Bill Gurley

over-participate in secondaries and leave situations that can crash and burn.

I don't love that.

It's a part of the world when you're dealing with it at this speed.

So if it corrected, people would look for opportunities.

One of the things...

that causes this situation is I think everyone has studied history.

Everyone knows about compounding effects.

Everyone knows about network effects.

Everyone studied cycles.

They've seen boom and bust.

And you remember how long the stock market was down during the original COVID correction?

Three weeks or something?

And then people started buying the opposite side.

So I suspect that the conviction in AI is high enough that even if we were to have a six-month period where people thought AI was overstated, it would start rebounding very quickly.

It's funny, you just provoked something in my brain that is not the question you asked, but... That's fine.

Another negative element of all the systems issues that we're talking about is the firms that beg their way onto the cap chart by writing a $300 million check or whatever don't

They differentiate themselves by being the best friend of the founder they possibly can be.

This is a lot easier for me to say since I'm not writing checks.

And if anyone doesn't like what I say, they're never going to compete with me to be a new board member.

So it's fine.