David Frankel

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.

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.

But in the context of there are lots of other people interested, including some collaborators, you may go, I actually want them in this deal with me. And by the way, that is under pressure when people have got funds that are too big and the deals and there's less collaboration. But I think there really are people who you want alongside you because they're smarter and more experienced than you.

But in the context of there are lots of other people interested, including some collaborators, you may go, I actually want them in this deal with me. And by the way, that is under pressure when people have got funds that are too big and the deals and there's less collaboration. But I think there really are people who you want alongside you because they're smarter and more experienced than you.

But in the context of there are lots of other people interested, including some collaborators, you may go, I actually want them in this deal with me. And by the way, that is under pressure when people have got funds that are too big and the deals and there's less collaboration. But I think there really are people who you want alongside you because they're smarter and more experienced than you.

If you're having to throttle down a little bit for that, I have no problem with that.

If you're having to throttle down a little bit for that, I have no problem with that.

If you're having to throttle down a little bit for that, I have no problem with that.

In fact, in an ideal situation when there's insane heat and something that we've gotten earlier, like that's a great moment to take secondary if you can. Sometimes you can't. But if I speak to teams about this all day long, so like. You've got a billion dollar valuation and you're doing 50 million or 40 million revenue. Forget like you're losing money.

In fact, in an ideal situation when there's insane heat and something that we've gotten earlier, like that's a great moment to take secondary if you can. Sometimes you can't. But if I speak to teams about this all day long, so like. You've got a billion dollar valuation and you're doing 50 million or 40 million revenue. Forget like you're losing money.

In fact, in an ideal situation when there's insane heat and something that we've gotten earlier, like that's a great moment to take secondary if you can. Sometimes you can't. But if I speak to teams about this all day long, so like. You've got a billion dollar valuation and you're doing 50 million or 40 million revenue. Forget like you're losing money.

This is an awesome time for you to take some money off the table. And in certain situations, we've had the founders say to us, look, there's a little leftover because there's such heat here. There's 20 million to go between, do you want to take some money off? And we have been able to take a third of, but do we get that right all the time?

This is an awesome time for you to take some money off the table. And in certain situations, we've had the founders say to us, look, there's a little leftover because there's such heat here. There's 20 million to go between, do you want to take some money off? And we have been able to take a third of, but do we get that right all the time?

This is an awesome time for you to take some money off the table. And in certain situations, we've had the founders say to us, look, there's a little leftover because there's such heat here. There's 20 million to go between, do you want to take some money off? And we have been able to take a third of, but do we get that right all the time?

Well, the answer was, you only know that in the rear view mirror. I won't mention the name of the company. We did take a third off the table. We were right over there, but we've got it wrong as well. We took secondary in some of our biggest names. We shouldn't have sold a share.

Well, the answer was, you only know that in the rear view mirror. I won't mention the name of the company. We did take a third off the table. We were right over there, but we've got it wrong as well. We took secondary in some of our biggest names. We shouldn't have sold a share.

Well, the answer was, you only know that in the rear view mirror. I won't mention the name of the company. We did take a third off the table. We were right over there, but we've got it wrong as well. We took secondary in some of our biggest names. We shouldn't have sold a share.

Well, Trade Desk, I regret every single share I sold. Uber, I regret every single share I sold. Hindsight is just the most precise science. These are great moat companies. Why would you bet against those?

Well, Trade Desk, I regret every single share I sold. Uber, I regret every single share I sold. Hindsight is just the most precise science. These are great moat companies. Why would you bet against those?

Well, Trade Desk, I regret every single share I sold. Uber, I regret every single share I sold. Hindsight is just the most precise science. These are great moat companies. Why would you bet against those?