David George

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?

One of our folks in IR asked me yesterday, why haven't we done a buyout fund?

I think culturally, it's totally different than what we do.

All that we want to do and all that we stand for is helping the next generation of companies go beat the incumbents.

So culturally, buying the incumbent and trying to make them last as long as possible and squeeze as much as they can out of their customers or whatever it may be, it's just culturally antithetical to what we do.

Business model shift is a super powerful thing that's very hard for incumbents to react to.