David George

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?

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.