Hussein Kanji

And I don't know if people know how to allocate capital to who's good, who's exceptional, who's average.

And I don't know if people know how to allocate capital to who's good, who's exceptional, who's average.

And I don't know if people know how to allocate capital to who's good, who's exceptional, who's average.

It's a real question.

It's a real question.

It's a real question.

I thought the Tiger playbook. was actually really fascinating in 21. Let me not sell a product that's designed for returns. This is how I viewed Tiger at the time. I will sell a product for a capital deployment and I'll just buy the index. I'll hoover up not $50 million commits, but $200 million commits who have to deploy into tech and I'll just buy the index. It didn't work, right?

I thought the Tiger playbook. was actually really fascinating in 21. Let me not sell a product that's designed for returns. This is how I viewed Tiger at the time. I will sell a product for a capital deployment and I'll just buy the index. I'll hoover up not $50 million commits, but $200 million commits who have to deploy into tech and I'll just buy the index. It didn't work, right?

I thought the Tiger playbook. was actually really fascinating in 21. Let me not sell a product that's designed for returns. This is how I viewed Tiger at the time. I will sell a product for a capital deployment and I'll just buy the index. I'll hoover up not $50 million commits, but $200 million commits who have to deploy into tech and I'll just buy the index. It didn't work, right?

Because I think they were overpaying on the market. But I could understand the appeal to the LP base, which is, look, where am I going to put this money? I've got a group that's going to take not a little bit of money, a lot of money, and be able to play the market for me.

Because I think they were overpaying on the market. But I could understand the appeal to the LP base, which is, look, where am I going to put this money? I've got a group that's going to take not a little bit of money, a lot of money, and be able to play the market for me.

Because I think they were overpaying on the market. But I could understand the appeal to the LP base, which is, look, where am I going to put this money? I've got a group that's going to take not a little bit of money, a lot of money, and be able to play the market for me.

And that was the mistake. But but I do think like I looked at the data on this there, there is a correlation between how much money goes in to a company and what the probability of success is.

And that was the mistake. But but I do think like I looked at the data on this there, there is a correlation between how much money goes in to a company and what the probability of success is.

And that was the mistake. But but I do think like I looked at the data on this there, there is a correlation between how much money goes in to a company and what the probability of success is.

And this is the one this is why I think if you're going to be contrarian and we take pride in being contrarian, you have to make sure your companies get capitalized, because if they don't, they don't have it to meet. The average is about like 300 million to get to unicorn status. And then like there's some companies that do it for like 200 million.

And this is the one this is why I think if you're going to be contrarian and we take pride in being contrarian, you have to make sure your companies get capitalized, because if they don't, they don't have it to meet. The average is about like 300 million to get to unicorn status. And then like there's some companies that do it for like 200 million.

And this is the one this is why I think if you're going to be contrarian and we take pride in being contrarian, you have to make sure your companies get capitalized, because if they don't, they don't have it to meet. The average is about like 300 million to get to unicorn status. And then like there's some companies that do it for like 200 million.

But you have to raise that kind of quantum of capital. And the biggest structural problem that we have in the UK and Europe, the conversion rate between seed and series A, series A to series B, series B to series C is basically these days on par with the US. But the capitalization of our companies from seed to series A, series A to series B is way under what happens in the US.

But you have to raise that kind of quantum of capital. And the biggest structural problem that we have in the UK and Europe, the conversion rate between seed and series A, series A to series B, series B to series C is basically these days on par with the US. But the capitalization of our companies from seed to series A, series A to series B is way under what happens in the US.