Jason Lemkin

I think excellently.

They probably 60%, 70% of their dollars at high late stage, but at the same time, excellent early stage.

Yes, they've pulled that off.

You're exactly right.

Give them credit for that.

I think some people, for example, in the AI, have done really well by stuffing a bunch of money into Anthropic all the way up.

And that's been a brilliant decision.

Look, I do think what you're right is the new space that didn't exist before was this late and ultra late.

And people have found a way to profitably fill that.

And if you found a way to profitably fill that by hiring the right growth folks, that's been a good opportunity too.

Because the zoom out comment is this.

The public markets ceded another three to five years of growth to the private markets, which meant market expansion for venture and market contraction for small cap publics.

Not the best decision in the world, but that's why everyone's allocation to private's gone up.

And that's why LPs, to Jason's point, are giving money to these big mega firms to say, I can't get me that anthropic in the public markets.

Go get me some.

As I say, I'm not sure why the world has decided to give even more money on a two and 20 basis when it could be giving on a 50 bips basis.

But that's the world we live in.

Everyone has needs.

Just simple, humble billionaires.

In the early stage, you're taking uncorrelated business risk.