Jason Lemkin

If you say play the game on the field, but what happens if you're taught you're playing soccer and suddenly you start playing golf?

I mean, it just gets a little weird at some point in time.

It is a little weird to say, I'm not going to do ultra late.

I mean, so yes, there's got to be some tacking and adjusting.

But for example, if a late stage firm said, let's just say if someone was doing, take the other extreme, someone's just doing ultra late.

They're putting money in 10 companies at north of $50 billion pre, because there are 10 companies north of $50 billion pre, and that's their thing.

They're basically saying it's pre-IPO, last round, and that's what we underwrite.

And then they came to you as an LP and said,

right now those pre-IPO deals are priced wrongly, right?

I'm going to do seed.

You'd say to yourself, it's too far from what you're doing.

You can't get there from here, right?

They might come to you and say, hey, these late stage privates are not priced right.

I'm actually going to do cheap publics.

It kind of makes sense.

It's adjacent.

So you can duck around in the box, but you can't do violent switches, not with most of your money.

I disagree on the two.

I think Thrive have proven it to be wildly wrong.

I think Thrive have executed that really well.