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On with Kara Swisher“Authoritarian Instincts”: Tech, Trump, and the Holocaust with a former Sequoia Capital Chairman
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CHAPTERS
- 0:00 – 2:15
Kara frames Moritz’s impact and the focus of his book “Auslander”
Kara Swisher introduces Michael Moritz as a major behind-the-scenes figure in the rise of the modern internet and sets up the conversation around his book, “Auslander,” about family history and current politics. She notes Moritz’s willingness to criticize Trump and positions the episode as a blend of history, tech, and present-day institutions.
- •Kara describes Moritz as an early investor in major internet-era companies and a key Silicon Valley power player
- •She introduces “Auslander” as a personal exploration of Moritz’s family story connected to the Holocaust
- •Kara highlights Moritz’s public criticism of Trump as unusual among venture capitalists
- •The episode’s direction is set: history and current events, not just venture capital
- 2:15 – 6:24
From Time magazine to Sequoia: Moritz’s path into venture capital
Moritz recounts arriving in the U.S. about 50 years ago, working as a journalist at Time, and writing books—including an early book about Apple. He explains how he learned about venture capital in California and sought a role despite lacking a technical background.
- •Moritz describes starting in the U.S. as a Time magazine journalist and later writing books
- •He explains not knowing Silicon Valley existed before moving to California
- •He details sending typed letters to leading venture firms to seek a job
- •He recalls most firms rejecting him due to lack of tech credentials, until Don Valentine at Sequoia took interest
- 6:24 – 9:15
Why Sequoia backed Yahoo and Google: simple economics and better results
Moritz explains Sequoia’s early advantage from investing in Yahoo and how that shaped their thinking about “free” services funded by advertising. He describes hearing about Google through a call from Jerry Yang and deciding it was compelling because the search results were better—despite sticker shock over valuation.
- •Moritz says many investors didn’t understand how free internet services could work economically
- •He compares internet advertising economics to television and radio from a journalist’s perspective
- •He recounts Jerry Yang encouraging Sequoia to back Google so Yahoo could license its search technology
- •Moritz emphasizes Google’s superiority was obvious in the quality of results, but the valuation surprised some investors
- 9:15 – 12:31
The accidental origin of “Auslander”: boxes of documents and COVID time
Kara pivots to the book, and Moritz explains he never intended to write it. After his mother’s death, his sister shipped him boxes of family papers; at the same time, COVID created uninterrupted time to follow archival trails and reconstruct forgotten details.
- •Moritz says the book emerged accidentally rather than from a planned project
- •He describes receiving several boxes of letters, identity cards, passports, and photo albums after his mother died
- •He connects his ability to investigate deeply to the extra time and stillness during COVID
- •He stresses that the story came alive through details uncovered in documents and archives
- 12:31 – 17:16
Three discoveries that made the past vivid: Gestapo photo, internment images, and forgiving letters
Moritz shares specific items that transformed family history into scenes he could see: a photo of a relative taken during a roundup, photos of his father behind barbed wire in British internment, and postwar letters from his maternal grandfather expressing compassion and gratitude. These materials reshaped how he thought about memory, color, and human understanding after catastrophe.
- •Moritz describes finding a Gestapo-file photograph of his great-uncle Oscar stepping off a bus after a roundup
- •He explains his father was sent to school in England, then later interned as an “enemy alien” on the Isle of Man
- •He recounts discovering archival photos of his father behind barbed wire in the Tate archives
- •He describes moving letters his maternal grandfather wrote after the war, emphasizing understanding, forgiveness, and gratitude toward non-Jewish friends
- 17:16 – 19:31
Why his parents didn’t talk—and what “survivor” meant to them
Kara asks why Moritz learned so little about his parents’ early lives. Moritz explains the wounds were deep, there was uncertainty about safety and residency, and his parents focused on moving forward; he also notes they reserved “survivor” for those who endured camps like Auschwitz.
- •Moritz attributes silence partly to deep trauma and a desire to assimilate and move on
- •He notes uncertainty at the time about whether they could stay in Britain or be forced back
- •He says his parents rejected the “survivor” label because they associated it with camp survival and extreme ordeals
- •He gives examples of people his parents considered true survivors, including a relative who survived Auschwitz
- 19:31 – 21:33
Faith in institutions—and how it failed his grandfather
Kara reads a passage about Moritz’s grandfather Max believing military service and judicial standing might protect him. Moritz contrasts two grandfathers: one entrepreneurial and street-smart, and the other a decorated veteran and state-employed judge who trusted the state’s moral compass—a trust Moritz calls misplaced.
- •Moritz contrasts an entrepreneurial, state-independent grandfather with a judiciary-serving grandfather who trusted institutions
- •He says his grandfather who served the German state believed the state would protect him and provide stability
- •Moritz calls this a false faith in institutions and the state’s moral compass
- •Kara links this theme to broader institutional fragility and the dangers of assuming “it can’t happen here”
- 21:33 – 26:28
Living as an “Auslander”: outsider feelings across Wales, school, and Silicon Valley
Kara probes the tension between Moritz being seen as an insider in tech while feeling like an outsider. Moritz describes growing up Jewish and German in 1960s Wales—a place he says was not multicultural—and how being “suspect” and different marked him permanently, no matter where he lived.
- •Moritz says writing the book clarified why he feels like an outsider everywhere
- •He describes 1960s Wales as not multicultural and notes there were relatively few Jewish families
- •He recounts feeling permanently marked by childhood experiences of standing out
- •He emphasizes he doesn’t mean it as self-pity and broadens the point to how minorities in America can feel like outsiders
- 26:28 – 29:17
Trump, authoritarian instincts, and the quiet hollowing-out of institutions
After the sponsor break, Kara asks about Moritz’s modern political parallels and the warning he heard from his parents. Moritz says he is careful not to call Trump a Nazi or fascist, but argues Trump has authoritarian instincts and that institutions can be weakened gradually—imperceptibly—until people suddenly confront the damage.
- •Moritz says he avoids equating Trump with Nazis, but argues Trump shows authoritarian instincts
- •He describes institutional weakening as gradual—like termites or dry rot—until the consequences hit daily life
- •He points to the hollowing-out of state functions, including pressures on departments and the judiciary
- •Kara challenges how quickly institutions and elites adjusted under pressure in Trump’s second term
- 29:17 – 33:58
Tech leaders, pressure, and complicity: refusing invitations vs. whispering privately
Kara questions Moritz’s sympathy for tech leaders who engage with Trump, arguing the wealthy can refuse. Moritz responds that major tech CEOs operate like politicians balancing global pressures and dealing with a capricious, vindictive leader; he suggests some try to influence Trump privately and compares the dilemma to German industrialists who believed they could control Hitler and later colluded.
- •Moritz argues tech leaders balance pressures from multiple governments and regulators and act to protect shareholders
- •He says leaders fear retaliation from Trump and his allies against their companies
- •He notes some executives privately wish they weren’t publicly associated with Trump and may try quiet influence instead of public opposition
- •He agrees historical parallels exist, referencing powerful German companies’ trajectory from attempted control to collusion, while saying the U.S. tech situation is not at that extreme
- 33:58 – 35:50
Character as the test of leadership—and Moritz’s isolation in Silicon Valley
Kara asks where the courting of Trump ends and what it costs to speak out. Moritz says he’s been a loner in Silicon Valley for his consistent criticism and argues the first thing to judge in any leader is character, warning people ignored what they knew about Trump at their peril.
- •Moritz says he has long been outspoken against Trump, even if it made him a loner in some circles
- •He argues character is the number-one criterion when evaluating leaders
- •He says many people in Silicon Valley “held their nose” and ignored known flaws, which he condemns
- •Asked about consequences, Moritz says a person must be true to who they are
- 35:50 – 39:34
Germany, “never again,” and the pragmatism of multiple passports
Kara turns to Moritz’s decision to apply for German citizenship and asks about modern German nationalism and antisemitism. Moritz warns against extremism on left or right and praises Germany’s rigorous education about its 20th-century history, then offers a blunt lesson: minorities can never have enough passports.
- •Moritz discusses applying for German citizenship while saying he doesn’t expect to leave America
- •He argues extremism—left or right—doesn’t help across the U.S. and Europe
- •He praises Germany’s structured historical education as stronger than elsewhere in Western Europe or the U.S.
- •Moritz says a key takeaway is that minorities should have multiple passports as a hedge against uncertainty
- 39:34 – 47:49
October 7, Gaza, and Moritz’s changed emotional connection to Israel
Kara asks how October 7 affected Moritz and notes shifting American attitudes toward Israel, especially among younger people. Moritz condemns Netanyahu and specific Israeli political figures, rejects West Bank settlements, and says Gaza is more complicated—arguing Israel’s response is driven by a visceral national trauma and that war produces terrible outcomes, especially in a world saturated by images.
- •Moritz says he cannot abide Netanyahu and criticizes certain Israeli cabinet ministers and West Bank settlements
- •He frames Gaza as more complicated and emphasizes the scale of trauma Israel experienced on October 7
- •He argues many protesters lack historical context and contrasts attention to Gaza with relative silence on other atrocities
- •He agrees with Kara that social media imagery makes political persuasion nearly impossible when one side shows suffering civilians and the other shows military power
- 47:49 – 56:03
Personal aftermath and civic focus: generational fear, giving back, and fixing San Francisco
Kara asks what writing the book changed in Moritz, then pivots to his San Francisco efforts: a competition offering up to $50 million for ideas to improve the city, support for the SF Standard, foundation giving, and political engagement. Moritz reflects on the persistence of antisemitism, worries he may have transmitted fear to his children, and explains San Francisco is home—so he’s investing in information, philanthropy, and local politics to help the city recover and serve as a template for other cities.
- •Moritz says the book helped him understand himself and fears he unconsciously passed feelings of fear to his children
- •He says he can now focus on not transmitting that fear to his grandchildren
- •Moritz explains his motivation for investing in San Francisco: it’s home and enabled his good fortune
- •He outlines three civic pillars: trusted local information (including the SF Standard), major local philanthropy, and involvement in political debate, including a city improvement competition
- 56:03 – 1:04:24
Accountability in philanthropy, the state of venture capital, and what endures
A question from San Francisco Mayor Daniel Lurie prompts Moritz to describe how his foundation evaluates nonprofits and stops funding those that miss agreed goals. Kara then asks about venture capital’s current state and huge AI-driven numbers; Moritz says he’d do something else because venture has become establishment and operates in a world of near-perfect information and auctions. In closing, Moritz rejects the idea of legacy, emphasizing living in the moment and helping others, and says his family’s lesson is tenacity and persistence.
- •Moritz says nonprofit accountability comes from evaluating organizations and discontinuing grants when goals aren’t met
- •He likens philanthropic selection to investing: some outcomes delight, others disappoint
- •On venture capital today, Moritz says he’d avoid it because it’s become establishment and increasingly auction-driven in a perfect-information world
- •In the closing exchange, Moritz says he doesn’t believe in legacies and identifies tenacity and persistence as the main lesson from his family history
