Bill Gurley

But my gut is we have a problem.

The system as it exists today promotes less liquidity, less traditional high quality company building and way higher burn rates.

That's just not a great combination from my perspective.

And it's all self-reinforcing.

So all of the components that I listed are

Unless something happens at the LP level, I don't see a corrective mechanism.

I think we're getting sucked more and more into that loop.

There's a great video you may have seen where Josh Koppelman just walks through some simple GP math from his perspective.

It's three minutes long.

Maybe we'll put a post in there.

But I have a hard time disagreeing with what he did there.

Pretty simple math.

This isn't in a place where it's going to work from the prices we're paying, the amount of money we're spending, and what you would need to have happen for VC returns to match what they've done historically.

It seems like a tough situation to puzzle out from my perspective.

I have a hard time thinking about it.

I think most people would consider it awful on having lived through a couple of these resets.

I did find this is maybe a bit humorous.

I found as an acting GP, I was much calmer and happier and found my job more fulfilling and more efficient and productive in the resets than in the manias.

Certain other actors may prefer the manias, like maybe someone with a sales DNA that likes to be out there amongst it all.

But I just found the conversations about traditional company building and all this, it was all more efficient and authentic in those windows.