> 00:01:47.740 GET OUT OF IT, LEASES ARE UNDERWATER, HUGE AMOUNT OF 00:01:47.740 --> 00:01:47.907 UNDERWATER, HUGE AMOUNT OF 00:01:47.907 --> 00:01:48.074 UNDERWATER, HUGE AMOUNT OF SPACE, 00:01:48.074 --> 00:01:48.475 UNDERWATER, HUGE AMOUNT OF SPACE, IF 00:01:48.475 --> 00:01:48.775 UNDERWATER, HUGE AMOUNT OF SPACE, IF YOU'RE 00:01:48.775 --> 00:01:49.409 UNDERWATER, HUGE AMOUNT OF SPACE, IF YOU'RE LOOKING 00:01:49.409 --> 00:01:49.442 UNDERWATER, HUGE AMOUNT OF SPACE, IF YOU'RE LOOKING FOR 00:01:49.442 --> 00:01:50.076 SPACE, IF YOU'RE LOOKING FOR 00:01:50.076 --> 00:01:50.176 SPACE, IF YOU'RE LOOKING FOR SYSTEMIC 00:01:50.176 --> 00:01:50.343 SPACE, IF YOU'RE LOOKING FOR SYSTEMIC RISK 00:01:50.343 --> 00:01:51.077 SPACE, IF YOU'RE LOOKING FOR SYSTEMIC RISK TO 00:01:51.077 --> 00:01:51.444 SPACE, IF YOU'RE LOOKING FOR SYSTEMIC RISK TO SCARE 00:01:51.444 --> 00:01:51.478 SPACE, IF YOU'RE LOOKING FOR SYSTEMIC RISK TO SCARE PEOPLE, 00:01:51.478 --> 00:01:51.578 SYSTEMIC RISK TO SCARE PEOPLE, 00:01:51.578 --> 00:01:51.644 SYSTEMIC RISK TO SCARE PEOPLE, YOU 00:01:51.644 --> 00:01:51.744 SYSTEMIC RISK TO SCARE PEOPLE, YOU CAN 00:01:51.744 --> 00:01:52.512 SYSTEMIC RISK TO SCARE PEOPLE, YOU CAN BRING 00:01:52.512 --> 00:01:52.579 SYSTEMIC RISK TO SCARE PEOPLE, YOU CAN BRING THAT 00:01:52.579 --> 00:01:52.645 SYSTEMIC RISK TO SCARE PEOPLE, YOU CAN BRING THAT INTO 00:01:52.645 --> 00:01:52.812 SYSTEMIC RISK TO SCARE PEOPLE, YOU CAN BRING THAT INTO THE 00:01:52.812 --> 00:01:53.012 YOU CAN BRING THAT INTO THE 00:01:53.012 --> 00:01:53.079 YOU CAN BRING THAT INTO THE ARGUMENT. 00:01:53.079 --> 00:01:53.179 ARGUMENT. 00:01:53.179 --> 00:01:53.213 ARGUMENT. >> 00:01:53.213 --> 00:01:53.279 ARGUMENT. >> IF 00:01:53.279 --> 00:01:53.379 ARGUMENT. >> IF YOU 00:01:53.379 --> 00:01:53.480 ARGUMENT. >> IF YOU DON'T 00:01:53.480 --> 00:01:53.613 ARGUMENT. >> IF YOU DON'T WANT 00:01:53.613 --> 00:01:53.947 ARGUMENT. >> IF YOU DON'T WANT TO 00:01:53.947 --> 00:01:54.114 ARGUMENT. >> IF YOU DON'T WANT TO LOOK 00:01:54.114 --> 00:01:54.581 ARGUMENT. >> IF YOU DON'T WANT TO LOOK AT 00:01:54.581 --> 00:01:54.681 >> IF YOU DON'T WANT TO LOOK AT 00:01:54.681 --> 00:01:54.814 >> IF YOU DON'T WANT TO LOOK AT IT, 00:01:54.814 --> 00:01:55.115 >> IF YOU DON'T WANT TO LOOK AT IT, DON'T 00:01:55.115 --> 00:01:55.748 >> IF YOU DON'T WANT TO LOOK AT IT, DON'T LOOK 00:01:55.748 --> 00:01:56.316 >> IF YOU DON'T WANT TO LOOK AT IT, DON'T LOOK AT 00:01:56.316 --> 00:01:56.483 >> IF YOU DON'T WANT TO LOOK AT IT, DON'T LOOK AT SOFTBANK, 00:01:56.483 --> 00:01:57.150 IT, DON'T LOOK AT SOFTBANK, 00:01:57.150 --> 00:01:57.250 IT, DON'T LOOK AT SOFTBANK, DON'T 00:01:57.250 --> 00:01:57.283 IT, DON'T LOOK AT SOFTBANK, DON'T LOOK 00:01:57.283 --> 00:01:57.417 IT, DON'T LOOK AT SOFTBANK, DON'T LOOK AT 00:01:57.417 --> 00:01:57.517 IT, DON'T LOOK AT SOFTBANK, DON'T LOOK AT WEWORK. 00:01:57.517 --> 00:01:57.617 DON'T LOOK AT WEWORK. 00:01:57.617 --> 00:01:57.817 DON'T LOOK AT WEWORK. >> 00:01:57.817 --> 00:01:58.017 DON'T LOOK AT WEWORK. >> OR 00:01:58.017 --> 00:01:58.218 DON'T LOOK AT WEWORK. >> OR YOU 00:01:58.218 --> 00:01:58.918 DON'T LOOK AT WEWORK. >> OR YOU COULD 00:01:58.918 --> 00:01:59.252 DON'T LOOK AT WEWORK. >> OR YOU COULD SAY 00:01:59.252 --> 00:01:59.986 DON'T LOOK AT WEWORK. >> OR YOU COULD SAY THAT 00:01:59.986 --> 00:02:00.019 DON'T LOOK AT WEWORK. >> OR YOU COULD SAY THAT THE 00:02:00.019 --> 00:02:00.286 >> OR YOU COULD SAY THAT THE 00:02:00.286 --> 00:02:00.453 >> OR YOU COULD SAY THAT THE PUBLIC 00:02:00.453 --> 00:02:01.020 >> OR YOU COULD SAY THAT THE PUBLIC MARKETS 00:02:01.020 --> 00:02:01.254 >> OR YOU COULD SAY THAT THE PUBLIC MARKETS HAVE 00:02:01.254 --> 00:02:01.855 >> OR YOU COULD SAY THAT THE PUBLIC MARKETS HAVE KIND 00:02:01.855 --> 00:02:02.021 >> OR YOU COULD SAY THAT THE PUBLIC MARKETS HAVE KIND OF 00:02:02.021 --> 00:02:02.188 PUBLIC MARKETS HAVE KIND OF 00:02:02.188 --> 00:02:02.255 PUBLIC MARKETS HAVE KIND OF CREATED 00:02:02.255 --> 00:02:03.690 PUBLIC MARKETS HAVE KIND OF CREATED A 00:02:03.690 --> 00:02:05.258 PUBLIC MARKETS HAVE KIND OF CREATED A FIRE 00:02:05.258 --> 00:02:05.558 PUBLIC MARKETS HAVE KIND OF CREATED A FIRE BREAK, 00:02:05.558 --> 00:02:05.692 PUBLIC MARKETS HAVE KIND OF CREATED A FIRE BREAK, IT 00:02:05.692 --> 00:02:05.758 PUBLIC MARKETS HAVE KIND OF CREATED A FIRE BREAK, IT COULD 00:02:05.758 --> 00:02:05.892 CREATED A FIRE BREAK, IT COULD 00:02:05.892 --> 00:02:06.025 CREATED A FIRE BREAK, IT COULD HAVE 00:02:06.025 --> 00:02:06.226 CREATED A FIRE BREAK, IT COULD HAVE PERHAPS 00:02:06.226 --> 00:02:06.960 CREATED A FIRE BREAK, IT COULD HAVE PERHAPS EFFECT 00:02:06.960 --> 00:02:07.127 CREATED A FIRE BREAK, IT COULD HAVE PERHAPS EFFECT A 00:02:07.127 --> 00:02:07.293 CREATED A FIRE BREAK, IT COULD HAVE PERHAPS EFFECT A BROADER 00:02:07.293 --> 00:02:07.427 HAVE PERHAPS EFFECT A BROADER 00:02:07.427 --> 00:02:07.460 HAVE PERHAPS EFFECT A BROADER PART 00:02:07.460 --> 00:02:07.527 HAVE PERHAPS EFFECT A BROADER PART OF 00:02:07.527 --> 00:02:08.361 HAVE PERHAPS EFFECT A BROADER PART OF THE 00:02:08.361 --> 00:02:08.428 HAVE PERHAPS EFFECT A BROADER PART OF THE MARKET, 00:02:08.428 --> 00:02:08.728 HAVE PERHAPS EFFECT A BROADER PART OF THE MARKET, BUT 00:02:08.728 --> 00:02:08.761 HAVE PERHAPS EFFECT A BROADER PART OF THE MARKET, BUT IT 00:02:08.761 --> 00:02:08.928 PART OF THE MARKET, BUT IT 00:02:08.928 --> 00:02:08.995 PART OF THE MARKET, BUT IT DIDN'T. 00:02:08.995 --> 00:02:09.095 DIDN'T. 00:02:09.095 --> 00:02:09.462 DIDN'T. >> 00:02:09.462 --> 00:02:09.596 DIDN'T. >> MIKE, 00:02:09.596 --> 00:02:09.896 DIDN'T. >> MIKE, A 00:02:09.896 --> 00:02:10.630 DIDN'T. >> MIKE, A SUPER 00:02:10.630 --> 00:02:10.663 DIDN'T. >> MIKE, A SUPER IMPORTANT 00:02:10.663 --> 00:02:11.097 >> MIKE, A SUPER IMPORTANT 00:02:11.097 --> 00:02:11.131 >> MIKE, A SUPER IMPORTANT POINT. 00:02:11.131 --> 00:02:11.364 POINT. 00:02:11.364 --> 00:02:11.598 POINT. PUBLIC 00:02:11.598 --> 00:02:11.798 POINT. PUBLIC MARKET 00:02:11.798 --> 00:02:12.332 POINT. PUBLIC MARKET SHOWED 00:02:12.332 --> 00:02:12.365 POINT. PUBLIC MARKET SHOWED FANTASTIC 00:02:12.365 --> 00:02:12.832 PUBLIC MARKET SHOWED FANTASTIC 00:02:12.832 --> 00:02:13.233 PUBLIC MARKET SHOWED FANTASTIC DISCIPLINE 00:02:13.233 --> 00:02:13.366 PUBLIC MARKET SHOWED FANTASTIC DISCIPLINE ON 00:02:13.366 --> 00:02:13.666 PUBLIC MARKET SHOWED FANTASTIC DISCIPLINE ON THESE 00:02:13.666 --> 00:02:13.766 PUBLIC MARKET SHOWED FANTASTIC DISCIPLINE ON THESE THINGS 00:02:13.766 --> 00:02:13.933 PUBLIC MARKET SHOWED FANTASTIC DISCIPLINE ON THESE THINGS HERE 00:02:13.933 --> 00:02:14.033 DISCIPLINE ON THESE THINGS HERE 00:02:14.033 --> 00:02:14.434 DISCIPLINE ON THESE THINGS HERE AND 00:02:14.434 --> 00:02:14.734 DISCIPLINE ON THESE THINGS HERE AND I 00:02:14.734 --> 00:02:16.035 DISCIPLINE ON THESE THINGS HERE AND I THINK 00:02:16.035 --> 00:02:16.269 DISCIPLINE ON THESE THINGS HERE AND I THINK THE 00:02:16.269 --> 00:02:16.669 DISCIPLINE ON THESE THINGS HERE AND I THINK THE CHALLENGE 00:02:16.669 --> 00:02:16.703 DISCIPLINE ON THESE THINGS HERE AND I THINK THE CHALLENGE IS 00:02:16.703 --> 00:02:16.836 AND I THINK THE CHALLENGE IS 00:02:16.836 --> 00:02:17.170 AND I THINK THE CHALLENGE IS THAT 00:02:17.170 --> 00:02:17.237 AND I THINK THE CHALLENGE IS THAT WEWORK 00:02:17.237 --> 00:02:17.303 AND I THINK THE CHALLENGE IS THAT WEWORK IS 00:02:17.303 --> 00:02:17.904 AND I THINK THE CHALLENGE IS THAT WEWORK IS NOT 00:02:17.904 --> 00:02:19.372 AND I THINK THE CHALLENGE IS THAT WEWORK IS NOT THE 00:02:19.372 --> 00:02:20.373 AND I THINK THE CHALLENGE IS THAT WEWORK IS NOT THE END 00:02:20.373 --> 00:02:20.540 AND I THINK THE CHALLENGE IS THAT WEWORK IS NOT THE END OF 00:02:20.540 --> 00:02:20.807 THAT WEWORK IS NOT THE END OF 00:02:20.807 --> 00:02:21.007 THAT WEWORK IS NOT THE END OF THE 00:02:21.007 --> 00:02:21.207 THAT WEWORK IS NOT THE END OF THE CUE 00:02:21.207 --> 00:02:21.574 THAT WEWORK IS NOT THE END OF THE CUE OF 00:02:21.574 --> 00:02:21.941 THAT WEWORK IS NOT THE END OF THE CUE OF PEOPLE 00:02:21.941 --> 00:02:22.242 THAT WEWORK IS NOT THE END OF THE CUE OF PEOPLE LOOKING 00:02:22.242 --> 00:02:22.542 THAT WEWORK IS NOT THE END OF THE CUE OF PEOPLE LOOKING FOR 00:02:22.542 --> 00:02:22.775 THE CUE OF PEOPLE LOOKING FOR 00:02:22.775 --> 00:02:22.809 THE CUE OF PEOPLE LOOKING FOR LIQUIDITY. 00:02:22.809 --> 00:02:22.909 LIQUIDITY. 00:02:22.909 --> 00:02:24.544 LIQUIDITY. IT 00:02:24.544 --> 00:02:24.711 LIQUIDITY. IT IS 00:02:24.711 --> 00:02:24.777 LIQUIDITY. IT IS POSSIBLE 00:02:24.777 --> 00:02:24.878 LIQUIDITY. IT IS POSSIBLE THE 00:02:24.878 --> 00:02:25.011 LIQUIDITY. IT IS POSSIBLE THE PUBLIC 00:02:25.011 --> 00:02:25.044 LIQUIDITY. IT IS POSSIBLE THE PUBLIC MARKET 00:02:25.044 --> 00:02:25.178 IT IS POSSIBLE THE PUBLIC MARKET 00:02:25.178 --> 00:02:25.678 IT IS POSSIBLE THE PUBLIC MARKET WILL 00:02:25.678 --> 00:02:26.146 IT IS POSSIBLE THE PUBLIC MARKET WILL GO 00:02:26.146 --> 00:02:26.546 IT IS POSSIBLE THE PUBLIC MARKET WILL GO NO 00:02:26.546 --> 00:02:26.880 IT IS POSSIBLE THE PUBLIC MARKET WILL GO NO MAS, 00:02:26.880 --> 00:02:27.247 IT IS POSSIBLE THE PUBLIC MARKET WILL GO NO MAS, LEAVE 00:02:27.247 --> 00:02:28.248 IT IS POSSIBLE THE PUBLIC MARKET WILL GO NO MAS, LEAVE THEM 00:02:28.248 --> 00:02:28.281 IT IS POSSIBLE THE PUBLIC MARKET WILL GO NO MAS, LEAVE THEM ALL 00:02:28.281 --> 00:02:28.448 WILL GO NO MAS, LEAVE THEM ALL 00:02:28.448 --> 00:02:28.515 WILL GO NO MAS, LEAVE THEM ALL WAITING 00:02:28.515 --> 00:02:29.582 WILL GO NO MAS, LEAVE THEM ALL WAITING AT 00:02:29.582 --> 00:02:31.584 WILL GO NO MAS, LEAVE THEM ALL WAITING AT THE 00:02:31.584 --> 00:02:31.618 WILL GO NO MAS, LEAVE THEM ALL WAITING AT THE DOOR. 00:02:31.618 --> 00:02:31.718 WAITING AT THE DOOR. 00:02:31.718 --> 00:02:31.818 WAITING AT THE DOOR. >> 00:02:31.818 --> 00:02:31.885 WAITING AT THE DOOR. >> THERE 00:02:31.885 --> 00:02:32.051 WAITING AT THE DOOR. >> THERE ARE 00:02:32.051 --> 00:02:32.118 WAITING AT THE DOOR. >> THERE ARE COMPANIES 00:02:32.118 --> 00:02:32.318 WAITING AT THE DOOR. >> THERE ARE COMPANIES THAT 00:02:32.318 --> 00:02:32.752 WAITING AT THE DOOR. >> THERE ARE COMPANIES THAT ARE 00:02:32.752 --> 00:02:32.986 >> THERE ARE COMPANIES THAT ARE 00:02:32.986 --> 00:02:33.052 >> THERE ARE COMPANIES THAT ARE PROFITABLE. 00:02:33.052 --> 00:02:33.153 PROFITABLE. 00:02:33.153 --> 00:02:33.286 PROFITABLE. >> 00:02:33.286 --> 00:02:34.154 PROFITABLE. >> WITHOUT 00:02:34.154 --> 00:02:34.721 PROFITABLE. >> WITHOUT A 00:02:34.721 --> 00:02:34.754 PROFITABLE. >> WITHOUT A DOUBT 00:02:34.754 --> 00:02:34.954 >> WITHOUT A DOUBT 00:02:34.954 --> 00:02:35.021 >> WITHOUT A DOUBT SOFTBANK 00:02:35.021 --> 00:02:35.221 >> WITHOUT A DOUBT SOFTBANK MADE 00:02:35.221 --> 00:02:35.622 >> WITHOUT A DOUBT SOFTBANK MADE GOOD 00:02:35.622 --> 00:02:35.655 >> WITHOUT A DOUBT SOFTBANK MADE GOOD INVESTMENTS 00:02:35.655 --> 00:02:35.788 SOFTBANK MADE GOOD INVESTMENTS 00:02:35.788 --> 00:02:36.022 SOFTBANK MADE GOOD INVESTMENTS ALONG 00:02:36.022 --> 00:02:36.789 SOFTBANK MADE GOOD INVESTMENTS ALONG THE 00:02:36.789 --> 00:02:36.823 SOFTBANK MADE GOOD INVESTMENTS ALONG THE WAY. 00:02:36.823 --> 00:02:36.956 ALONG THE WAY. 00:02:36.956 --> 00:02:37.290 ALONG THE WAY. WHAT 00:02:37.290 --> 00:02:37.624 ALONG THE WAY. WHAT I'M 00:02:37.624 --> 00:02:37.924 ALONG THE WAY. WHAT I'M INTERESTED 00:02:37.924 --> 00:02:38.057 ALONG THE WAY. WHAT I'M INTERESTED IN 00:02:38.057 --> 00:02:38.925 ALONG THE WAY. WHAT I'M INTERESTED IN IS 00:02:38.925 --> 00:02:39.092 ALONG THE WAY. WHAT I'M INTERESTED IN IS THEIR 00:02:39.092 --> 00:02:39.325 WHAT I'M INTERESTED IN IS THEIR 00:02:39.325 --> 00:02:40.293 WHAT I'M INTERESTED IN IS THEIR WILLINGNESS 00:02:40.293 --> 00:02:41.361 WHAT I'M INTERESTED IN IS THEIR WILLINGNESS TO 00:02:41.361 --> 00:02:42.228 WHAT I'M INTERESTED IN IS THEIR WILLINGNESS TO FUND 00:02:42.228 --> 00:02:42.262 WHAT I'M INTERESTED IN IS THEIR WILLINGNESS TO FUND COMPETITORS, 00:02:42.262 --> 00:02:42.462 WILLINGNESS TO FUND COMPETITORS, 00:02:42.462 --> 00:02:42.562 WILLINGNESS TO FUND COMPETITORS, COMPANIES 00:02:42.562 --> 00:02:42.695 WILLINGNESS TO FUND COMPETITORS, COMPANIES THEY 00:02:42.695 --> 00:02:43.029 WILLINGNESS TO FUND COMPETITORS, COMPANIES THEY ALREADY 00:02:43.029 --> 00:02:43.496 WILLINGNESS TO FUND COMPETITORS, COMPANIES THEY ALREADY INVESTED 00:02:43.496 --> 00:02:43.963 COMPANIES THEY ALREADY INVESTED 00:02:43.963 --> 00:02:44.797 COMPANIES THEY ALREADY INVESTED IN, 00:02:44.797 --> 00:02:45.665 COMPANIES THEY ALREADY INVESTED IN, DOORDASH, 00:02:45.665 --> 00:02:46.166 COMPANIES THEY ALREADY INVESTED IN, DOORDASH, UBER 00:02:46.166 --> 00:02:46.499 COMPANIES THEY ALREADY INVESTED IN, DOORDASH, UBER EATS, 00:02:46.499 --> 00:02:46.666 COMPANIES THEY ALREADY INVESTED IN, DOORDASH, UBER EATS, HUGE 00:02:46.666 --> 00:02:46.866 IN, DOORDASH, UBER EATS, HUGE 00:02:46.866 --> 00:02:47.233 IN, DOORDASH, UBER EATS, HUGE INVESTOR 00:02:47.233 --> 00:02:47.834 IN, DOORDASH, UBER EATS, HUGE INVESTOR IN 00:02:47.834 --> 00:02:47.967 IN, DOORDASH, UBER EATS, HUGE INVESTOR IN UBER, 00:02:47.967 --> 00:02:48.434 IN, DOORDASH, UBER EATS, HUGE INVESTOR IN UBER, YET 00:02:48.434 --> 00:02:48.468 IN, DOORDASH, UBER EATS, HUGE INVESTOR IN UBER, YET THROWING 00:02:48.468 --> 00:02:48.601 INVESTOR IN UBER, YET THROWING 00:02:48.601 --> 00:02:49.035 INVESTOR IN UBER, YET THROWING MONEY 00:02:49.035 --> 00:02:49.469 INVESTOR IN UBER, YET THROWING MONEY AT 00:02:49.469 --> 00:02:49.702 INVESTOR IN UBER, YET THROWING MONEY AT DOORDASH 00:02:49.702 --> 00:02:50.103 INVESTOR IN UBER, YET THROWING MONEY AT DOORDASH WHICH 00:02:50.103 --> 00:02:50.136 INVESTOR IN UBER, YET THROWING MONEY AT DOORDASH WHICH IS 00:02:50.136 --> 00:02:50.570 MONEY AT DOORDASH WHICH IS 00:02:50.570 --> 00:02:50.970 MONEY AT DOORDASH WHICH IS KILLING 00:02:50.970 --> 00:02:51.337 MONEY AT DOORDASH WHICH IS KILLING UBER 00:02:51.337 --> 00:02:51.538 MONEY AT DOORDASH WHICH IS KILLING UBER ON 00:02:51.538 --> 00:02:55.408 MONEY AT DOORDASH WHICH IS KILLING UBER ON THE 00:02:55.408 --> 00:02:55.475 MONEY AT DOORDASH WHICH IS KILLING UBER ON THE UBER 00:02:55.475 --> 00:02:55.608 MONEY AT DOORDASH WHICH IS KILLING UBER ON THE UBER EATS 00:02:55.608 --> 00:02:58.011 KILLING UBER ON THE UBER EATS 00:02:58.011 --> 00:02:58.044 KILLING UBER ON THE UBER EATS PART 00:02:58.044 --> 00:02:58.611 PART 00:02:58.611 --> 00:02:58.845 PART >> 00:02:58.845 --> 00:02:58.978 PART >> THEY 00:02:58.978 --> 00:02:59.012 PART >> THEY USED 00:02:59.012 --> 00:02:59.712 PART >> THEY USED TO 00:02:59.712 --> 00:03:00.013 PART >> THEY USED TO BE 00:03:00.013 --> 00:03:00.780 PART >> THEY USED TO BE FOCUSED 00:03:00.780 --> 00:03:00.947 PART >> THEY USED TO BE FOCUSED ON 00:03:00.947 --> 00:03:01.147 >> THEY USED TO BE FOCUSED ON 00:03:01.147 --> 00:03:01.814 >> THEY USED TO BE FOCUSED ON AVOID 00:03:01.814 --> 00:03:03.917 >> THEY USED TO BE FOCUSED ON AVOID CONFLICT 00:03:03.917 --> 00:03:04.117 >> THEY USED TO BE FOCUSED ON AVOID CONFLICT OF 00:03:04.117 --> 00:03:04.150 >> THEY USED TO BE FOCUSED ON AVOID CONFLICT OF INTEREST 00:03:04.150 --> 00:03:04.317 AVOID CONFLICT OF INTEREST 00:03:04.317 --> 00:03:04.350 AVOID CONFLICT OF INTEREST >> 00:03:04.350 --> 00:03:05.885 AVOID CONFLICT OF INTEREST >> IT 00:03:05.885 --> 00:03:06.252 AVOID CONFLICT OF INTEREST >> IT IS 00:03:06.252 --> 00:03:06.286 AVOID CONFLICT OF INTEREST >> IT IS OPTIONALITY 00:03:06.286 --> 00:03:06.386 >> IT IS OPTIONALITY 00:03:06.386 --> 00:03:06.920 >> IT IS OPTIONALITY THE 00:03:06.920 --> 00:03:07.353 >> IT IS OPTIONALITY THE COST 00:03:07.353 --> 00:03:07.620 >> IT IS OPTIONALITY THE COST OF 00:03:07.620 --> 00:03:07.820 >> IT IS OPTIONALITY THE COST OF LAUNCHING 00:03:07.820 --> 00:03:07.854 >> IT IS OPTIONALITY THE COST OF LAUNCHING BUSINESSES 00:03:07.854 --> 00:03:08.221 THE COST OF LAUNCHING BUSINESSES 00:03:08.221 --> 00:03:08.888 THE COST OF LAUNCHING BUSINESSES IS 00:03:08.888 --> 00:03:08.922 THE COST OF LAUNCHING BUSINESSES IS LOW 00:03:08.922 --> 00:03:09.455 IS LOW 00:03:09.455 --> 00:03:09.656 IS LOW ONCE 00:03:09.656 --> 00:03:10.290 IS LOW ONCE THEY 00:03:10.290 --> 00:03:11.057 IS LOW ONCE THEY GET 00:03:11.057 --> 00:03:11.124 IS LOW ONCE THEY GET TRACTION, 00:03:11.124 --> 00:03:11.224 IS LOW ONCE THEY GET TRACTION, YOU 00:03:11.224 --> 00:03:11.391 ONCE THEY GET TRACTION, YOU 00:03:11.391 --> 00:03:11.491 ONCE THEY GET TRACTION, YOU THROW 00:03:11.491 --> 00:03:11.858 ONCE THEY GET TRACTION, YOU THROW MONEY 00:03:11.858 --> 00:03:12.292 ONCE THEY GET TRACTION, YOU THROW MONEY AT 00:03:12.292 --> 00:03:12.325 ONCE THEY GET TRACTION, YOU THROW MONEY AT IT. 00:03:12.325 --> 00:03:12.525 THROW MONEY AT IT. 00:03:12.525 --> 00:03:13.359 THROW MONEY AT IT. THE 00:03:13.359 --> 00:03:13.493 THROW MONEY AT IT. THE NOTION 00:03:13.493 --> 00:03:13.760 THROW MONEY AT IT. THE NOTION IS 00:03:13.760 --> 00:03:13.960 THROW MONEY AT IT. THE NOTION IS YOU 00:03:13.960 --> 00:03:14.194 THROW MONEY AT IT. THE NOTION IS YOU THROW 00:03:14.194 --> 00:03:14.460 THROW MONEY AT IT. THE NOTION IS YOU THROW MONEY 00:03:14.460 --> 00:03:14.494 THROW MONEY AT IT. THE NOTION IS YOU THROW MONEY AT 00:03:14.494 --> 00:03:14.694 THE NOTION IS YOU THROW MONEY AT 00:03:14.694 --> 00:03:16.763 THE NOTION IS YOU THROW MONEY AT ANYTHING 00:03:16.763 --> 00:03:16.863 THE NOTION IS YOU THROW MONEY AT ANYTHING THAT 00:03:16.863 --> 00:03:17.030 THE NOTION IS YOU THROW MONEY AT ANYTHING THAT GAINS 00:03:17.030 --> 00:03:17.063 THE NOTION IS YOU THROW MONEY AT ANYTHING THAT GAINS TRACTION 00:03:17.063 --> 00:03:17.163 ANYTHING THAT GAINS TRACTION 00:03:17.163 --> 00:03:17.297 ANYTHING THAT GAINS TRACTION THE 00:03:17.297 --> 00:03:17.363 ANYTHING THAT GAINS TRACTION THE BELIEF 00:03:17.363 --> 00:03:18.131 ANYTHING THAT GAINS TRACTION THE BELIEF THEY 00:03:18.131 --> 00:03:19.199 ANYTHING THAT GAINS TRACTION THE BELIEF THEY HAVE, 00:03:19.199 --> 00:03:19.499 ANYTHING THAT GAINS TRACTION THE BELIEF THEY HAVE, I 00:03:19.499 --> 00:03:19.532 ANYTHING THAT GAINS TRACTION THE BELIEF THEY HAVE, I GIVE 00:03:19.532 --> 00:03:19.666 THE BELIEF THEY HAVE, I GIVE 00:03:19.666 --> 00:03:19.766 THE BELIEF THEY HAVE, I GIVE THEM 00:03:19.766 --> 00:03:20.300 THE BELIEF THEY HAVE, I GIVE THEM CREDIT 00:03:20.300 --> 00:03:20.533 THE BELIEF THEY HAVE, I GIVE THEM CREDIT FOR 00:03:20.533 --> 00:03:21.935 THE BELIEF THEY HAVE, I GIVE THEM CREDIT FOR MAKING 00:03:21.935 --> 00:03:22.635 THE BELIEF THEY HAVE, I GIVE THEM CREDIT FOR MAKING THIS 00:03:22.635 --> 00:03:22.669 THE BELIEF THEY HAVE, I GIVE THEM CREDIT FOR MAKING THIS PART 00:03:22.669 --> 00:03:23.002 THEM CREDIT FOR MAKING THIS PART 00:03:23.002 --> 00:03:23.369 THEM CREDIT FOR MAKING THIS PART OF 00:03:23.369 --> 00:03:23.903 THEM CREDIT FOR MAKING THIS PART OF THE 00:03:23.903 --> 00:03:24.070 THEM CREDIT FOR MAKING THIS PART OF THE GENERAL 00:03:24.070 --> 00:03:25.071 THEM CREDIT FOR MAKING THIS PART OF THE GENERAL PHILOSOPHY 00:03:25.071 --> 00:03:25.104 THEM CREDIT FOR MAKING THIS PART OF THE GENERAL PHILOSOPHY OF 00:03:25.104 --> 00:03:25.338 OF THE GENERAL PHILOSOPHY OF 00:03:25.338 --> 00:03:25.405 OF THE GENERAL PHILOSOPHY OF INVESTING, 00:03:25.405 --> 00:03:25.705 OF THE GENERAL PHILOSOPHY OF INVESTING, ONCE 00:03:25.705 --> 00:03:25.838 OF THE GENERAL PHILOSOPHY OF INVESTING, ONCE YOU 00:03:25.838 --> 00:03:26.139 OF THE GENERAL PHILOSOPHY OF INVESTING, ONCE YOU HIT 00:03:26.139 --> 00:03:26.306 OF THE GENERAL PHILOSOPHY OF INVESTING, ONCE YOU HIT A 00:03:26.306 --> 00:03:26.472 INVESTING, ONCE YOU HIT A 00:03:26.472 --> 00:03:26.673 INVESTING, ONCE YOU HIT A CERTAIN 00:03:26.673 --> 00:03:26.873 INVESTING, ONCE YOU HIT A CERTAIN SCALE, 00:03:26.873 --> 00:03:27.140 INVESTING, ONCE YOU HIT A CERTAIN SCALE, EVEN 00:03:27.140 --> 00:03:27.607 INVESTING, ONCE YOU HIT A CERTAIN SCALE, EVEN IF 00:03:27.607 --> 00:03:27.907 INVESTING, ONCE YOU HIT A CERTAIN SCALE, EVEN IF THE 00:03:27.907 --> 00:03:27.941 INVESTING, ONCE YOU HIT A CERTAIN SCALE, EVEN IF THE MODEL 00:03:27.941 --> 00:03:28.107 CERTAIN SCALE, EVEN IF THE MODEL 00:03:28.107 --> 00:03:28.708 CERTAIN SCALE, EVEN IF THE MODEL DOESN'T 00:03:28.708 --> 00:03:28.775 CERTAIN SCALE, EVEN IF THE MODEL DOESN'T WORK, 00:03:28.775 --> 00:03:29.108 CERTAIN SCALE, EVEN IF THE MODEL DOESN'T WORK, YOU 00:03:29.108 --> 00:03:29.442 CERTAIN SCALE, EVEN IF THE MODEL DOESN'T WORK, YOU CAN 00:03:29.442 --> 00:03:29.776 CERTAIN SCALE, EVEN IF THE MODEL DOESN'T WORK, YOU CAN SHRINK 00:03:29.776 --> 00:03:29.943 CERTAIN SCALE, EVEN IF THE MODEL DOESN'T WORK, YOU CAN SHRINK TO 00:03:29.943 --> 00:03:30.143 DOESN'T WORK, YOU CAN SHRINK TO 00:03:30.143 --> 00:03:30.376 DOESN'T WORK, YOU CAN SHRINK TO SOMETHING 00:03:30.376 --> 00:03:31.010 DOESN'T WORK, YOU CAN SHRINK TO SOMETHING THAT 00:03:31.010 --> 00:03:31.044 DOESN'T WORK, YOU CAN SHRINK TO SOMETHING THAT DOES. 00:03:31.044 --> 00:03:31.110 SOMETHING THAT DOES. 00:03:31.110 --> 00:03:31.211 SOMETHING THAT DOES. I 00:03:31.211 --> 00:03:31.444 SOMETHING THAT DOES. I THINK 00:03:31.444 --> 00:03:31.611 SOMETHING THAT DOES. I THINK THE 00:03:31.611 --> 00:03:31.811 SOMETHING THAT DOES. I THINK THE CHALLENGE 00:03:31.811 --> 00:03:31.978 SOMETHING THAT DOES. I THINK THE CHALLENGE WITH 00:03:31.978 --> 00:03:32.145 SOMETHING THAT DOES. I THINK THE CHALLENGE WITH SOME 00:03:32.145 --> 00:03:32.245 I THINK THE CHALLENGE WITH SOME 00:03:32.245 --> 00:03:32.478 I THINK THE CHALLENGE WITH SOME OF 00:03:32.478 --> 00:03:32.745 I THINK THE CHALLENGE WITH SOME OF THESE 00:03:32.745 --> 00:03:33.246 I THINK THE CHALLENGE WITH SOME OF THESE IS 00:03:33.246 --> 00:03:33.479 I THINK THE CHALLENGE WITH SOME OF THESE IS THAT 00:03:33.479 --> 00:03:35.048 I THINK THE CHALLENGE WITH SOME OF THESE IS THAT MODELS 00:03:35.048 --> 00:03:35.114 I THINK THE CHALLENGE WITH SOME OF THESE IS THAT MODELS MAY 00:03:35.114 --> 00:03:35.215 I THINK THE CHALLENGE WITH SOME OF THESE IS THAT MODELS MAY NOT 00:03:35.215 --> 00:03:35.348 OF THESE IS THAT MODELS MAY NOT 00:03:35.348 --> 00:03:35.481 OF THESE IS THAT MODELS MAY NOT WORK 00:03:35.481 --> 00:03:35.548 OF THESE IS THAT MODELS MAY NOT WORK AT 00:03:35.548 --> 00:03:36.049 OF THESE IS THAT MODELS MAY NOT WORK AT ANY 00:03:36.049 --> 00:03:36.115 OF THESE IS THAT MODELS MAY NOT WORK AT ANY SCALE. 00:03:36.115 --> 00:03:36.216 WORK AT ANY SCALE. 00:03:36.216 --> 00:03:36.316 WORK AT ANY SCALE. >> 00:03:36.316 --> 00:03:36.482 WORK AT ANY SCALE. >> WEWORK 00:03:36.482 --> 00:03:36.683 WORK AT ANY SCALE. >> WEWORK IS 00:03:36.683 --> 00:03:37.050 WORK AT ANY SCALE. >> WEWORK IS GOING 00:03:37.050 --> 00:03:37.417 WORK AT ANY SCALE. >> WEWORK IS GOING THROUGH 00:03:37.417 --> 00:03:37.584 WORK AT ANY SCALE. >> WEWORK IS GOING THROUGH THAT 00:03:37.584 --> 00:03:37.750 >> WEWORK IS GOING THROUGH THAT 00:03:37.750 --> 00:03:38.284 >> WEWORK IS GOING THROUGH THAT PROCESS 00:03:38.284 --> 00:03:38.751 >> WEWORK IS GOING THROUGH THAT PROCESS NOW, 00:03:38.751 --> 00:03:40.420 >> WEWORK IS GOING THROUGH THAT PROCESS NOW, LOOKING 00:03:40.420 --> 00:03:41.187 >> WEWORK IS GOING THROUGH THAT PROCESS NOW, LOOKING TO 00:03:41.187 --> 00:03:41.221 >> WEWORK IS GOING THROUGH THAT PROCESS NOW, LOOKING TO SIPHON 00:03:41.221 --> 00:03:41.988 PROCESS NOW, LOOKING TO SIPHON 00:03:41.988 --> 00:03:42.322 PROCESS NOW, LOOKING TO SIPHON OFF, 00:03:42.322 --> 00:03:42.555 PROCESS NOW, LOOKING TO SIPHON OFF, SPIN 00:03:42.555 --> 00:03:42.989 PROCESS NOW, LOOKING TO SIPHON OFF, SPIN OFF 00:03:42.989 --> 00:03:43.189 PROCESS NOW, LOOKING TO SIPHON OFF, SPIN OFF BUSINESSES, 00:03:43.189 --> 00:03:43.356 PROCESS NOW, LOOKING TO SIPHON OFF, SPIN OFF BUSINESSES, GET 00:03:43.356 --> 00:03:43.456 OFF, SPIN OFF BUSINESSES, GET 00:03:43.456 --> 00:03:43.690 OFF, SPIN OFF BUSINESSES, GET OUT 00:03:43.690 --> 00:03:43.990 OFF, SPIN OFF BUSINESSES, GET OUT OF 00:03:43.990 --> 00:03:44.123 OFF, SPIN OFF BUSINESSES, GET OUT OF MARKETS 00:03:44.123 --> 00:03:44.424 OFF, SPIN OFF BUSINESSES, GET OUT OF MARKETS THAT 00:03:44.424 --> 00:03:44.824 OFF, SPIN OFF BUSINESSES, GET OUT OF MARKETS THAT DON'T 00:03:44.824 --> 00:03:44.857 OFF, SPIN OFF BUSINESSES, GET OUT OF MARKETS THAT DON'T LOOK 00:03:44.857 --> 00:03:44.991 OUT OF MARKETS THAT DON'T LOOK 00:03:44.991 --> 00:03:45.225 OUT OF MARKETS THAT DON'T LOOK LIKE 00:03:45.225 --> 00:03:45.291 OUT OF MARKETS THAT DON'T LOOK LIKE IT 00:03:45.291 --> 00:03:46.092 OUT OF MARKETS THAT DON'T LOOK LIKE IT CAN 00:03:46.092 --> 00:03:46.693 OUT OF MARKETS THAT DON'T LOOK LIKE IT CAN BE 00:03:46.693 --> 00:03:46.726 OUT OF MARKETS THAT DON'T LOOK LIKE IT CAN BE PROFITABLE. 00:03:46.726 --> 00:03:46.826 LIKE IT CAN BE PROFITABLE. 00:03:46.826 --> 00:03:46.926 LIKE IT CAN BE PROFITABLE. YOU 00:03:46.926 --> 00:03:47.060 LIKE IT CAN BE PROFITABLE. YOU DON'T 00:03:47.060 --> 00:03:47.327 LIKE IT CAN BE PROFITABLE. YOU DON'T THINK 00:03:47.327 --> 00:03:47.527 LIKE IT CAN BE PROFITABLE. YOU DON'T THINK THAT 00:03:47.527 --> 00:03:47.660 LIKE IT CAN BE PROFITABLE. YOU DON'T THINK THAT CAN 00:03:47.660 --> 00:03:47.827 LIKE IT CAN BE PROFITABLE. YOU DON'T THINK THAT CAN HAPPEN 00:03:47.827 --> 00:03:48.361 YOU DON'T THINK THAT CAN HAPPEN 00:03:48.361 --> 00:03:48.661 YOU DON'T THINK THAT CAN HAPPEN FOR 00:03:48.661 --> 00:03:48.695 YOU DON'T THINK THAT CAN HAPPEN FOR WEWORK 00:03:48.695 --> 00:03:48.795 FOR WEWORK 00:03:48.795 --> 00:03:48.861 FOR WEWORK >> 00:03:48.861 --> 00:03:49.429 FOR WEWORK >> IT 00:03:49.429 --> 00:03:49.462 FOR WEWORK >> IT MAY. 00:03:49.462 --> 00:03:49.529 >> IT MAY. 00:03:49.529 --> 00:03:49.629 >> IT MAY. I 00:03:49.629 --> 00:03:49.963 >> IT MAY. I DON'T 00:03:49.963 --> 00:03:49.996 >> IT MAY. I DON'T KNOW 00:03:49.996 --> 00:03:50.129 I DON'T KNOW 00:03:50.129 --> 00:03:50.163 I DON'T KNOW WHAT 00:03:50.163 --> 00:03:50.363 I DON'T KNOW WHAT I 00:03:50.363 --> 00:03:50.463 I DON'T KNOW WHAT I DO 00:03:50.463 --> 00:03:50.630 I DON'T KNOW WHAT I DO KNOW 00:03:50.630 --> 00:03:50.897 I DON'T KNOW WHAT I DO KNOW IS 00:03:50.897 --> 00:03:51.197 I DON'T KNOW WHAT I DO KNOW IS A 00:03:51.197 --> 00:03:51.864 I DON'T KNOW WHAT I DO KNOW IS A LOT 00:03:51.864 --> 00:03:51.898 I DON'T KNOW WHAT I DO KNOW IS A LOT OF 00:03:51.898 --> 00:03:52.098 WHAT I DO KNOW IS A LOT OF 00:03:52.098 --> 00:03:52.332 WHAT I DO KNOW IS A LOT OF PEOPLE 00:03:52.332 --> 00:03:52.632 WHAT I DO KNOW IS A LOT OF PEOPLE CAN 00:03:52.632 --> 00:03:52.799 WHAT I DO KNOW IS A LOT OF PEOPLE CAN DO 00:03:52.799 --> 00:03:52.999 WHAT I DO KNOW IS A LOT OF PEOPLE CAN DO WHAT 00:03:52.999 --> 00:03:55.301 WHAT I DO KNOW IS A LOT OF PEOPLE CAN DO WHAT WEWORK 00:03:55.301 --> 00:03:55.335 WHAT I DO KNOW IS A LOT OF PEOPLE CAN DO WHAT WEWORK IS 00:03:55.335 --> 00:03:55.501 PEOPLE CAN DO WHAT WEWORK IS 00:03:55.501 --> 00:03:55.568 PEOPLE CAN DO WHAT WEWORK IS DOING, 00:03:55.568 --> 00:03:56.302 PEOPLE CAN DO WHAT WEWORK IS DOING, MANY 00:03:56.302 --> 00:03:57.070 PEOPLE CAN DO WHAT WEWORK IS DOING, MANY FAR 00:03:57.070 --> 00:03:57.103 PEOPLE CAN DO WHAT WEWORK IS DOING, MANY FAR BETTER 00:03:57.103 --> 00:03:57.337 DOING, MANY FAR BETTER 00:03:57.337 --> 00:03:57.403 DOING, MANY FAR BETTER CAPITALIZED 00:03:57.403 --> 00:03:57.503 DOING, MANY FAR BETTER CAPITALIZED IN 00:03:57.503 --> 00:03:58.438 DOING, MANY FAR BETTER CAPITALIZED IN BETTER 00:03:58.438 --> 00:03:58.471 DOING, MANY FAR BETTER CAPITALIZED IN BETTER POSITIONS. 00:03:58.471 --> 00:03:58.738 CAPITALIZED IN BETTER POSITIONS. 00:03:58.738 --> 00:03:58.972 CAPITALIZED IN BETTER POSITIONS. IF 00:03:58.972 --> 00:03:59.138 CAPITALIZED IN BETTER POSITIONS. IF YOU'RE 00:03:59.138 --> 00:03:59.205 CAPITALIZED IN BETTER POSITIONS. IF YOU'RE A 00:03:59.205 --> 00:03:59.572 CAPITALIZED IN BETTER POSITIONS. IF YOU'RE A NEW 00:03:59.572 --> 00:03:59.639 CAPITALIZED IN BETTER POSITIONS. IF YOU'RE A NEW YORK 00:03:59.639 --> 00:04:00.139 CAPITALIZED IN BETTER POSITIONS. IF YOU'RE A NEW YORK REAL 00:04:00.139 --> 00:04:00.173 CAPITALIZED IN BETTER POSITIONS. IF YOU'RE A NEW YORK REAL ESTATE 00:04:00.173 --> 00:04:00.340 IF YOU'RE A NEW YORK REAL ESTATE 00:04:00.340 --> 00:04:00.406 IF YOU'RE A NEW YORK REAL ESTATE PERSON, 00:04:00.406 --> 00:04:00.506 IF YOU'RE A NEW YORK REAL ESTATE PERSON, YOU 00:04:00.506 --> 00:04:00.573 IF YOU'RE A NEW YORK REAL ESTATE PERSON, YOU HAVE 00:04:00.573 --> 00:04:01.007 IF YOU'RE A NEW YORK REAL ESTATE PERSON, YOU HAVE A 00:04:01.007 --> 00:04:01.908 IF YOU'RE A NEW YORK REAL ESTATE PERSON, YOU HAVE A LOT 00:04:01.908 --> 00:04:02.141 IF YOU'RE A NEW YORK REAL ESTATE PERSON, YOU HAVE A LOT OF 00:04:02.141 --> 00:04:02.308 IF YOU'RE A NEW YORK REAL ESTATE PERSON, YOU HAVE A LOT OF EMPTY 00:04:02.308 --> 00:04:03.843 PERSON, YOU HAVE A LOT OF EMPTY 00:04:03.843 --> 00:04:03.910 PERSON, YOU HAVE A LOT OF EMPTY SPACE 00:04:03.910 --> 00:04:04.244 PERSON, YOU HAVE A LOT OF EMPTY SPACE YOU 00:04:04.244 --> 00:04:04.444 PERSON, YOU HAVE A LOT OF EMPTY SPACE YOU CAN 00:04:04.444 --> 00:04:05.011 PERSON, YOU HAVE A LOT OF EMPTY SPACE YOU CAN TURN 00:04:05.011 --> 00:04:05.745 PERSON, YOU HAVE A LOT OF EMPTY SPACE YOU CAN TURN INTO 00:04:05.745 --> 00:04:05.778 PERSON, YOU HAVE A LOT OF EMPTY SPACE YOU CAN TURN INTO SHARED 00:04:05.778 --> 00:04:06.145 SPACE YOU CAN TURN INTO SHARED 00:04:06.145 --> 00:04:06.279 SPACE YOU CAN TURN INTO SHARED WORKING 00:04:06.279 --> 00:04:06.713 SPACE YOU CAN TURN INTO SHARED WORKING SPACES 00:04:06.713 --> 00:04:07.046 SPACE YOU CAN TURN INTO SHARED WORKING SPACES TO 00:04:07.046 --> 00:04:07.447 SPACE YOU CAN TURN INTO SHARED WORKING SPACES TO COMPETE 00:04:07.447 --> 00:04:07.480 SPACE YOU CAN TURN INTO SHARED WORKING SPACES TO COMPETE WITH 00:04:07.480 --> 00:04:07.780 WORKING SPACES TO COMPETE WITH 00:04:07.780 --> 00:04:07.814 WORKING SPACES TO COMPETE WITH GUYS 00:04:07.814 --> 00:04:08.514 WORKING SPACES TO COMPETE WITH GUYS AT 00:04:08.514 --> 00:04:08.781 WORKING SPACES TO COMPETE WITH GUYS AT THE 00:04:08.781 --> 00:04:09.649 WORKING SPACES TO COMPETE WITH GUYS AT THE MARGIN 00:04:09.649 --> 00:04:09.682 WORKING SPACES TO COMPETE WITH GUYS AT THE MARGIN WITHOUT 00:04:09.682 --> 00:04:09.849 GUYS AT THE MARGIN WITHOUT 00:04:09.849 --> 00:04:10.083 GUYS AT THE MARGIN WITHOUT TAKING 00:04:10.083 --> 00:04:10.250 GUYS AT THE MARGIN WITHOUT TAKING -- 00:04:10.250 --> 00:04:10.917 TAKING -- 00:04:10.917 --> 00:04:10.984 TAKING -- >> 00:04:10.984 --> 00:04:11.484 TAKING -- >> ARE 00:04:11.484 --> 00:04:11.784 TAKING -- >> ARE YOU 00:04:11.784 --> 00:04:11.918 TAKING -- >> ARE YOU IMPLYING 00:04:11.918 --> 00:04:12.051 TAKING -- >> ARE YOU IMPLYING THEY'RE 00:04:12.051 --> 00:04:12.185 >> ARE YOU IMPLYING THEY'RE 00:04:12.185 --> 00:04:12.352 >> ARE YOU IMPLYING THEY'RE GOING 00:04:12.352 --> 00:04:12.619 >> ARE YOU IMPLYING THEY'RE GOING BACK 00:04:12.619 --> 00:04:13.086 >> ARE YOU IMPLYING THEY'RE GOING BACK TO 00:04:13.086 --> 00:04:13.519 >> ARE YOU IMPLYING THEY'RE GOING BACK TO THE 00:04:13.519 --> 00:04:13.920 >> ARE YOU IMPLYING THEY'RE GOING BACK TO THE CORE 00:04:13.920 --> 00:04:13.953 >> ARE YOU IMPLYING THEY'RE GOING BACK TO THE CORE BUSINESS, 00:04:13.953 --> 00:04:14.587 GOING BACK TO THE CORE BUSINESS, 00:04:14.587 --> 00:04:14.821 GOING BACK TO THE CORE BUSINESS, COOL 00:04:14.821 --> 00:04:15.054 GOING BACK TO THE CORE BUSINESS, COOL OFFICES, 00:04:15.054 --> 00:04:15.388 GOING BACK TO THE CORE BUSINESS, COOL OFFICES, WE'RE 00:04:15.388 --> 00:04:15.922 GOING BACK TO THE CORE BUSINESS, COOL OFFICES, WE'RE A 00:04:15.922 --> 00:04:16.356 GOING BACK TO THE CORE BUSINESS, COOL OFFICES, WE'RE A CONSUMER, 00:04:16.356 --> 00:04:16.522 COOL OFFICES, WE'RE A CONSUMER, 00:04:16.522 --> 00:04:17.056 COOL OFFICES, WE'RE A CONSUMER, HAPPY, 00:04:17.056 --> 00:04:17.390 COOL OFFICES, WE'RE A CONSUMER, HAPPY, ALSO 00:04:17.390 --> 00:04:17.857 COOL OFFICES, WE'RE A CONSUMER, HAPPY, ALSO HAPPY 00:04:17.857 --> 00:04:17.924 COOL OFFICES, WE'RE A CONSUMER, HAPPY, ALSO HAPPY BECAUSE 00:04:17.924 --> 00:04:17.957 COOL OFFICES, WE'RE A CONSUMER, HAPPY, ALSO HAPPY BECAUSE IT 00:04:17.957 --> 00:04:18.124 COOL OFFICES, WE'RE A CONSUMER, HAPPY, ALSO HAPPY BECAUSE IT IS 00:04:18.124 --> 00:04:18.224 HAPPY, ALSO HAPPY BECAUSE IT IS 00:04:18.224 --> 00:04:18.458 HAPPY, ALSO HAPPY BECAUSE IT IS NOT 00:04:18.458 --> 00:04:19.392 HAPPY, ALSO HAPPY BECAUSE IT IS NOT ALL 00:04:19.392 --> 00:04:19.559 HAPPY, ALSO HAPPY BECAUSE IT IS NOT ALL THAT 00:04:19.559 --> 00:04:19.759 HAPPY, ALSO HAPPY BECAUSE IT IS NOT ALL THAT EXPENSIVE, 00:04:19.759 --> 00:04:20.126 HAPPY, ALSO HAPPY BECAUSE IT IS NOT ALL THAT EXPENSIVE, THE 00:04:20.126 --> 00:04:20.293 NOT ALL THAT EXPENSIVE, THE 00:04:20.293 --> 00:04:20.526 NOT ALL THAT EXPENSIVE, THE SPACE, 00:04:20.526 --> 00:04:20.760 NOT ALL THAT EXPENSIVE, THE SPACE, WHICH 00:04:20.760 --> 00:04:20.893 NOT ALL THAT EXPENSIVE, THE SPACE, WHICH MAY 00:04:20.893 --> 00:04:21.194 NOT ALL THAT EXPENSIVE, THE SPACE, WHICH MAY BE 00:04:21.194 --> 00:04:21.227 NOT ALL THAT EXPENSIVE, THE SPACE, WHICH MAY BE PART 00:04:21.227 --> 00:04:21.694 NOT ALL THAT EXPENSIVE, THE SPACE, WHICH MAY BE PART OF 00:04:21.694 --> 00:04:21.861 NOT ALL THAT EXPENSIVE, THE SPACE, WHICH MAY BE PART OF THE 00:04:21.861 --> 00:04:22.028 SPACE, WHICH MAY BE PART OF THE 00:04:22.028 --> 00:04:22.061 SPACE, WHICH MAY BE PART OF THE ISSUE. 00:04:22.061 --> 00:04:22.195 ISSUE. 00:04:22.195 --> 00:04:22.262 ISSUE. BUT 00:04:22.262 --> 00:04:22.295 ISSUE. BUT IT 00:04:22.295 --> 00:04:22.528 ISSUE. BUT IT IS 00:04:22.528 --> 00:04:22.862 ISSUE. BUT IT IS GREAT 00:04:22.862 --> 00:04:22.996 ISSUE. BUT IT IS GREAT TO 00:04:22.996 --> 00:04:23.663 ISSUE. BUT IT IS GREAT TO WORK 00:04:23.663 --> 00:04:23.696 ISSUE. BUT IT IS GREAT TO WORK WITH 00:04:23.696 --> 00:04:23.930 BUT IT IS GREAT TO WORK WITH 00:04:23.930 --> 00:04:24.964 BUT IT IS GREAT TO WORK WITH THEM, 00:04:24.964 --> 00:04:25.231 BUT IT IS GREAT TO WORK WITH THEM, IF 00:04:25.231 --> 00:04:25.431 BUT IT IS GREAT TO WORK WITH THEM, IF THEY 00:04:25.431 --> 00:04:25.865 BUT IT IS GREAT TO WORK WITH THEM, IF THEY FOCUS 00:04:25.865 --> 00:04:26.065 BUT IT IS GREAT TO WORK WITH THEM, IF THEY FOCUS ON 00:04:26.065 --> 00:04:26.566 BUT IT IS GREAT TO WORK WITH THEM, IF THEY FOCUS ON JUST 00:04:26.566 --> 00:04:26.599 BUT IT IS GREAT TO WORK WITH THEM, IF THEY FOCUS ON JUST THAT 00:04:26.599 --> 00:04:27.033 THEM, IF THEY FOCUS ON JUST THAT 00:04:27.033 --> 00:04:27.734 THEM, IF THEY FOCUS ON JUST THAT BUSINESS, 00:04:27.734 --> 00:04:27.767 THEM, IF THEY FOCUS ON JUST THAT BUSINESS, YES. 00:04:27.767 --> 00:04:27.867 BUSINESS, YES. 00:04:27.867 --> 00:04:27.900 BUSINESS, YES. >> 00:04:27.900 --> 00:04:27.967 BUSINESS, YES. >> DO 00:04:27.967 --> 00:04:28.201 BUSINESS, YES. >> DO YOU 00:04:28.201 --> 00:04:28.368 BUSINESS, YES. >> DO YOU FIND 00:04:28.368 --> 00:04:29.969 BUSINESS, YES. >> DO YOU FIND THEY'RE 00:04:29.969 --> 00:04:30.136 BUSINESS, YES. >> DO YOU FIND THEY'RE MORE 00:04:30.136 --> 00:04:30.370 >> DO YOU FIND THEY'RE MORE 00:04:30.370 --> 00:04:30.536 >> DO YOU FIND THEY'RE MORE PRODUCTIVE 00:04:30.536 --> 00:04:30.703 >> DO YOU FIND THEY'RE MORE PRODUCTIVE AND 00:04:30.703 --> 00:04:31.070 >> DO YOU FIND THEY'RE MORE PRODUCTIVE AND EFFICIENT 00:04:31.070 --> 00:04:31.104 >> DO YOU FIND THEY'RE MORE PRODUCTIVE AND EFFICIENT BECAUSE 00:04:31.104 --> 00:04:31.204 PRODUCTIVE AND EFFICIENT BECAUSE 00:04:31.204 --> 00:04:31.604 PRODUCTIVE AND EFFICIENT BECAUSE OF 00:04:31.604 --> 00:04:32.105 PRODUCTIVE AND EFFICIENT BECAUSE OF THE 00:04:32.105 --> 00:04:32.138 PRODUCTIVE AND EFFICIENT BECAUSE OF THE SPACE 00:04:32.138 --> 00:04:32.238 OF THE SPACE 00:04:32.238 --> 00:04:32.305 OF THE SPACE >> 00:04:32.305 --> 00:04:32.405 OF THE SPACE >> FEEL 00:04:32.405 --> 00:04:32.572 OF THE SPACE >> FEEL SO 00:04:32.572 --> 00:04:33.072 OF THE SPACE >> FEEL SO COOL 00:04:33.072 --> 00:04:33.139 OF THE SPACE >> FEEL SO COOL WHEN 00:04:33.139 --> 00:04:33.206 OF THE SPACE >> FEEL SO COOL WHEN YOU 00:04:33.206 --> 00:04:33.339 OF THE SPACE >> FEEL SO COOL WHEN YOU WALK 00:04:33.339 --> 00:04:33.439 >> FEEL SO COOL WHEN YOU WALK 00:04:33.439 --> 00:04:33.539 >> FEEL SO COOL WHEN YOU WALK IN. 00:04:33.539 --> 00:04:33.640 IN. 00:04:33.640 --> 00:04:33.840 IN. >> 00:04:33.840 --> 00:04:33.873 IN. >> HOW 00:04:33.873 --> 00:04:34.507 IN. >> HOW IS 00:04:34.507 --> 00:04:35.074 IN. >> HOW IS THE 00:04:35.074 --> 00:04:35.108 IN. >> HOW IS THE COFFEE 00:04:35.108 --> 00:04:35.208 >> HOW IS THE COFFEE 00:04:35.208 --> 00:04:35.241 >> HOW IS THE COFFEE >> 00:04:35.241 --> 00:04:35.408 >> HOW IS THE COFFEE >> IT 00:04:35.408 --> 00:04:35.508 >> HOW IS THE COFFEE >> IT WAS 00:04:35.508 --> 00:04:35.975 >> HOW IS THE COFFEE >> IT WAS GOOD 00:04:35.975 --> 00:04:36.509 >> HOW IS THE COFFEE >> IT WAS GOOD I 00:04:36.509 --> 00:04:36.643 >> HOW IS THE COFFEE >> IT WAS GOOD I THINK, 00:04:36.643 --> 00:04:36.743 >> HOW IS THE COFFEE >> IT WAS GOOD I THINK, YEAH 00:04:36.743 --> 00:04:37.243 >> IT WAS GOOD I THINK, YEAH 00:04:37.243 --> 00:04:37.343 >> IT WAS GOOD I THINK, YEAH >> 00:04:37.343 --> 00:04:37.577 >> IT WAS GOOD I THINK, YEAH >> ROGER, 00:04:37.577 --> 00:04:38.011 >> IT WAS GOOD I THINK, YEAH >> ROGER, GOING 00:04:38.011 --> 00:04:38.645 >> IT WAS GOOD I THINK, YEAH >> ROGER, GOING BACK 00:04:38.645 --> 00:04:39.012 >> IT WAS GOOD I THINK, YEAH >> ROGER, GOING BACK TO 00:04:39.012 --> 00:04:39.178 >> IT WAS GOOD I THINK, YEAH >> ROGER, GOING BACK TO THE 00:04:39.178 --> 00:04:39.345 >> ROGER, GOING BACK TO THE 00:04:39.345 --> 00:04:39.712 >> ROGER, GOING BACK TO THE POINT 00:04:39.712 --> 00:04:40.113 >> ROGER, GOING BACK TO THE POINT MIKE 00:04:40.113 --> 00:04:40.580 >> ROGER, GOING BACK TO THE POINT MIKE JUST 00:04:40.580 --> 00:04:41.347 >> ROGER, GOING BACK TO THE POINT MIKE JUST MADE, 00:04:41.347 --> 00:04:41.547 >> ROGER, GOING BACK TO THE POINT MIKE JUST MADE, IF 00:04:41.547 --> 00:04:41.581 >> ROGER, GOING BACK TO THE POINT MIKE JUST MADE, IF YOU 00:04:41.581 --> 00:04:41.714 POINT MIKE JUST MADE, IF YOU 00:04:41.714 --> 00:04:42.248 POINT MIKE JUST MADE, IF YOU LOOK 00:04:42.248 --> 00:04:42.649 POINT MIKE JUST MADE, IF YOU LOOK AT 00:04:42.649 --> 00:04:42.749 POINT MIKE JUST MADE, IF YOU LOOK AT A 00:04:42.749 --> 00:04:43.149 POINT MIKE JUST MADE, IF YOU LOOK AT A SELL 00:04:43.149 --> 00:04:43.182 POINT MIKE JUST MADE, IF YOU LOOK AT A SELL OFF 00:04:43.182 --> 00:04:43.416 POINT MIKE JUST MADE, IF YOU LOOK AT A SELL OFF WE 00:04:43.416 --> 00:04:43.750 POINT MIKE JUST MADE, IF YOU LOOK AT A SELL OFF WE HAVE 00:04:43.750 --> 00:04:43.916 POINT MIKE JUST MADE, IF YOU LOOK AT A SELL OFF WE HAVE SEEN 00:04:43.916 --> 00:04:44.317 LOOK AT A SELL OFF WE HAVE SEEN 00:04:44.317 --> 00:04:44.784 LOOK AT A SELL OFF WE HAVE SEEN IN 00:04:44.784 --> 00:04:45.051 LOOK AT A SELL OFF WE HAVE SEEN IN PUBLICLY 00:04:45.051 --> 00:04:45.418 LOOK AT A SELL OFF WE HAVE SEEN IN PUBLICLY TRADED 00:04:45.418 --> 00:04:45.451 LOOK AT A SELL OFF WE HAVE SEEN IN PUBLICLY TRADED COMPANIES 00:04:45.451 --> 00:04:45.585 IN PUBLICLY TRADED COMPANIES 00:04:45.585 --> 00:04:45.885 IN PUBLICLY TRADED COMPANIES THAT 00:04:45.885 --> 00:04:46.152 IN PUBLICLY TRADED COMPANIES THAT CAME 00:04:46.152 --> 00:04:46.352 IN PUBLICLY TRADED COMPANIES THAT CAME TO 00:04:46.352 --> 00:04:47.120 IN PUBLICLY TRADED COMPANIES THAT CAME TO MARKET 00:04:47.120 --> 00:04:48.221 IN PUBLICLY TRADED COMPANIES THAT CAME TO MARKET THIS 00:04:48.221 --> 00:04:48.254 IN PUBLICLY TRADED COMPANIES THAT CAME TO MARKET THIS YEAR, 00:04:48.254 --> 00:04:48.388 THAT CAME TO MARKET THIS YEAR, 00:04:48.388 --> 00:04:48.454 THAT CAME TO MARKET THIS YEAR, MANY 00:04:48.454 --> 00:04:48.888 THAT CAME TO MARKET THIS YEAR, MANY OF 00:04:48.888 --> 00:04:49.289 THAT CAME TO MARKET THIS YEAR, MANY OF THEM 00:04:49.289 --> 00:04:49.555 THAT CAME TO MARKET THIS YEAR, MANY OF THEM GROWING 00:04:49.555 --> 00:04:49.589 THAT CAME TO MARKET THIS YEAR, MANY OF THEM GROWING REVENUE 00:04:49.589 --> 00:04:50.156 MANY OF THEM GROWING REVENUE 00:04:50.156 --> 00:04:50.456 MANY OF THEM GROWING REVENUE VERY 00:04:50.456 --> 00:04:51.090 MANY OF THEM GROWING REVENUE VERY STRONGLY, 00:04:51.090 --> 00:04:51.357 MANY OF THEM GROWING REVENUE VERY STRONGLY, NOT 00:04:51.357 --> 00:04:51.524 MANY OF THEM GROWING REVENUE VERY STRONGLY, NOT PROFITABLE 00:04:51.524 --> 00:04:51.624 VERY STRONGLY, NOT PROFITABLE 00:04:51.624 --> 00:04:51.958 VERY STRONGLY, NOT PROFITABLE FOR 00:04:51.958 --> 00:04:52.091 VERY STRONGLY, NOT PROFITABLE FOR THE 00:04:52.091 --> 00:04:52.191 VERY STRONGLY, NOT PROFITABLE FOR THE NEXT 00:04:52.191 --> 00:04:52.725 VERY STRONGLY, NOT PROFITABLE FOR THE NEXT COUPLE 00:04:52.725 --> 00:04:53.059 VERY STRONGLY, NOT PROFITABLE FOR THE NEXT COUPLE OF 00:04:53.059 --> 00:04:53.660 VERY STRONGLY, NOT PROFITABLE FOR THE NEXT COUPLE OF YEARS, 00:04:53.660 --> 00:04:53.693 VERY STRONGLY, NOT PROFITABLE FOR THE NEXT COUPLE OF YEARS, IT 00:04:53.693 --> 00:04:54.360 FOR THE NEXT COUPLE OF YEARS, IT 00:04:54.360 --> 00:04:54.661 FOR THE NEXT COUPLE OF YEARS, IT SEEMS 00:04:54.661 --> 00:04:54.794 FOR THE NEXT COUPLE OF YEARS, IT SEEMS LIKE 00:04:54.794 --> 00:04:55.028 FOR THE NEXT COUPLE OF YEARS, IT SEEMS LIKE THOSE 00:04:55.028 --> 00:04:55.194 FOR THE NEXT COUPLE OF YEARS, IT SEEMS LIKE THOSE LOSSES 00:04:55.194 --> 00:04:55.428 SEEMS LIKE THOSE LOSSES 00:04:55.428 --> 00:04:55.495 SEEMS LIKE THOSE LOSSES ACCELERATED 00:04:55.495 --> 00:04:55.595 SEEMS LIKE THOSE LOSSES ACCELERATED ON 00:04:55.595 --> 00:04:55.895 SEEMS LIKE THOSE LOSSES ACCELERATED ON THE 00:04:55.895 --> 00:04:56.229 SEEMS LIKE THOSE LOSSES ACCELERATED ON THE HEELS 00:04:56.229 --> 00:04:56.396 SEEMS LIKE THOSE LOSSES ACCELERATED ON THE HEELS OF 00:04:56.396 --> 00:04:56.629 ACCELERATED ON THE HEELS OF 00:04:56.629 --> 00:04:56.663 ACCELERATED ON THE HEELS OF EVERYTHING 00:04:56.663 --> 00:04:57.230 ACCELERATED ON THE HEELS OF EVERYTHING WE 00:04:57.230 --> 00:04:57.363 ACCELERATED ON THE HEELS OF EVERYTHING WE SAW 00:04:57.363 --> 00:04:57.597 ACCELERATED ON THE HEELS OF EVERYTHING WE SAW HAPPEN 00:04:57.597 --> 00:04:57.764 ACCELERATED ON THE HEELS OF EVERYTHING WE SAW HAPPEN WITH 00:04:57.764 --> 00:04:57.930 EVERYTHING WE SAW HAPPEN WITH 00:04:57.930 --> 00:04:58.564 EVERYTHING WE SAW HAPPEN WITH WEWORK 00:04:58.564 --> 00:04:58.631 EVERYTHING WE SAW HAPPEN WITH WEWORK AS 00:04:58.631 --> 00:04:58.898 EVERYTHING WE SAW HAPPEN WITH WEWORK AS IT 00:04:58.898 --> 00:04:58.998 EVERYTHING WE SAW HAPPEN WITH WEWORK AS IT WAS 00:04:58.998 --> 00:04:59.065 EVERYTHING WE SAW HAPPEN WITH WEWORK AS IT WAS TRYING 00:04:59.065 --> 00:04:59.098 EVERYTHING WE SAW HAPPEN WITH WEWORK AS IT WAS TRYING TO 00:04:59.098 --> 00:04:59.499 EVERYTHING WE SAW HAPPEN WITH WEWORK AS IT WAS TRYING TO GO 00:04:59.499 --> 00:05:00.033 WEWORK AS IT WAS TRYING TO GO 00:05:00.033 --> 00:05:00.166 WEWORK AS IT WAS TRYING TO GO PUBLIC, 00:05:00.166 --> 00:05:00.199 WEWORK AS IT WAS TRYING TO GO PUBLIC, TOO. 00:05:00.199 --> 00:05:00.400 PUBLIC, TOO. 00:05:00.400 --> 00:05:00.566 PUBLIC, TOO. I 00:05:00.566 --> 00:05:00.633 PUBLIC, TOO. I WONDER 00:05:00.633 --> 00:05:01.334 PUBLIC, TOO. I WONDER HOW 00:05:01.334 --> 00:05:01.467 PUBLIC, TOO. I WONDER HOW MUCH 00:05:01.467 --> 00:05:01.768 PUBLIC, TOO. I WONDER HOW MUCH YOU 00:05:01.768 --> 00:05:01.934 PUBLIC, TOO. I WONDER HOW MUCH YOU THINK 00:05:01.934 --> 00:05:02.101 I WONDER HOW MUCH YOU THINK 00:05:02.101 --> 00:05:02.201 I WONDER HOW MUCH YOU THINK THAT'S 00:05:02.201 --> 00:05:02.735 I WONDER HOW MUCH YOU THINK THAT'S CAST 00:05:02.735 --> 00:05:02.935 I WONDER HOW MUCH YOU THINK THAT'S CAST A 00:05:02.935 --> 00:05:03.436 I WONDER HOW MUCH YOU THINK THAT'S CAST A SHADOW 00:05:03.436 --> 00:05:03.603 I WONDER HOW MUCH YOU THINK THAT'S CAST A SHADOW ON 00:05:03.603 --> 00:05:03.836 THAT'S CAST A SHADOW ON 00:05:03.836 --> 00:05:03.970 THAT'S CAST A SHADOW ON INVESTORS, 00:05:03.970 --> 00:05:04.270 THAT'S CAST A SHADOW ON INVESTORS, WHETHER 00:05:04.270 --> 00:05:04.704 THAT'S CAST A SHADOW ON INVESTORS, WHETHER IT 00:05:04.704 --> 00:05:04.937 THAT'S CAST A SHADOW ON INVESTORS, WHETHER IT SORT 00:05:04.937 --> 00:05:05.104 THAT'S CAST A SHADOW ON INVESTORS, WHETHER IT SORT OF 00:05:05.104 --> 00:05:05.772 INVESTORS, WHETHER IT SORT OF 00:05:05.772 --> 00:05:05.805 INVESTORS, WHETHER IT SORT OF MARKS 00:05:05.805 --> 00:05:05.938 INVESTORS, WHETHER IT SORT OF MARKS A 00:05:05.938 --> 00:05:06.472 INVESTORS, WHETHER IT SORT OF MARKS A TURNING 00:05:06.472 --> 00:05:06.539 INVESTORS, WHETHER IT SORT OF MARKS A TURNING POINT. 00:05:06.539 --> 00:05:06.673 MARKS A TURNING POINT. 00:05:06.673 --> 00:05:06.806 MARKS A TURNING POINT. >> 00:05:06.806 --> 00:05:06.839 MARKS A TURNING POINT. >> WHAT 00:05:06.839 --> 00:05:07.140 MARKS A TURNING POINT. >> WHAT I 00:05:07.140 --> 00:05:07.440 MARKS A TURNING POINT. >> WHAT I AM 00:05:07.440 --> 00:05:07.540 MARKS A TURNING POINT. >> WHAT I AM WORRIED 00:05:07.540 --> 00:05:07.907 MARKS A TURNING POINT. >> WHAT I AM WORRIED ABOUT 00:05:07.907 --> 00:05:08.574 MARKS A TURNING POINT. >> WHAT I AM WORRIED ABOUT IS 00:05:08.574 --> 00:05:08.741 MARKS A TURNING POINT. >> WHAT I AM WORRIED ABOUT IS A 00:05:08.741 --> 00:05:08.841 >> WHAT I AM WORRIED ABOUT IS A 00:05:08.841 --> 00:05:09.075 >> WHAT I AM WORRIED ABOUT IS A LOT 00:05:09.075 --> 00:05:09.509 >> WHAT I AM WORRIED ABOUT IS A LOT OF 00:05:09.509 --> 00:05:09.709 >> WHAT I AM WORRIED ABOUT IS A LOT OF COMPANIES 00:05:09.709 --> 00:05:10.043 >> WHAT I AM WORRIED ABOUT IS A LOT OF COMPANIES DEPEND 00:05:10.043 --> 00:05:10.076 >> WHAT I AM WORRIED ABOUT IS A LOT OF COMPANIES DEPEND ON 00:05:10.076 --> 00:05:10.276 LOT OF COMPANIES DEPEND ON 00:05:10.276 --> 00:05:10.476 LOT OF COMPANIES DEPEND ON BUSINESS 00:05:10.476 --> 00:05:10.977 LOT OF COMPANIES DEPEND ON BUSINESS OF 00:05:10.977 --> 00:05:11.144 LOT OF COMPANIES DEPEND ON BUSINESS OF EACH 00:05:11.144 --> 00:05:13.246 LOT OF COMPANIES DEPEND ON BUSINESS OF EACH OTHER 00:05:13.246 --> 00:05:13.279 LOT OF COMPANIES DEPEND ON BUSINESS OF EACH OTHER FOR 00:05:13.279 --> 00:05:13.479 BUSINESS OF EACH OTHER FOR 00:05:13.479 --> 00:05:13.546 BUSINESS OF EACH OTHER FOR SUCCESS, 00:05:13.546 --> 00:05:13.680 BUSINESS OF EACH OTHER FOR SUCCESS, THAT 00:05:13.680 --> 00:05:13.913 BUSINESS OF EACH OTHER FOR SUCCESS, THAT WEWORK 00:05:13.913 --> 00:05:14.447 BUSINESS OF EACH OTHER FOR SUCCESS, THAT WEWORK IS 00:05:14.447 --> 00:05:14.480 BUSINESS OF EACH OTHER FOR SUCCESS, THAT WEWORK IS REALLY 00:05:14.480 --> 00:05:14.580 SUCCESS, THAT WEWORK IS REALLY 00:05:14.580 --> 00:05:14.947 SUCCESS, THAT WEWORK IS REALLY AT 00:05:14.947 --> 00:05:15.214 SUCCESS, THAT WEWORK IS REALLY AT LEAST 00:05:15.214 --> 00:05:15.548 SUCCESS, THAT WEWORK IS REALLY AT LEAST IN 00:05:15.548 --> 00:05:15.982 SUCCESS, THAT WEWORK IS REALLY AT LEAST IN EARLY 00:05:15.982 --> 00:05:16.749 SUCCESS, THAT WEWORK IS REALLY AT LEAST IN EARLY DAYS 00:05:16.749 --> 00:05:16.783 SUCCESS, THAT WEWORK IS REALLY AT LEAST IN EARLY DAYS HEAVILY 00:05:16.783 --> 00:05:16.983 AT LEAST IN EARLY DAYS HEAVILY 00:05:16.983 --> 00:05:17.583 AT LEAST IN EARLY DAYS HEAVILY DEPENDENT 00:05:17.583 --> 00:05:17.917 AT LEAST IN EARLY DAYS HEAVILY DEPENDENT ON 00:05:17.917 --> 00:05:18.017 AT LEAST IN EARLY DAYS HEAVILY DEPENDENT ON STARTUPS 00:05:18.017 --> 00:05:19.152 AT LEAST IN EARLY DAYS HEAVILY DEPENDENT ON STARTUPS AS 00:05:19.152 --> 00:05:19.185 AT LEAST IN EARLY DAYS HEAVILY DEPENDENT ON STARTUPS AS A 00:05:19.185 --> 00:05:19.385 DEPENDENT ON STARTUPS AS A 00:05:19.385 --> 00:05:19.419 DEPENDENT ON STARTUPS AS A CONCEPT. 00:05:19.419 --> 00:05:19.552 CONCEPT. 00:05:19.552 --> 00:05:20.253 CONCEPT. OTHER 00:05:20.253 --> 00:05:20.787 CONCEPT. OTHER STARTUPS 00:05:20.787 --> 00:05:21.054 CONCEPT. OTHER STARTUPS ARE 00:05:21.054 --> 00:05:21.220 CONCEPT. OTHER STARTUPS ARE SUPPORTING 00:05:21.220 --> 00:05:21.421 OTHER STARTUPS ARE SUPPORTING 00:05:21.421 --> 00:05:22.588 OTHER STARTUPS ARE SUPPORTING OTHER 00:05:22.588 --> 00:05:22.622 OTHER STARTUPS ARE SUPPORTING OTHER STARTUPS 00:05:22.622 --> 00:05:22.722 OTHER STARTUPS 00:05:22.722 --> 00:05:22.855 OTHER STARTUPS IF 00:05:22.855 --> 00:05:23.089 OTHER STARTUPS IF YOU 00:05:23.089 --> 00:05:23.489 OTHER STARTUPS IF YOU GET 00:05:23.489 --> 00:05:23.623 OTHER STARTUPS IF YOU GET A 00:05:23.623 --> 00:05:23.723 OTHER STARTUPS IF YOU GET A PROBLEM 00:05:23.723 --> 00:05:23.956 OTHER STARTUPS IF YOU GET A PROBLEM IN 00:05:23.956 --> 00:05:24.390 OTHER STARTUPS IF YOU GET A PROBLEM IN ONE 00:05:24.390 --> 00:05:24.557 IF YOU GET A PROBLEM IN ONE 00:05:24.557 --> 00:05:24.757 IF YOU GET A PROBLEM IN ONE PLACE, 00:05:24.757 --> 00:05:25.024 IF YOU GET A PROBLEM IN ONE PLACE, THE 00:05:25.024 --> 00:05:26.326 IF YOU GET A PROBLEM IN ONE PLACE, THE OPPORTUNITY 00:05:26.326 --> 00:05:26.359 IF YOU GET A PROBLEM IN ONE PLACE, THE OPPORTUNITY FOR 00:05:26.359 --> 00:05:26.526 PLACE, THE OPPORTUNITY FOR 00:05:26.526 --> 00:05:26.626 PLACE, THE OPPORTUNITY FOR RIPPLE 00:05:26.626 --> 00:05:27.293 PLACE, THE OPPORTUNITY FOR RIPPLE EFFECT 00:05:27.293 --> 00:05:27.894 PLACE, THE OPPORTUNITY FOR RIPPLE EFFECT IS 00:05:27.894 --> 00:05:27.927 PLACE, THE OPPORTUNITY FOR RIPPLE EFFECT IS SIGNIFICANT 00:05:27.927 --> 00:05:28.127 RIPPLE EFFECT IS SIGNIFICANT 00:05:28.127 --> 00:05:28.428 RIPPLE EFFECT IS SIGNIFICANT IF 00:05:28.428 --> 00:05:28.795 RIPPLE EFFECT IS SIGNIFICANT IF ALL 00:05:28.795 --> 00:05:29.095 RIPPLE EFFECT IS SIGNIFICANT IF ALL THESE 00:05:29.095 --> 00:05:29.429 RIPPLE EFFECT IS SIGNIFICANT IF ALL THESE GUYS 00:05:29.429 --> 00:05:29.629 RIPPLE EFFECT IS SIGNIFICANT IF ALL THESE GUYS DON'T 00:05:29.629 --> 00:05:30.063 RIPPLE EFFECT IS SIGNIFICANT IF ALL THESE GUYS DON'T GET 00:05:30.063 --> 00:05:30.263 IF ALL THESE GUYS DON'T GET 00:05:30.263 --> 00:05:30.596 IF ALL THESE GUYS DON'T GET PUBLIC, 00:05:30.596 --> 00:05:30.797 IF ALL THESE GUYS DON'T GET PUBLIC, THAT'S 00:05:30.797 --> 00:05:30.830 IF ALL THESE GUYS DON'T GET PUBLIC, THAT'S GOING 00:05:30.830 --> 00:05:31.264 IF ALL THESE GUYS DON'T GET PUBLIC, THAT'S GOING TO 00:05:31.264 --> 00:05:31.297 IF ALL THESE GUYS DON'T GET PUBLIC, THAT'S GOING TO HAVE 00:05:31.297 --> 00:05:31.831 PUBLIC, THAT'S GOING TO HAVE 00:05:31.831 --> 00:05:32.098 PUBLIC, THAT'S GOING TO HAVE SOME 00:05:32.098 --> 00:05:32.498 PUBLIC, THAT'S GOING TO HAVE SOME IMPLICATIONS 00:05:32.498 --> 00:05:32.899 PUBLIC, THAT'S GOING TO HAVE SOME IMPLICATIONS FOR 00:05:32.899 --> 00:05:32.932 PUBLIC, THAT'S GOING TO HAVE SOME IMPLICATIONS FOR SOMEBODY 00:05:32.932 --> 00:05:33.032 SOME IMPLICATIONS FOR SOMEBODY 00:05:33.032 --> 00:05:33.266 SOME IMPLICATIONS FOR SOMEBODY I'M 00:05:33.266 --> 00:05:33.566 SOME IMPLICATIONS FOR SOMEBODY I'M NOT 00:05:33.566 --> 00:05:33.866 SOME IMPLICATIONS FOR SOMEBODY I'M NOT SURE 00:05:33.866 --> 00:05:34.167 SOME IMPLICATIONS FOR SOMEBODY I'M NOT SURE WHERE 00:05:34.167 --> 00:05:34.434 SOME IMPLICATIONS FOR SOMEBODY I'M NOT SURE WHERE IT 00:05:34.434 --> 00:05:35.134 SOME IMPLICATIONS FOR SOMEBODY I'M NOT SURE WHERE IT SHOWS 00:05:35.134 --> 00:05:35.168 SOME IMPLICATIONS FOR SOMEBODY I'M NOT SURE WHERE IT SHOWS UP 00:05:35.168 --> 00:05:35.335 I'M NOT SURE WHERE IT SHOWS UP 00:05:35.335 --> 00:05:35.401 I'M NOT SURE WHERE IT SHOWS UP FIRST, 00:05:35.401 --> 00:05:35.435 I'M NOT SURE WHERE IT SHOWS UP FIRST, BUT 00:05:35.435 --> 00:05:35.568 I'M NOT SURE WHERE IT SHOWS UP FIRST, BUT AT 00:05:35.568 --> 00:05:35.735 I'M NOT SURE WHERE IT SHOWS UP FIRST, BUT AT THE 00:05:35.735 --> 00:05:36.002 I'M NOT SURE WHERE IT SHOWS UP FIRST, BUT AT THE END 00:05:36.002 --> 00:05:36.502 I'M NOT SURE WHERE IT SHOWS UP FIRST, BUT AT THE END OF 00:05:36.502 --> 00:05:36.536 I'M NOT SURE WHERE IT SHOWS UP FIRST, BUT AT THE END OF THE 00:05:36.536 --> 00:05:36.669 FIRST, BUT AT THE END OF THE 00:05:36.669 --> 00:05:36.703 FIRST, BUT AT THE END OF THE DAY, 00:05:36.703 --> 00:05:36.836 FIRST, BUT AT THE END OF THE DAY, I 00:05:36.836 --> 00:05:37.437 FIRST, BUT AT THE END OF THE DAY, I AM 00:05:37.437 --> 00:05:37.670 FIRST, BUT AT THE END OF THE DAY, I AM WITH 00:05:37.670 --> 00:05:37.904 FIRST, BUT AT THE END OF THE DAY, I AM WITH HENRY 00:05:37.904 --> 00:05:38.571 FIRST, BUT AT THE END OF THE DAY, I AM WITH HENRY ON 00:05:38.571 --> 00:05:38.604 FIRST, BUT AT THE END OF THE DAY, I AM WITH HENRY ON THIS 00:05:38.604 --> 00:05:39.405 DAY, I AM WITH HENRY ON THIS 00:05:39.405 --> 00:05:39.439 DAY, I AM WITH HENRY ON THIS THING. 00:05:39.439 --> 00:05:39.572 THING. 00:05:39.572 --> 00:05:39.739 THING. THERE 00:05:39.739 --> 00:05:40.006 THING. THERE ARE 00:05:40.006 --> 00:05:40.273 THING. THERE ARE SOME 00:05:40.273 --> 00:05:40.773 THING. THERE ARE SOME REALLY 00:05:40.773 --> 00:05:40.940 THING. THERE ARE SOME REALLY GREAT 00:05:40.940 --> 00:05:42.041 THERE ARE SOME REALLY GREAT 00:05:42.041 --> 00:05:42.241 THERE ARE SOME REALLY GREAT IDEAS 00:05:42.241 --> 00:05:42.475 THERE ARE SOME REALLY GREAT IDEAS FUNDED 00:05:42.475 --> 00:05:43.776 THERE ARE SOME REALLY GREAT IDEAS FUNDED THAT 00:05:43.776 --> 00:05:43.810 THERE ARE SOME REALLY GREAT IDEAS FUNDED THAT WERE 00:05:43.810 --> 00:05:44.043 IDEAS FUNDED THAT WERE 00:05:44.043 --> 00:05:44.077 IDEAS FUNDED THAT WERE ENCOURAGED 00:05:44.077 --> 00:05:44.777 IDEAS FUNDED THAT WERE ENCOURAGED TO 00:05:44.777 --> 00:05:44.911 IDEAS FUNDED THAT WERE ENCOURAGED TO GROW 00:05:44.911 --> 00:05:45.545 IDEAS FUNDED THAT WERE ENCOURAGED TO GROW WILDLY 00:05:45.545 --> 00:05:46.045 IDEAS FUNDED THAT WERE ENCOURAGED TO GROW WILDLY TOO 00:05:46.045 --> 00:05:46.245 ENCOURAGED TO GROW WILDLY TOO 00:05:46.245 --> 00:05:46.312 ENCOURAGED TO GROW WILDLY TOO RAPIDLY, 00:05:46.312 --> 00:05:47.280 ENCOURAGED TO GROW WILDLY TOO RAPIDLY, TAKE 00:05:47.280 --> 00:05:47.347 ENCOURAGED TO GROW WILDLY TOO RAPIDLY, TAKE WAY 00:05:47.347 --> 00:05:47.914 ENCOURAGED TO GROW WILDLY TOO RAPIDLY, TAKE WAY TOO 00:05:47.914 --> 00:05:47.947 ENCOURAGED TO GROW WILDLY TOO RAPIDLY, TAKE WAY TOO MUCH 00:05:47.947 --> 00:05:48.147 RAPIDLY, TAKE WAY TOO MUCH 00:05:48.147 --> 00:05:48.181 RAPIDLY, TAKE WAY TOO MUCH CAPITAL. 00:05:48.181 --> 00:05:48.314 CAPITAL. 00:05:48.314 --> 00:05:48.448 CAPITAL. WHILE 00:05:48.448 --> 00:05:48.548 CAPITAL. WHILE THEY 00:05:48.548 --> 00:05:48.715 CAPITAL. WHILE THEY STILL 00:05:48.715 --> 00:05:49.582 CAPITAL. WHILE THEY STILL HAVE 00:05:49.582 --> 00:05:49.615 CAPITAL. WHILE THEY STILL HAVE CAPITAL, 00:05:49.615 --> 00:05:49.749 WHILE THEY STILL HAVE CAPITAL, 00:05:49.749 --> 00:05:49.916 WHILE THEY STILL HAVE CAPITAL, THEY 00:05:49.916 --> 00:05:50.883 WHILE THEY STILL HAVE CAPITAL, THEY SHOULD 00:05:50.883 --> 00:05:50.983 WHILE THEY STILL HAVE CAPITAL, THEY SHOULD RETRENCH, 00:05:50.983 --> 00:05:51.250 WHILE THEY STILL HAVE CAPITAL, THEY SHOULD RETRENCH, MAKE 00:05:51.250 --> 00:05:51.417 WHILE THEY STILL HAVE CAPITAL, THEY SHOULD RETRENCH, MAKE IT 00:05:51.417 --> 00:05:51.551 THEY SHOULD RETRENCH, MAKE IT 00:05:51.551 --> 00:05:51.617 THEY SHOULD RETRENCH, MAKE IT WORK 00:05:51.617 --> 00:05:51.884 THEY SHOULD RETRENCH, MAKE IT WORK ON 00:05:51.884 --> 00:05:52.118 THEY SHOULD RETRENCH, MAKE IT WORK ON CAPTAIN 00:05:52.118 --> 00:05:54.220 THEY SHOULD RETRENCH, MAKE IT WORK ON CAPTAIN THEY 00:05:54.220 --> 00:05:54.253 THEY SHOULD RETRENCH, MAKE IT WORK ON CAPTAIN THEY HAVE. 00:05:54.253 --> 00:05:54.354 WORK ON CAPTAIN THEY HAVE. 00:05:54.354 --> 00:05:54.520 WORK ON CAPTAIN THEY HAVE. IT 00:05:54.520 --> 00:05:54.921 WORK ON CAPTAIN THEY HAVE. IT IS 00:05:54.921 --> 00:05:55.388 WORK ON CAPTAIN THEY HAVE. IT IS NOT 00:05:55.388 --> 00:05:55.521 WORK ON CAPTAIN THEY HAVE. IT IS NOT LIKE 00:05:55.521 --> 00:05:55.755 WORK ON CAPTAIN THEY HAVE. IT IS NOT LIKE THERE'S 00:05:55.755 --> 00:05:55.788 WORK ON CAPTAIN THEY HAVE. IT IS NOT LIKE THERE'S GOING 00:05:55.788 --> 00:05:55.922 WORK ON CAPTAIN THEY HAVE. IT IS NOT LIKE THERE'S GOING TO 00:05:55.922 --> 00:05:56.055 IT IS NOT LIKE THERE'S GOING TO 00:05:56.055 --> 00:05:57.290 IT IS NOT LIKE THERE'S GOING TO BE 00:05:57.290 --> 00:05:57.490 IT IS NOT LIKE THERE'S GOING TO BE A 00:05:57.490 --> 00:05:57.523 IT IS NOT LIKE THERE'S GOING TO BE A COMPETITOR. 00:05:57.523 --> 00:05:57.690 BE A COMPETITOR. 00:05:57.690 --> 00:05:58.057 BE A COMPETITOR. THERE'S 00:05:58.057 --> 00:05:58.157 BE A COMPETITOR. THERE'S ZERO 00:05:58.157 --> 00:05:58.424 BE A COMPETITOR. THERE'S ZERO CHANCE 00:05:58.424 --> 00:05:58.925 BE A COMPETITOR. THERE'S ZERO CHANCE OF 00:05:58.925 --> 00:05:58.958 BE A COMPETITOR. THERE'S ZERO CHANCE OF SOMETHING 00:05:58.958 --> 00:05:59.192 THERE'S ZERO CHANCE OF SOMETHING 00:05:59.192 --> 00:05:59.325 THERE'S ZERO CHANCE OF SOMETHING COMING 00:05:59.325 --> 00:05:59.692 THERE'S ZERO CHANCE OF SOMETHING COMING IN 00:05:59.692 --> 00:05:59.859 THERE'S ZERO CHANCE OF SOMETHING COMING IN AFTER 00:05:59.859 --> 00:06:00.526 THERE'S ZERO CHANCE OF SOMETHING COMING IN AFTER THESE 00:06:00.526 --> 00:06:00.693 THERE'S ZERO CHANCE OF SOMETHING COMING IN AFTER THESE GUYS, 00:06:00.693 --> 00:06:00.827 COMING IN AFTER THESE GUYS, 00:06:00.827 --> 00:06:00.927 COMING IN AFTER THESE GUYS, DON'T 00:06:00.927 --> 00:06:01.027 COMING IN AFTER THESE GUYS, DON'T HAVE 00:06:01.027 --> 00:06:01.294 COMING IN AFTER THESE GUYS, DON'T HAVE TO 00:06:01.294 --> 00:06:01.694 COMING IN AFTER THESE GUYS, DON'T HAVE TO WORRY 00:06:01.694 --> 00:06:03.730 COMING IN AFTER THESE GUYS, DON'T HAVE TO WORRY ABOUT 00:06:03.730 --> 00:06:03.896 COMING IN AFTER THESE GUYS, DON'T HAVE TO WORRY ABOUT THE 00:06:03.896 --> 00:06:04.130 DON'T HAVE TO WORRY ABOUT THE 00:06:04.130 --> 00:06:04.263 DON'T HAVE TO WORRY ABOUT THE COMPETITIVE 00:06:04.263 --> 00:06:04.330 DON'T HAVE TO WORRY ABOUT THE COMPETITIVE THREAT 00:06:04.330 --> 00:06:04.797 DON'T HAVE TO WORRY ABOUT THE COMPETITIVE THREAT LIKE 00:06:04.797 --> 00:06:04.864 DON'T HAVE TO WORRY ABOUT THE COMPETITIVE THREAT LIKE YOU 00:06:04.864 --> 00:06:04.964 DON'T HAVE TO WORRY ABOUT THE COMPETITIVE THREAT LIKE YOU DID 00:06:04.964 --> 00:06:05.064 COMPETITIVE THREAT LIKE YOU DID 00:06:05.064 --> 00:06:05.198 COMPETITIVE THREAT LIKE YOU DID TWO 00:06:05.198 --> 00:06:05.365 COMPETITIVE THREAT LIKE YOU DID TWO OR 00:06:05.365 --> 00:06:05.565 COMPETITIVE THREAT LIKE YOU DID TWO OR THREE 00:06:05.565 --> 00:06:05.865 COMPETITIVE THREAT LIKE YOU DID TWO OR THREE YEARS 00:06:05.865 --> 00:06:06.232 COMPETITIVE THREAT LIKE YOU DID TWO OR THREE YEARS AGO 00:06:06.232 --> 00:06:06.566 COMPETITIVE THREAT LIKE YOU DID TWO OR THREE YEARS AGO WHERE 00:06:06.566 --> 00:06:06.733 COMPETITIVE THREAT LIKE YOU DID TWO OR THREE YEARS AGO WHERE IT 00:06:06.733 --> 00:06:06.933 TWO OR THREE YEARS AGO WHERE IT 00:06:06.933 --> 00:06:07.734 TWO OR THREE YEARS AGO WHERE IT APPEARED 00:06:07.734 --> 00:06:07.767 TWO OR THREE YEARS AGO WHERE IT APPEARED SKY 00:06:07.767 --> 00:06:07.834 TWO OR THREE YEARS AGO WHERE IT APPEARED SKY IS 00:06:07.834 --> 00:06:08.201 TWO OR THREE YEARS AGO WHERE IT APPEARED SKY IS THE 00:06:08.201 --> 00:06:08.267 TWO OR THREE YEARS AGO WHERE IT APPEARED SKY IS THE LIMIT. 00:06:08.267 --> 00:06:08.368 APPEARED SKY IS THE LIMIT. 00:06:08.368 --> 00:06:08.735 APPEARED SKY IS THE LIMIT. >> 00:06:08.735 --> 00:06:08.968 APPEARED SKY IS THE LIMIT. >> YOU 00:06:08.968 --> 00:06:09.102 APPEARED SKY IS THE LIMIT. >> YOU TALKED 00:06:09.102 --> 00:06:09.435 APPEARED SKY IS THE LIMIT. >> YOU TALKED ABOUT 00:06:09.435 --> 00:06:09.469 APPEARED SKY IS THE LIMIT. >> YOU TALKED ABOUT SHARED 00:06:09.469 --> 00:06:09.969 >> YOU TALKED ABOUT SHARED 00:06:09.969 --> 00:06:10.269 >> YOU TALKED ABOUT SHARED OFFICE 00:06:10.269 --> 00:06:10.670 >> YOU TALKED ABOUT SHARED OFFICE SPACE, 00:06:10.670 --> 00:06:10.803 >> YOU TALKED ABOUT SHARED OFFICE SPACE, WE 00:06:10.803 --> 00:06:11.571 >> YOU TALKED ABOUT SHARED OFFICE SPACE, WE TOUCHED 00:06:11.571 --> 00:06:12.038 >> YOU TALKED ABOUT SHARED OFFICE SPACE, WE TOUCHED ON 00:06:12.038 --> 00:06:12.271 OFFICE SPACE, WE TOUCHED ON 00:06:12.271 --> 00:06:12.305 OFFICE SPACE, WE TOUCHED ON DELIVERIES 00:06:12.305 --> 00:06:12.405 DELIVERIES 00:06:12.405 --> 00:06:12.505 DELIVERIES IS 00:06:12.505 --> 00:06:12.939 DELIVERIES IS THERE 00:06:12.939 --> 00:06:13.206 DELIVERIES IS THERE A 00:06:13.206 --> 00:06:14.807 DELIVERIES IS THERE A GREATER 00:06:14.807 --> 00:06:14.841 DELIVERIES IS THERE A GREATER VALUATION 00:06:14.841 --> 00:06:15.041 IS THERE A GREATER VALUATION 00:06:15.041 --> 00:06:15.174 IS THERE A GREATER VALUATION RECKONING 00:06:15.174 --> 00:06:15.441 IS THERE A GREATER VALUATION RECKONING COMING 00:06:15.441 --> 00:06:17.009 IS THERE A GREATER VALUATION RECKONING COMING FOR 00:06:17.009 --> 00:06:17.043 IS THERE A GREATER VALUATION RECKONING COMING FOR NEW 00:06:17.043 --> 00:06:17.343 RECKONING COMING FOR NEW 00:06:17.343 --> 00:06:17.677 RECKONING COMING FOR NEW EMERGING 00:06:17.677 --> 00:06:18.044 RECKONING COMING FOR NEW EMERGING COMPANIES, 00:06:18.044 --> 00:06:18.077 RECKONING COMING FOR NEW EMERGING COMPANIES, AREAS? 00:06:18.077 --> 00:06:18.177 EMERGING COMPANIES, AREAS? 00:06:18.177 --> 00:06:18.244 EMERGING COMPANIES, AREAS? >> 00:06:18.244 --> 00:06:18.678 EMERGING COMPANIES, AREAS? >> I 00:06:18.678 --> 00:06:19.112 EMERGING COMPANIES, AREAS? >> I THINK 00:06:19.112 --> 00:06:19.145 EMERGING COMPANIES, AREAS? >> I THINK SO. 00:06:19.145 --> 00:06:19.212 >> I THINK SO. 00:06:19.212 --> 00:06:19.379 >> I THINK SO. I 00:06:19.379 --> 00:06:19.812 >> I THINK SO. I THINK 00:06:19.812 --> 00:06:19.879 >> I THINK SO. I THINK YOU'VE 00:06:19.879 --> 00:06:19.979 >> I THINK SO. I THINK YOU'VE SEEN 00:06:19.979 --> 00:06:20.279 >> I THINK SO. I THINK YOU'VE SEEN IT 00:06:20.279 --> 00:06:20.913 >> I THINK SO. I THINK YOU'VE SEEN IT WITH 00:06:20.913 --> 00:06:21.080 I THINK YOU'VE SEEN IT WITH 00:06:21.080 --> 00:06:21.447 I THINK YOU'VE SEEN IT WITH MANY, 00:06:21.447 --> 00:06:21.581 I THINK YOU'VE SEEN IT WITH MANY, NOT 00:06:21.581 --> 00:06:21.781 I THINK YOU'VE SEEN IT WITH MANY, NOT JUST 00:06:21.781 --> 00:06:21.948 I THINK YOU'VE SEEN IT WITH MANY, NOT JUST WEWORK 00:06:21.948 --> 00:06:22.448 I THINK YOU'VE SEEN IT WITH MANY, NOT JUST WEWORK WHICH 00:06:22.448 --> 00:06:22.615 MANY, NOT JUST WEWORK WHICH 00:06:22.615 --> 00:06:22.782 MANY, NOT JUST WEWORK WHICH AGAIN, 00:06:22.782 --> 00:06:22.982 MANY, NOT JUST WEWORK WHICH AGAIN, SALUTE 00:06:22.982 --> 00:06:23.282 MANY, NOT JUST WEWORK WHICH AGAIN, SALUTE TO 00:06:23.282 --> 00:06:23.649 MANY, NOT JUST WEWORK WHICH AGAIN, SALUTE TO THE 00:06:23.649 --> 00:06:23.816 MANY, NOT JUST WEWORK WHICH AGAIN, SALUTE TO THE PUBLIC 00:06:23.816 --> 00:06:24.016 AGAIN, SALUTE TO THE PUBLIC 00:06:24.016 --> 00:06:24.050 AGAIN, SALUTE TO THE PUBLIC MARKET 00:06:24.050 --> 00:06:24.951 MARKET 00:06:24.951 --> 00:06:25.218 MARKET MY 00:06:25.218 --> 00:06:25.251 MARKET MY GOODNESS. 00:06:25.251 --> 00:06:25.585 MY GOODNESS. 00:06:25.585 --> 00:06:25.718 MY GOODNESS. JUST 00:06:25.718 --> 00:06:26.085 MY GOODNESS. JUST BLOCKING 00:06:26.085 --> 00:06:26.285 MY GOODNESS. JUST BLOCKING IT 00:06:26.285 --> 00:06:26.886 MY GOODNESS. JUST BLOCKING IT FLAT 00:06:26.886 --> 00:06:26.919 MY GOODNESS. JUST BLOCKING IT FLAT OUT. 00:06:26.919 --> 00:06:26.986 JUST BLOCKING IT FLAT OUT. 00:06:26.986 --> 00:06:27.086 JUST BLOCKING IT FLAT OUT. I 00:06:27.086 --> 00:06:27.253 JUST BLOCKING IT FLAT OUT. I CAN'T 00:06:27.253 --> 00:06:27.353 JUST BLOCKING IT FLAT OUT. I CAN'T REMEMBER 00:06:27.353 --> 00:06:27.887 JUST BLOCKING IT FLAT OUT. I CAN'T REMEMBER SEEING 00:06:27.887 --> 00:06:27.920 JUST BLOCKING IT FLAT OUT. I CAN'T REMEMBER SEEING THAT 00:06:27.920 --> 00:06:28.554 I CAN'T REMEMBER SEEING THAT 00:06:28.554 --> 00:06:28.588 I CAN'T REMEMBER SEEING THAT BEFORE 00:06:28.588 --> 00:06:28.688 BEFORE 00:06:28.688 --> 00:06:28.821 BEFORE IT 00:06:28.821 --> 00:06:29.555 BEFORE IT IS 00:06:29.555 --> 00:06:29.589 BEFORE IT IS GREAT. 00:06:29.589 --> 00:06:29.689 IT IS GREAT. 00:06:29.689 --> 00:06:29.722 IT IS GREAT. >> 00:06:29.722 --> 00:06:29.822 IT IS GREAT. >> I 00:06:29.822 --> 00:06:30.123 IT IS GREAT. >> I CAN'T 00:06:30.123 --> 00:06:30.423 IT IS GREAT. >> I CAN'T REMEMBER 00:06:30.423 --> 00:06:30.456 IT IS GREAT. >> I CAN'T REMEMBER SPENDING 00:06:30.456 --> 00:06:30.590 >> I CAN'T REMEMBER SPENDING 00:06:30.590 --> 00:06:30.857 >> I CAN'T REMEMBER SPENDING MORE 00:06:30.857 --> 00:06:30.923 >> I CAN'T REMEMBER SPENDING MORE TIME 00:06:30.923 --> 00:06:31.290 >> I CAN'T REMEMBER SPENDING MORE TIME ON 00:06:31.290 --> 00:06:31.557 >> I CAN'T REMEMBER SPENDING MORE TIME ON A 00:06:31.557 --> 00:06:32.225 >> I CAN'T REMEMBER SPENDING MORE TIME ON A PRIVATE 00:06:32.225 --> 00:06:32.258 >> I CAN'T REMEMBER SPENDING MORE TIME ON A PRIVATE COMPANY 00:06:32.258 --> 00:06:32.358 MORE TIME ON A PRIVATE COMPANY 00:06:32.358 --> 00:06:32.525 MORE TIME ON A PRIVATE COMPANY IN 00:06:32.525 --> 00:06:33.092 MORE TIME ON A PRIVATE COMPANY IN ALL 00:06:33.092 --> 00:06:33.393 MORE TIME ON A PRIVATE COMPANY IN ALL MY 00:06:33.393 --> 00:06:33.793 MORE TIME ON A PRIVATE COMPANY IN ALL MY YEARS, 00:06:33.793 --> 00:06:34.227 MORE TIME ON A PRIVATE COMPANY IN ALL MY YEARS, TALKING 00:06:34.227 --> 00:06:34.560 MORE TIME ON A PRIVATE COMPANY IN ALL MY YEARS, TALKING ABOUT 00:06:34.560 --> 00:06:34.594 MORE TIME ON A PRIVATE COMPANY IN ALL MY YEARS, TALKING ABOUT A 00:06:34.594 --> 00:06:34.761 IN ALL MY YEARS, TALKING ABOUT A 00:06:34.761 --> 00:06:34.894 IN ALL MY YEARS, TALKING ABOUT A PRIVATE 00:06:34.894 --> 00:06:35.194 IN ALL MY YEARS, TALKING ABOUT A PRIVATE COMPANY 00:06:35.194 --> 00:06:35.628 IN ALL MY YEARS, TALKING ABOUT A PRIVATE COMPANY THAN 00:06:35.628 --> 00:06:35.661 IN ALL MY YEARS, TALKING ABOUT A PRIVATE COMPANY THAN WEWORK. 00:06:35.661 --> 00:06:35.762 PRIVATE COMPANY THAN WEWORK. 00:06:35.762 --> 00:06:35.828 PRIVATE COMPANY THAN WEWORK. >> 00:06:35.828 --> 00:06:35.895 PRIVATE COMPANY THAN WEWORK. >> THIS 00:06:35.895 --> 00:06:36.162 PRIVATE COMPANY THAN WEWORK. >> THIS IS 00:06:36.162 --> 00:06:36.629 PRIVATE COMPANY THAN WEWORK. >> THIS IS WHY 00:06:36.629 --> 00:06:36.763 PRIVATE COMPANY THAN WEWORK. >> THIS IS WHY WE 00:06:36.763 --> 00:06:36.896 PRIVATE COMPANY THAN WEWORK. >> THIS IS WHY WE HAD 00:06:36.896 --> 00:06:37.063 PRIVATE COMPANY THAN WEWORK. >> THIS IS WHY WE HAD THE 00:06:37.063 --> 00:06:37.330 >> THIS IS WHY WE HAD THE 00:06:37.330 --> 00:06:37.964 >> THIS IS WHY WE HAD THE CONVERSATION 00:06:37.964 --> 00:06:37.997 >> THIS IS WHY WE HAD THE CONVERSATION EARLY 00:06:37.997 --> 00:06:38.131 CONVERSATION EARLY 00:06:38.131 --> 00:06:38.464 CONVERSATION EARLY THERE 00:06:38.464 --> 00:06:38.931 CONVERSATION EARLY THERE ARE 00:06:38.931 --> 00:06:39.065 CONVERSATION EARLY THERE ARE SYSTEMIC 00:06:39.065 --> 00:06:41.634 CONVERSATION EARLY THERE ARE SYSTEMIC THINGS 00:06:41.634 --> 00:06:41.667 CONVERSATION EARLY THERE ARE SYSTEMIC THINGS THAT 00:06:41.667 --> 00:06:42.301 THERE ARE SYSTEMIC THINGS THAT 00:06:42.301 --> 00:06:42.902 THERE ARE SYSTEMIC THINGS THAT WEWORK 00:06:42.902 --> 00:06:43.002 THERE ARE SYSTEMIC THINGS THAT WEWORK TOUCHES 00:06:43.002 --> 00:06:43.069 THERE ARE SYSTEMIC THINGS THAT WEWORK TOUCHES THAT 00:06:43.069 --> 00:06:43.269 THERE ARE SYSTEMIC THINGS THAT WEWORK TOUCHES THAT WE 00:06:43.269 --> 00:06:43.403 THERE ARE SYSTEMIC THINGS THAT WEWORK TOUCHES THAT WE HAVE 00:06:43.403 --> 00:06:43.436 THERE ARE SYSTEMIC THINGS THAT WEWORK TOUCHES THAT WE HAVE TO 00:06:43.436 --> 00:06:43.703 WEWORK TOUCHES THAT WE HAVE TO 00:06:43.703 --> 00:06:44.871 WEWORK TOUCHES THAT WE HAVE TO BE 00:06:44.871 --> 00:06:45.238 WEWORK TOUCHES THAT WE HAVE TO BE CAREFUL 00:06:45.238 --> 00:06:45.271 WEWORK TOUCHES THAT WE HAVE TO BE CAREFUL ABOUT 00:06:45.271 --> 00:06:45.405 BE CAREFUL ABOUT 00:06:45.405 --> 00:06:45.605 BE CAREFUL ABOUT KNOCK 00:06:45.605 --> 00:06:45.838 BE CAREFUL ABOUT KNOCK ON 00:06:45.838 --> 00:06:46.072 BE CAREFUL ABOUT KNOCK ON EFFECTS 00:06:46.072 --> 00:06:47.807 BE CAREFUL ABOUT KNOCK ON EFFECTS OF 00:06:47.807 --> 00:06:47.840 BE CAREFUL ABOUT KNOCK ON EFFECTS OF THEM 00:06:47.840 --> 00:06:48.107 KNOCK ON EFFECTS OF THEM 00:06:48.107 --> 00:06:48.141 KNOCK ON EFFECTS OF THEM RETRENCHING. 00:06:48.141 --> 00:06:48.241 RETRENCHING. 00:06:48.241 --> 00:06:48.341 RETRENCHING. >> 00:06:48.341 --> 00:06:48.808 RETRENCHING. >> STILL, 00:06:48.808 --> 00:06:49.008 RETRENCHING. >> STILL, 2% 00:06:49.008 --> 00:06:49.242 RETRENCHING. >> STILL, 2% OF 00:06:49.242 --> 00:06:49.342 RETRENCHING. >> STILL, 2% OF THE 00:06:49.342 --> 00:06:49.442 RETRENCHING. >> STILL, 2% OF THE REAL 00:06:49.442 --> 00:06:49.609 RETRENCHING. >> STILL, 2% OF THE REAL ESTATE 00:06:49.609 --> 00:06:49.776 >> STILL, 2% OF THE REAL ESTATE 00:06:49.776 --> 00:06:49.909 >> STILL, 2% OF THE REAL ESTATE MARKET 00:06:49.909 --> 00:06:51.010 >> STILL, 2% OF THE REAL ESTATE MARKET OR 00:06:51.010 --> 00:06:51.043 >> STILL, 2% OF THE REAL ESTATE MARKET OR 3% 00:06:51.043 --> 00:06:51.210 MARKET OR 3% 00:06:51.210 --> 00:06:51.411 MARKET OR 3% ROGER, 00:06:51.411 --> 00:06:51.477 MARKET OR 3% ROGER, YOU 00:06:51.477 --> 00:06:51.677 MARKET OR 3% ROGER, YOU WANT 00:06:51.677 --> 00:06:52.412 MARKET OR 3% ROGER, YOU WANT TO 00:06:52.412 --> 00:06:53.012 MARKET OR 3% ROGER, YOU WANT TO STAIR 00:06:53.012 --> 00:06:53.045 MARKET OR 3% ROGER, YOU WANT TO STAIR PEOPLE. 00:06:53.045 --> 00:06:53.146 ROGER, YOU WANT TO STAIR PEOPLE. 00:06:53.146 --> 00:06:53.246 ROGER, YOU WANT TO STAIR PEOPLE. YOU 00:06:53.246 --> 00:06:53.913 ROGER, YOU WANT TO STAIR PEOPLE. YOU HAVE 00:06:53.913 --> 00:06:54.714 ROGER, YOU WANT TO STAIR PEOPLE. YOU HAVE SOFTBANK 00:06:54.714 --> 00:06:54.881 ROGER, YOU WANT TO STAIR PEOPLE. YOU HAVE SOFTBANK COLLAPSING, 00:06:54.881 --> 00:06:54.981 YOU HAVE SOFTBANK COLLAPSING, 00:06:54.981 --> 00:06:55.081 YOU HAVE SOFTBANK COLLAPSING, NEW 00:06:55.081 --> 00:06:55.148 YOU HAVE SOFTBANK COLLAPSING, NEW YORK 00:06:55.148 --> 00:06:56.449 YOU HAVE SOFTBANK COLLAPSING, NEW YORK REAL 00:06:56.449 --> 00:06:56.549 YOU HAVE SOFTBANK COLLAPSING, NEW YORK REAL ESTATE 00:06:56.549 --> 00:06:56.783 YOU HAVE SOFTBANK COLLAPSING, NEW YORK REAL ESTATE MARKET 00:06:56.783 --> 00:06:57.016 NEW YORK REAL ESTATE MARKET 00:06:57.016 --> 00:06:57.083 NEW YORK REAL ESTATE MARKET COLLAPSING. 00:06:57.083 --> 00:06:57.183 COLLAPSING. 00:06:57.183 --> 00:06:57.450 COLLAPSING. >> 00:06:57.450 --> 00:06:57.483 COLLAPSING. >> NOVEMBER, 00:06:57.483 --> 00:06:57.884 COLLAPSING. >> NOVEMBER, IT 00:06:57.884 --> 00:06:58.151 COLLAPSING. >> NOVEMBER, IT IS 00:06:58.151 --> 00:06:58.451 COLLAPSING. >> NOVEMBER, IT IS FREEZING 00:06:58.451 --> 00:06:58.518 >> NOVEMBER, IT IS FREEZING