David George

And it's something that we're going to evaluate you on from the start.

So it's a little bit different for a junior person to be faced with that.

And a lot of times the junior folks, when they join, they have to find their footing.

And when do they chime in?

When do they not?

But I think it's made us better as a team at making decisions.

Well, the optimal would be early product cycle, bad capital cycle.

But those rarely happen and coincide with one another.

If I had to pick, it's all early product cycle for the style of growth investing that we do.

It means we're at the outset of a new technological change.

Beginning of a market wave.

Yeah, the new market wave.

So maybe it's easiest to highlight in retrospect.

It turns out that when you and I were starting our investing careers, we started at a really good time.

You did, I was in public markets.

Well, you were in public markets and so you had to deal with GFC and stuff.

But notwithstanding that, it's capital cycle, that one.

It's obvious in retrospect, but it's really hard to feel it in the moment.

Maybe less so because AI is so well covered.

And the question is, are we in an AI bubble now?