“It's really the key thing to understand about venture: it's the only asset class where you have to sell your money to the company. The best companies are, their rounds are oversubscribed.”

…is the game that you should be playing as a seed investor and startups? As a seed investor, it really comes down to how do you get coverage? And so I'll think about this from both the manager and then from LP's perspective. Because where we sit at AngelList, we get to kind of see both sides of the table. From the manager's perspective, it's all about how do I win my right in the round? Because it's really the key thing to understand about venture: it's the only asset class where you have to sell your money to the company. The best companies are, their rounds are oversubscribed. The signals are pretty clear typically. The founder, either off founder strength or revenue momentum or early traction, if it's pre-revenue, even at the earlier stages when it's just a kind of a vision, you can look at connecting the dots. And the data that we have is super clear on that. The rounds that end up having higher outcomes are higher priced upfront on average. And so it's not about…