0:01 Jason thanks the sponsors, guests, listeners & the team for Angel Season 4! 4:38 Jason intros Menlo Ventures' Shawn Carolan 7:26 Thoughts on the market's reaction to COVID-19, when will it get back to normal? 11:51 What advice is Shawn giving to his portfolio founders? 19:07 How has the job of a VC changed with the influx of hundreds of new funds, and what impact has the large amount of dry powder done to the industry? How has Shawn adjusted his approach in response to this? 26:07 Why paying a high price on valuation for dialed in startups (like Shawn did for Uber's Series B) is still a great bet 34:13 Shawn on passing in investing on Mahalo & Jason 36:20 What was it like having a "Force of Nature" portfolio founder like Travis Kalanick, who would destroy any obstacle in his path? What are some great founder attributes? 51:24 Shawn takes us through his Siri investment 57:55 Shawn takes us through his Roku investment 1:02:25 With the influx of Seed & Series A startups, how has Shawn adjusted how he meets founders? 1:05:00 Shawn takes us through his JUMP Bikes investment, are micro-mobility unit economics broken? 1:07:43 What will the outcomes of COVID-19 be in the startup community? 1:28:05 Shawn asks Jason how to best utilize his domain expertise to create high-quality content for Menlo Ventures

0:54 Jason intros Roy Bahat & Zach Coelius, and they discuss their current quarantine situations 6:04 What is the timeline looking like for going back to work? What needs to happen before we can get back to normal? 14:51 Has government & media failed the public? How is tech (both big tech & startups) helping during the crisis? 28:33 How should startups approach taking PPP, EIDL & other SMB loans? Should startups begin working more closely with the government? 37:14 When should companies plan on being able to raise capital again? 41:37 Why Jason believes the VC market will bounce back strong & how he is planning on deploying capital? 46:12 Are we going through a generational change & witnessing the creation of "Generation V"? 55:06 Jason's thoughts on what the crisis will actually change 1:04:36 What should permanently change after the crisis: government reliance, UBI, listening to experts 1:11:45 Notion's $50M raise & $2B valuation 1:15:29 Is Zoom trustworthy? Is any software trustworthy? 1:19:13 Luckin Coffee fabricates sales and loses $5B of value in 5 minutes

0:55 Jason intros Balaji Srinivasan and tees up his incident with Recode's piece: “No handshakes, please”: The tech industry is terrified of the coronavirus 4:28 Balaji shares his experience with the story and his issues with corporate journalism 15:16 Balaji explains why he reacted the way he did to Shirin Ghaffary's request for an interview 19:52 History of techlash: 1995-2020, when things turned from positivity to overwhelming negativity 26:26 Balaji brings up a sentiment analysis chart published by Recode 31:25 Did both sides of the political spectrum fail in their coverage of the virus? Is citizen journalism the answer? 39:40 Balaji envisions for a new kind of journalism 41:43 Are corporate journalists too like-minded in their approach because of not being representative of the demographics of the US? 48:16 What is modern journalism's biggest blind spot? 51:22 Tips on how to start decentralizing media 54:34 Are modern journalists uncomfortable with subjects playing an active role in the reporting of the story? Did Recode & other outlets fail their readers? 1:01:55 Will the US "let it rip" strategy of dealing with COVID prove catastrophic? 1:05:53 Endgame scenarios: Bull, Bear & Base 1:10:08 Should we be experimenting with "Challenge Trials"? 1:18:52 How culpable is China for the spread of COVID-19? Should wet markets be shut down for good? 1:23:39 Why is the US still behind on mass testing? More on endgame scenarios 1:31:03 Possibility of COVID-19 being a biological weapon? 1:36:27 What should we learn from this crisis? What societal changes will happen?

0:51 Jason gives some thoughts on quarantine & intros GGV's Jeff Richards 5:11 What will this crisis look like on the other side? Benefits of having a levelheaded approach 11:38 What has Jeff seen from his seasoned portfolio founders who went through the 2008 crisis? 16:21 What advice does Jeff give to first-time founders in his portfolio? 22:22 Investor panic & differences in opinion between independent & investor board members 25:50 What could inexperienced board advice be in a time like this? 30:45 What is GGV's typical check size, how many startups do they invest in per year, and how are their funds divvied up between early-stage & growth 33:26 Chances that current deals could be renegotiated? How can founders price themselves properly? 38:05 Jeff explains liquidation preferences 42:52 How should companies approach taking venture debt in a time like this? What is Jeff's criteria for taking venture debt? 51:11 If things are going poorly, what are some things founders can do to right the ship? Examples of great pivots that saved companies 57:58 What is Airbnb's roadmap from here on out? 1:02:12 Why Jeff doesn't get enamored with IPO valuations & why he is long tech 1:08:18 Thoughts on Zoom, anti-trust laws & more

0:52 Jason intros Eric Ries and they discuss how things have been since shelter-in-place started 8:33 What good will come out of this? Will UBI proponents like Andrew Yang be proven right? 10:12 Eric's advice to today's founders after living through the 2008 recession & the dot-com bust 15:53 Eric describes the obligations of leaders during a crisis of this magnitude, what the test-and-trace method is and how it's effective 25:02 Do authoritarian countries have an advantage in handling outbreaks better than democratic countries? 28:45 Jason & Eric reminisce about 2011 in startup-land 30:38 Tactical advice for Founders in an economic downturn 39:52 Eric explains what he is doing to help at: https://schoolclosures.org/ 44:11 What is the Long-Term Stock Exchange? 48:57 Thoughts on private companies giving equity options to contractors 53:00 More tactical insights for founders: handling layoffs, figuring out new revenue opportunities, capitalizing on silver-linings, extending runway, etc. 1:01:01 Amazon & Lyft partnering to help each other, Bird's layoff approach, extending runway by trading cash for equity 1:12:21 Eric's thoughts on the future of capitalism

1:00 Jason intros Figma’s Dylan Field & Dylan explains why WebGL was crucial to Figma’s creation 7:09 Why ChromeOS is flourishing in schools 11:28 Who are Figma’s competitors & how do they compare 14:12 How does multiplayer mode work on Figma? 17:29 What does Figma charge, Dylan’s thoughts on charging for SaaS: bottom-up or top-down? 30:26 Is SaaS burnout real? Active-user pricing vs. Passive-user pricing & the importance of increasing pricing transparency 34:41 Becoming a Thiel Fellow, meeting Jason at Foo Camp, what happened between Mahalo & Google? 44:52 Jason goes deeper on what happened at Mahalo 46:33 Why Figma releases new features so quickly, the open-design theory & how it makes Figma anti-fragile 48:42 How is Figma handling COVID-19 on an internal & external basis 1:02:39 Figma’s funding history, why Index led the Seed, why Greylock initially passed & wound up investing 1:08:13 Why Kleiner Perkins invested & why Sequoia passed on the Series B & wound up investing, importance of getting to know your lead investors 1:11:05 How Dylan preps for & leads Figma’s board meetings 1:12:05 How working from home has given bosses better insights into who is actually making major impacts

0:52 Jason intros Greylock's Sarah Guo 3:37 How did Sarah wind up at Greylock? 5:45 Sarah explains Greylock's "Zero to One" thesis & typical term commitment of a VC 11:53 How does Sarah measure her personal performance and her portfolio's performance? What are her biggest strengths as an investor? 16:12 How does she sharpen her decision-making skills? 17:53 Ranking her investment criteria: People, Markets & Product 20:26 Balancing intensity & life outside of work, the commitment of early-stage startups 27:26 Work-life balance & how the venture landscape changed over time 35:36 Greylock's structured & what was Sarah's first investment & how did it play into her investment thesis? 43:38 Sarah's investments in work-enabling software 48:00 Sarah recommends Dylan Field of Figma join the show - episode dropping Friday! 49:22 Identifying subtle flashes of brilliance in early products 58:28 Female founders being held to a higher standard 1:02:35 Anti-portfolio: Zoom 1:10:06 Sarah turns off her virtual background and reveals her location

0:45 Jason intros Vincent Woo, who wrote "Lambda School's Misleading Promises" for New York Magazine 2:21 What drew Vincent to this story? What wrongdoings did he discover? 6:02 Vincent describes Lambda's ISAs and how they were sold 14:24 How Vincent approached Austen Allred as an investigative reporter & clip from Vincent's interview with Austen 16:19 What is Lambda's school actual placement rate? How does it compare with other coding bootcamps? 20:06 Getting Lambda's former Director of Student Placement on record to speak about the placement rates 23:43 Why ISA coding schools should exist 29:18 How Lambda's remote-only approach differentiates them & how opportunity cost plays into their issues 35:06 Where did Lambda School go wrong? 45:51 Does the business model work in broad strokes if opened up to everyone? 53:54 What does Lambda School need to do now? 58:21 Where is the blindspot in most entrepreneurs? 1:00:57 Vincent also writes about local political corruption in the Bay Area

1:04 Jason intros Alex Wilhelm & Sarah Cannon 5:00 COVID-19: Where are we now? 10:12 Have would Obama have handled this situation? What are the proper next steps? 15:29 Sarah lays out her economic stimulus plan 20:29 How much has the political landscape changed over the last few months? 22:08 How would a stimulus plan work in practice? 24:36 What will change about the gig economy and healthcare coverage? 28:35 Will the average American citizen's perspective on the world change? 33:23 Alex shares his thoughts on the media's handling of COVID-19, and what Twitter's role has been during the crisis 45:09 Jason's theory on what we should do differently next time around, and it is applicable in America? 50:08 What is the endgame of COVID-19? How long will it last and how bad will it get? 1:00:42 Chances of civil unrest/chaos? Are testing incentives the best way to bend the curve? 1:10:14 Thoughts on WeWork/SoftBank news & why Sarah didn't invest 1:13:22 How Sarah is advising her portfolio companies during COVID-19, benefits of overcapitalization 1:18:42 Durability of SaaS revenue during a recession

0:01 Jason & Chamath intro David and check in on each other's quarantines 2:26 Has the US overreacted or underreacted so far? David & Chamath give their opinions on new directives & statistics 13:15 Thoughts on potential treatment options & policy changes 22:25 Chamath explains the circumstances of recording a podcast while the Stock Market tanks in real-time 25:03 Should the US adopt Chinese & South Korean quarantine strategies? 29:53 What do the current market conditions mean for startups & VC? 41:24 Chamath explains what is currently happening in the capital markets 45:05 How close is the US on being able to do mass-testing? 54:13 Thoughts on bailouts for companies that manipulated their earnings-per-share ratio by stock buybacks? Impact on the global economy 1:03:14 Impact on luxury goods? Should there be a monthly stipend for low-income citizens? 1:12:10 COVID-19 exposing holes in the US healthcare system 1:17:44 Should we ban wet markets globally? 1:24:12 Over/Under: when Americans will be allowed to go out to restaurants again 1:28:18 When will the weekly poker game resume?