Jeff Horing

And those conversations they have with the founders are shocking.

I remember one meeting distinctly in the mid-2000s, and the company was in New York.

So I just popped over to meet the CEO.

And the first question out of the CEO's mouth is, where's the analyst?

Oh, you just got me.

Sorry.

She's still in the office.

So they get really connected.

The letters you will see us get from founders on the relationship that the analysts have built, the trust that they built with these founders and the work they do to generate real value for those founders before we invest is remarkable.

I think it's unjust, but it is what it is.

Some people have a view they only want to talk to the top.

These are good kids that are really working hard and they're going to get you to the top.

Obviously, rejection is really tough, too.

By talking to so many people, we're obviously rejected a lot.

And we tried to be really thoughtful about it.

And usually what we're trying to do intentionally is not reject, but postpone because life changes.

People's business get better.

And sometimes things are just not right for us.

Then the last thing you want to do is damage a relationship with a founder.

Go back in time, 90s.