David George

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.

So if you look at our largest investments in the growth fund and just run down the list, Databricks, SpaceX, Androll, OpenAI, XAI, Flox Safety, Figma, Stripe, Coinbase, most of them are across multiple funds.

And that's by design.

We want to be flexible and say, hey, if we're super excited about a new investment, it's fine, just keep going.

We have no target metrics for industry, infrastructure versus American dynamism versus crypto or whatever.

It should always be best ideas when, but I manage the fund.