“You look at all the companies where we have the highest ownership, where we got the best valuation. None of them have made it to the top. And every single one of our outlier companies, oh my God, we barely eked a 1% ownership. The valuation was horrible. I was having heart attacks. … If you're so hung up on the valuation, you're always going to miss those outlier companies.”

…it doesn't matter what price you paid. You know what I mean? Like, the founder is not going to tell you my company is 10 billion when he has like 100K revenue. It's going to be expensive, but it's going to be expensive with a mad function. So if you basically pick a company in the right place at the right time that has so much growth function, then valuation becomes absolutely not important. And if you're so hung up on the valuation, you're always going to miss those outlier companies. Like the same thing happened to Google. I mean, they like, they basically said like two PhD students, people like, it's never going to work. Notion, say, by the way, we're the only VC that invested in Notion and Canva. Like Notion engineer, like I remember Ivan, like now like it's at scale. Every VC wants to be his friend. We basically wrote him the first check on the back of a napkin, right?…