“Late-stage venture firms tend to underwrite biotech and a lot of the deeper science plays as if the risk has been written off, when it often has not. You see these massive rounds and valuations for things that still contain a fair bit of risk. Because no one's doing technical diligence past 'could this theoretically work', not 'does this work in practice and does it scale', they'll get funding until the day that they don't. And by then, most of your early investors have sold out.”

Yeah. I mean, look, I think venture is a high-risk asset class. And especially when you get into biotech, the outcomes tend towards binary. And for better or for worse, late-stage venture firms tend to underwrite biotech in a lot of the deeper science plays as if the risk has been written off when it often has not. And so you'll see these massive rounds and massive valuations for things that still contain a fair bit of risk. I'd look at, you know, Motif is a great example of that. Another one, like Relativity Space, for example, is a perfect look at saying, okay, look, there's promising technology. There's great science here, but it doesn't quite have the same stability. And venture at a growth stage, your investors are optimizing for something a little bit different. They still want that high upside. But if you're taking these massive bets, you know, you have to have a portfolio that you can construct around it. Oftentimes, people don't manage the portfolio construction game very well, which means that there's not cash available to keep things afloat when things go wrong. And if you manage that poorly or you don't underwrite it well to start, and there are technologies, I mean, I'm not going to say that on the podcast. There are one or two businesses which have…