Alex Rampell

Like, ooh, I don't know if I want to invest at 87 million pre for the series A of Facebook, but everybody wanted to do it at 20 million pre.

There are a lot of companies that people don't want to do at any price.

But the reason why I'm saying this is I don't necessarily think you could take it as a given that a small fund will outperform a large fund.

Now, I think it has the capability mathematically.

Like, again, if you're Mickey and you invest in the Series A of Coinbase and you have a very, very, very small fund, of course, you can generate a bigger multiple of that fund.

That's just algebraically true.

But the best deals in fintech, like Mickey gets to do them because he's a great firm.

And he has a much, much bigger fund right now.

So that's the thing that I think it's hard to know.

I mean, it's like, again, I agree with you algebraically.

I would put my own personal money and I do, right?

It's like I invest in our funds.

Like I would put my own personal money in funds that have, you know, kind of the small specialist or the big generalist, because I think that's where the best returns will be.

For a single deal, there's a seed deal that I did probably marked up at like 200x right now.

Well, I think, but if you look at Eleven, the entrepreneur was pretty consensus.

Like, it's like, all right, Mahdi's super, like that whole team is incredibly talented.

Sure, but the pre-seed and the seed, a lot of people turned down.

Yeah, but I think our job, tell me if you agree with me, is we find the smartest people in the world that have very high agency.

Like there's been this thing going around about agency.

Agency, how do you define it?