Jason

I mean, what's happened is my dispersion has increased massively investing on my own, which means I cut the losers off far longer than I would have if I was running a fund because

I think what I signed up for when I was running a fund was never lose money, ever, and return the money as quickly as possible and then run the upside.

And so I would have traded a 7x with high vol for a guaranteed 3 and 3.5x because I think that was my responsibility as the GP because my LPs were Memorial Sloan Kettering, the Mayo Clinic.

I wanted to give them the money back because they have programs.

Right.

And it's not my job to hold the money back.

with myself, I can keep it out.

So then the ups are higher, but then the lows are also lower.

Yes.

Because some of these things just get annihilated.

Like, look, like relativity space, you know, I took a $400 million goose egg.

Yeah.

Eric Schmidt shows up and he's like, here, it's a billion dollars, pay to play.

And I'm like, okay, I'm not going to do it.

Yeah.

But do you run the production board still?

Are there investments that you do?

But no active investing?

Go ahead, listen up.

Keating, at his core, is an exceptional player.