20VC: Index's Shardul Shah on Why Market Size is a Trap | Biggest Lessons on Pricing from Leading Rounds in Wiz & Datadog | Why Benchmarks & Averages in VC are BS | How Index Makes Decisions and Why Growth & Early are the Same Investing Style

1414.077 - 1436.111 Shardul Shah

No, it's not. I mean, we're mixing two time horizons, right? Like when you invest is not when you exit. So the multiples may evolve and change. It turns out the best companies get premium multiples, and again, are above the average multiples that you might be alluding to with multiples coming down. Second, the best companies that are category defining are going to be far more significant.