00:00What do you know about the world of markets, risk, investing today would have been useful to know 40-plus
00:07years ago when you were first getting started?
00:10The opportunity that is present for young Americans to help to dream and to start something is just an amazing
00:19engine for their lives, for their communities, for future philanthropy, for tax receipts.
00:25It's across the board, and I wish I'd understood it better.
00:29I would have owned some venture capital in my foundation.
00:32I would have been recommending that institutional portfolios diversify into at least a piece.
00:40Now, venture capital is the last thing a value person is going to say.
00:43It's a bargain.
00:44You should go long.
00:45But I do think that as a value investor, maybe too much paint by numbers, I wasn't focused enough on
00:52the engine that is venture capital.
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