Narayan Chowdhury

And so you could really there was a kind of a good first principles approach that wasn't being overfished.

And so it felt like a very underwritable thesis that didn't did in fact work out here.

It's it's it's it's it feels like the consensus happens very quickly.

And so even if you feel like, OK, that that is the future, perhaps, well, everybody has coalesced into that that feeling.

And that's where it feels you don't you don't feel like you're always, always making a unique insight that has been has been culled from a massive primary research effort like like we did back in 05, 06.

It's just it's just noisier.

That's another way to say it's just extremely, extremely noisy.

Right.

So we have to kind of go back to that, what I said earlier about we still have to answer that question at the at the at the crux of the problem.

An entrepreneur has to give up some equity for capital.

And what's going to motivate it, motivate that person to give up that that equity ownership?

And I think what we're feeling now is that it's going to be a couple things.

So you assume a high degree of noise and uncertainty.

I think that's going to be our operating framework.

Okay.

It's very uncertain.

It's very noisy.

What's the response to that?

We think that groups that have engendered a lot of founder love

by virtue of being in the market, having board seats, being in the trenches for a decade, two decades, has a lot of merit.