Jay Hoag

So that's where the aggressiveness comes in.

As opposed to thinking, well,

Intellectually, this should sell at X times revenues because that's where the median SaaS company has sold over the last decade.

There was a very challenging financing in 2001 that we led.

So it was not just challenging staying with it publicly, but that predated the IPO.

What made it challenging?

Netflix founded in 98.

It was enabled because instead of a VHS tape, which is heavy, a DVD can be mailed cost-effectively via first-class mail.

But the original model was you rent one, return it.

And the economics on that were not attractive.

So subscription was what unlocked to ultimate profitability.

But the company filed to go public in 2000.

Market melted down.

It went down 60% twice.

That's not very fun.

And there was a financing in 2001, dating myself, where we had a discussion and huge supporter with Reed and conveyed, we will provide the financing, but I'm not sure how to price it.

Series A through E had been up into the right.

And so he went and canvassed the marketplace.

to see what the price of Netflix was.

And there was no equity provider, zero.