Bill Maris

And then all of the others I mentioned that kind of underlay the AI revolution, which are the physics engines and the controllers and the GPUs and everything that it's going to take to

And then all of the others I mentioned that kind of underlay the AI revolution, which are the physics engines and the controllers and the GPUs and everything that it's going to take to

to get us there.

to get us there.

I think the problem with that is we have to look at the incentive structure of venture.

I think the problem with that is we have to look at the incentive structure of venture.

So a...

So a...

$5 billion venture fund that returns 1.01x gets to say that they are in the 75th percentile and can raise their next fund, and no one at the Stanford Endowment is going to get in trouble for writing that check.

$5 billion venture fund that returns 1.01x gets to say that they are in the 75th percentile and can raise their next fund, and no one at the Stanford Endowment is going to get in trouble for writing that check.

They need to put $200 or $500 million into a fund multiple times.

They need to put $200 or $500 million into a fund multiple times.

So I understand that dynamic.

So I understand that dynamic.

So now let's look at the GP dynamic.

So now let's look at the GP dynamic.

Well, if I have a $5 billion fund, I return 1.01x, I'm going to make more money than Bill with his $500 million fund that returns 3x.

Well, if I have a $5 billion fund, I return 1.01x, I'm going to make more money than Bill with his $500 million fund that returns 3x.

So that's also a strange incentive.

So that's also a strange incentive.