bill maris

Maris points to Coinbase as one of Section 32's marquee investments backing his thesis that focused sub-$750M funds deliver top-decile DPI, all six of his funds landing in the top decile.

Maris names CrowdStrike as one of Section 32's standout investments, evidence for his argument that smaller, concentrated funds capture the biggest venture winners and outperform on DPI.

Google's profit machine lets it slash token prices by ~80% for an essentially identical product, using capital and tokens as a weapon to grab market share and break the business models of OpenAI and Anthropic. The panel calls this not just possible but probable.

Google has a money-printing machine that lets it weaponize capital; if it decides to cut token costs by 80%, it squeezes the economics of OpenAI and Anthropic to critical levels against $1T in spend commitments versus $60B of revenue.

Private companies like OpenAI staying private too long create bag-holder risk for retail investors in 401(k)s; the multiples may be exhausted and the public market will have to digest it within 6 months.