David Frankel

You've got to be around and you've got to hoist a flag and say, I'm interested in these great teams. We don't know how to do this.

You're reminding me again of Eric, right? Where Eric has this lens. It's so simple. We look at a company and go, can we 10x that? Can we 10x? And if we can't 10x... then we shouldn't invest. And I think that is alignment with the entrepreneur. So much flows from that, like the economics, the size of the deal, the size of the valuation. If we can't, with high conviction, 10x, we shouldn't invest.

You're reminding me again of Eric, right? Where Eric has this lens. It's so simple. We look at a company and go, can we 10x that? Can we 10x? And if we can't 10x... then we shouldn't invest. And I think that is alignment with the entrepreneur. So much flows from that, like the economics, the size of the deal, the size of the valuation. If we can't, with high conviction, 10x, we shouldn't invest.

You're reminding me again of Eric, right? Where Eric has this lens. It's so simple. We look at a company and go, can we 10x that? Can we 10x? And if we can't 10x... then we shouldn't invest. And I think that is alignment with the entrepreneur. So much flows from that, like the economics, the size of the deal, the size of the valuation. If we can't, with high conviction, 10x, we shouldn't invest.

That's how we create the alignment. That is Eric's rule entirely.

That's how we create the alignment. That is Eric's rule entirely.

That's how we create the alignment. That is Eric's rule entirely.

Small fund, you can do that. Small fund, four companies at 10x, we return the fund. Easily.

Small fund, you can do that. Small fund, four companies at 10x, we return the fund. Easily.

Small fund, you can do that. Small fund, four companies at 10x, we return the fund. Easily.

I just think it's insanity. I think you market those winners. And again, it's great PR fodder. It's great to attract the investors in the next fund. But I think it's insanity to go. It's like that huge... People don't even use the word unicorn anymore. It's that huge company or bust. I think it's insane. By the way, I also think it's boring.

I just think it's insanity. I think you market those winners. And again, it's great PR fodder. It's great to attract the investors in the next fund. But I think it's insanity to go. It's like that huge... People don't even use the word unicorn anymore. It's that huge company or bust. I think it's insane. By the way, I also think it's boring.

I just think it's insanity. I think you market those winners. And again, it's great PR fodder. It's great to attract the investors in the next fund. But I think it's insanity to go. It's like that huge... People don't even use the word unicorn anymore. It's that huge company or bust. I think it's insane. By the way, I also think it's boring.

It doesn't take you in a whole range of fascinating directions where at the beginning you go... Look, these guys are crazy. But could this be a 10x? Yeah, it could be a 10x. I think that just provides this much easier on-ramp into these very interesting situations.

It doesn't take you in a whole range of fascinating directions where at the beginning you go... Look, these guys are crazy. But could this be a 10x? Yeah, it could be a 10x. I think that just provides this much easier on-ramp into these very interesting situations.

It doesn't take you in a whole range of fascinating directions where at the beginning you go... Look, these guys are crazy. But could this be a 10x? Yeah, it could be a 10x. I think that just provides this much easier on-ramp into these very interesting situations.

But I think it's the most unfair feature of capitalism, Harry. The most you can lose is all your money. The most you can make is 3,000x, unlimited. If you just look at that, it is such an unfair feature of capitalism. And my LPs maybe go, I don't want to lose money for anyone. But I sometimes think exactly the opposite.

But I think it's the most unfair feature of capitalism, Harry. The most you can lose is all your money. The most you can make is 3,000x, unlimited. If you just look at that, it is such an unfair feature of capitalism. And my LPs maybe go, I don't want to lose money for anyone. But I sometimes think exactly the opposite.

But I think it's the most unfair feature of capitalism, Harry. The most you can lose is all your money. The most you can make is 3,000x, unlimited. If you just look at that, it is such an unfair feature of capitalism. And my LPs maybe go, I don't want to lose money for anyone. But I sometimes think exactly the opposite.

I don't even know what it is now. We have definitely lost companies. And we've lost, you know, there's good losses and there's bad losses. The bad losses are where you look back and you go, my judgment wasn't good.