Ben Gilbert

And none of those were as good of a business.

And the key insight was you're already in the best business.

integrated circuits are the future and will be for a long time, and you're already the best at them, so stop trying to do other things and just do that really well.

Probably to a fault and with a bias, we believe that about Acquired.

Every time we look at anything else.

We're already doing it, yes.

Especially at the growth stage.

Early stage, there's more picking involved.

So the entire bet that we've made in this chapter of our venture capital careers is a bet that

Getting into the best companies is just an access thing.

The growth stage private companies, you can tell what the good ones are.

Most people can't get in.

If you can, you should.

I don't think so.

I wrote a lot of investment memos in my early stage career.

They're all about...

How big could this thing be if it goes right?

But you're almost always investing, at least I was, at the napkin stage.

And so you're mostly making stuff up.

You're dreaming what this market could look like when it materializes.