49:20 Remote work has advantages and trade-offs, but it is not yet built into enough companies to recommend it as a starting point for a career, and having an executive team in Silicon Valley is still important for high-growth companies, while quantifying product quality is difficult and often underestimated by analysts.
- The speaker is asked to share a remark they made that they wish they didn't have to disagree with, but the question has multiple layers.
- Remote work is not yet at a point where there are no trade-offs, and while it has advantages, it is not built into enough companies yet to recommend it as a starting point for a career.
- Remote work is a core innovation for successful companies, but having an executive team in Silicon Valley is still important for high-growth companies.
- High-growth executive talent with 15 years of experience is largely concentrated in San Francisco, making it difficult to find 50 people anywhere else, but building a remote team has its advantages and trade-offs.
- Quantifying product quality is difficult and often underestimated by analysts, leading to durable companies like Airbnb and Dropbox winning over competitors with more money and market share.
- Product subtleties and taste can be taught over time, and the importance of product quality is often overlooked by analysts, as exemplified by Tesla, and can be recognized by pointing out specific details.