Bill Gurley

Once said that the difference is the buyer in a business.

Isn't the user.

And he made that point.

And that may be it.

Like that may be the essence of it.

They walk in the room and just want to chat.

And you know nothing about the business.

You know jack shit.

And I don't want to learn about the business through a prompt with this human.

Like, it's too hard.

You can't get enough information fast enough through that.

And in this blog post, which I'd encourage people to find, I show –

Steve Jobs, Mark Benioff, Jeff Bezos in front of a deck.

But I want to say one other thing about this because I think it gets more to the point of what you said.

Most people perceive venture capitalists to be making investments the way maybe a buy-side public investor might be.

If it's positive IRR and I'll make 14%, I'll do it.

But venture capitalists have a limited number of boards they can go on, probably two a year.

And so they don't have unlimited shots on goal.

They can't fund everything that's over 12% hurdle rate.

They have to fall in love.