David Frankel

Everyone's day trading. And of course, we run Raise Fund 4 prematurely. So I would say reserves and how to do the reserve thing is actually one of the most challenging aspects of venture. How to get it perfectly right? Pretty tough.

Everyone's day trading. And of course, we run Raise Fund 4 prematurely. So I would say reserves and how to do the reserve thing is actually one of the most challenging aspects of venture. How to get it perfectly right? Pretty tough.

The minute I feel like we should reserve more, I almost feel like the market will go crazy. The minute I think we need to reserve much less, my sense is, oh my God, like the market is going to like, you're really going to need more money now.

The minute I feel like we should reserve more, I almost feel like the market will go crazy. The minute I think we need to reserve much less, my sense is, oh my God, like the market is going to like, you're really going to need more money now.

The minute I feel like we should reserve more, I almost feel like the market will go crazy. The minute I think we need to reserve much less, my sense is, oh my God, like the market is going to like, you're really going to need more money now.

Pretty forthright. I'm the opposite of Jason. And he may be right, but sometimes I think, look, whether I say something or not, you're kind of running out of money in three months time and I better say something. I feel like I'm abrogating my duty if I don't say something. Running Tide, we just closed down the business.

Pretty forthright. I'm the opposite of Jason. And he may be right, but sometimes I think, look, whether I say something or not, you're kind of running out of money in three months time and I better say something. I feel like I'm abrogating my duty if I don't say something. Running Tide, we just closed down the business.

Pretty forthright. I'm the opposite of Jason. And he may be right, but sometimes I think, look, whether I say something or not, you're kind of running out of money in three months time and I better say something. I feel like I'm abrogating my duty if I don't say something. Running Tide, we just closed down the business.

This was a carbon sequestration business, literally ag in the ocean, unbelievable business. We've got $10 million and he's burning $3 million a month. I think Marty stopped taking my calls because he knew what I was going to say to him. And I said it to him anyway. I said it to him in an email. The fact is, like, at the end, he wrote it on his window in the condensation.

This was a carbon sequestration business, literally ag in the ocean, unbelievable business. We've got $10 million and he's burning $3 million a month. I think Marty stopped taking my calls because he knew what I was going to say to him. And I said it to him anyway. I said it to him in an email. The fact is, like, at the end, he wrote it on his window in the condensation.

This was a carbon sequestration business, literally ag in the ocean, unbelievable business. We've got $10 million and he's burning $3 million a month. I think Marty stopped taking my calls because he knew what I was going to say to him. And I said it to him anyway. I said it to him in an email. The fact is, like, at the end, he wrote it on his window in the condensation.

Can't burn.

Can't burn.

Can't burn.

I put it on the boat. I knew I had to take the boat out. And I knew that he was rolling his eyes knowing exactly what I would say. We closed the business like a month ago. Could he have cut the burn to give himself? He absolutely could have. But these founders get onto this treadmill and it's almost impossible to slow this thing down. Why?

I put it on the boat. I knew I had to take the boat out. And I knew that he was rolling his eyes knowing exactly what I would say. We closed the business like a month ago. Could he have cut the burn to give himself? He absolutely could have. But these founders get onto this treadmill and it's almost impossible to slow this thing down. Why?

I put it on the boat. I knew I had to take the boat out. And I knew that he was rolling his eyes knowing exactly what I would say. We closed the business like a month ago. Could he have cut the burn to give himself? He absolutely could have. But these founders get onto this treadmill and it's almost impossible to slow this thing down. Why?

I think what they feel like is their loyalty is to the team that they've put in place. Their loyalty is to the last set of capital that still says go for it. And then the same thing that makes these amazing entrepreneurs where they go like, I'll walk through walls. They go, I'm going to be the guy. I'm going to be the person that is going to pull the rabbit out of the hat in the last three months.

I think what they feel like is their loyalty is to the team that they've put in place. Their loyalty is to the last set of capital that still says go for it. And then the same thing that makes these amazing entrepreneurs where they go like, I'll walk through walls. They go, I'm going to be the guy. I'm going to be the person that is going to pull the rabbit out of the hat in the last three months.

I think what they feel like is their loyalty is to the team that they've put in place. Their loyalty is to the last set of capital that still says go for it. And then the same thing that makes these amazing entrepreneurs where they go like, I'll walk through walls. They go, I'm going to be the guy. I'm going to be the person that is going to pull the rabbit out of the hat in the last three months.