David George

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.

And that's been great because we've converted those in a really attractive way.

If you look at the last year of our activity, our portfolio dollar weighted is growing 112% and we entered at 21 times revenue.

So I'll have this debate.

First of all, I recognize that revenue multiples are flawed and all that, especially for traditional investors.

But what I tell our investors is if I could invest for the rest of my career in 112% growing companies that are really, really great and good in markets at 21 times revenue, I would do it in a heartbeat.