Once upon a time it was inconceivable that a company in Silicon Valley could make content that was any good; the running joke, shares Marc Andreessen, "was like, what are we gonna do -- we're gonna film a router instruction manual? It was just an absurd idea!" It was also inconceivable at one point (before downloading, let alone before streaming), that an internet company could really do video on the internet. "But Reed talked about it to me like he was telling me the sky is blue," reflects Netflix chief content officer Ted Sarandos, "and it stuck with me because nobody ever changed the world without telling someone they were gonna do it first, and I bet it sounded crazy." Now, with over 117 million subscribers in 190 countries and investments over $7B in original content, Netflix is arguably catalyzing the most dramatic period of change in the television and video industry since the arrival of color TV (and maybe even before that). But how did the company know where to go next, and when, and how? How did they make decisions about the risk/reward tradeoffs, whether it was purchasing a five-part (Marvel universe) franchise at once or betting not just on proven but as yet unknown talent (Stranger Things)? And how did Sarandos (and Netflix for that matter) get there, coming from the very edges of the entertainment industry? This episode of the a16z Podcast covers all this and more, including the business of creativity, changing company cultures, and even the changing culture of taste as content travels across both time and place. The conversation is based on a Q&A from our annual Summit events, which bring together large companies, finance investors, academics, and startups to talk all things innovation.

As people begin to gain access to information that was previously left to only trained specialists, a new set of asset classes are being created -- and they are changing the way we think about everything from banking to customizing portfolios and more. But if investing (and most decision making, in fact) is about navigating uncertainty, what can new tools and models do -- and not do -- for investors both big and small? Recorded at a16z's Summit event in November 2017, John Fawcett, CEO of Quantopian and Joshua Levin, co-founder and chief strategy officer of OpenInvest discuss, in conversation with a16z's Angela Strange, new models of investing for both retail and institutional investors... thanks to new technologies. The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.