Jason Lampkin

Finally, you know, the classic take in venture is it's not really an asset class.

It's a weird niche of PE.

Yes, the top quartile, certainly the top decile perform, but the rest is a disaster.

So it's not an asset class if the bottom 75% isn't even worth getting out of bed for.

if andreessen has proven this penetration and aum is repeatable right like clockwork and yc is doing it at the low end is venture finally an asset class if it is that's gary's point put 10 times as much money in we have access to the early stage funnels right andreessen's saying we have two-thirds of private ai revenue there's an asterisk and a dagger to rory's point right because it's weighted on two names but still the point is if it is an asset class

then you can deploy the maximum amount of practical capital into it efficiently.

Not to be a little glum, but what happens if Mark or Ben step down, especially Mark, for a variety of reasons?

Another option is to wait them out.

This is an eponymous firm and things happen.

Good one.

Even health scares happen.

They do happen.

People get tired.

You think people are all excited and then Duskin Moskovitz quits the sauna out of the blue, right?

You don't know.

Smiles, everyone smiles.

You just don't know.

Ken Andreessen Horowitz, I know everyone's going to say there's Martin and there's all these great people, but can it survive at this level?

Going to Harry's point, at this elite level, a generational transition, right?

Can it survive that?