reserves

“And don't forget that in that eighty million dollar round that gets cut back to a forty million dollar, if you don't participate, sometimes you get flushed down to zero. And so if you don't have reserves and you're playing in a game where big checks are being …”

“I pretty much do not keep reserves, or keep very, very little, and the reason is, because I do cross-fund, I don't feel that I need to keep reserves, because I can invest from the next fund, if I want to”

“Because I think that, generally speaking, the returns, On the reserves are going to be lower than the first time you make an investment, and the reason is the first time you make an investment, you really scrutinize the investment.”

“In the bad, bad times, when you do the studying, actually the intense portfolio managers are the difference between one x, or naught .7 x, and two x, because they've religiously managed a huge amount from reserves, liquidity, and everything in between”

“I think reserves are an irresponsible way to deploy capital”

“I would say the data also that I've looked at, you know, from my own history doesn't, you know, because the winners can be just so if you're good at it, the winners can just be so big that you want to do prorata. So, you know, I it's like, it's a hard question…”

“And that's what we, that's what our reserves are for. Our reserves are for those companies that will be misunderstood by the market or overlooked by the market because they don't fit into the mold.”