Bill Gurley

Will it still work?

I think that's a provocative question.

But I think that's what happened for sure.

And the fact that Yale, which led us into this strategy, is trying to get out, I find super interesting.

Could be.

If I can get past these realities, we're going to answer them.

Sorry, can't help myself.

The AI wave came at a really interesting time.

This is my fifth point, I think, out of six realities.

We were headed to this mini correction.

You have to remember, Patrick, people were tightening their belt.

These companies were laying people off.

They were trying to get to break even.

There was worried about them being able to raise money.

And I would argue over the past 30 years that I have a window into VC, the corrections were healthy.

Every time the VC community got out over at skis, there'd be a correction and things would settle back down.

I would watch Morgan and Goldman open up

Offices on Sand Hill Road and then close offices and go away.

And Fortune and Forbes pay attention to Silicon Valley and then go away.

And I saw that multiple times.