Lucas Swisher

But the reality is they're harder to start.

They take more capital.

And that has led to some of these very big ballooning seed rounds.

I think that makes it harder to be a seed investor in today's world.

And again, why having a flexible mandate where you can row up and down that river and not have to be there is really a nice place to be.

I don't think it's impossible, but I do think it is very hard.

I think that's because...

the type of frameworks that you use, the types of things that you see are very different at different scales.

Being able to read a balance sheet actually does matter for a pre-IPO company, right?

Like that really matters.

But seeing thousands of founders, thousands and thousands of thousands really matters for Seed because what else do you have, you know, to go off of?

and so i do think it really matters i don't think it's impossible i think there are some funds that have done it exceptionally well but i think it's why you see for us right we as a fund we i actually think the public market skill set and the private market skill set is also different and so having different folks that are focused on different things is really important because there are different parameters different things that you see all day and there are other people that you're competing with in all of those different segments that make it really tough to be the best at everything

You don't?

I don't think the king making concept is a real thing.

I think some companies attract more capital early.

Some companies slingshot from behind.

It certainly does.

And it's an advantage.

But it doesn't mean that you can't build a great business just because a bunch of tier ones are crowding into a name.

I think there is the concept of it gives you an advantage.