Alex Rampell

It's like, that's incredible.

Your point is very valid.

Like, can you get 120x on a $2 billion fund?

Probably not.

I'm willing to bet you that you can't get 120x on that.

But you can return far more dollars if you're very, very good.

And this is the question that you originally asked was, and this is why I called it the death of the middle.

Like, my view is most asset classes, you either have to be a large generalist or a small specialist.

And the hard thing is to be a mid-sized generalist, because then you're largely going to lose to the big generalists or the small specialists.

So Ribbit, as an example, they really focus on fintech.

That's how I know them well.

That's a specialty.

They're not trying to do everything.

Or Kazakh in Latin America, they are focused on a specialty.

And they can be small.

They're not trying to do everything across the entire planet.

The entire job of venture capital is to find, pick, and win investments.

If they're good investments, the winning is very, very hard.

And the winning therefore goes to the person that is like the best.

Like you have to sell.