David Frankel

I literally see this in my mind's eye. And Eric looks at them straight in the eye and goes, I didn't know. The company before, it was so easy in that moment to retrofit how smart I... And he said, I had no clue. He said, the company before was just as interesting and the company after, he said, I had the same high hopes. And I think we're not smart enough to figure out the one.

I literally see this in my mind's eye. And Eric looks at them straight in the eye and goes, I didn't know. The company before, it was so easy in that moment to retrofit how smart I... And he said, I had no clue. He said, the company before was just as interesting and the company after, he said, I had the same high hopes. And I think we're not smart enough to figure out the one.

I literally see this in my mind's eye. And Eric looks at them straight in the eye and goes, I didn't know. The company before, it was so easy in that moment to retrofit how smart I... And he said, I had no clue. He said, the company before was just as interesting and the company after, he said, I had the same high hopes. And I think we're not smart enough to figure out the one.

You've got to be around and you've got to hoist a flag and say, I'm interested in these great teams. We don't know how to do this.

You've got to be around and you've got to hoist a flag and say, I'm interested in these great teams. We don't know how to do this.

You've got to be around and you've got to hoist a flag and say, I'm interested in these great teams. We don't know how to do this.

You're reminding me again of Eric, right? Where Eric has this lens. It's so simple. We look at a company and go, can we 10x that? Can we 10x? And if we can't 10x... then we shouldn't invest. And I think that is alignment with the entrepreneur. So much flows from that, like the economics, the size of the deal, the size of the valuation. If we can't, with high conviction, 10x, we shouldn't invest.

You're reminding me again of Eric, right? Where Eric has this lens. It's so simple. We look at a company and go, can we 10x that? Can we 10x? And if we can't 10x... then we shouldn't invest. And I think that is alignment with the entrepreneur. So much flows from that, like the economics, the size of the deal, the size of the valuation. If we can't, with high conviction, 10x, we shouldn't invest.

You're reminding me again of Eric, right? Where Eric has this lens. It's so simple. We look at a company and go, can we 10x that? Can we 10x? And if we can't 10x... then we shouldn't invest. And I think that is alignment with the entrepreneur. So much flows from that, like the economics, the size of the deal, the size of the valuation. If we can't, with high conviction, 10x, we shouldn't invest.

That's how we create the alignment. That is Eric's rule entirely.

That's how we create the alignment. That is Eric's rule entirely.

That's how we create the alignment. That is Eric's rule entirely.

Small fund, you can do that. Small fund, four companies at 10x, we return the fund. Easily.

Small fund, you can do that. Small fund, four companies at 10x, we return the fund. Easily.

Small fund, you can do that. Small fund, four companies at 10x, we return the fund. Easily.

I just think it's insanity. I think you market those winners. And again, it's great PR fodder. It's great to attract the investors in the next fund. But I think it's insanity to go. It's like that huge... People don't even use the word unicorn anymore. It's that huge company or bust. I think it's insane. By the way, I also think it's boring.

I just think it's insanity. I think you market those winners. And again, it's great PR fodder. It's great to attract the investors in the next fund. But I think it's insanity to go. It's like that huge... People don't even use the word unicorn anymore. It's that huge company or bust. I think it's insane. By the way, I also think it's boring.

I just think it's insanity. I think you market those winners. And again, it's great PR fodder. It's great to attract the investors in the next fund. But I think it's insanity to go. It's like that huge... People don't even use the word unicorn anymore. It's that huge company or bust. I think it's insane. By the way, I also think it's boring.

It doesn't take you in a whole range of fascinating directions where at the beginning you go... Look, these guys are crazy. But could this be a 10x? Yeah, it could be a 10x. I think that just provides this much easier on-ramp into these very interesting situations.

It doesn't take you in a whole range of fascinating directions where at the beginning you go... Look, these guys are crazy. But could this be a 10x? Yeah, it could be a 10x. I think that just provides this much easier on-ramp into these very interesting situations.