Q that kind of compression in terms of time frame and applied across the portfolio, I was always taught, and I'm a student of venture, temporal diversification is important and the benefits of it. It seems like that's kind of been thrown out the window. How do you think about temporal diversification, the benefits of it, and whether it's still such an important factor to stay than it was years ago?
A Look, I mean, I think it's hard to argue. I remember when I was at Blackstone, I was an analyst. We had done an analysis of What were the biggest drivers of our returns? It wasn't done by me. was just done as a firm-wide exercise and I was just part of it. But it was just interesting to see that one of most important drivers was the year you did the deal. Because cycle time mattered, right If you bought at a time when prices were low, and you sold at a time when prices were higher. So there's no doubt timing matters. That being said, it's interesting, right? If you go back to, you talked about, you talked talked about, you you talked about you talked talked talked you talked about, you talked about talked The reality is people slowed down. The companies slowed down raising capital because they saw the valuations contract, and it wasn't like there were so many deals to go do. And so while, of course, you'd like to do temporal diversification, and of course, ideally, your temporal diversification would be such that when prices are low, you're deploying the most amount of capital, but those aren't the times when companies go raise capital or not significant amounts of capital. And so I think what you are seeing generally, I mean, we probably deploy funds in about two and a half years. Five or seven years ago, we were perceived as being extremely fast because we deployed in two and…
AI assessment note: “And so while, of course, you'd like to do temporal diversification”