Morgan Housel

Yeah.

And this might get back to a little bit what we said earlier of, you know, so I joined the fund in 2016, but I'm not an investor, but I've been able to watch and observe a top tier venture capital fund operate.

And what's very interesting to me is true to all venture capital companies, a small minority of the companies we've invested in account for the vast majority, virtually all of the returns.

Lyft, Beyond Meat, Impossible Foods, Upstart.

Those what I just named are the vast majority of returns.

That's probably right.

And what's interesting about it is if you go back to 2016 when I joined,

The companies that were going to be our obvious winners weren't, and most of them don't exist anymore.

And the companies that did just explode, upstart, were companies that were like, oh, that's a cool company.

They're doing some cool things.

But never in a million years would we have thought this was going to be it.

So not only is it a small minority of companies that are your winners, but similar to what Mona said, you don't even know which ones those are going to be.

It's very difficult to know in real time.

And nobody saw that coming.

I didn't see it coming.

The publishers didn't see it coming.

I've said this a million times before, but every US publisher turned it down.

Every single US publisher rejected it.

And I don't fault them.

It's impossible to know what's going to work before it comes out.