Luca Ferrari

We haven't experienced that before, but I know stories of others having done that.

But I think there's an evergreen...

source of capital, I think you're less likely to find yourself in that unpleasant situation.

I will add, I side more with investors on this than entrepreneurs, although in a way I'm- More of an entrepreneur, yeah.

Certainly.

I think a lot of entrepreneurs take money from investors and have a level of entitlement

that they should never be asked to provide a return.

Oh, but why do you ask me to sell now?

It's only been four years, five years.

I think that's either naive or intellectually dishonest.

Regardless of the particular bylaws that investor is subjected to, where maybe they could stay forever, ultimately,

An investor is trying to achieve some form of IRR with some timeframe.

So you should remain very respectful of the fact that when you take anybody's money, if you ask me, but certainly institutional money, you can't find it shocking or disappointing or then bitch about it in the entrepreneurial circles that they're asking, putting some level of pressure with you to sell.

I'd say most good investors, they recognize patterns.

So I've seen a certain business model work and I use that to select their investments.

If done right, this is a very successful way of investing.

And then there are the bad investors and the amazing investors, none of which is a pattern recognizer.

So they actually assess each business in an ad hoc manner on its own deep fundamental merits.

But it's much more difficult.

That's what divides the truly outlier investors from the bad ones.