Lucas Swisher

And I think this is a really critical thing that a lot of folks end up missing over time is, ultimately, I need to imagine a case where after I've made my 3x, somebody else thinks they can make their 3x.

Because otherwise, one, I'm not going to get those 6x pluses that I'm going to need in my fund.

But two, the company's not going to exit.

I have to imagine this is why the big idea of being in big ideas really matters.

Somebody's got to sit on the other side of that stock.

I have to be able to walk down the hallway to the folks that operate on our public side and say, do you want to buy this stock?

Do you want to buy this stock more than all the other opportunities that you have?

And so every investment I make, that is the rigor and the framework that I use is someday is my public counterpart going to want to own this stock over everything else in their book?

Or at least is there a chance?

It's certainly an option for liquidity now, right?

A lot of folks, especially the early stage funds that have been in companies for a really long time are taking advantage of this.

And I think rightfully so.

And again, I think it's why even if you're an early stage fund, this is a great style of investing.

And it's the type of company that you want to be in because it's the only type of company that can get access to liquidity, whether it's private or public.

Yeah, of course.

I think, again, it goes back to that very simple principle.

It's the big idea and the multiple products.

And it's why we're really focused on that and why I harp on it literally nonstop is we've just overestimated TAM and we've overestimated the ability for companies to launch multiple products and expand into new TAMs.

We're usually not getting things wrong on the basis of metrics or the team being good or it wasn't growing fast enough.

It's really that question.