Alex Rampell

And if you win 100% of the deals, that's a very, very good sign.

You should try to win 100% of the deals that you want to do.

But if you're winning them with very low ownership, you're probably not testing this kind of efficient frontier of how far you can go.

And you want to have more ownership, right?

That's our objective.

The founder wants less dilution.

The investor wants more ownership.

The two are kind of perfect complements of each other.

Eventually, you realize, I don't want to be a fucking idiot.

This is the answer to your question, right?

It's like, all right,

I wanted 20% in an A round for a company that doesn't have that much traction because I'm at Andreessen Horowitz and I've got this big fund and everything else.

And then it's like, no, no, they're going to do a 15% round or whatever.

It's like, oh, fuck that.

I don't want to do that deal.

And then it's like, holy shit, they've run away with the market.

This is the market leader.

I'm not going to be stupid.

I'm not going to just say, this is why actually, by the way, I love talking to investors because investors, most humans do not have the capability to admit that they were wrong.

They just want to say I'm right, I'm saying I'm right.