Lucas Swisher

And then the second thing we're really looking for, right?

Take that round as an example.

And one of the reasons why we go back to this big idea test is I want to believe that if that company works, that its best days are ahead of it and I can continue to invest.

One thing that Jeff Horing from Insight always says is the best round is the double down round.

And so by getting access to that company at a certain stage, if I think it has a shot at being $100 billion company, that round may not actually be the best round, but it gives me the opportunity to double down and make an even larger investment where more of my capital is going to be deployed over long periods of time.

And again, it's important why this market structure is changing, right?

I now, because companies are staying private longer, these platform companies are staying private longer, you have the opportunity to make those bets.

Previously, you might not have, but now we have the opportunity to make those kinds of bets.

There's actually a stat around this that I love.

We have this chart internally, which just shows at each market cap band, the percentage of companies that 10x.

And the counterintuitive thing is as you go up those bands, the percentage increases.

So from a $10 to $100 billion valuation, I have a better shot at picking a 10x, not like a better return, a 10x than I did in the prior band.

Yeah.

No, I think the founder is incredibly important, right?

You go back to the example of Databricks.

Most founders in that situation, they would have been handed, well, not handed, they would have built an incredible company in that first wave, but maybe they wouldn't have found their way to wave two and three and four.

And it's, again, it's why we like this type of company that we call a platform company, right?

Which has shown the ability to skip TAMs, to have multiple TAMs over time.

And I think that founder is tied to the market, you know, is tied to that market dynamic and they're equally important, but market size is always first.

a great founder in a small market with a wedge that is not easily able to expand, I think will build an incredible business.