Jeff Horing

But I think if you really press what I just said, there's only four things we do.

We find deals, we win deals, we select deals and we make them work.

And then you put that layer on, how do you do that better than everybody else?

Put selection aside because that's the hardest to institutionalize.

How many firms really can articulate?

And there's lots of ways to do it.

Mark Andreessen was on here.

He has an absolutely great strategy, different than us.

And we could never do what he does.

But he's thinking about it every day.

And he's using his marketing engine that he was recently quoted as basically, I'm a marketing firm with an investment arm.

I wanted to be a software company with an investment arm.

That was kind of my pitch 10 years ago to LPs.

That's how I thought of myself.

People could think of us as, we know so much about software, they could outsource a lot of that know-how, and then we have an investment arm to monetize that.

There's lots of ways to skin the cat.

We've just taken one approach.

Some firms obviously could do it just by sheer presence of being first, and they've made great investments over decades.

Other firms might pick different

industries.