Investment Strategy
A Conversation Among Friends: Yesterday, Today, and Tomorrow
In honor of Black History Month, we were proud to bring together trailblazers Ursula Burns, Founding Partner of Integrum Holdings, and Robert F. Smith, CEO of Vista Equity Partners, who shared their investment philosophies, addressed pivotal issues impacting diverse communities, and how they are collaborating on constructive solutions.
Black Wealth Initiatives is committed to creating more opportunities like this recent event to build meaningful relationships. We invite you to watch the event and connect with your advisor to discuss how to help better align your portfolio with your values and ambitions.
Descriptive audio
Welcome to a conversation with Ursula Burns and Robert Smith. Please welcome to the stage managing director, head of Black Wealth Initiatives, Deb Langford.
For those of you who don't know, Black Wealth Initiatives is the business development strategy within JP Morgan Private Bank. We are here to do just this, to present unique and amazing conversations with leaders and trailblazers, and to also make sure that those of you who are already clients know that this is what we bring you especially.
I am so thrilled to welcome my dear colleague, Tiffany Lewis, who is the head of private infrastructure investments and head of diverse manager investment strategies at the private bank. We are going to hear from Robert Smith, as you all know, who is the founder and chairman and CEO of Vista Equity Partners, and Ursula Burns, the founding partner of Interim Holdings, the first black woman to ever run a fortune 500 company. Yes.
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And this is actually Robert's return to a Black Wealth Initiatives event, because he did our very first webinar, where we had over 115. Ursula, thank you. Robert, thank you. Tiffany, let's go.
Thank you, Deb, for that introduction. Thank you very much. Thank you to all of you for being here. And Robert and Ursula, it is, needless to say, a privilege to be sitting on this stage with you, way back when you both became a part of the JP Morgan family.
How did I become a part of this?
You're on the JP Morgan Alternatives platform, Integrum, that's part of the family.
Part of the family.
A big piece of the family.
Yes, yes.
But you both said to me, Tiff, we see what you're building. We see what you're doing. If there's anything that we can do to be helpful, let us know. And I made the call. And there was no hesitation. It was just tell us when to be there.
So it is-- I'm absolutely proud to be able to bring you both here today to have an interesting conversation among clients, among diverse managers. And it's also Black History Month. So that is not lost on me. That is not just the and so. It is important that we get together and have this conversation so--
Black History Month in every state except for the one that I spent some time in, Florida.
We starting.
[LAUGHTER]
It's true.
It's true. 100%. So let me set it up. And then I'm going to throw it to you both because this is a conversation that we're having among friends. You're both engineers by DNA, inventors and problem solvers by passion, careers that have been purpose-driven, intentional, focused on high performance, strategic growth, and let's not forget, community building, critical for both of you.
I'm going to attempt to lean into all of that today. I told you we're going to move quickly. But let's dig in. How you got here, hard work is table stakes, right? Every single person in this room works hard. But when you really think about the keys and the threads to your personal success and your personal achievement, let's talk a little bit about what that has meant for each of you, what that means. Ursula, do you want to start?
So how I got here is opportunities, basically all opportunities, and having a good foundation to take advantage-- to see it, see the opportunity, and then take advantage of it. And as most of you know, I wrote a book. And when I wrote the book, I thought I was writing a book about my life, which was not that exciting to think about to write.
But I ended up writing a book about the opportunities, about all of these people who made-- who gave me chances to do things, and about this person, who gave me the fortitude, and the insight, and educational foundation to take advantage of them. That's my mom, who was just this amazing woman.
Didn't look amazing. In her life every day, you wouldn't have called her amazing. But when you look back on it, it's like, wow, she was pretty amazing. And then all these people who saw me along the way, and even if they didn't know who I was specifically, they said, somebody who fits this set of characteristics should have an opportunity and a chance to go to school and pay for college, for example, to get tutoring, to introduce-- be introduced to people. So all of these opportunities, and then the foundational elements taught to me by my mom to take advantage of them. That's how I got here.
Yeah, mine's the same. It's opportunities. It is in that being prepared to take advantage of those opportunities, which that hard work all feeds. We all-- if you're in this room, you've done a whole lot of the lift already. And then you have to rely on people to either give you a glimpse, a door opening, a shot at, a peer into something that is different that helps you change your condition and then ultimately the condition of communities you care about.
And so it's so important-- and I will say it's so important to have Tiffany here. And let's-- I want to give her a big round of applause.
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Because it is people like Tiffany, and Derrick Jones, and Joe Haslip, and others, who have created opportunities for people like me and Ursula to now see the gap and bring the training, the insights, the intelligence of markets into those opportunities and create sustainable businesses and enterprises.
But I will tell you, if we didn't have people like that in these positions at the right time, I will guarantee you, we would not be here.
No doubt.
Because it wasn't natural in the markets 24 years ago for someone who looked like me to say that I was going to do what I did and what we've done. But it took people to say, OK, let's give that a shot. Oh, let's give it a shot. But we're going to create a whole lot of other conditions around it, which is part of it. And then you have to earn your way through those conditions through performance.
That's no different than my parents, and my grandparents, and great grandparents. But positioning yourself, and positioning your children and your community to take advantage of those opportunities is, in fact, your duty and your responsibility. And that's what we now have to do.
And then giving them also-- giving people who are right behind us or way behind us some lift as well, it's kind of like-- anyway, we can get into a lot more--
We're going to talk about it because the theme of today is yesterday, today, and tomorrow. And so you mentioned the notion of people giving you a chance, but also Robert, you talk a lot about, you knew that there was not a space for you. So you created your own space when you launched Vista. And so you launched Vista more than two decades ago.
You've launched Integrum now a few years ago, with about two decades between you two. The fundraising environment for diverse managers, many of whom are in this room, is different, indeed, for us than it is for a lot of others. Let's talk a little bit about kind of advice that you would give to some of the diverse fund managers in the room, especially given the fact that the experiences, while they might be two decades apart, some things have changed, and some things are very much the same.
I'll hit a couple of things. I got a piece of advice almost 20 years ago, I guess it is, from a person who was in this industry. And he told me, he said, don't waste your time spending time on someone who can't tell you yes. And that was probably one of the most useful pieces of advice that I got.
Because I will tell you, there are a lot of groups out there who are incentivized to meet with you, not to fund you, not to help you, but to meet with you, so they can say guess who I met with. Guess how many I have met with. Guess how-- let's talk about the frequency of how I've met with them.
So it's important to do your research. And your research isn't just, OK, who's out there, doing this. But you should talk to each other about who got funded from. And we have formed a great organization, NAIC, Joe and Derrick are some of our leaders in that organization. They follow me, of course, no I'm teasing these guys.
I have to give him it because otherwise, they're like, oh man, he's being so nice to me. And you know that's not normal for me. But it is important to understand, it is how we use that organization to talk to each other and say, well, what did you find out at xyz pension fund? And what did you find out at xyz family office?
And when you talk to 15 of us, yeah, they've all 15 been in, but they funded none of them, you probably should not buy that airline ticket to go there. Do a Zoom. Because you're just about to waste your money to go see them. So they can just tell you no.
So then you think about well who is actually been supportive. Often, it isn't an institution. It is often an individual in the institution. So you've got to get to that level and start to unpack, OK, who are the people that I need to talk to understand, who are looking to carry that forward?
There are a few institutions which are a little more enabled to do it institutionally. And that's because we have had leaders go in and change the construct of those institutions. But I can probably count those on one hand. And for the most part, it is still a knife fight every day.
We've got $100 billion in assets under management. But I have to literally go through with my team and say, OK, well, who are we going to go spend our time with? And who are we not going to spend our time with? And you'll see some of our folks meeting with people monthly. I'm like, we can meet with them next month, every month for the next three years. And it is unlikely that it will be real.
But I will tell you, they're the ones hosting conferences and inviting you all to them. OK, that's the truth. Y'all are like, wow, yeah, I've been there. And you're right, they haven't funded me. And I've been going five years in a row. So like all things-- like my grandmother used to say, don't take people for their word, take them for their actions. So just understand that and be clear about where you should spend your time. Because that's the one thing that you have less of.
And I would just add, I mean, I had the benefit of Robert Smith 20 years ahead of me. I mean, this may sound like-- a really big deal. So when I walked into a room, first, I have two great partners that make it really easy to kind of spread the weight, really easy. And they're very good. They have their areas of expertise, a lot of credibility. I bring credibility. They bring-- so the partnership looks like a real-- we call it a whole human. When you put us all three together, we're almost a perfect human.
But when I walk into a room, people don't look at me. They still look at me like, oh my god, one of those again. Because I am very different, I'm female and Black. And people just don't-- they still don't quite get it. It's like what do we call her? How do we deal with this?
The great news is that I am not the first person to walk in that looks a little different. And I'm definitely not the first successful person. So to have somebody like Robert right ahead of us, and people say, well of course we can do this, we know we have a firm I can show you, $100 billion of assets under management, real guy who can do it. It's very, very helpful.
We're getting more and more of that population out there that we can leverage as we go forward I ask them all the time when I'm with them, whenever I'm-- because I'm the newest of the-- I'm the newest and the youngest of the lot, not age wise, but obviously, tenure wise, that we need help, we need particularly Black women.
We are still left way, way behind. Men, you guys leave us behind. Black men leave us behind. I'm calling it real, they leave us behind. But please remember that we're right behind you guys, beside you, we need help. We need help to move on because literally, you guys get into your thing, and get really into it, and keep moving, and we don't naturally fit into that either.
We just don't. So we need help. And the good news is they're starting to listen and starting to include us more and more. Some of it is because we're yelling at them. But others, because they actually are realizing that more in this pot of difference is going to be better for us, not worse for us.
We are not competing with each other here. I mean, we have like a little tiny bit of money. And the rest of the world is like all of this money out there. So we have to get some of it. I think it's right now, 20 years on, it's hard. But I can't even imagine what it was like when you started. I mean, I can't even imagine.
We would go in and ask for money, and they would say you have a problem, you're a first time fund. And I'm an engineer. I said this is the stupidest statement I've ever heard in my life. The way that you get to a second time fund is that you have to go through first time. So how in the world is that a reason-- and by the way, you knew that before I came.
Before I flew here. So I'll give you an example. There was a very large endowment in Massachusetts in Cambridge.
[LAUGHTER]
That the guy who was running this thing at the time many, many years ago, revered, and this and that, and I'm going in first fund, and we're second fund. And I'm going through the examples. He goes through, he said listen, he said, I said I'm looking to raise $1 billion. He's like, no, no. And I've already invested in return.
This just isn't going to work because you got-- the way this thing is structured, you're going to have a bunch of clawback. You're not going to make any money. You should decrease the size of your fund from $1 billion to $750 and let me be half of it.
Yeah, of course, yeah, thank you very much.
Think about that. And there are countless examples that I have of people in our group of asset managers who have been capped by-- and I'm not going to say well-intentioned LPs. Because they're not well intentioned. They are being self-serving in what they want.
Oh, here's something good. Let me hoard it. So this guy is like, I want to be half-- decrease the size of your-- size of your fund, let me be half of it. I had another well-intentioned-- [INAUDIBLE] endowment out on the West Coast in Palo Alto that came to me and said, hey, why don't we take your best practices and share them amongst all the other GPs?
And I'm like what? Yeah, that way, everyone does better. And I'm like, have you ever asked anyone else of that? No, but your best practices are unique to you. And everyone in our portfolio will do better. I shut their data room access off that day.
Now you think about that. Have they ever asked anyone else that? And when I asked the one in Massachusetts about that, like, well, you have a good thing. But we'll make you better. And I'm trying to understand, well, how? By limiting my access to growth, limiting my ability to grow does not make me better.
And there are countless other examples of other firms that I know where people are saying, listen, they're telling me they'll put x amount. But I can't raise any more than y amount. And oh by the way, they want a portion of the gp. And oh, by the way, they're going to cap my fees. And so they limit their ability to hire talent. There's countless examples of that that I know of personally.
And part of what-- when you're out there and you're trying to convince people, fight through it. It's hard. Because you're like, man, I got legal fees to pay. I've got people I'm trying to hire. Maybe I'll just do it this one time. And then over the next three, five, eight years, they've lost that upside. And it is a challenge. Yeah, it's a challenge.
So we've talked about fundraising. We've talked about how you've gotten here. Let's talk a little bit about technology. And I'm going to sit on the topic of AI for a little bit. And we're going to talk about it from a few different angles.
We are actively going through the fourth industrial revolution right now. This is a considerable shift. And it is, indeed, AI is the topic on everyone's minds. And so first as builders, when you think about your portfolio companies and you think about adoption of AI, how are you pushing the companies, and even your own organizations, to stay ahead of the curve, and to adopt it in a way that you're thinking about risk, but you're also balancing that with innovation?
One of the challenges that AI presents is that nobody knows what the hell it is. We talk about it every day like it's something that you can go to the store and buy. Let's go buy some AI. Let's go. And that we can just get these people who will come in and help us use this.
I think number one, please make sure that we all know that we have no idea yet what tomorrow will bring. We never do, really. But in this space, we are blind from two perspectives. There's no example of anyone, except for the US government, or governments in general, who actually have a handle on AI as a technology set, particularly the generative part. That's one.
So we don't really know what we can do. We don't really know-- they don't even know what they can do. They don't even know the law. So we should be-- as Walmart says all the time, the old CEO of Walmart, I'm not going to be a leader here. I'm going to-- I'm going to beat the market by being a fast follower.
And this is one of the-- I would say be careful about what you want to do, but be prepared to follow really quickly because that's what a lot of us are going to have to-- going to have to do. The second thing that we spend a lot of time on is not being the best at AI, but figuring out a way to use it to increase our upside or reduce our downside risk.
So it's not that we don't want to sell any AI products, we don't have that kind of thing. We're an insurance, insurance, boring businesses like that. But we should be able to use this to make our businesses more efficient, more knowledgeable, et cetera. So staying on top of this space, knowing that we're going to get blindsided probably 20 times between now and the time that we finally get this thing done.
Last I'll say is that whenever there's a technology revolution, there are a couple of things that you can count on. One is that the poorest and least able people get screwed. And we know this. And AI is going to be in the same space. By the way, you don't necessarily have to stop that. I mean, sometimes you can stop it because it is-- but we have to be prepared to help.
We have to be prepared to redirect, to help, to fund differently. Because this one is going to be-- I think this transition is going to be a really difficult one. All the things that we do, checking out people, checking forms, all of this stuff that you think about that's the entry-- or the exit out of poverty for some families, we're going to actually wipe this stuff out.
Well, I mean, let's hit the nail on the head. I'm pulling forward the question that I had, which is when we've had these technological revolutions, Black people have often been left behind.
Yeah, that's generally--
And so as we are going through this rapid change, how do we make sure that we don't get left behind again?
Well, I think that part of the-- this room, there's a lot of us in this room. Everyone of us should own somebody. I am always-- you'll hear me say this all the time. You have a family, an individual, a school, a something that if you're sitting in this room, as Robert said earlier, you're probably one of the talented somethings, maybe not 10, 20th.
You should-- you have personal responsibility, I believe, I have personal responsibility to take care of my family, and then find a whole 'nother set of people that you can drag along with you. Nobody else can take care of them. We already know that the government is not going to take care of them. Often, their families can't take care of them.
We have to own these people. Or else by the way, they won't be owned. We can see it all over the place. So I say everybody in this room should have a school, a family, a something that you should watch out for. And if we all do that, and people not in this room, I think we probably got maybe 25%, 30% of the people covered, that's better than-- and they'll then cover 10% more. Eventually, we'll be able to have this level of independence.
It's not the point of this conversation. But we always look to somebody else. I say we have been-- it's been shown to us and proven, nobody's going to help us. We have to help ourselves.
Robert?
All right, GenAI, let's start there. So I formed a GenAI council about a year ago. We use artificial intelligence in about 28 of our portfolio companies prior to the GenAI announcement. I formed a council I've got 14 of our CEOs on there. And it's been active for about a year.
There are some elements of this-- let me give you real high level, as an investor, think about the first wave is going to be hardware centric, like all technology waves. This one in particular, you're going to see the GPU, TPU call it providers, Asics providers capturing next $2, $3 trillion worth of economic opportunity.
It will be followed by the hyperscalers. And they're going to be an emergence of three to five new hyperscalers. These are the Amazon equivalent, some of which will be governments and sovereigns. And they are going to invest literally trillions of dollars. But they're going to capture 2 to 5 times what I just said the hardware vendors will capture in what this economic opportunity is.
And then the final wave will hit what I call the enterprise versions. There are the consumers out there who are getting hit today. And that's going to be a natural motion. But I live in a world of enterprise. So that's where I spend my time. And I focus on the enterprise.
Of our 87 portfolio companies, in other words, selling companies like Powerschool, Power Buddy, which sells to 80 plus percent of the schoolchildren in North America uses this solution set. So it's for tutoring. It's for the teachers to create lesson plans. It's for the principals to manage their teachers. And it's for school districts to manage their districts more effectively.
And each of those now has an GenAI enabled solution sets that are actually in the market being sold today. And I'll get back to why it's important to get started now because these models will evolve. And if you don't start now, then you're going to be left behind on the next set of models, which are going to actually exponentially more be more powerful.
The next layer of this is your productivity. So code assist, so we've got now 94% of our companies using some form of code assist. We see between 10% and 35% productivity per developer, not overall company, but per developer. And over time, what that translates into is you can turn that productivity into creating more products, solutions, or services, utilizing this for your customer base, and I'll tell you why in a second, or reduce the cost.
This kind of hits your people. You need fewer people to do certain tasks. And people at what we call the end of the endpoint are the ones who are going to be most affected. Most of our community is at the end of that endpoint. And they get most affected.
The third layer of this, from our perspective, really fits who we are as a firm, how we underwrite. Part of what we have to do is use it as an-- how do we build ingestion engines to ingest data and information so that we can underwrite more effectively? How do we use it to enable our firm to run more efficiently?
Again, if you think about a growing organization, I was with a guy this weekend, he's in a consumer business, but he went from 350 people down to 32 people. And he has not lost a dollar of revenue. Has actually increased his growth. But most of his was consumer. So most of that was marketing. So endpoint marketing people are really in trouble in that regard, leveraging a very simple ChatGPT 3.0-- 3.5, actually, solution set.
So those are the-- that dynamics. And then lastly, ultimately, from an underwriting perspective, how do you use this to create an underwriting advantage? We've built some tools that we are using to ingest massive amounts of data to enable us to analyze businesses more effectively, think about contracts, for instance, and how do you use that in a way to figure out what sort of pricing, terms, conditions.
Now, all that requires a perspective, and leadership, and resources. But like all technologies people underestimate what they'll do in the long term and overestimate what they're going to impact on in the short run. But you have to put yourself in a position to take advantage of what is probably the most transformative technology that I've seen in my 29 years on this planet in ways that can enable you to compete in this marketplace.
We have done something 15 years ago, the full effect of which, you probably won't realize for a bit of time. And that is we distributed computing power globally. So prior to that, computing power was isolated in a couple of, I'll call it Western economies. We've distributed it. We've distributed the capability.
And now, that capability can be utilized in the GenAI world in ways that give people the ability to advance beyond what I'll call Western economies, certainly in Europe, US not as much, if driven and applied properly and with some focus. The thing that's certain of these economies have is the force of political will.
And what I mean by that, they have-- they're not sitting in what I'll call normalized democracies, where you have discourse. You have leaders says go this way, and the whole place turns and goes that way. And the thing that they have is capital. They have will. They have intention. And they're buying capacity. And I like to say they're exercising cash violence in the areas that matter right now.
And that's going to build infrastructures that you all, and your children, and my children will have to contend with. So we have to build infrastructures of opportunity, things that put us on this stage and put you in this audience, so that that next generation can participate in what is going to be a GenAI enabled world that is going to evolve.
It will constantly evolve. And that evolution has massive productivity implications across almost every industry on the planet. That's the nature of it. And we are not going to stop it. It's just a question of how are you going to participate in it.
And so when you think about that participation, there are many layers to that, right? So there's participation from Vista and Integrum. And so I want to I want to hear a little bit about what does that mean in terms of even companies, things that are kind of sparking your interest, or themes that are sparking your interest as what would be important to be in these portfolios that you're building. And then we'll talk personally about how you are personally staying at the edge of this learning curve that we're all on.
So let me start. And the integration of technology broadly, AI specifically, but technology broadly, into the way that we govern and manage our firm, invest, hire, and our portfolio companies, it's active and changing. Changing, you know what I mean? It's like we had a meeting this morning, we were speaking about one of our portfolio companies, amazing insurance company.
And they hire 1,000-- they interview thousands of people a year to become insurance carriers for them. And they started this years, and years, and years ago. And they interviewed 30 people a day, 30 people a day, 30 people a day every day. And they have to hire-- it'd be great if you could hire all of them, but they have to go through this.
And their efficiency in getting these 30 people a day to net to some high number is key to their success. And before you do that, you get some smart guy, they kind of get it in their head. Now you get-- literally, you give them, with AI tools and tricks, that tells you, these are the questions that you ask.
First of all, this is how you pick a candidate, these 30 people. Here is a kind of a of a person who likely will make it through the screen. Here's how you screen. And so the efficiency of getting these 30 people a day to net the people for us that come work for our firm is key to the success of the firm. And literally, AI is at the core of this now.
But literally yesterday, we just had some guys sitting here calling. Now, we have tools and tricks and building a model that makes it possible for us to be unbelievably efficient in hiring these people. And eventually, maybe only seeing people talk to them way down the-- if ever, of course, they have to talk to them eventually.
So examples like this of literally every single function that we use, not only customer facing, but everything in the value chain, trying to look at it from a technology enabled standpoint, so that we can-- I hate to say it, but get rid of people, get rid of people, get rid of mistakes.
So that's efficiency, which drives your productivity curve, which ultimately does indeed impact jobs. And we're going to get there in a second.
Definitely impacts profitability.
It impacts profitability. Before we get there, I want to touch on how you all are personally staying current. Because it's hard. Like I am-- I do bedtime stories with ChatGPT with my daughter. And she's-- I'm helping her learn how to prompt. And I'm learning how to prompt, right? And give it feedback on things that she likes and doesn't like, as a way to kind of influence my own learning curve.
I'm sure everyone in here is interested on what are you reading? What are you listening to? How are you practicing in terms of staying current? And then we'll come back to communities.
Yeah, let me start on how-- I'll say we have to approach this. Now, in the enterprise world, the small-to-medium business, and everyone but call it global 3,000 are going to actually find that you're in a point of scarcity of access to GPUs today. You just don't have access.
And so your access is only going to come through the hyperscalers today. And then it's a question of how the utilization of that access. So what we've done-- we formed and have a series of-- we call them hackathons, where we bring our top 300 plus programmers from all of our portfolio companies into two places for three days we fund them, and I say fund being people.
So we bring the top GenAI developers from Amazon, Google, Microsoft Azure, and have them go to these sessions. And they teach and train our people on building product.
Are you going to these?
Oh, yeah, I virtually-- if I go, it's-- whole thing. But I'll get to what I do in a minute. I just call Sam and Dario. But that's a whole 'nother conversation. But what that does is it creates the ecosystem, again, of your most enabled people to understand how to utilize these platforms and build products.
So again, we're not focused on their inefficiency, the productivity piece. This is the product piece. So we've done two of those. We'll do two more, maybe three more this year. In that context, we invite students from HBCUs to come. And actually, two of the students were part of the winning teams as part of that.
So part of you have to-- you have to infuse-- thank you. But part of that you have to infuse that enablement as well so you know we have brilliant people who look like us who are software programmers and engineers who don't have access. They don't have access to these platforms outside of the consumer platforms.
And so creating that opportunity is a critical part and function that I know we can uniquely provide, which we do. We also-- just on that point, of our companies, Stats Perform, we've been utilizing AI for, I don't know, 15 years in that company. And so we said, you know what? Let's just generate and develop a curriculum, which we've done. And we introduced it in Morehouse this past fall. So you can actually take a GenAI course with one of our companies at that college to enable-- we'll get to Spelman, because I heard your point loud and clear.
It's so funny how--
Yeah.
I mean, that's very good.
Right, it's like, OK, I got you, I got you. But that's, I think, part of that enablement piece. So the important thing is to understand, this is an ever-evolving platform of opportunity. And you have to think about what are the waves of those opportunity. I gave you a kind of hardware, infrastructure, connectivity. There's a whole power thing underneath that that's required to power this stuff.
And then you've got to think about, OK, the application providers, the medium-sized companies will not build this themselves. They're going to rely on enterprise vendors to create solution sets to sell to insurance companies that's got 500 employees or 2,000 employees. Because they're not going to find the scientists and the technologists to do this.
We need to provide ready-made GenAI solutions and help them understand the efficacy of using those solutions. Because we're going to charge a lot for it, versus what they could otherwise do with people. That's the adoption curve that we are in today. And so getting-- and look, here's what's going to happen, you'll roll out Claude, and then there'll be Claude 2.
This is the-- so the anthropic platform. So what will then happen is if your people are already using it and embedding it in your enterprise class solution when Claude 2 comes along, guess what, you're going to get an inflection of productivity. But if you haven't put in 1, it's going to take you a while to get to 2.
And this is a market that he or she who gets there first may get there only. And that's the dynamic because if you create an economic [? rent ?] capture in your solution sets, you will eliminate the economic opportunity for anyone else in that marketplace. And I don't think any form of regulation is going to get to that for a long period of time, to be frank with you.
One of the things that Robert just said that's really important that we think about a lot and we're enacting and enabling is we're not going to-- individual companies, just an insurance company or a payments company, they're not going to hire a whole bunch of GenAI guys, I mean, really? These people-- you get some. But you're not going to get the cream of the crop. You better figure out who the partnership-- who to partner with, who to start talking to.
It's going to be a big kind of figure out where you want to-- who you're going to align with, at this point. If you think about computing, remember when this thing came out, and they said, I remember my mother would say, we're going to learn how to read and write-- we're going to forget how to read and write and do math because these computers are going to-- we're going to forget all-- I think we have the opportunity to have a very positive change, like computers, on average, have been, computing, on average, has been to-- have been to the world.
If we do this right, we'll release a lot of capacity right all over the place to teach people differently, to help them physically, medically, differently. If we actually think in a positive way ahead, we don't all have to be the best at it, we just have to figure out what value-- what part of the value chain we want to participate in because I know that I'm not-- I use ChatGPT as well. But I-- but I-- you know what I found out?
What's that?
I'm just not that interested. I mean, I really am not. So I do a little bit of that. And then I get my book out with the regular pages and read it, you know-- so I just-- I think it's good-- the good news is there's enough at all different points of interaction that you can participate in that will be helpful to you. And so I think we all have to find our spaces there.
So you gave me one thing. Robert, give me one thing you're doing personally. We'll close out this segment. And then we'll--
I just call Sam.
Call Sam.
Altman.
Help you.
I mean, no, I say that flippantly. But it's true. But here's what's important. No, no, no, no, here's what's important, this technology is evolving so fast, you have to put yourself in position where you can talk to the people who are evolving that LLM technology. And then you have to put yourself in position to the people who are evolving the chip sets.
Then you have to put, and then from there, the hyperscalers. And then-- it is an ecosystem. And so I actively participate in that I was just in Miami this week on a panel talking about this ecosystem and in five rooms with people talking about this ecosystem. I was in the Middle East last week with three of the leaders on a panel talking about this ecosystem, what they're doing.
Some of them are doing in defense. Some are doing it in consumer. I need to understand exactly how this thing is evolving, so I can inform my team about what we need to do, and who we need to connect with, and who within either the hyperscalers or the LLM models, or the SLM, we need to have that. And part of my role is to stay connected to that. So I can be the conduit of that into the community I care about, which is at Vista ecosystem.
Absolutely.
And another thing is boards and just dealing with other companies is very, very informative. I'm on the board of the Mayo, big consumer and creator, actually, or houser of medical data. And just-- I mean, these guys live this and try to make value of this every single day, Uber. All of these companies are actually putting it to practice, our companies as well, but they're relatively small. It's an important-- just kind of listen, kind of be engaged.
So if I were to kind of summarize some of the things that we've talked about, because we've talked about a lot of things, and I think we could probably spend a long time digging into any one of these topics, I heard about opportunities and position, taking advantage of the opportunities in the positioning you're given.
I heard very clearly in terms of the diverse managers in the room, don't spend time on people who can't tell you yes as a takeaway. I've heard that things are moving and evolving so quickly, you have to keep yourself in position to be able to understand where the winds are changing, understand where the dollars are flowing, and then also understanding how to then enact what I will call a Sankofa moment in terms of thinking about what communities to own and bring forward with you as you're thinking about what's the next thing for portfolios and opportunities for return.
We heard about the layers of how you're thinking about hardware, productivity, efficiency for your own organizations, for the organizations that you are investing in, and also for boards and how you're gleaning information from all of those places. And then we touched on how the impact of technology will undoubtedly impact communities, marginalized communities, specifically the Black community.
But we also talked about how we are responsible for thinking about the ways that we are proactively and intentionally trying to create opportunities, bring the conversation full circle, for those communities to participate in the evolution and revolution that's happening. So at that, I want to say thank you both for this time. I'm going to plant the seed for a part two eventually. But this has been amazing. And what a way for us to end Black History Month. Thank you.
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A metallic gold line swirls against a black background, then forms a signature.
J P Morgan
J P Morgan Private Bank
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Welcome to a conversation with Ursula Burns and Robert Smith. Please welcome to the stage managing director, head of Black Wealth Initiatives, Deb Langford.
For those of you who don't know, Black Wealth Initiatives is the business development strategy within JP Morgan Private Bank. We are here to do just this, to present unique and amazing conversations with leaders and trailblazers, and to also make sure that those of you who are already clients know that this is what we bring you especially.
I am so thrilled to welcome my dear colleague, Tiffany Lewis, who is the head of private infrastructure investments and head of diverse manager investment strategies at the private bank. We are going to hear from Robert Smith, as you all know, who is the founder and chairman and CEO of Vista Equity Partners, and Ursula Burns, the founding partner of Interim Holdings, the first black woman to ever run a fortune 500 company. Yes.
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And this is actually Robert's return to a Black Wealth Initiatives event, because he did our very first webinar, where we had over 115. Ursula, thank you. Robert, thank you. Tiffany, let's go.
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The presenters take their seats on a stage. Tiffany Lewis.
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Thank you, Deb, for that introduction. Thank you very much. Thank you to all of you for being here. And Robert and Ursula, it is, needless to say, a privilege to be sitting on this stage with you, way back when you both became a part of the JP Morgan family.
How did I become a part of this?
You're on the JP Morgan Alternatives platform, Integrum, that's part of the family.
Part of the family.
A big piece of the family.
Yes, yes.
But you both said to me, Tiff, we see what you're building. We see what you're doing. If there's anything that we can do to be helpful, let us know. And I made the call. And there was no hesitation. It was just tell us when to be there.
So it is-- I'm absolutely proud to be able to bring you both here today to have an interesting conversation among clients, among diverse managers. And it's also Black History Month. So that is not lost on me. That is not just the and so. It is important that we get together and have this conversation so--
Black History Month in every state except for the one that I spent some time in, Florida.
We starting.
[LAUGHTER]
It's true.
It's true. 100%. So let me set it up. And then I'm going to throw it to you both because this is a conversation that we're having among friends. You're both engineers by DNA, inventors and problem solvers by passion, careers that have been purpose-driven, intentional, focused on high performance, strategic growth, and let's not forget, community building, critical for both of you.
I'm going to attempt to lean into all of that today. I told you we're going to move quickly. But let's dig in. How you got here, hard work is table stakes, right? Every single person in this room works hard. But when you really think about the keys and the threads to your personal success and your personal achievement, let's talk a little bit about what that has meant for each of you, what that means. Ursula, do you want to start?
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Ursula M. Burns, Founding Partner, Integrum Holdings
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So how I got here is opportunities, basically all opportunities, and having a good foundation to take advantage-- to see it, see the opportunity, and then take advantage of it. And as most of you know, I wrote a book. And when I wrote the book, I thought I was writing a book about my life, which was not that exciting to think about to write.
But I ended up writing a book about the opportunities, about all of these people who made-- who gave me chances to do things, and about this person, who gave me the fortitude, and the insight, and educational foundation to take advantage of them. That's my mom, who was just this amazing woman.
Didn't look amazing. In her life every day, you wouldn't have called her amazing. But when you look back on it, it's like, wow, she was pretty amazing. And then all these people who saw me along the way, and even if they didn't know who I was specifically, they said, somebody who fits this set of characteristics should have an opportunity and a chance to go to school and pay for college, for example, to get tutoring, to introduce-- be introduced to people. So all of these opportunities, and then the foundational elements taught to me by my mom to take advantage of them. That's how I got here.
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Robert F. Smith, Chairman and CEO, Vista Equity Partners
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Yeah, mine's the same. It's opportunities. It is in that being prepared to take advantage of those opportunities, which that hard work all feeds. We all-- if you're in this room, you've done a whole lot of the lift already. And then you have to rely on people to either give you a glimpse, a door opening, a shot at, a peer into something that is different that helps you change your condition and then ultimately the condition of communities you care about.
And so it's so important-- and I will say it's so important to have Tiffany here. And let's-- I want to give her a big round of applause.
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Ursula holds up her hand for Tiffany, and they share a high-five, clasping hands briefly.
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Because it is people like Tiffany, and Derrick Jones, and Joe Haslip, and others, who have created opportunities for people like me and Ursula to now see the gap and bring the training, the insights, the intelligence of markets into those opportunities and create sustainable businesses and enterprises.
But I will tell you, if we didn't have people like that in these positions at the right time, I will guarantee you, we would not be here.
No doubt.
Because it wasn't natural in the markets 24 years ago for someone who looked like me to say that I was going to do what I did and what we've done. But it took people to say, OK, let's give that a shot. Oh, let's give it a shot. But we're going to create a whole lot of other conditions around it, which is part of it. And then you have to earn your way through those conditions through performance.
That's no different than my parents, and my grandparents, and great grandparents. But positioning yourself, and positioning your children and your community to take advantage of those opportunities is, in fact, your duty and your responsibility. And that's what we now have to do.
And then giving them also-- giving people who are right behind us or way behind us some lift as well, it's kind of like-- anyway, we can get into a lot more--
We're going to talk about it because the theme of today is yesterday, today, and tomorrow. And so you mentioned the notion of people giving you a chance, but also Robert, you talk a lot about, you knew that there was not a space for you. So you created your own space when you launched Vista. And so you launched Vista more than two decades ago.
You've launched Integrum now a few years ago, with about two decades between you two. The fundraising environment for diverse managers, many of whom are in this room, is different, indeed, for us than it is for a lot of others. Let's talk a little bit about kind of advice that you would give to some of the diverse fund managers in the room, especially given the fact that the experiences, while they might be two decades apart, some things have changed, and some things are very much the same.
I'll hit a couple of things. I got a piece of advice almost 20 years ago, I guess it is, from a person who was in this industry. And he told me, he said, don't waste your time spending time on someone who can't tell you yes. And that was probably one of the most useful pieces of advice that I got.
Because I will tell you, there are a lot of groups out there who are incentivized to meet with you, not to fund you, not to help you, but to meet with you, so they can say guess who I met with. Guess how many I have met with. Guess how-- let's talk about the frequency of how I've met with them.
So it's important to do your research. And your research isn't just, OK, who's out there, doing this. But you should talk to each other about who got funded from. And we have formed a great organization, NAIC, Joe and Derrick are some of our leaders in that organization. They follow me, of course, no I'm teasing these guys.
I have to give him it because otherwise, they're like, oh man, he's being so nice to me. And you know that's not normal for me. But it is important to understand, it is how we use that organization to talk to each other and say, well, what did you find out at xyz pension fund? And what did you find out at xyz family office?
And when you talk to 15 of us, yeah, they've all 15 been in, but they funded none of them, you probably should not buy that airline ticket to go there. Do a Zoom. Because you're just about to waste your money to go see them. So they can just tell you no.
So then you think about well who is actually been supportive. Often, it isn't an institution. It is often an individual in the institution. So you've got to get to that level and start to unpack, OK, who are the people that I need to talk to understand, who are looking to carry that forward?
There are a few institutions which are a little more enabled to do it institutionally. And that's because we have had leaders go in and change the construct of those institutions. But I can probably count those on one hand.
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Robert holds up his hand.
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And for the most part, it is still a knife fight every day.
We've got $100 billion in assets under management. But I have to literally go through with my team and say, OK, well, who are we going to go spend our time with? And who are we not going to spend our time with? And you'll see some of our folks meeting with people monthly. I'm like, we can meet with them next month, every month for the next three years. And it is unlikely that it will be real.
But I will tell you, they're the ones hosting conferences and inviting you all to them. OK, that's the truth. Y'all are like, wow, yeah, I've been there. And you're right, they haven't funded me. And I've been going five years in a row. So like all things-- like my grandmother used to say, don't take people for their word, take them for their actions. So just understand that and be clear about where you should spend your time. Because that's the one thing that you have less of.
And I would just add, I mean, I had the benefit of Robert Smith 20 years ahead of me. I mean, this may sound like-- a really big deal. So when I walked into a room, first, I have two great partners that make it really easy to kind of spread the weight, really easy. And they're very good. They have their areas of expertise, a lot of credibility. I bring credibility. They bring-- so the partnership looks like a real-- we call it a whole human. When you put us all three together, we're almost a perfect human.
But when I walk into a room, people don't look at me. They still look at me like, oh my god, one of those again. Because I am very different, I'm female and Black. And people just don't-- they still don't quite get it. It's like what do we call her? How do we deal with this?
The great news is that I am not the first person to walk in that looks a little different. And I'm definitely not the first successful person. So to have somebody like Robert right ahead of us, and people say, well of course we can do this, we know we have a firm I can show you, $100 billion of assets under management, real guy who can do it. It's very, very helpful.
We're getting more and more of that population out there that we can leverage as we go forward I ask them all the time when I'm with them, whenever I'm-- because I'm the newest of the-- I'm the newest and the youngest of the lot, not age wise, but obviously, tenure wise, that we need help, we need particularly Black women.
We are still left way, way behind. Men, you guys leave us behind. Black men leave us behind. I'm calling it real, they leave us behind. But please remember that we're right behind you guys, beside you, we need help.
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Ursula pauses to wave at someone we don't see.
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We need help to move on because literally, you guys get into your thing, and get really into it, and keep moving, and we don't naturally fit into that either.
We just don't. So we need help. And the good news is they're starting to listen and starting to include us more and more. Some of it is because we're yelling at them. But others, because they actually are realizing that more in this pot of difference is going to be better for us, not worse for us.
We are not competing with each other here. I mean, we have like a little tiny bit of money. And the rest of the world is like all of this money out there. So we have to get some of it. I think it's right now, 20 years on, it's hard. But I can't even imagine what it was like when you started. I mean, I can't even imagine.
We would go in and ask for money, and they would say you have a problem, you're a first time fund. And I'm an engineer. I said this is the stupidest statement I've ever heard in my life. The way that you get to a second time fund is that you have to go through first time. So how in the world is that a reason-- and by the way, you knew that before I came.
Before I flew here. So I'll give you an example. There was a very large endowment in Massachusetts in Cambridge.
[LAUGHTER]
That the guy who was running this thing at the time many, many years ago, revered, and this and that, and I'm going in first fund, and we're second fund. And I'm going through the examples. He goes through, he said listen, he said, I said I'm looking to raise $1 billion. He's like, no, no. And I've already invested in return.
This just isn't going to work because you got-- the way this thing is structured, you're going to have a bunch of clawback. You're not going to make any money. You should decrease the size of your fund from $1 billion to $750 and let me be half of it.
Yeah, of course, yeah, thank you very much.
Think about that. And there are countless examples that I have of people in our group of asset managers who have been capped by-- and I'm not going to say well-intentioned LPs. Because they're not well intentioned. They are being self-serving in what they want.
Oh, here's something good. Let me hoard it. So this guy is like, I want to be half-- decrease the size of your-- size of your fund, let me be half of it. I had another well-intentioned-- [INAUDIBLE] endowment out on the West Coast in Palo Alto that came to me and said, hey, why don't we take your best practices and share them amongst all the other GPs?
And I'm like what? Yeah, that way, everyone does better. And I'm like, have you ever asked anyone else of that? No, but your best practices are unique to you. And everyone in our portfolio will do better. I shut their data room access off that day.
Now you think about that. Have they ever asked anyone else that? And when I asked the one in Massachusetts about that, like, well, you have a good thing. But we'll make you better. And I'm trying to understand, well, how? By limiting my access to growth, limiting my ability to grow does not make me better.
And there are countless other examples of other firms that I know where people are saying, listen, they're telling me they'll put x amount. But I can't raise any more than y amount. And oh by the way, they want a portion of the gp. And oh, by the way, they're going to cap my fees. And so they limit their ability to hire talent. There's countless examples of that that I know of personally.
And part of what-- when you're out there and you're trying to convince people, fight through it. It's hard. Because you're like, man, I got legal fees to pay. I've got people I'm trying to hire. Maybe I'll just do it this one time. And then over the next three, five, eight years, they've lost that upside. And it is a challenge. Yeah, it's a challenge.
So we've talked about fundraising. We've talked about how you've gotten here. Let's talk a little bit about technology. And I'm going to sit on the topic of AI for a little bit. And we're going to talk about it from a few different angles.
We are actively going through the fourth industrial revolution right now. This is a considerable shift. And it is, indeed, AI is the topic on everyone's minds. And so first as builders, when you think about your portfolio companies and you think about adoption of AI, how are you pushing the companies, and even your own organizations, to stay ahead of the curve, and to adopt it in a way that you're thinking about risk, but you're also balancing that with innovation?
One of the challenges that AI presents is that nobody knows what the hell it is. We talk about it every day like it's something that you can go to the store and buy. Let's go buy some AI. Let's go. And that we can just get these people who will come in and help us use this.
I think number one, please make sure that we all know that we have no idea yet what tomorrow will bring. We never do, really. But in this space, we are blind from two perspectives. There's no example of anyone, except for the US government, or governments in general, who actually have a handle on AI as a technology set, particularly the generative part. That's one.
So we don't really know what we can do. We don't really know-- they don't even know what they can do. They don't even know the law. So we should be-- as Walmart says all the time, the old CEO of Walmart, I'm not going to be a leader here. I'm going to-- I'm going to beat the market by being a fast follower.
And this is one of the-- I would say be careful about what you want to do, but be prepared to follow really quickly because that's what a lot of us are going to have to-- going to have to do. The second thing that we spend a lot of time on is not being the best at AI, but figuring out a way to use it to increase our upside or reduce our downside risk.
So it's not that we don't want to sell any AI products, we don't have that kind of thing. We're an insurance, insurance, boring businesses like that. But we should be able to use this to make our businesses more efficient, more knowledgeable, et cetera. So staying on top of this space, knowing that we're going to get blindsided probably 20 times between now and the time that we finally get this thing done.
Last I'll say is that whenever there's a technology revolution, there are a couple of things that you can count on. One is that the poorest and least able people get screwed. And we know this. And AI is going to be in the same space. By the way, you don't necessarily have to stop that. I mean, sometimes you can stop it because it is-- but we have to be prepared to help.
We have to be prepared to redirect, to help, to fund differently. Because this one is going to be-- I think this transition is going to be a really difficult one. All the things that we do, checking out people, checking forms, all of this stuff that you think about that's the entry-- or the exit out of poverty for some families, we're going to actually wipe this stuff out.
Well, I mean, let's hit the nail on the head. I'm pulling forward the question that I had, which is when we've had these technological revolutions, Black people have often been left behind.
Yeah, that's generally--
And so as we are going through this rapid change, how do we make sure that we don't get left behind again?
Well, I think that part of the-- this room, there's a lot of us in this room. Everyone of us should own somebody. I am always-- you'll hear me say this all the time. You have a family, an individual, a school, a something that if you're sitting in this room, as Robert said earlier, you're probably one of the talented somethings, maybe not 10, 20th.
You should-- you have personal responsibility, I believe, I have personal responsibility to take care of my family, and then find a whole 'nother set of people that you can drag along with you. Nobody else can take care of them. We already know that the government is not going to take care of them. Often, their families can't take care of them.
We have to own these people. Or else by the way, they won't be owned. We can see it all over the place. So I say everybody in this room should have a school, a family, a something that you should watch out for. And if we all do that, and people not in this room, I think we probably got maybe 25%, 30% of the people covered, that's better than-- and they'll then cover 10% more. Eventually, we'll be able to have this level of independence.
It's not the point of this conversation. But we always look to somebody else. I say we have been-- it's been shown to us and proven, nobody's going to help us. We have to help ourselves.
Robert?
All right, GenAI, let's start there. So I formed a GenAI council about a year ago. We use artificial intelligence in about 28 of our portfolio companies prior to the GenAI announcement. I formed a council I've got 14 of our CEOs on there. And it's been active for about a year.
There are some elements of this-- let me give you real high level, as an investor, think about the first wave is going to be hardware centric, like all technology waves. This one in particular, you're going to see the GPU, TPU call it providers, Asics providers capturing next $2, $3 trillion worth of economic opportunity.
It will be followed by the hyperscalers. And they're going to be an emergence of three to five new hyperscalers. These are the Amazon equivalent, some of which will be governments and sovereigns. And they are going to invest literally trillions of dollars. But they're going to capture 2 to 5 times what I just said the hardware vendors will capture in what this economic opportunity is.
And then the final wave will hit what I call the enterprise versions. There are the consumers out there who are getting hit today. And that's going to be a natural motion. But I live in a world of enterprise. So that's where I spend my time. And I focus on the enterprise.
Of our 87 portfolio companies, in other words, selling companies like Powerschool, Power Buddy, which sells to 80 plus percent of the schoolchildren in North America uses this solution set. So it's for tutoring. It's for the teachers to create lesson plans. It's for the principals to manage their teachers. And it's for school districts to manage their districts more effectively.
And each of those now has an GenAI enabled solution sets that are actually in the market being sold today. And I'll get back to why it's important to get started now because these models will evolve. And if you don't start now, then you're going to be left behind on the next set of models, which are going to actually exponentially more be more powerful.
The next layer of this is your productivity. So code assist, so we've got now 94% of our companies using some form of code assist. We see between 10% and 35% productivity per developer, not overall company, but per developer. And over time, what that translates into is you can turn that productivity into creating more products, solutions, or services, utilizing this for your customer base, and I'll tell you why in a second, or reduce the cost.
This kind of hits your people. You need fewer people to do certain tasks. And people at what we call the end of the endpoint are the ones who are going to be most affected. Most of our community is at the end of that endpoint. And they get most affected.
The third layer of this, from our perspective, really fits who we are as a firm, how we underwrite. Part of what we have to do is use it as an-- how do we build ingestion engines to ingest data and information so that we can underwrite more effectively? How do we use it to enable our firm to run more efficiently?
Again, if you think about a growing organization, I was with a guy this weekend, he's in a consumer business, but he went from 350 people down to 32 people. And he has not lost a dollar of revenue. Has actually increased his growth. But most of his was consumer. So most of that was marketing. So endpoint marketing people are really in trouble in that regard, leveraging a very simple ChatGPT 3.0-- 3.5, actually, solution set.
So those are the-- that dynamics. And then lastly, ultimately, from an underwriting perspective, how do you use this to create an underwriting advantage? We've built some tools that we are using to ingest massive amounts of data to enable us to analyze businesses more effectively, think about contracts, for instance, and how do you use that in a way to figure out what sort of pricing, terms, conditions.
Now, all that requires a perspective, and leadership, and resources. But like all technologies people underestimate what they'll do in the long term and overestimate what they're going to impact on in the short run. But you have to put yourself in a position to take advantage of what is probably the most transformative technology that I've seen in my 29 years on this planet in ways that can enable you to compete in this marketplace.
We have done something 15 years ago, the full effect of which, you probably won't realize for a bit of time. And that is we distributed computing power globally. So prior to that, computing power was isolated in a couple of, I'll call it Western economies. We've distributed it. We've distributed the capability.
And now, that capability can be utilized in the GenAI world in ways that give people the ability to advance beyond what I'll call Western economies, certainly in Europe, US not as much, if driven and applied properly and with some focus. The thing that's certain of these economies have is the force of political will.
And what I mean by that, they have-- they're not sitting in what I'll call normalized democracies, where you have discourse. You have leaders says go this way, and the whole place turns and goes that way. And the thing that they have is capital. They have will. They have intention. And they're buying capacity. And I like to say they're exercising cash violence in the areas that matter right now.
And that's going to build infrastructures that you all, and your children, and my children will have to contend with. So we have to build infrastructures of opportunity, things that put us on this stage and put you in this audience, so that that next generation can participate in what is going to be a GenAI enabled world that is going to evolve.
It will constantly evolve. And that evolution has massive productivity implications across almost every industry on the planet. That's the nature of it. And we are not going to stop it. It's just a question of how are you going to participate in it.
(DESCRIPTION)
He shrugs.
(SPEECH)
And so when you think about that participation, there are many layers to that, right? So there's participation from Vista and Integrum. And so I want to I want to hear a little bit about what does that mean in terms of even companies, things that are kind of sparking your interest, or themes that are sparking your interest as what would be important to be in these portfolios that you're building. And then we'll talk personally about how you are personally staying at the edge of this learning curve that we're all on.
So let me start. And the integration of technology broadly, AI specifically, but technology broadly, into the way that we govern and manage our firm, invest, hire, and our portfolio companies, it's active and changing. Changing, you know what I mean? It's like we had a meeting this morning, we were speaking about one of our portfolio companies, amazing insurance company.
And they hire 1,000-- they interview thousands of people a year to become insurance carriers for them. And they started this years, and years, and years ago. And they interviewed 30 people a day, 30 people a day, 30 people a day every day. And they have to hire-- it'd be great if you could hire all of them, but they have to go through this.
And their efficiency in getting these 30 people a day to net to some high number is key to their success. And before you do that, you get some smart guy, they kind of get it in their head. Now you get-- literally, you give them, with AI tools and tricks, that tells you, these are the questions that you ask.
First of all, this is how you pick a candidate, these 30 people. Here is a kind of a of a person who likely will make it through the screen. Here's how you screen. And so the efficiency of getting these 30 people a day to net the people for us that come work for our firm is key to the success of the firm. And literally, AI is at the core of this now.
But literally yesterday, we just had some guys sitting here calling. Now, we have tools and tricks and building a model that makes it possible for us to be unbelievably efficient in hiring these people. And eventually, maybe only seeing people talk to them way down the-- if ever, of course, they have to talk to them eventually.
So examples like this of literally every single function that we use, not only customer facing, but everything in the value chain, trying to look at it from a technology enabled standpoint, so that we can-- I hate to say it, but get rid of people, get rid of people, get rid of mistakes.
So that's efficiency, which drives your productivity curve, which ultimately does indeed impact jobs. And we're going to get there in a second.
Definitely impacts profitability.
It impacts profitability. Before we get there, I want to touch on how you all are personally staying current. Because it's hard. Like I am-- I do bedtime stories with ChatGPT with my daughter. And she's-- I'm helping her learn how to prompt. And I'm learning how to prompt, right? And give it feedback on things that she likes and doesn't like, as a way to kind of influence my own learning curve.
I'm sure everyone in here is interested on what are you reading? What are you listening to? How are you practicing in terms of staying current? And then we'll come back to communities.
Yeah, let me start on how-- I'll say we have to approach this. Now, in the enterprise world, the small-to-medium business, and everyone but call it global 3,000 are going to actually find that you're in a point of scarcity of access to GPUs today. You just don't have access.
And so your access is only going to come through the hyperscalers today. And then it's a question of how the utilization of that access. So what we've done-- we formed and have a series of-- we call them hackathons, where we bring our top 300 plus programmers from all of our portfolio companies into two places for three days we fund them, and I say fund being people.
So we bring the top GenAI developers from Amazon, Google, Microsoft Azure, and have them go to these sessions. And they teach and train our people on building product.
Are you going to these?
Oh, yeah, I virtually-- if I go, it's-- whole thing. But I'll get to what I do in a minute. I just call Sam and Dario. But that's a whole 'nother conversation. But what that does is it creates the ecosystem, again, of your most enabled people to understand how to utilize these platforms and build products.
So again, we're not focused on their inefficiency, the productivity piece. This is the product piece. So we've done two of those. We'll do two more, maybe three more this year. In that context, we invite students from HBCUs to come. And actually, two of the students were part of the winning teams as part of that.
So part of you have to-- you have to infuse-- thank you. But part of that you have to infuse that enablement as well so you know we have brilliant people who look like us who are software programmers and engineers who don't have access. They don't have access to these platforms outside of the consumer platforms.
And so creating that opportunity is a critical part and function that I know we can uniquely provide, which we do. We also-- just on that point, of our companies, Stats Perform, we've been utilizing AI for, I don't know, 15 years in that company. And so we said, you know what? Let's just generate and develop a curriculum, which we've done. And we introduced it in Morehouse this past fall. So you can actually take a GenAI course with one of our companies at that college to enable-- we'll get to Spelman, because I heard your point loud and clear.
It's so funny how--
Yeah.
I mean, that's very good.
Right, it's like, OK, I got you, I got you. But that's, I think, part of that enablement piece. So the important thing is to understand, this is an ever-evolving platform of opportunity. And you have to think about what are the waves of those opportunity. I gave you a kind of hardware, infrastructure, connectivity. There's a whole power thing underneath that that's required to power this stuff.
And then you've got to think about, OK, the application providers, the medium-sized companies will not build this themselves. They're going to rely on enterprise vendors to create solution sets to sell to insurance companies that's got 500 employees or 2,000 employees. Because they're not going to find the scientists and the technologists to do this.
We need to provide ready-made GenAI solutions and help them understand the efficacy of using those solutions. Because we're going to charge a lot for it, versus what they could otherwise do with people. That's the adoption curve that we are in today. And so getting-- and look, here's what's going to happen, you'll roll out Claude, and then there'll be Claude 2.
This is the-- so the anthropic platform. So what will then happen is if your people are already using it and embedding it in your enterprise class solution when Claude 2 comes along, guess what, you're going to get an inflection of productivity. But if you haven't put in 1, it's going to take you a while to get to 2.
And this is a market that he or she who gets there first may get there only. And that's the dynamic because if you create an economic [? rent ?] capture in your solution sets, you will eliminate the economic opportunity for anyone else in that marketplace. And I don't think any form of regulation is going to get to that for a long period of time, to be frank with you.
One of the things that Robert just said that's really important that we think about a lot and we're enacting and enabling is we're not going to-- individual companies, just an insurance company or a payments company, they're not going to hire a whole bunch of GenAI guys, I mean, really? These people-- you get some. But you're not going to get the cream of the crop. You better figure out who the partnership-- who to partner with, who to start talking to.
It's going to be a big kind of figure out where you want to-- who you're going to align with, at this point. If you think about computing, remember when this thing came out, and they said, I remember my mother would say, we're going to learn how to read and write-- we're going to forget how to read and write and do math because these computers are going to-- we're going to forget all-- I think we have the opportunity to have a very positive change, like computers, on average, have been, computing, on average, has been to-- have been to the world.
If we do this right, we'll release a lot of capacity right all over the place to teach people differently, to help them physically, medically, differently. If we actually think in a positive way ahead, we don't all have to be the best at it, we just have to figure out what value-- what part of the value chain we want to participate in because I know that I'm not-- I use ChatGPT as well.
(DESCRIPTION)
Ursula turns to Tiffany.
(SPEECH)
But I-- but I-- you know what I found out?
What's that?
I'm just not that interested. I mean, I really am not. So I do a little bit of that. And then I get my book out with the regular pages and read it, you know-- so I just-- I think it's good-- the good news is there's enough at all different points of interaction that you can participate in that will be helpful to you. And so I think we all have to find our spaces there.
So you gave me one thing. Robert, give me one thing you're doing personally. We'll close out this segment. And then we'll--
I just call Sam.
Call Sam.
Altman.
Help you.
I mean, no, I say that flippantly. But it's true. But here's what's important. No, no, no, no, here's what's important, this technology is evolving so fast, you have to put yourself in position where you can talk to the people who are evolving that LLM technology. And then you have to put yourself in position to the people who are evolving the chip sets.
Then you have to put, and then from there, the hyperscalers. And then-- it is an ecosystem.
(DESCRIPTION)
He holds up open palms, then brings them together.
(SPEECH)
And so I actively participate in that I was just in Miami this week on a panel talking about this ecosystem and in five rooms with people talking about this ecosystem. I was in the Middle East last week with three of the leaders on a panel talking about this ecosystem, what they're doing.
Some of them are doing in defense. Some are doing it in consumer. I need to understand exactly how this thing is evolving, so I can inform my team about what we need to do, and who we need to connect with, and who within either the hyperscalers or the LLM models, or the SLM, we need to have that. And part of my role is to stay connected to that. So I can be the conduit of that into the community I care about, which is at Vista ecosystem.
Absolutely.
And another thing is boards and just dealing with other companies is very, very informative. I'm on the board of the Mayo, big consumer and creator, actually, or houser of medical data. And just-- I mean, these guys live this and try to make value of this every single day, Uber. All of these companies are actually putting it to practice, our companies as well, but they're relatively small. It's an important-- just kind of listen, kind of be engaged.
So if I were to kind of summarize some of the things that we've talked about, because we've talked about a lot of things, and I think we could probably spend a long time digging into any one of these topics, I heard about opportunities and position, taking advantage of the opportunities in the positioning you're given.
I heard very clearly in terms of the diverse managers in the room, don't spend time on people who can't tell you yes as a takeaway. I've heard that things are moving and evolving so quickly, you have to keep yourself in position to be able to understand where the winds are changing, understand where the dollars are flowing, and then also understanding how to then enact what I will call a Sankofa moment in terms of thinking about what communities to own and bring forward with you as you're thinking about what's the next thing for portfolios and opportunities for return.
We heard about the layers of how you're thinking about hardware, productivity, efficiency for your own organizations, for the organizations that you are investing in, and also for boards and how you're gleaning information from all of those places. And then we touched on how the impact of technology will undoubtedly impact communities, marginalized communities, specifically the Black community.
But we also talked about how we are responsible for thinking about the ways that we are proactively and intentionally trying to create opportunities, bring the conversation full circle, for those communities to participate in the evolution and revolution that's happening. So at that, I want to say thank you both for this time. I'm going to plant the seed for a part two eventually. But this has been amazing. And what a way for us to end Black History Month. Thank you.
(DESCRIPTION)
Thank you.
(SPEECH)
[APPLAUSE]
(DESCRIPTION)
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Fireside chat with Robert F. Smith, Founder, Chairman, and CEO of Vista Equity Partners, and Ursula Burns, Founding Partner of Integrum Holdings
Published Mar 12, 2024
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