Jason Lemkin

But in the end, over the long term, markets have to tend to rational equilibrium, which means as you take less risk, you get less return.

There can't be bad stages.

I've heard this for 30 years.

Oh, X stage is really bad.

Y stage is really good.

It doesn't make sense, right?

In the medium term, you have to assume that as you go down the risk curve, which is what stage is, going down the risk curve, you slightly go down the return curve.

There are interim anomalies at various points in time.

You're exactly right.

It's like, oh, you're anecdotally, oh my god, series Bs are really hard now, blah, blah, blah.

But you're building a firm over an extended period of time.

You've got to be cognizant of where the market is at any point in time, but saying,

It's very hard to say, I'm doing serious A's and B's.

I'm getting 10% to 20% ownership.

Oh, I'm going to wake up this morning, and that whole sector is, quote, bad.

What does that mean?

It's just a weird comment.

It means risk-adjusted.

My dollars are better suited elsewhere.

And if you believe that disequilibrium is going to persist longer than, you know,