20VC: Investing Lessons from FC Seeding Uber, Airtable and Coupang | Why Pro Rata is the Original Sin in VC | Why Liquidity Has Died in 2024 | Why LPs are Pissed with VCs | The Hard Truth About Seed Fund Economics with David Frankel @ Founder Collective

2429.205 - 2451.88 David Frankel

Oh, Harry, this is a subject I can keep you here all day on. But LEACH is Lethargic Economic Extractor Causing Harm. These are these legacy companies. A great example of them is the PBMs, the Pharmacy Benefit Managers. Companies that were very innovative 40 years ago. So a PBM connects the pharmacy to the insurer. You know, 40 years ago or 30 years ago, they were great companies, right?