David Frankel

Some of them, frankly, you know, it's at every single stage, late stage. Some of these companies have IPO'd even, right? And then, you know, you really kind of, you really know what that looks like because the market walks away from you. In some respects, being private then is a luxury, particularly if you've got a lot of money. But if you're burning it fast, it's just a matter of time, Ari.

Some of them, frankly, you know, it's at every single stage, late stage. Some of these companies have IPO'd even, right? And then, you know, you really kind of, you really know what that looks like because the market walks away from you. In some respects, being private then is a luxury, particularly if you've got a lot of money. But if you're burning it fast, it's just a matter of time, Ari.

I do.

I do.

I do.

I think it's for the entrepreneur, there comes a point where it's like you can have, it goes back to your earlier question, you can have words, you can have as many discussions. If the business is just not working out, do you expect your investors to be around? That comes back to relationship, I think. That comes back to some degree of sentimentality.

I think it's for the entrepreneur, there comes a point where it's like you can have, it goes back to your earlier question, you can have words, you can have as many discussions. If the business is just not working out, do you expect your investors to be around? That comes back to relationship, I think. That comes back to some degree of sentimentality.

I think it's for the entrepreneur, there comes a point where it's like you can have, it goes back to your earlier question, you can have words, you can have as many discussions. If the business is just not working out, do you expect your investors to be around? That comes back to relationship, I think. That comes back to some degree of sentimentality.

And if you're purely commercial about this, the investors are moving on. down the whole ecosystem. Just like the LPs are moving on, they invest in those companies. If I invest in you and we're personally still involved and I'm going like, Harry's going to get this right at some point, maybe it's this abundance of faith. Maybe it's crazy and sentimental.

And if you're purely commercial about this, the investors are moving on. down the whole ecosystem. Just like the LPs are moving on, they invest in those companies. If I invest in you and we're personally still involved and I'm going like, Harry's going to get this right at some point, maybe it's this abundance of faith. Maybe it's crazy and sentimental.

And if you're purely commercial about this, the investors are moving on. down the whole ecosystem. Just like the LPs are moving on, they invest in those companies. If I invest in you and we're personally still involved and I'm going like, Harry's going to get this right at some point, maybe it's this abundance of faith. Maybe it's crazy and sentimental.

If I believe in the call option of Harry may just still get this right, maybe I'll stick around.

If I believe in the call option of Harry may just still get this right, maybe I'll stick around.

If I believe in the call option of Harry may just still get this right, maybe I'll stick around.

I have to channel one of our LPs, Tim Blyamtas, who is the CIO of WeatherGage. And I remember around Uber, Coupang, some of the situations where we had shares to distribute, speaking to Tim and saying what we should do. And Tim said, whatever you do, you're going to be wrong. And of course, like the answer to that is you sell prematurely and you didn't capture the upside.

I have to channel one of our LPs, Tim Blyamtas, who is the CIO of WeatherGage. And I remember around Uber, Coupang, some of the situations where we had shares to distribute, speaking to Tim and saying what we should do. And Tim said, whatever you do, you're going to be wrong. And of course, like the answer to that is you sell prematurely and you didn't capture the upside.

I have to channel one of our LPs, Tim Blyamtas, who is the CIO of WeatherGage. And I remember around Uber, Coupang, some of the situations where we had shares to distribute, speaking to Tim and saying what we should do. And Tim said, whatever you do, you're going to be wrong. And of course, like the answer to that is you sell prematurely and you didn't capture the upside.

You don't sell and think tanks and you didn't preserve value. And frankly, it gets more complicated than that. Some investors want to give the shares to their foundations and they get pissed off with you for cashing out and giving them cash instead of shares. Some investors say to you, LPs say like, I don't know what to do with that share. Like I've never heard of the trade desk.

You don't sell and think tanks and you didn't preserve value. And frankly, it gets more complicated than that. Some investors want to give the shares to their foundations and they get pissed off with you for cashing out and giving them cash instead of shares. Some investors say to you, LPs say like, I don't know what to do with that share. Like I've never heard of the trade desk.

You don't sell and think tanks and you didn't preserve value. And frankly, it gets more complicated than that. Some investors want to give the shares to their foundations and they get pissed off with you for cashing out and giving them cash instead of shares. Some investors say to you, LPs say like, I don't know what to do with that share. Like I've never heard of the trade desk.