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“We really moved away from that over the course of the last five, 10 years, because, like, just like you were talking about, like, there's a lot of incentive to sell sell a founder, a lot of incentive to be all about the NPS score, and everyone's trying to, you…”

“I've definitely heard some secondary offers on some big, big companies that I know that are going to turn Some of our peers from seven X funds to one X funds.”

“I haven't taken a pitch in eight years because I think pitching is bullshit because I think it's all about sales, salesmanship and rather than actually like me understanding your understanding of a company.”

“The asset management business is a better business than the venture business. You know, fees are guaranteed. Carry isn't.”

“And I think as you go and see a bunch of bridge rounds, down rounds, and all this other stuff that's going to happen in the next couple years, like, The reality is founders are going to have to listen a lot more to their board and because of the board doesn't …”

“I think there's gonna be more busts than down rounds and bridges.”

“The salvage value and loss management really doesn't matter at those funds.”

“If it's not super hot or not going to be a deco core company, my guess is, you know, most of those top 10 venture firms that are over two billion are not going to be knocking on your door.”

“All the emerging managers that have come to the game over the last couple of years, like we were all fighting for so much capital with each other. Like a lot of those doors are now closed.”

“Everything in AI, you should probably be taking some discounting on those rounds.”

“There are plenty, 10 X funds that haven't ever been in a deck accord. And like, I think Roger probably has a couple of mucker has a couple, you know Tim Connors has some monster funds that like, you know, certainly some big drivers in there.”

“I think the reality is the broken incentives that venture firms have of all these zombie VCs that are Series A, Series B, Series C at multistage funds, a lot of those venture investors may not be there three to five years from now. If you are building a compan…”

“And I think a big part of this is the investor steering in the wrong direction and saying that money is going to be there.”

“Founders and investors, both we've kind of slipped away from financial acumen as investors, where it just became really focused on revenue multiples.”

“I can point to a ton of consumer companies, a ton of FinTech companies that move the opposite direction that, you know, despite You know, trying to cut back their growth, you know, went through the floor and those companies are largely dead right now.”

“We just haven't seen a lot of correlation between the folks who are like really great at raising money at the seed stage and the folks who are really great at building a business and the people who are really great at building a business, they get pretty good …”

“But I think it's splintering off of professionalization of turning into asset management is really going to happen in venture in the next couple of years.”

“Founders, they want a personal trainer. They don't, you know, they want someone who's going to make them better. And yeah, I think there's folks like Roger Ehrenberg are great personal trainer.”

“Honestly, I'm incredibly thesis driven, and I've missed a lot of amazing companies because of that. I told the story around investing in the guys from Vetteri, and then, like, they started a public company in our office, and we did invest. You know, that compa…”