Alex Rampell

That's very, very bad for big funds.

That's very, very bad for big funds.

Because in order to make the math work for a big fund, you have to have high ownership and you know that your ownership will get depleted or will get diluted over time as option pool expansions happen, even if you take your pro rata in every single successive round.

Because in order to make the math work for a big fund, you have to have high ownership and you know that your ownership will get depleted or will get diluted over time as option pool expansions happen, even if you take your pro rata in every single successive round.

So, I mean, we can win all these deals, but a lot of times, you know, I am much more preoccupied with ownership at the A because we're buying an out of the money call option.

So, I mean, we can win all these deals, but a lot of times, you know, I am much more preoccupied with ownership at the A because we're buying an out of the money call option.

And the reason why I kind of tell this story is because there's something that I've used as a benchmark, which is if you're hiring people,

And the reason why I kind of tell this story is because there's something that I've used as a benchmark, which is if you're hiring people,

and 100% of the people say yes to your job offer, what can you infer from that?

and 100% of the people say yes to your job offer, what can you infer from that?

Number one, you could infer that you're the greatest hiring manager of all time.

Number one, you could infer that you're the greatest hiring manager of all time.

But number two, you might be overpaying.

But number two, you might be overpaying.

Would you agree with that?

Would you agree with that?

Sure.

Sure.

If you only get 50% or 20%, how do you know to test this hypothesis?

If you only get 50% or 20%, how do you know to test this hypothesis?