David Weisburd

It's math.

Let's look at it through the GP lens.

Why do a continuation vehicle deal?

And talk to me about the economic incentives for GPs to do a continuation vehicle deal.

What are the standard economics that GP could expect in the market?

What's the range?

I know you don't play in this part of the market.

It may be because you don't play in this part of the market.

Tell me your views as an outsider.

What do you think about the CV market for the venture?

It may not be the perfect tool, CVs, but I do think it's the best of worst tools in venture specifically in that LPs want DPI.

They're really pressuring on that.

GPs don't want to sell their biggest winners.

Some LPs want to exit, some don't.

Nobody wants to take a 20% haircut on a secondary.

And it kind of aligns everybody as closely together as possible.

It's not perfect, but I do think it could create, unlock some of this DPI gridlock.

The older I get, the more I subscribe to this Charlie Munger 20 punch cards.

When you graduate from college, you should have a punch card of 20 investments that you make.

20 of the best ideas.