Andrew Marks

And so to bring this back to what we were talking about earlier, it's very dangerous to just make qualitative judgments about a company that seemingly everyone has.

Oh, this is a great company, whatever.

And it'll just continue winning without also saying, well, to what extent is this reflected in the price?

And so that's the whole point of investing, whether it's value investing or growth investing.

And that's sort of the point we make in the memo.

I mean, you have to be able to make judgments about the future prospects of the company.

And then you have to be able to say, well, to what extent is this already reflected in the price?

Well, so what I'd say is, first of all, I think you'd be hard-pressed to say that venture is super inefficient.

It's not a market where everyone can transact, and it's actually hard to get in the place where you can invest in seemingly great companies.

But the competition to invest in those things is very fierce.

So I wouldn't say that I came to the realization that venture was this super inefficient market.

I wanted to capitalize on that insight or whatever.

And by the way, and leaving aside the fact that I love hunting for founders, I love working with founders, I love so much that goes into the whole business of venture investing.

But if you want to just talk about the proposition, the reason why I went into it is, number one, it sort of suits my skill set more to make long-term investments.

qualitative judgments about the future.

And I think venture, so much of what you're doing is you're finding huge gaps between what you're paying today and what this could be worth if it's right.

So you have to really imagine in 10 years if this is successful, well, what could that business look like?

And much more so than the sort of analysis that goes into being a public markets investor.

That really suits my skill set much more.

And then the other thing is it's a much more probabilistic endeavor.