Jordi Hays

Cursor is a great example of like it's just classic venture capital.

Right, insane.

You got in sub a billion, you were out at 60 within three years.

It's just incredible venture capital, right?

But then, but then there's a different game where that investment returns 3 billion in three years.

And then there's a different one where you put 10 billion in a lab at 500 billion and it doubled.

And so you made more money.

And at the end of the game, these venture capital firms are businesses.

The job is to return cash flow, like to create cash.

And so, yeah, oh, this fund had to raise more money.

That's not really a critique.

That's a critique of like, what's the definition of venture capital?

Should we include growth stage investing in that?

Should we include your public business in there?

But like...

As a financier, as an entrepreneur of a financial company, all you care about is how much cash are you returning to your investors and to your GPs.

And so there's two very different games that are being played.

One is for clout and credibility, and the other is just how much raw cash is this business throwing off?

What's the value of the firm?

The newcomer oralist.