Anish Acharya

Whereas if you're in London, there's 60 million people here.

Okay.

And you might say, well, that's actually a lot of people.

And you know what?

There are parts of the market like fintech where the LTVs are so high that perhaps 60 million is sufficient.

But for most mass market products, it's just not sufficient.

And if you end up starting focused on the domestic market, it's often hard to actually move on to a bigger market.

So there are all of these reasons that it's just, it's not that it can't be done.

And there are incredible counterexamples like 11.

But I do think that is just that much easier in SF.

And that's why that's where I focus.

I mean, $3 to $5 billion is an extraordinary outcome.

Don't get me wrong.

So in no way am I minimizing that.

And look, I do think that those types of venture outcomes stack to create really meaningful funds.

So this is not about working backwards from venture economics.

But the biggest companies in the world today are trillion-dollar companies.

If you want to build a trillion dollar company, if that's your intention, you've sort of got to start with a set of assumptions that can lead to that.

If your intention is to build an extraordinary enterprise and you build a three to five billion dollar enterprise, like you are one of the few people in the world.

I think software is completely oversold.