David Frankel

My rule of thumb is there's a hot big deal going down. Again, this feels anachronistic because this was happening on steroids three, four years ago. I'm seeing less of it. But if you take less, 10% or less off the table, nobody's going to really mind too much.

My rule of thumb is there's a hot big deal going down. Again, this feels anachronistic because this was happening on steroids three, four years ago. I'm seeing less of it. But if you take less, 10% or less off the table, nobody's going to really mind too much.

My rule of thumb is there's a hot big deal going down. Again, this feels anachronistic because this was happening on steroids three, four years ago. I'm seeing less of it. But if you take less, 10% or less off the table, nobody's going to really mind too much.

If things go south later on, then LPs look at it and investors look at it and go like, I wish Harry didn't take $5 or $10 million off the table. But I don't mind if Harry took a million or two million. By the way, I always say the first million dollars, like when the first million dollars makes, it's binary, it makes all the difference. It's partially selfish.

If things go south later on, then LPs look at it and investors look at it and go like, I wish Harry didn't take $5 or $10 million off the table. But I don't mind if Harry took a million or two million. By the way, I always say the first million dollars, like when the first million dollars makes, it's binary, it makes all the difference. It's partially selfish.

If things go south later on, then LPs look at it and investors look at it and go like, I wish Harry didn't take $5 or $10 million off the table. But I don't mind if Harry took a million or two million. By the way, I always say the first million dollars, like when the first million dollars makes, it's binary, it makes all the difference. It's partially selfish.

It sounds like I'm so generous in saying, take as much money as you want, but it's actually very self-serving as well. If that founder's going home and worrying about the mortgage and under pressure from their wife or husband or whatever it is or partner, we alleviate that pressure in giving them secondary and encourage them to take secondary.

It sounds like I'm so generous in saying, take as much money as you want, but it's actually very self-serving as well. If that founder's going home and worrying about the mortgage and under pressure from their wife or husband or whatever it is or partner, we alleviate that pressure in giving them secondary and encourage them to take secondary.

It sounds like I'm so generous in saying, take as much money as you want, but it's actually very self-serving as well. If that founder's going home and worrying about the mortgage and under pressure from their wife or husband or whatever it is or partner, we alleviate that pressure in giving them secondary and encourage them to take secondary.

So I'd say it's self-serving for the investors as well. Next thing you've taken some secondary, the mortgage or whatever the issue is. And of course, if you're like in your early 20s and you don't have these problems, the context matters.

So I'd say it's self-serving for the investors as well. Next thing you've taken some secondary, the mortgage or whatever the issue is. And of course, if you're like in your early 20s and you don't have these problems, the context matters.

So I'd say it's self-serving for the investors as well. Next thing you've taken some secondary, the mortgage or whatever the issue is. And of course, if you're like in your early 20s and you don't have these problems, the context matters.

Yeah. We had this. The biggest sin of the last era has been the huge amounts of capital. These like boatloads of capital. I'm going to meet later with Sam Franklin from Otter. Great founder. Lovely business. And I remember. The other investors were talking about 10 on 40, right? Like one call to John a tiger, right? 20 on 80, no problem.

Yeah. We had this. The biggest sin of the last era has been the huge amounts of capital. These like boatloads of capital. I'm going to meet later with Sam Franklin from Otter. Great founder. Lovely business. And I remember. The other investors were talking about 10 on 40, right? Like one call to John a tiger, right? 20 on 80, no problem.

Yeah. We had this. The biggest sin of the last era has been the huge amounts of capital. These like boatloads of capital. I'm going to meet later with Sam Franklin from Otter. Great founder. Lovely business. And I remember. The other investors were talking about 10 on 40, right? Like one call to John a tiger, right? 20 on 80, no problem.

And Sam at the moment thought I was like the superstar investor of all times. He was like a seed investor across the, biggest name investors involved there. And like in a second did that. In retrospect, what a sin, what a sin.

And Sam at the moment thought I was like the superstar investor of all times. He was like a seed investor across the, biggest name investors involved there. And like in a second did that. In retrospect, what a sin, what a sin.

And Sam at the moment thought I was like the superstar investor of all times. He was like a seed investor across the, biggest name investors involved there. And like in a second did that. In retrospect, what a sin, what a sin.

What a sin even for me to like, and I was caught up in the moment, but to... So he called me on that deal.

What a sin even for me to like, and I was caught up in the moment, but to... So he called me on that deal.