Harry Stebbings

But you have constraints that mean you can't build it. What are you most embarrassed about building and And this is actually why I don't actually care the specific answers. It's the way that they think around those questions.

Will you ever invest if you haven't met them in person?

Will you ever invest if you haven't met them in person?

Will you ever invest if you haven't met them in person?

Wordware, Granola, Descript. These were all pretty big valuations, actually, and pretty hot rounds. They were. How price sensitive are you?

Wordware, Granola, Descript. These were all pretty big valuations, actually, and pretty hot rounds. They were. How price sensitive are you?

Wordware, Granola, Descript. These were all pretty big valuations, actually, and pretty hot rounds. They were. How price sensitive are you?

But if like we're looking at a series A now and it's like we put down like 10 on 60 and the founder's like, I want 100. And then the partner's like, we'll do 80. And I'm like, we do 80, but not 100.

But if like we're looking at a series A now and it's like we put down like 10 on 60 and the founder's like, I want 100. And then the partner's like, we'll do 80. And I'm like, we do 80, but not 100.

But if like we're looking at a series A now and it's like we put down like 10 on 60 and the founder's like, I want 100. And then the partner's like, we'll do 80. And I'm like, we do 80, but not 100.

But 60 goes to 100 and that is different. That is different. But 60 to 80 is not that different. And then 80 to 100 is not that different. Do you see what I mean? We can push it. Harry, this is a hard job. This is a hard job. What did you turn down because of price that you most regret?

But 60 goes to 100 and that is different. That is different. But 60 to 80 is not that different. And then 80 to 100 is not that different. Do you see what I mean? We can push it. Harry, this is a hard job. This is a hard job. What did you turn down because of price that you most regret?

But 60 goes to 100 and that is different. That is different. But 60 to 80 is not that different. And then 80 to 100 is not that different. Do you see what I mean? We can push it. Harry, this is a hard job. This is a hard job. What did you turn down because of price that you most regret?

Before we do dig in on AI, you said there about kind of capital inefficiency within companies. One challenge and real concern that I have is a lot of growth investors who have too much cash, bluntly, are going, I'm willing to pay up because I believe it's going to be a $5 billion company. Fine, I might not get a 5x, but I'll get a 3x and I'm playing a deployment game. That's right.

Before we do dig in on AI, you said there about kind of capital inefficiency within companies. One challenge and real concern that I have is a lot of growth investors who have too much cash, bluntly, are going, I'm willing to pay up because I believe it's going to be a $5 billion company. Fine, I might not get a 5x, but I'll get a 3x and I'm playing a deployment game. That's right.

Before we do dig in on AI, you said there about kind of capital inefficiency within companies. One challenge and real concern that I have is a lot of growth investors who have too much cash, bluntly, are going, I'm willing to pay up because I believe it's going to be a $5 billion company. Fine, I might not get a 5x, but I'll get a 3x and I'm playing a deployment game. That's right.

But it's the wrong actual thinking because you're assuming that it's equiprobable and that putting a preemptive round in place will still lead to that $5 billion. But me and you both know if I try and shove cash in before it's ready, I could destroy that potential $5 billion and make it a $1 billion.

But it's the wrong actual thinking because you're assuming that it's equiprobable and that putting a preemptive round in place will still lead to that $5 billion. But me and you both know if I try and shove cash in before it's ready, I could destroy that potential $5 billion and make it a $1 billion.

But it's the wrong actual thinking because you're assuming that it's equiprobable and that putting a preemptive round in place will still lead to that $5 billion. But me and you both know if I try and shove cash in before it's ready, I could destroy that potential $5 billion and make it a $1 billion.

Do you engage in secondary markets actively? No. Why not? With the huge influx of like private late stage capital and the continuing delays of public markets, we need liquidity. At some point you have to deliver cash to your investors. I do too. Do you not think that becomes an ever more important part of our role?