David George

Not, is there a good product cycle ahead of us?

But it turns out that at the same time, we had the mobile, we had cloud, SaaS, e-commerce, all at the same time.

And that was a great setup for us.

If you look at all the mistakes that we've made as an industry, 2021 is very well covered.

I always tell people the biggest mistake from 2021 is that we were actually late product cycle.

And we just didn't realize it at the time.

There was a bit of a head fake with COVID, but we didn't realize we were late product cycle.

And what that means in practice is the ideas are just worse.

The market opportunities are worse.

It's just harder to go be successful.

Right now, when I talk to our investors, our LPs, they're all asking me, all of the questions are, are we in a bubble?

Is the market too hot?

How are you dealing with valuations?

And I'm like, look, we're trying to be very balanced about this.

At the same time, 10 years from now, there's gonna be a bunch of really, really great companies.

So we gotta be in the market, on the field.

It turns out that the last two years coming out, 22 to early 25, I think are a really good period.

I think this is gonna be a great vintage of time to have been investing.

We also have been surprised at how long the companies have stayed private.

They've stayed on the bingo card for us longer than we expected.