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00:00 Be Credible
03:18 "Yes, And"
04:31 Selfish Honesty
05:37 Charisma Is Confidence + Love
07:56 Don't Manage, Lead
11:16 Hunt Together
14:51 Feed Your (Good) Obsessions
18:57 Sell the Truth
21:07 Good Deal or No Deal
23:39 The Age of Nonlinear Returns
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Transcript: http://nav.al/sell
USVC is a product of AngelList, where we are founders and hold equity.
A Return to Coding 00:15
The Personal App Store 03:08
Vibe Coding Is a Video Game with Real-World Rewards 06:12
Pure Software Is Uninvestable 10:23
A Place for Each Model 14:09
AI Is Eager to Please 17:44
Why Math and Coding? 21:58
The Beginning of the End of Apple's Dominance 24:04
Coding Agents As Customer Service Reps 27:43
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Transcript: http://nav.al/code
Erik Torenberg speaks with Martin Shkreli, American investor and businessman, about how he sees the AI landscape, from OpenAI to Anthropic, and what actually matters beyond the hype. They also talk through the future of computing, the limits of “vibe coding,” and why biotech and pharma remain some of the toughest industries to get right.
Resources:
Follow Martin on X: https://x.com/MartinShkreli
Stay Updated:
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Follow our host: https://twitter.com/eriktorenberg
Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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Keith Rabois was an early executive at PayPal (part of the famous PayPal Mafia), COO at Square, VP of Corporate Development at LinkedIn, and an early investor in Stripe, DoorDash, Airbnb, YouTube, Ramp, and Palantir. Currently he’s managing director at Khosla Ventures. Also, he hasn’t touched a computer since September 2010 (he does everything from an iPad).
In our in-depth conversation, Keith shares:
1. The barrels vs. ammunition hiring framework (and how to spot barrels)
2. Why talking to customers is actively harmful for consumer products
3. How to identify undiscovered talent
4. Why the PM role is dying
5. The three traits of the best-performing companies right now
6. The specific interview question he asks every senior candidate
7. Why CMOs (not engineers) are becoming the #1 consumer of tokens
—
Brought to you by:
WorkOS—Modern identity platform for B2B SaaS, free up to 1 million MAUs
Vanta—automate compliance, manage risk, and accelerate trust with AI
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Episode transcript: https://www.lennysnewsletter.com/p/hard-truths-about-building-in-the-ai-era
—
Archive of all Lenny's Podcast transcripts: https://www.dropbox.com/scl/fo/yxi4s2w998p1gvtpu4193/AMdNPR8AOw0lMklwtnC0TrQ?rlkey=j06x0nipoti519e0xgm23zsn9&st=ahz0fj11&dl=0
—
Where to find Keith Rabois:
• X: https://x.com/rabois
• LinkedIn: linkedin.com/in/keith
• Website: https://www.khoslaventures.com
—
Where to find Lenny:
• Newsletter: https://www.lennysnewsletter.com
• X: https://twitter.com/lennysan
• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/
—
In this episode, we cover:
(00:00) Introduction to Keith Rabois
(01:59) Why Keith hasn’t used a computer since 2010
(04:52) The team you build is the company you build
(07:40) How Keith learned to identify talent at PayPal
(10:05) Tactics for getting better at hiring
(15:31) The barrels vs. ammunition framework
(18:52) What makes someone a barrel
(22:36) How to attract the best talent
(26:18) Building companies on undiscovered talent
(27:53) Why better performance requires more pressure
(32:36) Career advice in the age of AI
(35:14) The future of the product triad
(41:03) Why design and code are merging
(49:35) What practicing law taught Keith about entrepreneurship
(51:22) Contrarian takes on customer feedback
(1:02:33) Identifying great AI opportunities
(1:05:13) Advice for evaluating statrups
(1:12:36) Criticizing in public vs. private
(1:15:05) Failure corner
(1:17:29) Lightning round
—
Referenced:
• Square: https://squareup.com
• Jack Dorsey on X: https://x.com/jack
• Head of Claude Code: What happens after coding is solved | Boris Cherny: https://www.lennysnewsletter.com/p/head-of-claude-code-what-happens
• Simon Willison’s Weblog: https://simonwillison.net
• Vinod Khosla on X: https://x.com/vkhosla
• Peter Thiel on X: https://x.com/peterthiel
• Max Levchin on X: https://x.com/mlevchin
• David Sacks on LinkedIn: https://www.linkedin.com/in/davidoliversacks
• Tony Xu on X: https://x.com/t_xu
• David Sze on X: https://x.com/davidsze
• Faire: https://www.faire.com
• Max Rhodes on X: https://x.com/MaxRhodesOK
• Jeffrey Kolovson on LinkedIn: https://www.linkedin.com/in/jeffreykolovson
• Uncapped | Comparative Advantages w/ Keith Rabois: https://www.khoslaventures.com/posts/uncapped-comparative-advantages-w-keith-rabois
• Lattice: https://lattice.com
• Taylor Francis on LinkedIn: https://www.linkedin.com/in/taylor-francis-4ba49640
• Building product at Stripe: craft, metrics, and customer obsession | Jeff Weinstein (Product lead): https://www.lennysnewsletter.com/p/building-product-at-stripe-jeff-weinstein
• The art of hiring: insights from Khosla Ventures, Airbnb, Ramp and Traba: https://ramp.com/velocity/the-art-of-hiring-insights
• Eric Glyman: Seek out super individual contributors (ICs): https://ramp.com/velocity/the-art-of-hiring-insights#Eric-Glyman:-Seek-out-super-individual-contributors-(ICs)
• Eric Glyman on X: https://x.com/eglyman
• Mike Moore on LinkedIn: https://www.linkedin.com/in/mike-moore-802223177
• Brian Chesky’s new playbook: https://www.lennysnewsletter.com/p/brian-cheskys-contrarian-approach
• Why you should work much harder RIGHT NOW: https://marginalrevolution.com/marginalrevolution/2026/03/why-you-should-work-much-harder-right-now.html
• Opendoor: https://www.opendoor.com
• The Craft of Early Stage Venture | Peter Fenton, General Partner at Benchmark | Uncapped with Jack Altman: https://www.youtube.com/watch?v=vRiblwiXt-Q
• Lovable: https://lovable.dev
• The rise of the professional vibe coder (a new AI-era job) | Lazar Jovanovic (Professional Vibe Coder): https://www.lennysnewsletter.com/p/getting-paid-to-vibe-code
• Building Lovable: $10M ARR in 60 days with 15 people | Anton Osika (co-founder and CEO): https://www.lennysnewsletter.com/p/building-lovable-anton-osika
• Marc Andreessen: The real AI boom hasn’t even started yet: https://www.lennysnewsletter.com/p/marc-andreessen-the-real-ai-boom
• Jeremy Stoppelman on X: https://x.com/jeremys
• The design process is dead. Here’s what’s replacing it. | Jenny Wen (head of design at Claude): https://www.lennysnewsletter.com/p/the-design-process-is-dead
• Andy Warhol: https://en.wikipedia.org/wiki/Andy_Warhol
• Curation and Algorithms: https://stratechery.com/2015/curation-and-algorithms
• Ernest Hemingway: https://en.wikipedia.org/wiki/Ernest_Hemingway
• William Shakespeare: https://en.wikipedia.org/wiki/William_Shakespeare
• Evan Moore on X: https://x.com/evancharles
• Andrew Mason on X: https://x.com/andrewmason
• Read Taylor Swift’s Full Viral Speech After Record-Breaking Awards Sweep: https://www.newsweek.com/entertainment/read-taylor-swift-full-acceptance-speech-record-breaking-awards-sweep-11745941
• The Chainsmokers: Stories Behind the Songs, AI’s Impact on Music, and Venture Investing | Uncapped with Jack Altman: https://www.youtube.com/watch?v=9GMSC-2pYnw&list=PLtpH7YnTL8ihy0nR2BV32n5VkRtqlDAS1&index=16
• How to spot a top 1% startup early: https://www.lennysnewsletter.com/p/how-to-spot-a-top-1-startup-early
• David Weiden on LinkedIn: https://www.linkedin.com/in/davidweiden
• Alfred Lin on LinkedIn: https://www.linkedin.com/in/linalfred
• Keith’s post about vertical integration on X: https://x.com/rabois/status/870673635375104000
• Jon Chu on X: https://x.com/jonchu
• Kanu Gulati on X: https://x.com/KanuGulati
• Rogo: https://rogo.ai
• Profound: https://www.tryprofound.com
• Basis: https://www.getbasis.ai
• Spellbook: https://www.spellbook.legal
• Roelof Botha on X: https://x.com/roelofbotha
• Delian Asparouhov on LinkedIn: https://www.linkedin.com/in/delian-asparouhov-87447742
• Lessons From Keith Rabois, Essay 1: How to become a Venture Capitalist: https://delian.io/lessons-1
• Velocity over everything: How Ramp became the fastest-growing SaaS startup of all time | Geoff Charles (VP of Product): https://www.lennysnewsletter.com/p/velocity-over-everything-how-ramp
• Nuremberg on AppleTV+: https://tv.apple.com/us/movie/nuremberg/umc.cmc.3sg4y0382byupy76bfy7307k4
• Eight Sleep: https://www.eightsleep.com
• “NO DAYS OFF”—Bill Belichick on X: https://x.com/SNFonNBC/status/829036279069364224
—
Recommended books:
• Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration: https://www.amazon.com/Creativity-Inc-Overcoming-Unseen-Inspiration/dp/0812993012
• The Jordan Rules: The Inside Story of One Turbulent Season with Michael Jordan and the Chicago Bulls: https://www.amazon.com/Jordan-Rules-Sam-Smith/dp/0671796666
• The Upside of Stress: Why Stress Is Good for You, and How to Get Good at It: https://www.amazon.com/Upside-Stress-Why-Good-You/dp/1101982934
—
Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email [email protected].
—
Lenny may be an investor in the companies discussed.
Discover the 3 Signs of Genius through a journey into the mind of Leonardo da Vinci. What made Leonardo so brilliant? We will venture deeper than anyone else to find out through the most comprehensive analysis of Leonardo da Vinci's first masterpiece: Annunciation.Support the Creative Codex vision and get access to exclusive episodes (Kurt Cobain, Jung's Red Book, Creativity Tips, etc.) by joining my Patreon: https://www.patreon.com/c/mjdorianCreator's Note: No A.I. was used in the production of this video. This includes: no image generation, no text generation, and no music generation. ALL of the art imagery was made by human artists and is credited accordingly throughout the video on the lower right side of the screen. All research, writing, and music is by MJDorian with no assistance from generative A.I. at any point in the production process.Audio Editor: Erik TexterAnimation: Michael PisanoConnect with Michael Pisano: https://www.michaeljamespisano.com/
Instagram: https://www.instagram.com/papa_pisano
Instagram: https://www.instagram.com/thatmakesmesadWritten & Produced by MJDorianMusic by MJDorianConnect with MJDorian:
Instagram: https://www.instagram.com/mjdorian
YouTube: https://youtube.com/@creativecodex?si=To9hmuUQmuPlb8gNCopyright 2026All rights reserved.
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