2021

“In 21, that said, like, You know, we had great, we had our best year ever in 20, 21, right?”

“For founders, you have to understand that will never lead to a return of 2021. Never.”

“2021 was an incredible time to be a seller, and anyone who didn't see that was completely playing momentum.”

“1998, 99, 2000 are nothing compared to the overvaluations of twenty-twenty-one.”

“I also think there's probably been a little bit of a fake signal in 21 because even your okay ones got highly valued. So you probably think it's easier. Late stage looked a lot easier in 21 than it probably will look across a decade.”

“If you're a founder stuck in that situation right now, no one who wrote a check in 20, 21 at four billion, if the company is underperforming, is going to stop a one X right now. They'll be like, they'll be grateful as could be.”

“You're close to, you know, eight hundred billion of market cap needed to return a Forex net for those multi-stage funds. Now, for reference, twenty-twenty-one, the best exit year of all time, there was 850 billion-ish of market cap exit value from that year. O…”

“If there's a mistake that I've made, it's been being a bit too casual about product market fit, and this was more of a 2021 mistake, which is assuming something had product market fit, and perhaps it didn't, and perhaps the founder had a super credible theory,…”