Andrew Marks

I mean, what you're doing is you're trying to find extremely high expected value investments where the average occurrence is that you're going to lose your money.

but make enough of those bets.

And so it works out to be a great return.

And then by the way, try to help the companies in whatever way you can and follow them closely so you can add more capital to the ones that are doing well and whatever.

And so that whole endeavor really suited my makeup much more.

And I also don't think that I would be particularly great at that.

I mean, if you told me I had to have a portfolio of 10 companies where not only would the portfolio return be 20%, but they'd all be roughly 20% or they'd go somewhere between 10 and 30 or something like that.

I mean, I just don't know if that would be as suited with my skillset.

One of the things that really interests me is applying some of the more traditional investing lenses or Buffett investing lenses or whatever to venture is really interesting because I think

you have to think about, well, what can this be worth if it works?

And what's the potential probability that it works?

And in order to do that, in my opinion, I think it's very helpful to be able to visualize what the business could look like.

And if the company IPOs in 10 years, what's that person going to be looking at when they're thinking about investing in the company?

So you have to sort of visualize, well, what could the financials of this business look like down the road, even though it's totally nascent?

And what could the moats in that business look like?

And

How much capital might it take to get there?

And what's the likelihood of competition?

And what could they evolve into after they establish themselves in that market?

And et cetera, et cetera.