Mamoon Hamid

Great question. Well, I wish there was a bit more selling happening right now or opportunities to sell. As you know, the M&A markets have been pretty, pretty slow. But to answer your question, Harry, there's a local maxima that I think about sometimes with companies where this is sort of the local maximum in terms of perceived value by the market for a company. And that's a great time to sell.

Great question. Well, I wish there was a bit more selling happening right now or opportunities to sell. As you know, the M&A markets have been pretty, pretty slow. But to answer your question, Harry, there's a local maxima that I think about sometimes with companies where this is sort of the local maximum in terms of perceived value by the market for a company. And that's a great time to sell.

Great question. Well, I wish there was a bit more selling happening right now or opportunities to sell. As you know, the M&A markets have been pretty, pretty slow. But to answer your question, Harry, there's a local maxima that I think about sometimes with companies where this is sort of the local maximum in terms of perceived value by the market for a company. And that's a great time to sell.

And so now you have to figure out when is the local maximum for a company. And I would say it's like the markets are riding high, but it's also like where people believe that this company is the leader. But there's questions around whether there's a standalone company we built and it's way better off being acquired by a strategic who can do even better things with the company.

And so now you have to figure out when is the local maximum for a company. And I would say it's like the markets are riding high, but it's also like where people believe that this company is the leader. But there's questions around whether there's a standalone company we built and it's way better off being acquired by a strategic who can do even better things with the company.

And so now you have to figure out when is the local maximum for a company. And I would say it's like the markets are riding high, but it's also like where people believe that this company is the leader. But there's questions around whether there's a standalone company we built and it's way better off being acquired by a strategic who can do even better things with the company.

That is, again, doesn't happen as much anymore. Have you done well selling? There's one particular example that I think ended up working out pretty well. This is when Yammer got acquired by Microsoft. It was a $1.2 billion acquisition. At the time, it felt like, man, we've got so much ahead of us. Yammer can become the next Slack.

That is, again, doesn't happen as much anymore. Have you done well selling? There's one particular example that I think ended up working out pretty well. This is when Yammer got acquired by Microsoft. It was a $1.2 billion acquisition. At the time, it felt like, man, we've got so much ahead of us. Yammer can become the next Slack.

That is, again, doesn't happen as much anymore. Have you done well selling? There's one particular example that I think ended up working out pretty well. This is when Yammer got acquired by Microsoft. It was a $1.2 billion acquisition. At the time, it felt like, man, we've got so much ahead of us. Yammer can become the next Slack.

And fortunately for us, Yammer got acquired and a year later we had a chance to invest in Slack. And so it almost like you had a great outcome and then you weren't conflicted out of investing in the future Slack.

And fortunately for us, Yammer got acquired and a year later we had a chance to invest in Slack. And so it almost like you had a great outcome and then you weren't conflicted out of investing in the future Slack.

And fortunately for us, Yammer got acquired and a year later we had a chance to invest in Slack. And so it almost like you had a great outcome and then you weren't conflicted out of investing in the future Slack.

Yeah. Yeah. In that case, when you get just cash, you just distribute the cash and you move on. And, you know, generally speaking, I would say even when companies go public for us, we've been pretty good about distributing stock. It's tough when you think Shopify went public at 700 million though.

Yeah. Yeah. In that case, when you get just cash, you just distribute the cash and you move on. And, you know, generally speaking, I would say even when companies go public for us, we've been pretty good about distributing stock. It's tough when you think Shopify went public at 700 million though.

Yeah. Yeah. In that case, when you get just cash, you just distribute the cash and you move on. And, you know, generally speaking, I would say even when companies go public for us, we've been pretty good about distributing stock. It's tough when you think Shopify went public at 700 million though.

Yeah. And I would say just, Harry, again, we have a lot of friends in the industry. In almost all scenarios, when you're returning 10x the fund on a great outcome, or 5x plus, let's say, of a fund through a legendary company, your LPs are happy. You're happy. You wish you would have held on and generate another few multiples on that fund. But you have an option of holding it.

Yeah. And I would say just, Harry, again, we have a lot of friends in the industry. In almost all scenarios, when you're returning 10x the fund on a great outcome, or 5x plus, let's say, of a fund through a legendary company, your LPs are happy. You're happy. You wish you would have held on and generate another few multiples on that fund. But you have an option of holding it.

Yeah. And I would say just, Harry, again, we have a lot of friends in the industry. In almost all scenarios, when you're returning 10x the fund on a great outcome, or 5x plus, let's say, of a fund through a legendary company, your LPs are happy. You're happy. You wish you would have held on and generate another few multiples on that fund. But you have an option of holding it.

The LPs do, as do you as a GP. You can hold on to your Google stock forever as John Doerr has done over the last 25 years. And that's a great choice you have. What has been your best performing investment on a pure multiples basis? It's probably Slack, I would say, even at the 250 post with all the dilution over time and take the 27 billion or some other number. That's a great multiple.

The LPs do, as do you as a GP. You can hold on to your Google stock forever as John Doerr has done over the last 25 years. And that's a great choice you have. What has been your best performing investment on a pure multiples basis? It's probably Slack, I would say, even at the 250 post with all the dilution over time and take the 27 billion or some other number. That's a great multiple.