David Frankel

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.

But I think it's the most unfair feature of capitalism, Harry. The most you can lose is all your money. The most you can make is 3,000x, unlimited. If you just look at that, it is such an unfair feature of capitalism. And my LPs maybe go, I don't want to lose money for anyone. But I sometimes think exactly the opposite.

But I think it's the most unfair feature of capitalism, Harry. The most you can lose is all your money. The most you can make is 3,000x, unlimited. If you just look at that, it is such an unfair feature of capitalism. And my LPs maybe go, I don't want to lose money for anyone. But I sometimes think exactly the opposite.

But I think it's the most unfair feature of capitalism, Harry. The most you can lose is all your money. The most you can make is 3,000x, unlimited. If you just look at that, it is such an unfair feature of capitalism. And my LPs maybe go, I don't want to lose money for anyone. But I sometimes think exactly the opposite.

I don't even know what it is now. We have definitely lost companies. And we've lost, you know, there's good losses and there's bad losses. The bad losses are where you look back and you go, my judgment wasn't good.

I don't even know what it is now. We have definitely lost companies. And we've lost, you know, there's good losses and there's bad losses. The bad losses are where you look back and you go, my judgment wasn't good.

I don't even know what it is now. We have definitely lost companies. And we've lost, you know, there's good losses and there's bad losses. The bad losses are where you look back and you go, my judgment wasn't good.

So if I look back and I go, I love the what, I never really loved the who, I've really learned this the hard way. It's, Koppelman called them, are they like red button or green button entrepreneurs? They call it like 7 p.m. just before you're having dinner with your family, do you take the call?

So if I look back and I go, I love the what, I never really loved the who, I've really learned this the hard way. It's, Koppelman called them, are they like red button or green button entrepreneurs? They call it like 7 p.m. just before you're having dinner with your family, do you take the call?

So if I look back and I go, I love the what, I never really loved the who, I've really learned this the hard way. It's, Koppelman called them, are they like red button or green button entrepreneurs? They call it like 7 p.m. just before you're having dinner with your family, do you take the call?

Well, if it's you and I go like, I love this guy, I'm taking the call and I'll say like, I'll call you back after dinner. But if it's red button, oh, you made a mistake. I look at that and I go, do I want to have lunch or dinner with that entrepreneur? That's a big mistake for me. When I look at it and I go, I fell in love with the what?

Well, if it's you and I go like, I love this guy, I'm taking the call and I'll say like, I'll call you back after dinner. But if it's red button, oh, you made a mistake. I look at that and I go, do I want to have lunch or dinner with that entrepreneur? That's a big mistake for me. When I look at it and I go, I fell in love with the what?

Well, if it's you and I go like, I love this guy, I'm taking the call and I'll say like, I'll call you back after dinner. But if it's red button, oh, you made a mistake. I look at that and I go, do I want to have lunch or dinner with that entrepreneur? That's a big mistake for me. When I look at it and I go, I fell in love with the what?

Like I fell in love with the what, but I really didn't love the entrepreneur at the beginning. And I wasn't, you know, the chemistry wasn't there. That's a mistake. When I look and I go, look, that was just such an extraordinary entrepreneur. That person was so compelling. I was so energized by that person. And, you know, the context was wrong. We were too early.

Like I fell in love with the what, but I really didn't love the entrepreneur at the beginning. And I wasn't, you know, the chemistry wasn't there. That's a mistake. When I look and I go, look, that was just such an extraordinary entrepreneur. That person was so compelling. I was so energized by that person. And, you know, the context was wrong. We were too early.

Like I fell in love with the what, but I really didn't love the entrepreneur at the beginning. And I wasn't, you know, the chemistry wasn't there. That's a mistake. When I look and I go, look, that was just such an extraordinary entrepreneur. That person was so compelling. I was so energized by that person. And, you know, the context was wrong. We were too early.

Like we gave it our best shot, but the incumbents just killed us. I never look back at that and go, that was wrong. I look back and I go like that comes, you chop a lot of wood, you're going to get splinters.

Like we gave it our best shot, but the incumbents just killed us. I never look back at that and go, that was wrong. I look back and I go like that comes, you chop a lot of wood, you're going to get splinters.

Like we gave it our best shot, but the incumbents just killed us. I never look back at that and go, that was wrong. I look back and I go like that comes, you chop a lot of wood, you're going to get splinters.

I think it's a great test. I'm very impressed. Sometimes if you love the deal and there's heat for the right reasons, to take a smaller amount is doable. So I think the problem with that comment is it ignores the context and the context matters. So in a vacuum, that's a fine comment and I agree with it.