Bill Gurley

And so if a company's raised $300 million and they're worth $2 billion, Lickpref doesn't matter that much.

If the valuation is now $400 million, then the Lickpref could take 75% of the company in a sale.

And that's a real issue out there for people.

Well, I have to admit, I haven't done a statistically significant survey, which might be interesting for someone to do.

And maybe there's someone at a fund of funds or someone at PitchBook or someone at Carter that might be able to come up with that.

I'll tell you, it's a lead in to what I think happened.

So we were in the middle of a very long zero interest rate period, which I think the acronym ZERP is used now for that window.

And that was unprecedented in 100 years.

Zero interest rates for what was it ended up being five, six, seven years, something like that.

One, it postponed any VC correction, but it just created a ton of money and speculation.

And funny aside, I got invited.

I've only been to see Mr. Buffett once in my entire life, and it was a group of 20 people, and it was tied to a fundraiser.

But we got one question each, and I said to Warren, I said, you know, your DCF doesn't work if the interest rates are zero.

I said, all it does is create a lot of speculation.

And he said, you betcha, as you would expect.

So that was it.

Russia's greatness.

But anyway, there was a lot of speculation.

That amount of money that I mentioned, 275, anywhere 200 to 300, unprecedented prior to that window that companies would raise that much money.

And when they raise that much money, a couple of things happen.