Internet Scale Businesses

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[00:03:45] – [First question] – The opportunity of the commercial internet

[00:11:18] – Identifying the companies that will take advantage of this shift to online commerce

[00:18:30] – How businesses build scale, in particular, internet vs non-internet businesses

[00:24:19] – The Carvana playbook

[00:30:11] – Using frequency of use as a factor in valuing a business

[00:33:55] – Evaluating ByteDance and what can others learn from them

[00:40:52] – Finding success in an experiment

[00:43:32] – How online commerce business will grow globally, with India in focus

[00:52:37] – How they approach and evaluate online advertising businesses

[00:54:50] – Evaluating direct content subscription online businesses

[00:55:42] – Biggest challenges in building ecommerce online businesses

[00:58:31] – The lens to evaluate online marketplace businesses

[00:59:43] – What distinct things matter for on-demand online businesses

[01:01:56] – The competition in the online payment space business

[01:06:35] – Rake/Take rates outside of the US

[01:08:25] – Things that matter for consumer software

[01:10:25] – How that compares to enterprise software

[01:11:44] – Evaluating developer companies

[01:13:53] – Advice to help people be successful early in their investing career

[01:17:22] – Kindest thing anyone has done for him