David Frankel

I would say reserves and how to do the reserve thing is actually one of the most challenging aspects of venture. Still think of like pro-rot as like the original sin against entrepreneurs. You own your own destiny by minding your monthly burn. I think that DPI could be dead. LPs are looking at this asset class right now, I think, and going, where is the DPI? Those guys were just like a casino.

I would say reserves and how to do the reserve thing is actually one of the most challenging aspects of venture. Still think of like pro-rot as like the original sin against entrepreneurs. You own your own destiny by minding your monthly burn. I think that DPI could be dead. LPs are looking at this asset class right now, I think, and going, where is the DPI? Those guys were just like a casino.

I would say reserves and how to do the reserve thing is actually one of the most challenging aspects of venture. Still think of like pro-rot as like the original sin against entrepreneurs. You own your own destiny by minding your monthly burn. I think that DPI could be dead. LPs are looking at this asset class right now, I think, and going, where is the DPI? Those guys were just like a casino.

One call to John a tiger, like 20 on 80, no problem.

One call to John a tiger, like 20 on 80, no problem.

One call to John a tiger, like 20 on 80, no problem.

I mean, I think you still can. I'm going to appeal to the inner McKinsey consultant in you. I know it exists. But if you think of right-wrong consensus, non-consensus, you don't have to only do kind of right non-consensus, but that's where you do do well. And there's lots of ways of still being non-consensual, I think. So if you think of non-consensus, founders...

I mean, I think you still can. I'm going to appeal to the inner McKinsey consultant in you. I know it exists. But if you think of right-wrong consensus, non-consensus, you don't have to only do kind of right non-consensus, but that's where you do do well. And there's lots of ways of still being non-consensual, I think. So if you think of non-consensus, founders...

I mean, I think you still can. I'm going to appeal to the inner McKinsey consultant in you. I know it exists. But if you think of right-wrong consensus, non-consensus, you don't have to only do kind of right non-consensus, but that's where you do do well. And there's lots of ways of still being non-consensual, I think. So if you think of non-consensus, founders...

People who come from less traditional backgrounds, people who come from secondary schools, right? That like mainstream is not going to back. That still very much exists. Frankly, founders who've had, who failed, right? You haven't done well. And like, you know, the mainstream is kind of like, wouldn't touch that. Founders who've been orphaned.

People who come from less traditional backgrounds, people who come from secondary schools, right? That like mainstream is not going to back. That still very much exists. Frankly, founders who've had, who failed, right? You haven't done well. And like, you know, the mainstream is kind of like, wouldn't touch that. Founders who've been orphaned.

People who come from less traditional backgrounds, people who come from secondary schools, right? That like mainstream is not going to back. That still very much exists. Frankly, founders who've had, who failed, right? You haven't done well. And like, you know, the mainstream is kind of like, wouldn't touch that. Founders who've been orphaned.

So founders who come back and go, you know, I took money from one of those large funds. They went through the distance. They had to feel the pain, right? They said, I took money from one of those large funds. And man, like I got orphaned. They left me, they come back. So non-consensus founders, non-consensus market still.

So founders who come back and go, you know, I took money from one of those large funds. They went through the distance. They had to feel the pain, right? They said, I took money from one of those large funds. And man, like I got orphaned. They left me, they come back. So non-consensus founders, non-consensus market still.

So founders who come back and go, you know, I took money from one of those large funds. They went through the distance. They had to feel the pain, right? They said, I took money from one of those large funds. And man, like I got orphaned. They left me, they come back. So non-consensus founders, non-consensus market still.

Everyone says you gotta be right in non-consensus, but I often think, well, what do you mean by non-consensus? So you've got, if you were really early in new markets, 2009, the best bet, like everybody was like chasing, I don't know, nanotech. Bitcoin had to have been the greatest investment in 2009. 2015, Ethereum. I know everybody is chasing DTC, right? That's where the whole market's going.

Everyone says you gotta be right in non-consensus, but I often think, well, what do you mean by non-consensus? So you've got, if you were really early in new markets, 2009, the best bet, like everybody was like chasing, I don't know, nanotech. Bitcoin had to have been the greatest investment in 2009. 2015, Ethereum. I know everybody is chasing DTC, right? That's where the whole market's going.

Everyone says you gotta be right in non-consensus, but I often think, well, what do you mean by non-consensus? So you've got, if you were really early in new markets, 2009, the best bet, like everybody was like chasing, I don't know, nanotech. Bitcoin had to have been the greatest investment in 2009. 2015, Ethereum. I know everybody is chasing DTC, right? That's where the whole market's going.

You go Ethereum. So new markets, non-consensus, you can still do very well. And then old markets, non-consensus. Harry, do you know one of the best portfolio companies that I'm on the board of right now? Smalls. It's cat food. Dude, it's cat food. Nobody likes cats. Like dogs get all the love. DTC is dead. Nobody will touch DTC. We try to raise money for this business, Smalls, right?

You go Ethereum. So new markets, non-consensus, you can still do very well. And then old markets, non-consensus. Harry, do you know one of the best portfolio companies that I'm on the board of right now? Smalls. It's cat food. Dude, it's cat food. Nobody likes cats. Like dogs get all the love. DTC is dead. Nobody will touch DTC. We try to raise money for this business, Smalls, right?