David George

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.

And so I closely track how are we doing on those metrics?

And generally speaking, thematically, do we feel like the fund is a good reflection of what we see as the opportunity set for the next 10 years?

Selling is so hard to do this job.

So we've tried a number of different variations.

So I think it's different at the venture stage.

Your Fred Wilson model, the third, third, third, he's totally sensible because he's coming in extremely early.

So for him, that's relatively simple.

We have our own version of it's not algorithmic, but semi algorithmic decision making for the early stage.

And we take some very simple qualitative things like, is the founder still running the company, which we value a lot.

And then a sort of qualitative, are they the market leader that we feel great about?

And if so, we would buy us to hold longer.

And if not, we would buy us to exit sooner.

We also try to overlay an assessment of how it's valued versus performance, which is really, really hard.

So I would say we've been fortunate in that generally we've gotten it pretty right.

Why don't you buy whole companies?