>> EVERYONE WELCOME BACK TO
CHEDDAR MOVERS ROOM FOR THE NEW
YORK STOCK EXCHANGE MARKETS
REDEEMING THEMSELVES FROM A
DISASTROUS DECEMBER IN 20 18
WITH THE S AND P 500 ON TRACK
FOR ITS
4TH STRAIGHT WEEK, THE GAINS
AND WITH US NOT JUST A GUY.
>> WE'RE SO I THINK WE'RE
TALKING YOU KNOW IT'S WHAT
YOU'RE SAYING. YES, LET'S TALK
ABOUT SUSPENSION PARTNERS WHICH
CONSIDERS IT ONE PART VENTURE
CAPITAL IN ONE PART POLITICAL
ADVISORY RAISING
JORDAN OFF IS THE MANAGING
PARTNER AT TO SPENCER PARTNERS
WITH
US HERE.
>> TALK ABOUT HOW YOUR FIRM
USES POLITICAL EXPERTISE TO
HELP GUIDE EARLY STAGE STARTUPS
THROUGH THE
REGULATORY HURDLES.
>> A PRETTY TRICKY TIME RIGHT
NOW JORDAN. YEAH, DEFINITELY A
I THINK TRICKY TIME NOW
NOW THAT ALSO A TRICKY TIME
GOING BACK TO WHENEVER WE FIRST
4 YEARS AGO RAISING OUR
FIRST FUN. ONE REALLY HEADLINES
WANT BEING DOMINATED BY
REGULATORY
PROBLEMS IN WHAT THIS PASTOR,
THERE ARE SOME TECH COMPANIES
IS REALLY KIND OF UBER AND THAT
THAT WAS ABOUT IT SO SINCE THEN
WE'VE REALLY SEEN ON OUR THESIS
START WORKING
AND THAT REALLY STEMS FROM THE
ABILITY FOR COMPANIES TAKE
REGULATORY SCRUTINY AND IT
REALLY EMBRACE THAT PART OF THE
AND LEANIN TO KIND OF THE
REGULATORY HURDLES THAT THEY
MAY FACE TAKEN SERIOUSLY AND
PROACTIVELY A APPROACHED
LOCAL GOVERNMENTS CAN REALLY
CREATE A LOT OF VALUE, WHAT
COMPANIES HAVE A TRADITION OF
GOING AFTER AND THIS INVESTMENT
STRATEGY THAT YOU'RE.
>> WHEN ASKED WHAT THAT CHANGE
AT ALL.
>> FOR THE SECOND FUND SO IT
WILL NOT CHANGE ODD SO OUR
SECOND FUND IT IS ABOUT TWICE
THE SIZE OF
OUR FIRST. THE REASON WHY THE
WONDER IS THAT DOLLAR ON THIS
JUST BECAUSE WE WANTED TO KEEP
THE INVESTMENT STRATEGY, THE
SAME. THE FIRST PART FIRST ON
WAS A KIND OF THE
WHO'S WHO THE LAST 2 YEARS A
BREAKOUT COMPANIES COMPANIES
THAT INCLUDE BIRD YEAH,
LEMONADE AND INSURANCE
TECHNOLOGY COMPANY AND ROMAN A
DIRECT TO CONSUMER
DIGITAL HEALTH.
>> AND YOU'RE WATCHING THE
DEBATES LAST NIGHT BUT AMAZON
CAME UP QUITE FOR OF TIME TO ME
WHAT GOES THROUGH
YOUR MIND BUT YOU SEE YOU KNOW
THESE POLITICAL CANDIDATES, YOU
KNOW THEY'RE GOING TO IT WILL
MAKE IT TO THE WHITE HOUSE
THEY'RE GOING TO GO BACK
CONGRESS AND WRITE THESE LAWS.
>> A LOT OF THE A LOT
OF THE REGULATORY HURDLES THAT
WE'RE FOCUSED ON ARE ACTUALLY
AT THE STATE AND THE LOCAL
LEVEL AND SO SOME
OF THAT I'M REALLY ISN'T AS
PERMANENT AND GIVEN THE EARLY
STAGE THAT OUR FOCUS AND THE
FUN IS REALLY FOCUS ON
INVESTING IN COMPANIES AT THE
EARLY STAGES, CEDAR
SERIES DAY. THAT ARE OPERATING
IN HIGHLY REGULATED MARKETS OR
CREATING NEW VERTICALS
ALTOGETHER RIGHT.
>> WE ARE SEEING THE STATE'S
ATTORNEY TAKE A LITTLE BIT MORE
AGGRESSIVE APPROACH TO TELL IN
LET'S SAY 2 MOBILE AND SPRINT
OVER THEIR MERGER GOING AFTER
JEWEL OF THESE IN TURN IN
GENERAL. WHAT IS THE MESSAGE
THAT YOU WANT TO SEND TO THESE
INDIVIDUAL STATES.
>> WELL I THINK THAT REALLY
WHEN IT COMES
OUT TO CERTAIN COMPANIES LIKE
JUUL THAT YOU JUST MENTIONED
THOSE ARE THOSE ARE COMPANIES
THAT THEY'RE NOT GOING TO FIT
IN OUR MANDATE BECAUSE
IT'S JUST NOT SOMETHING THAT WE
BELIEVE IN UM AND REALLY WHAT
WE'RE LOOKING FOR COMPANIES
THAT ARE REALLY OPERATING.
WE HAVE THE ABILITY TO REALLY
THE TECHNOLOGY ECOSYSTEM AND
CREATE NEW VERTICALS ALTOGETHER
AND SO I THINK THAT JUST BY
TAKING A PROACTIVE APPROACH AND
BEING A GOOD ACTOR YOU CAN
REALLY GET IN FRONT OF A LOT OF
THESE POLITICAL AND REGULATORY
HURDLES THAT SOME OF THESE
OTHER COMPANIES ARE
FACING NOW.
>> WHEN YOU THINK ABOUT ALL OF
THE REGULATION THOUGH IN THAT
REGARD THE EXACT STEER YOU AWAY
FROM INVESTING IN CERTAIN
COMPANIES THAT'S ACTUALLY WHERE
WE LEAN INTO THAT IT.
>> BEING THE ONLY FUND THAT
SITS AT THE NEXUS OF TECHNOLOGY
POLITICS AND REGULATION.
WE
FEEL THAT A CORE PART OF OUR
THESIS IS THAT THESE REGULATED
INDUSTRIES ARE REALLY STAR FOR
INNOVATION AND THAT'S WHERE YOU
CAN CREATE SOME OF THESE
REALLY TRANSFORMATIVE THE
OUTCOME SO THAT'S WHERE WE'RE
LOOKING TO GO STRAIGHT AFTER
THAT'S WHAT DIFFERENTIATES US
AND THAT'S I THINK WHAT'S BEEN
THE KEY TO SUCCESS SO FAR.
>> UBER WAS ONE OF THOSE CASES
AS WELL
WHERE THERE IT'S EXPERIENCING
MORE REGULATION THAT COULD BE A
HEADWIND FOR THEM HOW DO YOU
KIND
REASSESS AFTER YOU'VE ALREADY
MADE AN AND WHERE YOU KIND OF
ASSESS THE GREAT
SPOT TO TAKE THOSE
CHANCES TO TAKE THOSE RISKS TO
GREAT QUESTIONS SO IT WHAT
WE'RE LOOKING TO DO IS GET GET
INVOLVED WITH THE
COMPANY BEFORE THE CEASE AND
DESIST GOT COMES INTO PLAY AND
I'M REALLY HELP THEM THINK
ABOUT HOW THEY'RE GOING
TO LAST AND GROW THEIR MARKET
AND TAKE THE RIGHT APPROACH TO
PROACTIVELY MITIGATE
THOSE RISKS. WE STAY INVOLVED
THROUGHOUT THE COMPANY'S
LIFECYCLE ARE OBVIOUSLY MUCH
MORE IMPORTANT AT EARLIER
STAGES OF THE COMPANY ONE WITH
BIRD FOR EXAMPLE WE
INVESTED IN. WHAT HAS BEEN
DOMINATED HEADLINES OF THE LAST
2 YEARS THERE ARE 5,
5 PEOPLE AND 60 SCOOTERS THAT
WERE IN SANTA MONICA THAT WAS
IT AND SUCCESSFULLY HELPING
THEM ROLL OUT IN A 100 MARKETS.
ACROSS THE UNITED
STATES SINCE THAT AND WITH
LEMONADE A GOOD EXAMPLE IS THEY
WEREN'T ABLE TO LAUNCH UNTIL WE
HELP
THEM GET. INSURANCE CARRIER
LICENSE IN NEW YORK AND THEN 18
SUBSEQUENT STATES AND WITH
ROMAN REALLY. HELPING
PROTECT WHAT THEY'RE DOING SO
THAT THEY CAN LEVERAGE
TELEMEDICINE TO REALLY DRIVE
VALUE TO THE HEALTH CARE
SYSTEM. YOU KNOW GOING FORWARD.
>> IN TRYING TO SIGN UP SOME OF
THESE COMPANIES INTO YOUR PART
POLIO. A AFTER NOW RAISING
THE SPINE IS THAT SORT OF THAT
THE THING THAT YOU OFFER AND
SAY LOOK WE'RE DIFFERENT
BECAUSE IT BY THIS GUIDANCE AND
THESE RELATIONSHIPS THAT NO
OTHER PARTNER INVESTOR
CAN PROVIDE.
>> THAT'S A 100% RIGHT TO THAT
THAT IS EXACTLY WHAT OUR
PITCHES
IT'S IT'S ONE RESONATES REALLY
WELL WITH FOUNDERS THE BEING
THE ONLY THE ONLY FUND THAT CAN
PROVIDE THESE PLOT SERVICES IS
CRITICAL AND IT'S SOMETHING
THAT I'M REALLY MAKES OUR
DOLLARS GREENER THAN THE NEXT
VENTURE FUND.
>> WELL IT'S BEEN SO COOL TO