Matthew Le Merle

Yeah, well, the the the macro point is this is really a people business. And we think it’s a investment business. But this is not like real estate, or public equities and private equity, late stage where it’s all about the numbers. This is really early stage investing. And it’s about the people and the best entrepreneurs understand how to create great teams. And the best investors are very good at partnering with those people. And they don’t just bring capital, they bring expertise, and it becomes a partnership. And there’s a lot more specificity around that point. But it’s important to understand it, the best entrepreneurs know how to get the best out of their investors. And it’s not just capital, it’s everything else. And you know, in the scheme of things, I know, when you don’t have any capital, it feels like it’s all about fundraising. But actually, the moment you have capital, you realize it was it was never about the money. It’s about having a team of people that are going to help you accomplish the vision you’ve set. And if you build a really good team of investors, advisors, coaches, experts, as well as employees and team members, your your startup has a much higher probability of getting to the destination that you’ve established.

Jeremy Weisz

Yeah, yeah, it’s all about the people, right? I mean, the people running everything. You know, I was talking with someone the other day, Matthew, and we were talking about early on, and they were a company that was seeking investment. And I was asking, how do you value a company when you don’t have customers yet? And it’s an idea. And he’s like, well, investor may have a very different answer to this because he was raising money. How do you when someone’s coming in with an idea what how are you valuing the company at the early stage, it’s, it’s really difficult.

Matthew Le Merle

But it’s just really difficult. But I don’t it’s, it’s less about a quantitative analysis of discounted cash flow, it’s, which is based upon the business plan and the projections, it’s more about a dialogue around a series of funding events that are going to take place over the first two or three years, a cap table, the capitalization table for the company, and a fair and equitable way of splitting up both the equity of the company and the work of the company of which the capital that’s going to be used as a component. And so we tend to have a dialogue with the entrepreneurs, you know, you’ve got to have enough for the company for this to make sense to you. We’re going to bring something to the table capital and resources. And now we have to establish a cap table where we feel we’re getting enough. And then we know the first round isn’t the only round. So let’s map that out. Round Two, round three, what’s happening for you in terms of dilution? What’s happening to us in terms of dilution? And how do we make this work for the follow on investors that also have to be part of the puzzle. And so I think that we we see errors occurring all the time. One error is that entrepreneurs don’t want to give away any of the company at the beginning. And then they can’t attract investors. Another error is they give too much of the company away to their co founders. And they don’t have multi year vesting. And that basically kills the deal because they get passive partners, who own a lot of equity but aren’t doing any work. And then no one else wants to come in later. These are examples, of course. So a sophisticated investor working with a good entrepreneur will map out the multi year funding strategy. And then the valuation will be an output variable, it won’t be the input variable is totally

Jeremy Weisz

interesting, Matthew, because it’s you’re looking at, you know, some people think you look in this finite point in time, but you’re looking at like the entire picture because of your experience. And like, if we do this now, how’s that gonna affect all these future people who would want to come in? Is it desirable for them with helping of the growth of the company,

Matthew Le Merle

and and the entrepreneur to I mean, a smart entrepreneur knows that having an awful lot of nothing is nothing. And so you’ve got to figure out, you know, I as the entrepreneur, I’m going to give up certain things as time goes by, I’m going to give up ownership. And I may have to give up control. I may need to also give up, you know, operating responsibility and control because I have to build a team and I have to trust other people to make decisions. All of these things are going to dynamically change over time and you know you as an entrepreneur If you’re sophisticated, are going to map that out in your own mind. And as you say, Jeremy, it’s going to be a three to five year thought process, not a, I’m here to do around and I want the maximum possible valuation and the minimum possible capital, because that’s not actually the right answer. Typically,

Jeremy Weisz

you have some really good questions with some of these Rockstar investors in your book, one of my favorites is about what they wanted to be as a child, and you kind of get this insight into something. So for you, what was it like growing up? And what did you want to be?

Matthew Le Merle

Yes, that’s a good question, Jeremy. So you know, I, I, I’ve made a decision at university that pushed me down a certain path, I decided to be a management consultant, and I joined McKinsey and Company. And I turned out to be good at it, though. You know, for many people, it’s a challenging career. But because I was a good management consultant, I stayed in that profession for more than 20 years. And I was good at it. I enjoyed it, I got a lot of benefit from the experiences, you get a lot of diversity across industries, and clients and geographers, I probably stayed a consultant longer than I should have in in retrospect. Why? Why? Because I was enjoying it. And I was good at it. No, I

Jeremy Weisz

mean, why do you think? Yeah,

Matthew Le Merle

yes, because the world is full of opportunities. And I’m enjoying what I’m doing today even more, and I probably could have started being a full time investor earlier. And, and I tried to bridge from one career to the other in parallel. So I tried to do two things at once. Let’s be a consultant, and also Let’s be an investor. And I think I probably should have cut the ties to being an advisor a little earlier and jumped ship, to being a full time investor. You know, if I’d done that in the late 90s, when I could have done it, I would have caught the .com boom. I Alison, I ended up doing that a little later. But the good great news is we’re catching this boom. And we’re well positioned for this boom. So that’s, I guess the answer to your question, if you ask me, what other things might have wanted to be, there was a time of very early on, I would have liked to be in the professional athletes and I did compete for many, many years. But I’m not sure I was ever quite good enough to be professional. You know, in my sports.

Jeremy Weisz

It’s a tough one. You know, I want to talk about first we all remember first, but before we do, do you have one, like I mentioned with John Medved, and the other is a miss that look at you know, hindsight is always 2020. But like, at the time, it wasn’t so obvious.

Matthew Le Merle

Yes. Well, many, actually, Jeremy many, and in fact, I would quote Mike Moritz on this the Chairman of Sequoia and one of the world’s best VCs, and, and Mike has said to us, and he said to other people, you know, it is the missus that keeps him up and up at night. And he worries more about why he didn’t invest in something that went on to be successful. Even though he’s had a lot of great wins along the way. You know, missing something means that you were fishing in the right pond to mix metaphors, right? You were fishing in the right pond, and the fish were there. And you happen not to catch the big fish, but you were in the right pond. So it comes with the territory. It’s okay. We so what a mine. I mean, I there are so many, but I’ll pick out two right now. One is Ethereum. And another one is Ripple. So Blockchain Capital where Alison is the advice, the advice, the chairman of the advisory board, and we are LPs and all of their funds, we love Blockchain Capital, Brad and Bart’s took me to a dinner with vitalik booter. And right at the beginning, and he was looking for people to participate and support in Ethereum. And he was still ready to give out blocks of Ethereum at very low prices, and I didn’t get it. And I really didn’t get it at all at the time. I didn’t know what a smart contract was and what I didn’t understand what was wrong with Bitcoin, blockchain and so on and so on. Today, I do so today I would have grabbed as many blocks from vitalik. As we

Jeremy Weisz

can see blockchain co investors like right over your shoulder there.

Matthew Le Merle

Yes. Yeah. Well, we are the world’s leading venture fund fund focused on blockchain. So so so that’s one Etherium. And Ripple are very, you know, have a good friend of ours, Greg Kidd, who we had backed back in the 90s. With is partnered into Jenkinson in the formation of Dispatch Management. He then went on with Jack Dorsey to create Twitter and Square and he called us to a meeting at his home in Sausalito, where he wanted to talk about ripple, but we didn’t go. Why? We had something else come up that evening, and we had five kids. So we had a lot of things on our plate.

Jeremy Weisz

That’s understandable. Matthew, first kids, Trump’s a lot of things.

Matthew Le Merle

Yeah. But obviously, we wouldn’t, we probably wouldn’t have been in on the formation of Ripple and XRP. But we could have added value early in its lifecycle. And maybe we would have received blocks of XRP along the way. And who knows. So these are two examples. But But Jeremy, the point is, you’ve got to be fishing in the right pond. And as an entrepreneur, that means you’ve got to be launching companies where the tail winds are behind you. And for investors, it means you’ve got to be investing with the best investors and getting access to the best deal flow. So So whichever you are, if you’re in the right place, you will miss things and that’s absolutely fine. Okay.

Jeremy Weisz

That’s, that’s I like that, that way of looking at it. Matthew, what’s so a good piece of advice that you’ve gotten from Michael Moritz? I was looking at your site. And he said, you know, investing in young companies is Hatter is a hazardous undertaking, right. And we’re most people lose. And he says, Matthew suggest ways to avoid that fate. What some advice that he’s given you, or from your conversations has been valuable.

Matthew Le Merle

Yes. So Mike Moritz is a very sophisticated person. And he’s a former journalist. That’s how he began his career. And before that, he went to Christ Church, Oxford, which is where I was educated. Alison has met him a few times, because she’s actually been on boards with him. And in fact, Sequoia has had Alison, who is my partner, as well as my wife had Alison, you know, they’ve had Alison help with a couple of companies in the preparation and run up to the IPO. Because Alison is a audit committee chair and a public company, board director. So So that’s sort of the context. I don’t want to pretend that I sit every day with Mike Moritz and we chat. But I’ve had the I’ve had the benefit of listening to him a few times. I think the blurb he wrote for our book, which is what you just quoted, is actually a very sophisticated way of giving us a blurb without endorsing the content. Because what he’s actually saying, if you if you read it, if you pass his blurb, it basically says you can lose all your money. And I don’t know that Matthew has the answer. And Matthew and Alison have the answer either, because they suggest things, but he’s not endorsing that. Our suggestions are good. So he’s a very sophisticated guy, we were very appreciative that you wrote a blurb for the book, and that he read our book, and but at the same time, I can tell he didn’t actually endorse our book. But he did give us a blurb and it’s on the front on the back cover of the book. And thank you very much, Mike for doing that.

Jeremy Weisz

Yeah. Um, you know, another thing. So one of the questions I also love is, you ask people, what’s your first technology investment? And what happened? Yeah, and it doesn’t have to be your first but what what has been one of maybe first or most influential as far as early on? investments for you?

Matthew Le Merle

Yeah, well, I’m happy Well, okay. No, that’s the way you ask the question, you change my response. I was going to tell you a story of our first formal angel investment. Okay. But I’m not going to because actually, the better story goes way back, given the way you finish that question. When I was at McKinsey in New York, back in the very early world, the end of the 80s, in the early 90s, I was doing projects, which in retrospect, were groundbreaking, but at the time, I don’t think we understood just how much they would end up being so. So for example, I worked on a lot of projects at Sears and Sears at the time, owned Prodigy. And I was learning about Prodigy before anyone had heard about America Online. And a copy. Of course, prodigy lost an American online, at least in that phase one. But because I had insights into how you could dial up and see a catalog online, and how cool that was, which is sort of what Prodigy was. It was the Sears catalog online through an access point. It made us invest in America Online. And this is and we were public investors because I American Online had already IPO. But we rode America Online right through the 90s. And that was a tremendous returning investment. The second one I would mention is actually something called Catalina Marketing and Catalina Marketing at the time. This is way back, you know, 30 years ago, or something Catalina marketing allows For the customized printing of toke of, of coupons, when you were checking out at the register at the grocery store, if you remember that you sort of you went to the grocery store you Oh, yeah, totally Yeah, Safeway is print out your receipt

Jeremy Weisz

on the receipt, and you get, I just bought oatmeal. It’s like, oh, next time you buy oatmeal, you get $1 off or something?

Matthew Le Merle

Well, it’s a bit more targeted than that. It’s like you just bought Pampers. And then they tell you, you can get something off baby food, so that they are actually watching what you bought. And they’re giving you a customized coupon. Well, the point is, that was the my first realization of the power of one on one marketing a point of sale real time one on one marketing. And it meant that if I combine those two things, you know, the understanding that the internet was going to give us access in ways that we couldn’t imagine before. And the realization that targeted marketing in real time could be possible and unleashed by that connectivity. And by the ability to do computing in real time, based upon the click clickstream activity or the behaviors of, of a user, that sets us up very well for understanding why the internet was a lot more than just an electronic commerce platform. And, and as consultants, that was very helpful when we were launching or helping launch, say a BankAmerica.com or a Gap.com, which I worked on. But for Alison I, for our investing, it meant that we have invested in you know, probably a slightly ahead of the curve on the internet companies, including those like Amazon and Apple and Tencent and Alibaba that have risen to be the world’s most valuable companies. We we’ve understood what they were doing, because of those very early experiences.

Jeremy Weisz

Yeah, I mean, you have this unique viewpoint of seeing so many different businesses and what they’re doing in the businesses, by the time it comes to more the public. It’s like, some of those people are seeing it for the first time. And you’re like, No, I’ve been I’ve been kind of seeing parts of this for five years or 10 years. So to you It makes sense. In I don’t know, if you consider yourself an early adopter, like you’ve seen the technologies maybe years before anyone else has seen it, right?

Matthew Le Merle

Yes. Well, I you say me, I mean, this, I think part of why I think living in Silicon Valley in California, is a privilege is because we see the future a little bit earlier than most people in the world. Now, we’re not unique in that you could be living in Beijing and Shanghai and Hong Kong. And you could be living in, you know, Tokyo, and you could be living in Zurich, Switzerland, or London. And those are also innovation hubs. And Austin, Texas is and Boston is and there are a few. But if you compare 8 billion people and where they live to where the world’s future innovations are being created, that relatively few of us live in the innovation hubs. And so I’m agreeing with your points, which is 35 years in Silicon Valley, you you see things and you can connect dots that are a little bit harder for those people who are not living in an innovation setting. And of course, you can always watch the YouTube video, or write in 8 billion people can watch the video, but we’re actually living in it. And, and even though we’ve all gone virtual, you know, in this terrible pandemic, I still feel I’m a little bit more connected into this innovation ecosystem than many. We also make a lot more mistakes, which is going back to the point about fishing in the right pool, you know, I’m living in the right pond. in Silicon Valley, I also spend a lot of time in London and Zurich, Zurich, and other places. So I’m living in the right ponds, but I but by definition, failure is part of that too. And I can show you all of the failures and there have been many, but it just comes with the territory. So you know, I feel there’s also that, you know, you Eurythmics song, better to have loved and lost than never to have loved at all. And I feel that better to have risked and lost than never to have risks at all.

Jeremy Weisz

Yeah, I mean, you ask people, I forgot who was talking about this. Someone who’s at 90 100 and they’re thinking about what they regret not something that they did, and then they missed out on because they did it.

Matthew Le Merle

Yes. I Well, I think that’s true, too. You know, I, you know, we you know, Gandalf says it in Lord of the Rings, right. All we have to decide is how to spend the time that is allotted to us. When we’re living in this time of unprecedented innovation and change, I think that if we get to the end of our lives, and we look back and said, We didn’t even try to participate in changing the world in the direction we wanted it to go, I think I, for one would regret that. So I, I love working with entrepreneurs, who are changing the world, and if I can help them, and also sometimes steer them a little bit in the direction of the future that I want, then I think, for myself, and for my children and so on, then I think that that which is time well spent.

Jeremy Weisz

Matthew, you know, we talked a little bit before we hit record about right now what you see with your unique viewpoint as emerging opportunities.

Matthew Le Merle

Yes. Well, it’s it’s, it’s, the world is full of emerging opportunities, because we we are the luckiest humans that have ever lived. I mean, we sometimes lose sight of that, because of things like a pandemic, or global inequality, or, you know, a lack of appreciation of diversity, you know, there’s a lot of, there’s a lot of things that get away. But fundamentally, we are living through a time of innovation and change, where for the most part, the world is getting better every day. And our lifespans, you know, are for the most part, lengthening. Poverty is for the most part, getting diminished, and so on, and so on. So, so there’s a lot of positive things happen technology and innovation and the drivers of most of those positive things. That doesn’t mean they don’t have externalities, and that they don’t create disruptive change and the disruptive change, disadvantages, some companies, some people and even some geographies, you know, there are whole regions that are getting disrupted, and they are unfortunately, having to go through, you know, some suffering in their transition to their new futures. But for humankind as a whole, I feel we’re moving in a positive direction to say, Well, what are the specifics of that? There’s so many, but there’s three I would call out. The first is we’re continuing to just transition towards a digital world. We’re halfway in that process, the internet got us halfway. But now we have to complete the journey, which means digital money is digital assets, and an internet of value as well as an internet of communication. The second is the life sciences revolution, where I’m a little bit less of an actor, you know, engaged. But we are now moving into a world of personalized medicine and rapid Health Solutions. I mean, even the creation of the virus, the the, the vaccines for this terrible pandemic that we’re in has occurred faster than we could ever have imagined. If we went back 10 years, and new technologies and tools are making that happen. I am a little fearful about the reality that we can not only genetically engineer plants and animals, but human beings too. And I don’t know where that heads and and I have some fear around that. And then the third is finally we have clean, clean sources of energy and of power and of business activity that I think will begin to mitigate the negative externalities of our of our progress. You know, the big collateral damage of human progress has been felt by the earth and the the world that we live in. And I think we’re finally turning the corner where we can shrink our footprints are carbon footprints, and our activity. And I think that that’s a very positive thing. So for the entrepreneurs listening, Jeremy, I think those are the three big opportunity areas are essentially FinTech and blockchain, Life Sciences, the continuation of what we’ve been doing, and clean energy. And then there are others as well. But those are the three big narratives I think of the next decade. And if you’re an entrepreneur, I would go I would pick at least one of those tailwinds and ride it. And you can probably combine two out of the three, I think, if you can get a perfect trifecta, I’m not quite sure what it is. But there probably is a trifecta where you create a startup that benefits from all three of those macro trends. And that could be a good place to focus.

Jeremy Weisz

You know, talk about the starting and running of Fifth Era.

Matthew Le Merle

Yes. So when we were so Fifth Era is Alison and my family office. And you can go to fifthera.com and learn about what we do. You know, we call it Fifth Era because of this belief that the world is transitioning into a new phase of existence and the first four began hunter gatherer agricultural, mercantile and industrial, and the industrial era, we believe is coming to an end. So, so you’ll hear other people like the world’s, you know, Economic Forum, say we’re moving into the next Industrial Revolution, and that this is the fourth industrial revolution, we don’t buy into that we think we’re moving out of the industrial era into a new era. And we don’t know how to name it. So we called it the fifth era. But the point is, many for 200 years, we’ve operated in a world where we take certain beliefs as gospel beliefs, like scale matters, and that you have to begin local, and then go regional, and then go global, and that the corporate structure, public corporate structure is the right is the right model, you know, we have public entities, they issue stock, they have boards of directors, you’re an employee, you work 48 hours a week, in a place of work, you only have one employee at a time, and you get a pension, you know, all these things we take for granted. But none of those need to be true, they weren’t true more than 200 years ago. And they may not be true in the future, either. And, in fact, I think the evidence suggests that this fifth there is going to be very different will mark the task, we may get, you know, for who knows what will happen, we may get, you know, working wages paid by our government, and then anything we choose to do, maybe at our own volition, how we spend our time, and some of us will choose to work hard, and others may want to be artists, or painters, or podcasters, or whatever. So we’ve written books on this, and I know that that for some people, what I just said, may sound confusing, and so on, we’ve been pretty thoughtful about it. There are some books, there’s a free book called The Fifth Era, which you can get at fifthera.com. And it just sort of establishes a foundation, why is the world going to be very different going forward than it was in the past. And again, for entrepreneurs, I think you do do very well to sit back and really think about this. Because you know, the knee jerk reaction would be, look, I’m an entrepreneur, I’m going to do a seed round, I’ll go and talk to my friends and family. And maybe I’ll do an angel round, but you don’t have to do any of that anymore. You can crowd fund, you can create a token and you can issue a token to your fans, you can pre sell, there’s so many things you can do to fund your startup that weren’t in place. 10 years ago, the world is shifting. And should you create a enterprise? Or should you create a project and a network and a community? You know, entrepreneurs are at the leading edge of this change, because you’re creating a new enterprise to build out some new technology. And so you don’t have to operate within the constraints of the industrial area anymore. And we think that’s all pretty exciting.

Jeremy Weisz

Yeah, I think, you know, you can correct me if I’m wrong, Matthew, but I think when you went out to demonstrate this to, you know, to someone who kind of knows certain companies, and you’re talking about industrial or you you kind of mapped out the world’s largest companies by market cap, and you should, it seemed like you showed the shift of like, okay, at the top was like the axons of the world. And then you start to slowly see the Microsoft and apples and Google’s shift in those top positions, which is that kind of just to wrap the head around the Fifth Era? Is that kind of where you see things transitioning? Is that what you mean by kind of industrial era to Fifth Era? Or is that something different?

Matthew Le Merle

I think that’s an indicator of the change. The world’s most valuable companies are companies that know how to operate in a very different environment. And they know how to serve global markets with technology, and and scale themselves very rapidly, and become very profitable in doing that. But that isn’t quite what we’re talking about. That’s an indicator indicator, Gannett, what we’re talking about is how does innovation and new technology undermine the assumptions upon which today’s businesses and activities are founded? And so, you know, an example and I know we’re running out of time, Jeremy. So we may end up having to do part one and part two, because this is I’m really enjoying your questions. But the university is a great example of a construct that we take for granted today. But the underlying foundation of the assumptions have all been knocked out. You know that knowledge is scarce. It’s in the minds of professors you have to go to visit them to learn and you have to learn in the classroom. And so we have universities and a percent, just really quickly. So true. None of those assumptions are true anymore. We no longer need universities, you could do electronic based, yeah, learning. And it could be distributed in AP, a billion people could benefit from it. Sorry, Jeremy,

Jeremy Weisz

no, I was gonna, I didn’t want to, I want you to keep on with that stream of thought, because I really want to hear what you think should happen, or will happen. But I just literally got off the phone an hour ago, the reasons like I wish they’d YouTube, I wouldn’t have needed to get my MBA is what they said, you know, and it’s kind of along those lines of, well, the information is out there. What do you think? Like, because there are still universities? Right? And and what do you think should be happening? And it’s expensive, like for a normal human being, like going to a university is not cheap? You know?

Matthew Le Merle

Yes. Well, so i think i think that the point of that narrative is that when you knock out the underlying assumptions, you get the chance to redesign things in a different way. So you can still call it University, but, you know, it should be cheaper, and technology should allow us to drive down the cost curve. So we shouldn’t be bankrupting students in the educational process, we should be able to make it more accessible to hundreds of 1000s and millions of people, not the, you know, the couple of 1000 that are able to arrive on campus and sit in dorms and sit in classrooms, we should be able to reverse the pedological methodology so that, that something that hands on experiences occur in the classroom, and the things that can be learned remotely or learned remotely. Whereas we’ve had this historical model where you get talked to in the classroom, in a broadcast mode. And then you go and do the interactive work in case study groups outside the classroom, where maybe that should be reversed, where you do the broadcast communication through YouTube. And when you come to the classroom with the professor, you get hands on tutoring and engagement, or something like that. I made that up. My only point of it is that the fundamental approach can be broken down, you know, as an Oxford and a Stanford grad, I’ve greatly benefited from my educational experiences, but a billion people didn’t. I was one of the lucky ones. Right? I wish Oxford and Stanford would educate the world, not just educate the lucky ones. Yeah, I’m fiercely Pro, though. I’m a very loyal alumni of Oxford, Stanford, I just wish they would educate a billion people, not the handful of us that were lucky to go there. Yeah.

Jeremy Weisz

I have one last question, Matthew, because we’re running out of time, but I want to point people towards your website, you know, Fifth Era, where, you know, encouraged to where else should we point people towards just to check out I know, you have a personal website, MatthewLeMerle.com where I’ll show you point by point people to online to check more out about what you’re working on.

Matthew Le Merle

Yes. So listen, I know we’re out of time. Today, I’m happy to do a part two, Jeremy. But for the entrepreneurs. If you’re trying to get smart about launching a company, there’s some free resources at Fifthera.com including this book, and a bunch of webinars including webinars on how to raise capital and the fundamentals of early stage technology investing. If they then want to raise money, I highly recommend they go to keiretsuforum.com is the world’s largest Angel group. And they love helping entrepreneurs launch their businesses. blockchaincoinvestors.com is for investors, where the world’s leading venture fund fund focused on FinTech and blockchain. And as you and I spoke about, you know, if there are investors in your organization, and your your network blockchain.com sorry, blockchaincoinvestors.com is the place they should go. Okay.

Jeremy Weisz

So in the last couple minutes, Matthew My last question is your kids. What would you say they what would they say? What would you say they say would learn from you if they followed in your footsteps? And what have you think from talking to them big, been big lessons that they have learned from you?

Matthew Le Merle

I think they’ve learned more from their mother than they need.

Jeremy Weisz

Well, let’s go on mother then. Yes, yes,

Matthew Le Merle

what they’ve learned or what I hope they’ve learned from their mother and I’m sure they would say this is a being positive, being supportive of others, being relationship oriented and trying to help other people succeed, gets you a lot more personal satisfaction than always making it about you and I definitely I learned that from her as well. Well, for me, I pride myself on being able to look a little bit over the horizon and trying to connect the dots of change in the environment in which I live. And I’d like to think I passed along some of that. But I’m sure there’s a lot of less positive traits, including talking too much and not asking enough questions. I know nothing about Jeremy. I’d love to know this

Jeremy Weisz

is not about me. This was about you. I want to be the first one to thank you, Matthew. Everyone should check out FifthEra.com keiretsuForum.com and everywhere else on the internet. And thanks so much.

Matthew Le Merle

Thank you and I look forward if you ever interested in doing part two. I’m happy to

Jeremy Weisz

thanks, Matthew.