Billion Dollar Moves™ with Sarah Chen-Spellings | Global Venture Capital
00:21:47 · Sarah Chen-Spellings, Michael Anders, Sarah Chen-Spellings
[00:21:47] S3: So what was the hardest moment in the ICONIQ journey that you can speak to? [00:21:51] S0: I think one of the hardest moments of the ICONIQ journey was dealing with, you know, the financial crisis in '2 thousand and '8 was just a very, very tough time because it was so much uncertainty. Not too dissimilar to what's going on right now with, you know, the tariffs and the confusion over what's going on. I think whenever clients are panicky and stressed and are worried about their own business, not just their portfolio, there's a level of stress that you unnecessarily have to absorb or necessarily have to absorb. We've had a few curveballs that were thrown at us over the course of of the last ten years that certainly caused enormous stress. And also too, a lot of these things turned out to create enormous opportunity for us. I think being an entrepreneur is, you know, accepting things that are not right, not just dealing with the curveballs that are inevitably part of starting a company, but then figuring out how to turn that into something constructive. [00:22:54] S1: So when you think about the state of the market, we touched on this briefly, but with the new administration in full force, the uncertainty that is very much alive. I mentioned I'm heading off to Europe after this and the anti wokeism is very, very real in the minds of investors, including family offices. Thoughts on state of the market and how we should behave as investors?
00:22:54 · Sarah Chen-Spellings, Michael Anders
[00:22:54] S1: So when you think about the state of the market, we touched on this briefly, but with the new administration in full force, the uncertainty that is very much alive. I mentioned I'm heading off to Europe after this and the anti wokeism is very, very real in the minds of investors, including family offices. Thoughts on state of the market and how we should behave as investors? [00:23:14] S0: Yeah, I mean, I'll answer the first question. I think right now there's a general sense of confusion. And I think that there is no sort of clarity about what's happening because so much of the news feed is changing day to day, if not more rapid. What's been interesting is I've been in and around the investing world for thirty years and was in Paris working for Societe Generale when the Europe launched the Euro. I was working for Societe Generale when the Russian currency crisis in 1998 happened and the Latin American debt crisis and when long term capital management failed and the dot com bust and the financial crisis in two thousand eight and COVID. And in any of those financial crisis, the government, a government, multiple governments, where there is a rational backstop. This is the first crisis that in part is being caused by irrational governments and the uncertainty that they're creating. So to have clarity to have answers right now is dishonest. So I think what you do is you proceed with caution and you don't change the course dramatically from where you are.
00:23:14 · Michael Anders, Sarah Chen-Spellings
[00:23:14] S0: Yeah, I mean, I'll answer the first question. I think right now there's a general sense of confusion. And I think that there is no sort of clarity about what's happening because so much of the news feed is changing day to day, if not more rapid. What's been interesting is I've been in and around the investing world for thirty years and was in Paris working for Societe Generale when the Europe launched the Euro. I was working for Societe Generale when the Russian currency crisis in 1998 happened and the Latin American debt crisis and when long term capital management failed and the dot com bust and the financial crisis in two thousand eight and COVID. And in any of those financial crisis, the government, a government, multiple governments, where there is a rational backstop. This is the first crisis that in part is being caused by irrational governments and the uncertainty that they're creating. So to have clarity to have answers right now is dishonest. So I think what you do is you proceed with caution and you don't change the course dramatically from where you are. [00:24:33] S1: So from state of the market, let's talk about state of corporate culture. There is a lot going around with the emasculation of what feels like America's culture and how it needs to revert. I know you care a lot about race relations and diversity, equity, inclusion, thoughts on that, and especially ICONIQ Impact's role in this.
00:24:51 · Michael Anders
[00:24:51] S0: Yeah. I think, you know, we're in this game of pinball where the ball is just being knocked around from both sides. We are in a culture of extremism on both sides. And I think what we need to find is rational ground where, you know, we can continue to promote long term goals of racial justice, gender equality, diversity. These are all things that ICONIQ stands by. They're actually part of our values. And at the same time, we need to make sure that, you know, business isn't being driven by operatives being set by people that don't understand business at all. And I think that's part of the challenge of what's going on in the country right now is, you know, we have been let down by government over decades. And I think what we need to do is figure out a way where we can reinvest in America, reinvest in education, and hold our lawmakers accountable to some basic standard. Because at this point, like, you know, we're... We've got a whole issue we talked about earlier about AI, but government proved their inability to regulate so much of what happened with social media. Mhmm. So how is government in its current state gonna be able to regulate something like AI if it needs to be regulated? And so I think right now, these are the issues. And I think it's less about wokeism, anti wokeism. It's more about fundamental rational thinking that applies good business environments for people to thrive and succeed and at the same time upholding values like diversity, equity, inclusion, gender equality, and racial justice.
00:26:31 · Sarah Chen-Spellings
[00:26:31] S3: Amid the noise of headlines and the chaos of uncertainty, ICONIQ's approach remains clear. Listen closely, move deliberately, lead with conviction. But for Mike, there was one question still unanswered. What could capital do if it was mobilized not just for returns but for good? That's where ICONIQ Impact comes in. A platform built not just to give but to reimagine how giving is done. And at the center of that vision is Matti, a force in global development and the co architect behind ICONIQ's next frontier.
00:27:02 · Matti
[00:27:02] S2: I really started my career in poverty advocacy work, grassroots poverty advocacy, thinking about how we can encourage the public to leverage their voice to actually shift policy around extreme poverty. I spent time in the field in Burkina Faso working on education policy in Kenya and Uganda working on campaigning for greater access to sexual and reproductive health and rights, to basic contraception for women and girls. And once I started that work, realized just the sheer need for folks to dedicate their lives to this space, which I never thought I would be, but really figuring out how can a global investment firm that works to support some of the world's smartest tech founders, how can we leverage that for greater impact at scale and really built a platform for large scale collaborative philanthropy. Instead of thinking about what can you as an individual family or couple do for climate change, what could 20 tech founder families do for climate change? Suddenly, you've got 12 families raising their hand and saying, hey, we do want to work on the ocean climate nexus together and what could that look like? And that's a real example. Six months later, we were able to build the first of its kind $50,000,000 ocean climate collaborative, leveraging some of the smartest people in the space, people who dedicate their lives to shipping decarbonization or changing the alkalinity of the ocean to make it absorb more carbon. And so by both encouraging co funding and partnering with the folks closest to the issues, it just accelerates not only your giving, but it accelerates your learning. And so by the end of it, you've got a crash course in ocean climate change, ocean climate giving, and you've met peers that you trust, and you ultimately know how to be more strategic in your giving moving forward because you've leveraged a really smart team and a strategy that works. Because if you do it alone, it continues to be scary. But if you see your friend that you trust and who you're maybe on a board together, maybe you've worked together doing something really big and impactful, and I'll give you a really specific example, one of our first efforts was a $10,000,000 refugee award, finding like the best refugee resettlement organizations around the world, and it started with one family.