David Frankel

So I'll give you the corollary of that, is there've been companies that I've been very down on. And often it's in enterprise SaaS, where just the sales cycle is so long and you go like, are they ever gonna get there? But I remember saying to my wife on Olo, this is done, we've lost a lot. This was pre-Founder Collective saying, we have lost our money. Like no, it is never gonna get there.

Each time this guy gets a little bit of funding, I feel like he's just pulled the rabbit out of the hat. I feel like he's duped the investor. The corollary to that is some of these businesses take a long, long time. And so consumer, I think you get feedback pretty quickly. By the way, Harry, there've been times where I've said, how good is that entrepreneur?

Each time this guy gets a little bit of funding, I feel like he's just pulled the rabbit out of the hat. I feel like he's duped the investor. The corollary to that is some of these businesses take a long, long time. And so consumer, I think you get feedback pretty quickly. By the way, Harry, there've been times where I've said, how good is that entrepreneur?

Each time this guy gets a little bit of funding, I feel like he's just pulled the rabbit out of the hat. I feel like he's duped the investor. The corollary to that is some of these businesses take a long, long time. And so consumer, I think you get feedback pretty quickly. By the way, Harry, there've been times where I've said, how good is that entrepreneur?

And I've started to say, they're not the smartest, they're not the fastest. The velocity of getting stuff done here is very slow. And then something lucky happens. And particularly in a consumer business, you get this fast feedback and then you think they're geniuses. But this is a long, long journey.

And I've started to say, they're not the smartest, they're not the fastest. The velocity of getting stuff done here is very slow. And then something lucky happens. And particularly in a consumer business, you get this fast feedback and then you think they're geniuses. But this is a long, long journey.

And I've started to say, they're not the smartest, they're not the fastest. The velocity of getting stuff done here is very slow. And then something lucky happens. And particularly in a consumer business, you get this fast feedback and then you think they're geniuses. But this is a long, long journey.

Yeah.

Yeah.

Yeah.

We did no reserves in fund one, zero. And then what we found was there was this negative correlation bias. There were these companies that just were not getting there fast enough that needed our help. And we had to break the rules.

We did no reserves in fund one, zero. And then what we found was there was this negative correlation bias. There were these companies that just were not getting there fast enough that needed our help. And we had to break the rules.

We did no reserves in fund one, zero. And then what we found was there was this negative correlation bias. There were these companies that just were not getting there fast enough that needed our help. And we had to break the rules.

One of the best instances of breaking the rules, Eric, who is the most disciplined investor in our team by far, he's created literally the infrastructure on which we all work. you know, rise. Eric looks at me on Trade Desk and goes, they're out of money if we don't invest here. They're out of money. Eric breaks his own rules so painfully so for him. I'm more opportunistic.

One of the best instances of breaking the rules, Eric, who is the most disciplined investor in our team by far, he's created literally the infrastructure on which we all work. you know, rise. Eric looks at me on Trade Desk and goes, they're out of money if we don't invest here. They're out of money. Eric breaks his own rules so painfully so for him. I'm more opportunistic.

One of the best instances of breaking the rules, Eric, who is the most disciplined investor in our team by far, he's created literally the infrastructure on which we all work. you know, rise. Eric looks at me on Trade Desk and goes, they're out of money if we don't invest here. They're out of money. Eric breaks his own rules so painfully so for him. I'm more opportunistic.

I go like, if we've got to do it, we've got to do it. I've got goosebumps imagining this company not existing. No reserves in fund one. And Eric invests in Trade Desk as a follow on because nobody else is going to give them money.

I go like, if we've got to do it, we've got to do it. I've got goosebumps imagining this company not existing. No reserves in fund one. And Eric invests in Trade Desk as a follow on because nobody else is going to give them money.

I go like, if we've got to do it, we've got to do it. I've got goosebumps imagining this company not existing. No reserves in fund one. And Eric invests in Trade Desk as a follow on because nobody else is going to give them money.

It was like somewhere between half a million and a million. Whatever we did, it felt like a lot. In fund two, we created a reserve strategy because, and it was that negative correlation bias that made us do it.