David George

So 70% of the dollars that we're investing, we get deep knowledge on the companies.

I call it game film.

I talk about game film all the time.

It's so important when assessing an investment, when assessing a founder.

Game film was not just numbers.

It's how has the founder done this?

How do you do reserving in the growth fund?

Is it materially different than elsewhere?

When we first started the growth fund, I was like, Scott, zero reserves.

Let's do it.

Every single dollar is going to have to be scrutinized.

Literally every dollar.

It turns out that's not really practical.

You need to reserve a little bit.

So we reserve a tiny amount.

And this is for small follow-ons where our participation is important, but we're not a lead.

We do zero reserving for large investment amounts that we think we're gonna make in a company because I think that would lead to lazy decision-making.

We'd say, oh, well, we reserved for it, let's do it.

So you just treat it as a new investment next time?

Every single thing is a new investment.