Bill Gurley

And once again, I think you're taking that window out.

People love to talk about if you take out the big winner, what's the return of the fund?

But I haven't asked anyone the question, well, what if you keep the big winner, but get rid of everything else?

Because that feels like where we're headed.

That's a long way of saying, I really don't know the answer to your question.

I spent my whole career in early stage and I still love that time period.

And I think it's the time window where you can make the biggest bet and have the biggest outcome.

I really hate to think about every one of the next generation of general partners having every company live through what...

was on the field in the Uber Lyft situation because you go into a board meeting and the other company raises another billion.

The thinking that you're forced to do at the table, well, should we go negative gross margin for two more years and take market share?

You're not going to find it in a Harvard case study.

I'll tell you that.

It is a unique set of cards to be playing.

And it's super high stakes poker with strategies that you're not going to read about them in good to great.

This isn't how people who traditionally ran companies and made them great.

All the stuff you read in every Buffett letter will not apply in that world of capital competition.

Well, this would probably be the last point that I'd love to drive home and then we can just talk broadly about the situation.

But you asked a provocative question at the very beginning of the podcast early on.

You said, could the LP liquidity issue be a catalyst of some kind that causes this world to change?

And there are a lot of things pressing at that.