David Frankel

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?

Doing 50 million ARR. Try to raise money in December. Nobody would look at us. Nobody would look at us. Because people hate cats, full stop, right? Cats get no love. And everybody then looks at like, this didn't work, farmer's market, whatever, didn't work in dogs. You can be in old markets, right? You can still be non-consensus.

Doing 50 million ARR. Try to raise money in December. Nobody would look at us. Nobody would look at us. Because people hate cats, full stop, right? Cats get no love. And everybody then looks at like, this didn't work, farmer's market, whatever, didn't work in dogs. You can be in old markets, right? You can still be non-consensus.

Doing 50 million ARR. Try to raise money in December. Nobody would look at us. Nobody would look at us. Because people hate cats, full stop, right? Cats get no love. And everybody then looks at like, this didn't work, farmer's market, whatever, didn't work in dogs. You can be in old markets, right? You can still be non-consensus.

When the whole swarm, when the whole herd moves in a certain direction, great. Like, seed is not dead. And so then you see the pricing adjust for those deals, correct? You do. I mean, you've still got to, like, market to market. You know, I think if you're going to be like, I want a 4 million pre, you're like totally anachronistic.

When the whole swarm, when the whole herd moves in a certain direction, great. Like, seed is not dead. And so then you see the pricing adjust for those deals, correct? You do. I mean, you've still got to, like, market to market. You know, I think if you're going to be like, I want a 4 million pre, you're like totally anachronistic.

When the whole swarm, when the whole herd moves in a certain direction, great. Like, seed is not dead. And so then you see the pricing adjust for those deals, correct? You do. I mean, you've still got to, like, market to market. You know, I think if you're going to be like, I want a 4 million pre, you're like totally anachronistic.

I think there is a market and there's a market clearing price and you pay that price. But these are not AI prices. This is not AI deal where I go 5 on 20, that guy's unbelievable. Next thing, you know, I'm on a Zoom and he's in San Francisco in a hotel room and I just come off that Zoom and I say to my associate, I say, we're dead. There's going to be 100 million pre. This is real, by the way.

I think there is a market and there's a market clearing price and you pay that price. But these are not AI prices. This is not AI deal where I go 5 on 20, that guy's unbelievable. Next thing, you know, I'm on a Zoom and he's in San Francisco in a hotel room and I just come off that Zoom and I say to my associate, I say, we're dead. There's going to be 100 million pre. This is real, by the way.

I think there is a market and there's a market clearing price and you pay that price. But these are not AI prices. This is not AI deal where I go 5 on 20, that guy's unbelievable. Next thing, you know, I'm on a Zoom and he's in San Francisco in a hotel room and I just come off that Zoom and I say to my associate, I say, we're dead. There's going to be 100 million pre. This is real, by the way.

What do you do in that scenario? I mean, we have to bow out. In that situation, I broke every rule under the sun and we put in a 100K check, right? I broke my rules, but we don't do that. Why would you do a 100K check then? Because I like the individual so much.

What do you do in that scenario? I mean, we have to bow out. In that situation, I broke every rule under the sun and we put in a 100K check, right? I broke my rules, but we don't do that. Why would you do a 100K check then? Because I like the individual so much.

What do you do in that scenario? I mean, we have to bow out. In that situation, I broke every rule under the sun and we put in a 100K check, right? I broke my rules, but we don't do that. Why would you do a 100K check then? Because I like the individual so much.

If you're my partner, I can't tell you what you would throw at me. Because my partners look at that and they go, that was utter insanity and stupidity.

If you're my partner, I can't tell you what you would throw at me. Because my partners look at that and they go, that was utter insanity and stupidity.

If you're my partner, I can't tell you what you would throw at me. Because my partners look at that and they go, that was utter insanity and stupidity.

there's a time factor here. You know, people say like, what's the percentage ownership you have to have? And I think in terms of time, there are situations where you can write a smaller check. And I think we've got to be fair to founders here as well.

there's a time factor here. You know, people say like, what's the percentage ownership you have to have? And I think in terms of time, there are situations where you can write a smaller check. And I think we've got to be fair to founders here as well.

there's a time factor here. You know, people say like, what's the percentage ownership you have to have? And I think in terms of time, there are situations where you can write a smaller check. And I think we've got to be fair to founders here as well.

You know, if I'm writing a 100K check, I've got to be very open to that founder and saying, look, like this is the other side of the spectrum to me being on your board. But if I'm on your board, I can't write a 100K check. I can't write a 500K check anymore because you need my time and you need my interest. And this goes back to alignment.