Anish Acharya

And I think that those are underestimated in venture lore.

The 1 to 100 companies are extraordinary, and we all love to be a part of them.

But we may talk about those and lionize those, perhaps sometimes at the expense of the area under the curve company.

Yeah.

Well, okay.

So first of all, I think as an investor, you have to decide what kind of risk you want to take.

Okay.

So that is what we're paid to do.

So let's talk through what are the different types of risk.

So the first risk is one that you mentioned, that is competitive risk.

Can I win this process or not?

Okay.

The second risk, and this is maybe a slightly less good risk to take, but I think still a fine one, is pricing risk.

Did I overpay?

And again, I think the way that shows up is the difficulty of the next round based on your entry price, right?

Maybe the third risk is team risk.

Can this team actually go the distance?

You know, can the company be can they be big enough to fulfill the company's ambitions?

So I think the founder themselves can attenuate or amplify

a company's destiny, right?