Alex Rampell

Once it gets closer there, and it's not a binary thing.

At the seed, it's like, okay, out of the money call option, this guy or gal is very, very smart.

I want to buy 20% of whatever they're doing, and hopefully it expires in the money, and they're the smartest person I've ever met.

We did these deals 100 times a day.

we will do them 100% of the time.

Consensus, non-consensus, there isn't really anything to be consensus or non-consensus on.

It's just like, this is a very, very smart person.

It only becomes non-consensus, to your point, when the price goes up high enough.

Because I think most people have the same viewpoint of, this is a very, very high agency person who has studied history.

There's a memo that I wrote internally for our firm about how to invest in people.

And I think you want to invest in people that can materialize labor, capital, and customers, especially today where people get paid a fortune to stay at OpenAI or Anthropic or Meta or any of these companies.

If you quit your job to start a company and you can snap your fingers and five people follow you tomorrow for a 50% pay cut, that's pretty magical.

Like that doesn't happen every day.

That's the materializing labor.

You also want to make sure, this goes into the consensus, non-consensus part, is this person really good at fundraising?

Are they telling a good story?

Can they convince people like me to give them money?

Oh, wow, they really can.

That means, hopefully, that N plus one, N plus two, N plus three rounds will be a little bit easier.

They will converge on reality in terms of numbers, for sure, but they have the thing around raising money.