Jason Lemkin

So much better.

So much better.

Yeah.

Watch this, if you got the 0.8 back six months ago, and you put it in the last round on Tropic, that 0.8 is now a 1.6.

So on your initial billion, you're actually ahead 60% despite having lost 20.

This is why, at heart, venture is a capital allocation business.

You are trying to stuff your money into the place where it will grow the fastest.

Once they start going down, venture guys, it's brutal, but the rational thing to do is reallocate to success and away from failure.

Look, it's going to be the gift that keeps on giving.

If you're the kind of person who slows down at a traffic accident, in other words, if you're like 90% of humanity, you're going to be slowing down every time the depots come out.

It's going to be great.

So first start with it.

So now I'm going to start with an utterly different idealistic comment.

As we get into this whole mess, and we will for a few minutes, it's worth pointing out, when I reread a lot of the stuff, and they did all start by making a charitable donation for something they passionately believed in where they weren't trying to make money.

You know, Elon shipped in 30 million plus, Sam Altman shipped in 10, Reid Hoffman, they genuinely believed, actually, and we'll come back to that statement because some might say it's a lie, but

it appears that everyone genuinely believed at the start that they were doing something for the good of the world, they were doing something for charity, and they were trying to understand what AI could do and head off existential dangers of the past.

So, as is so often the case in life, I think everyone's intent was pure when they forked over real money to try and do something.

So I want to start with that.

Thank you, everyone, for trying really hard to save humanity.

And then the old rule applies.