David Frankel

If you're having to throttle down a little bit for that, I have no problem with that.

If you're having to throttle down a little bit for that, I have no problem with that.

If you're having to throttle down a little bit for that, I have no problem with that.

In fact, in an ideal situation when there's insane heat and something that we've gotten earlier, like that's a great moment to take secondary if you can. Sometimes you can't. But if I speak to teams about this all day long, so like. You've got a billion dollar valuation and you're doing 50 million or 40 million revenue. Forget like you're losing money.

In fact, in an ideal situation when there's insane heat and something that we've gotten earlier, like that's a great moment to take secondary if you can. Sometimes you can't. But if I speak to teams about this all day long, so like. You've got a billion dollar valuation and you're doing 50 million or 40 million revenue. Forget like you're losing money.

In fact, in an ideal situation when there's insane heat and something that we've gotten earlier, like that's a great moment to take secondary if you can. Sometimes you can't. But if I speak to teams about this all day long, so like. You've got a billion dollar valuation and you're doing 50 million or 40 million revenue. Forget like you're losing money.

This is an awesome time for you to take some money off the table. And in certain situations, we've had the founders say to us, look, there's a little leftover because there's such heat here. There's 20 million to go between, do you want to take some money off? And we have been able to take a third of, but do we get that right all the time?

This is an awesome time for you to take some money off the table. And in certain situations, we've had the founders say to us, look, there's a little leftover because there's such heat here. There's 20 million to go between, do you want to take some money off? And we have been able to take a third of, but do we get that right all the time?

This is an awesome time for you to take some money off the table. And in certain situations, we've had the founders say to us, look, there's a little leftover because there's such heat here. There's 20 million to go between, do you want to take some money off? And we have been able to take a third of, but do we get that right all the time?

Well, the answer was, you only know that in the rear view mirror. I won't mention the name of the company. We did take a third off the table. We were right over there, but we've got it wrong as well. We took secondary in some of our biggest names. We shouldn't have sold a share.

Well, the answer was, you only know that in the rear view mirror. I won't mention the name of the company. We did take a third off the table. We were right over there, but we've got it wrong as well. We took secondary in some of our biggest names. We shouldn't have sold a share.

Well, the answer was, you only know that in the rear view mirror. I won't mention the name of the company. We did take a third off the table. We were right over there, but we've got it wrong as well. We took secondary in some of our biggest names. We shouldn't have sold a share.

Well, Trade Desk, I regret every single share I sold. Uber, I regret every single share I sold. Hindsight is just the most precise science. These are great moat companies. Why would you bet against those?

Well, Trade Desk, I regret every single share I sold. Uber, I regret every single share I sold. Hindsight is just the most precise science. These are great moat companies. Why would you bet against those?

Well, Trade Desk, I regret every single share I sold. Uber, I regret every single share I sold. Hindsight is just the most precise science. These are great moat companies. Why would you bet against those?

My rule of thumb is there's a hot big deal going down. Again, this feels anachronistic because this was happening on steroids three, four years ago. I'm seeing less of it. But if you take less, 10% or less off the table, nobody's going to really mind too much.

My rule of thumb is there's a hot big deal going down. Again, this feels anachronistic because this was happening on steroids three, four years ago. I'm seeing less of it. But if you take less, 10% or less off the table, nobody's going to really mind too much.

My rule of thumb is there's a hot big deal going down. Again, this feels anachronistic because this was happening on steroids three, four years ago. I'm seeing less of it. But if you take less, 10% or less off the table, nobody's going to really mind too much.

If things go south later on, then LPs look at it and investors look at it and go like, I wish Harry didn't take $5 or $10 million off the table. But I don't mind if Harry took a million or two million. By the way, I always say the first million dollars, like when the first million dollars makes, it's binary, it makes all the difference. It's partially selfish.

If things go south later on, then LPs look at it and investors look at it and go like, I wish Harry didn't take $5 or $10 million off the table. But I don't mind if Harry took a million or two million. By the way, I always say the first million dollars, like when the first million dollars makes, it's binary, it makes all the difference. It's partially selfish.