Andrew Marks

And if something appears where the price appears to be compounding, and you get comfortable that it is one of those things, you better be sure that it is.

And you better know why you own it.

I just think it's a nuanced conversation that comes back to, well, why do you own what you own?

What are you playing for?

What's your confidence in the future?

And then if I sold this, where could I put the money?

And by the way, I mean, venture is an interesting lens to look at this.

The truly generational companies, the truly monstrous companies are extremely few and far between.

But when you have them, selling them early is just a colossal mistake.

Disastrous.

They're incredibly prolific firms where their reputation is built on a handful of fantastic investments.

And I think if you probably looked at the PAs of the most famous venture investors of all time, a huge majority of it is made up of continuing to hold a few things.

It was no plan.

Well, the other thing that I think is great is, I mean, you wrote it with a lot of consistency or with some consistency, but you got no feedback whatsoever, but you kept writing it.

Well, I was doing it for myself.

Well, you never know.

One thing that's interesting to that point, though, is that you've dramatically limited your fund sizes in certain periods and then raised them a lot in other periods.

Yeah, well, you can find TQ at our website, tqventures.com.

Number one, we try to make it fun.

But number two, it's pretty sparse and we mostly focus on our companies.