“You have to see the dark side of this industry to know what the good side has been. I have sat with founders over drinks and had to say, look, we're liquidating your company. I've seen late-stage companies go to zero. If you don't know the lows, it's very easy to think it's a high all the time because of the market. But those lows always catch up to you. Time is cruel and the market is indiscriminate.”

VCs don't do that, right? And that's an industry-wide problem. It's also a lot of people have false confidence where they'll see these updates. And I don't know, like the trend you saw kind of in 2022, 2023 were people entering the venture capital ecosystem raising funds who didn't have investment management experience before. One of my beliefs is that you have to see the dark side of this industry to be able to know what the good side has been. I have sat with founders over drinks and had to say, look, we're liquidating your company. We're winding this down. I've seen late stage companies go to zero. In our own portfolio, I've seen great success too, right? You have to know the highs and you have to know the lows. If you don't know the lows, it's very easy to think that it's a high all the time because of the market. But those lows always catch up to you. And that's the lesson you learn with ventures. Time is cruel and the market is indiscriminate. And a lot of things that you think will go well won't. So, but that's why I think a lot of people keep cashing in companies when they really shouldn't against their own judgment.