David Frankel

I think it's for the entrepreneur, there comes a point where it's like you can have, it goes back to your earlier question, you can have words, you can have as many discussions. If the business is just not working out, do you expect your investors to be around? That comes back to relationship, I think. That comes back to some degree of sentimentality.

I think it's for the entrepreneur, there comes a point where it's like you can have, it goes back to your earlier question, you can have words, you can have as many discussions. If the business is just not working out, do you expect your investors to be around? That comes back to relationship, I think. That comes back to some degree of sentimentality.

I think it's for the entrepreneur, there comes a point where it's like you can have, it goes back to your earlier question, you can have words, you can have as many discussions. If the business is just not working out, do you expect your investors to be around? That comes back to relationship, I think. That comes back to some degree of sentimentality.

And if you're purely commercial about this, the investors are moving on. down the whole ecosystem. Just like the LPs are moving on, they invest in those companies. If I invest in you and we're personally still involved and I'm going like, Harry's going to get this right at some point, maybe it's this abundance of faith. Maybe it's crazy and sentimental.

And if you're purely commercial about this, the investors are moving on. down the whole ecosystem. Just like the LPs are moving on, they invest in those companies. If I invest in you and we're personally still involved and I'm going like, Harry's going to get this right at some point, maybe it's this abundance of faith. Maybe it's crazy and sentimental.

And if you're purely commercial about this, the investors are moving on. down the whole ecosystem. Just like the LPs are moving on, they invest in those companies. If I invest in you and we're personally still involved and I'm going like, Harry's going to get this right at some point, maybe it's this abundance of faith. Maybe it's crazy and sentimental.

If I believe in the call option of Harry may just still get this right, maybe I'll stick around.

If I believe in the call option of Harry may just still get this right, maybe I'll stick around.

If I believe in the call option of Harry may just still get this right, maybe I'll stick around.

I have to channel one of our LPs, Tim Blyamtas, who is the CIO of WeatherGage. And I remember around Uber, Coupang, some of the situations where we had shares to distribute, speaking to Tim and saying what we should do. And Tim said, whatever you do, you're going to be wrong. And of course, like the answer to that is you sell prematurely and you didn't capture the upside.

I have to channel one of our LPs, Tim Blyamtas, who is the CIO of WeatherGage. And I remember around Uber, Coupang, some of the situations where we had shares to distribute, speaking to Tim and saying what we should do. And Tim said, whatever you do, you're going to be wrong. And of course, like the answer to that is you sell prematurely and you didn't capture the upside.

I have to channel one of our LPs, Tim Blyamtas, who is the CIO of WeatherGage. And I remember around Uber, Coupang, some of the situations where we had shares to distribute, speaking to Tim and saying what we should do. And Tim said, whatever you do, you're going to be wrong. And of course, like the answer to that is you sell prematurely and you didn't capture the upside.

You don't sell and think tanks and you didn't preserve value. And frankly, it gets more complicated than that. Some investors want to give the shares to their foundations and they get pissed off with you for cashing out and giving them cash instead of shares. Some investors say to you, LPs say like, I don't know what to do with that share. Like I've never heard of the trade desk.

You don't sell and think tanks and you didn't preserve value. And frankly, it gets more complicated than that. Some investors want to give the shares to their foundations and they get pissed off with you for cashing out and giving them cash instead of shares. Some investors say to you, LPs say like, I don't know what to do with that share. Like I've never heard of the trade desk.

You don't sell and think tanks and you didn't preserve value. And frankly, it gets more complicated than that. Some investors want to give the shares to their foundations and they get pissed off with you for cashing out and giving them cash instead of shares. Some investors say to you, LPs say like, I don't know what to do with that share. Like I've never heard of the trade desk.

Why didn't you make the decision for me? The answer there typically has been with big distributions where large positions, so fund movers or it's half the fund, we distribute and we say it's up to you. With smaller positions, when it IPOs, so desktop metal, for instance, it got to the point where it was like, I don't know, worth $10 million, we sold and we take the cash and we distribute the cash.

Why didn't you make the decision for me? The answer there typically has been with big distributions where large positions, so fund movers or it's half the fund, we distribute and we say it's up to you. With smaller positions, when it IPOs, so desktop metal, for instance, it got to the point where it was like, I don't know, worth $10 million, we sold and we take the cash and we distribute the cash.

Why didn't you make the decision for me? The answer there typically has been with big distributions where large positions, so fund movers or it's half the fund, we distribute and we say it's up to you. With smaller positions, when it IPOs, so desktop metal, for instance, it got to the point where it was like, I don't know, worth $10 million, we sold and we take the cash and we distribute the cash.

So I would say quantum or size versus the fund size is pretty much how we decide around that. Now, what our LPs did with their stakes, so TradeS 25X, Uber 150 billion. I don't even remember what the IPO price was. But Harry, that is, if I look back, I go like never sell a single thing. If you could, and people have to live and people have various desires, but if you could, never sell a share.

So I would say quantum or size versus the fund size is pretty much how we decide around that. Now, what our LPs did with their stakes, so TradeS 25X, Uber 150 billion. I don't even remember what the IPO price was. But Harry, that is, if I look back, I go like never sell a single thing. If you could, and people have to live and people have various desires, but if you could, never sell a share.