Narayan Chowdhury

We are about a 21 billion AUA, AUM firm based out of Philadelphia.

Every week there seems to be some event, some pricing, some scaling thing that I can't, there's no basis for, no precedent for.

So things like,

A single person getting a $1.5 billion comp package to leave a company that he just co-founded months before, these things have never happened.

Trying to figure out trillion-dollar spends on...

data center build outs, the sort of growth and death and retention metrics of some of these companies that are just, you know, a few engineers are creating incredible products for enterprise and consumers.

It's just unprecedented.

I'm in awe.

The amount of options founders have, seemingly many, but when it gets down to the nitty gritty of those financings and those fundraisers, the has and have not stories seem so insane to me.

It's just a very bipolar situation.

market, all these little niches.

I can't imagine how confusing it is for all the market participants when you have all these really, really spiky events.

Our ground truth has always got to be, why do founders want to give up part of their precious life's work to somebody else?

That's kind of at the heart of the venture equation, right?

There are.

And so it's in that backdrop that, you know, we're trying to think about what's going to endure.

How should we build our portfolio?

What's the value of legacy brand?

So I'd say the other confusing thing is there's a temptation.

I think a lot of investors have quant data analyst sort of mindsets.