“I can't really think of many times in history where an easy strategy turned out to also be a good strategy long term. So I think that's the interesting thing about this market: if everybody believes that's an easy way to make money, it's probably not a great way to make money.”

less competition. You could deploy large sums of capital into those companies and be a passive investor. I think it's probably a safe way to know that you have exposure to great companies. The main question is, if you're pricing those companies in today's environment, you need to kind of answer for yourself whether you believe it's 2019 or 2021. Because in 2021, you could have invested in Stripe at $100 billion and Stripe was a great company. It still is a great company, arguably one of the best. But today, Stripe is $179 billion, which is great. But that's what, like an 11, 12% IRR over five years, which by the way, is still better than like the bottom 75% of venture. So you can probably secure yourself a top quartile position in the venture market by backing the best companies at the highest prices because they are great companies and great companies tend to continue to be great companies. They do tend to compound over time. But I do think the thing that gives me a little concern around that strategy is how consensus the approach you described has just…