Nick Chirls

I would say most of the market is doing that. And so you might say that's the optimal decision. Now there's many folks that I will never work with again. And maybe that doesn't matter to them, but like, I think it will. There will be a company, there will be an opportunity where someone wants to work with a company that we work with, we'll never work with them again. There's more than a handful.

I would say most of the market is doing that. And so you might say that's the optimal decision. Now there's many folks that I will never work with again. And maybe that doesn't matter to them, but like, I think it will. There will be a company, there will be an opportunity where someone wants to work with a company that we work with, we'll never work with them again. There's more than a handful.

Actually, it's very simple. What is the business model for large venture banks? Deployment. Yeah. It's raise as much money as possible. Get that money out the door as soon as possible. And then raise as much money again and rinse and repeat. Your junior partner at these big firms, a VP at Goldman equivalent. They are compensated and promoted based on money velocity, not money returns.

Actually, it's very simple. What is the business model for large venture banks? Deployment. Yeah. It's raise as much money as possible. Get that money out the door as soon as possible. And then raise as much money again and rinse and repeat. Your junior partner at these big firms, a VP at Goldman equivalent. They are compensated and promoted based on money velocity, not money returns.

Actually, it's very simple. What is the business model for large venture banks? Deployment. Yeah. It's raise as much money as possible. Get that money out the door as soon as possible. And then raise as much money again and rinse and repeat. Your junior partner at these big firms, a VP at Goldman equivalent. They are compensated and promoted based on money velocity, not money returns.

What's an ideal company for that model? It's a company that requires insane amounts of capital. Like the foundation models are like a big VC firm's dream. They literally require billions and billions of dollars to go pie effectively NVIDIA GPUs And that's a dream. And so I believe that the big venture firms, defense tech is great.

What's an ideal company for that model? It's a company that requires insane amounts of capital. Like the foundation models are like a big VC firm's dream. They literally require billions and billions of dollars to go pie effectively NVIDIA GPUs And that's a dream. And so I believe that the big venture firms, defense tech is great.

What's an ideal company for that model? It's a company that requires insane amounts of capital. Like the foundation models are like a big VC firm's dream. They literally require billions and billions of dollars to go pie effectively NVIDIA GPUs And that's a dream. And so I believe that the big venture firms, defense tech is great.

Defense tech, those companies are going to be insanely capital inefficient. They're going to require insane amounts of money. My view is like American dynamism and defense tech as a theme. It's just a great category for huge venture firms to be able to deploy insane amounts of money so that they can go raise their next fund. Does this not shake out in return so eventually?

Defense tech, those companies are going to be insanely capital inefficient. They're going to require insane amounts of money. My view is like American dynamism and defense tech as a theme. It's just a great category for huge venture firms to be able to deploy insane amounts of money so that they can go raise their next fund. Does this not shake out in return so eventually?

Defense tech, those companies are going to be insanely capital inefficient. They're going to require insane amounts of money. My view is like American dynamism and defense tech as a theme. It's just a great category for huge venture firms to be able to deploy insane amounts of money so that they can go raise their next fund. Does this not shake out in return so eventually?

The returns need to just look like about the NASDAQ. It just needs to be. It just needs to be roughly in line with the NASDAQ for them to continue to raise. And by the way, that's true for all of venture. That's true for all of venture, which again is why how many venture firms actually have alpha in their returns? It's just literally beta to the NASDAQ.

The returns need to just look like about the NASDAQ. It just needs to be. It just needs to be roughly in line with the NASDAQ for them to continue to raise. And by the way, that's true for all of venture. That's true for all of venture, which again is why how many venture firms actually have alpha in their returns? It's just literally beta to the NASDAQ.

The returns need to just look like about the NASDAQ. It just needs to be. It just needs to be roughly in line with the NASDAQ for them to continue to raise. And by the way, that's true for all of venture. That's true for all of venture, which again is why how many venture firms actually have alpha in their returns? It's just literally beta to the NASDAQ.

And by the way, it's a way worse investment. It's illiquid. It's much riskier than investing in the NASDAQ. I think as long as they perform in the range of the NASDAQ, venture firms will continue to raise money.

And by the way, it's a way worse investment. It's illiquid. It's much riskier than investing in the NASDAQ. I think as long as they perform in the range of the NASDAQ, venture firms will continue to raise money.

And by the way, it's a way worse investment. It's illiquid. It's much riskier than investing in the NASDAQ. I think as long as they perform in the range of the NASDAQ, venture firms will continue to raise money.

Been hard for me to convince founders to do anything else. I've had a similar experience in that, again, going back to the way I believe really true early stage venture has to be done, right? You need to find the things no one else cares about yet. Our largest outcomes, realized outcomes to date, have been a company called Bison Trails that was sold to Coinbase for a huge amount of money.

Been hard for me to convince founders to do anything else. I've had a similar experience in that, again, going back to the way I believe really true early stage venture has to be done, right? You need to find the things no one else cares about yet. Our largest outcomes, realized outcomes to date, have been a company called Bison Trails that was sold to Coinbase for a huge amount of money.

Been hard for me to convince founders to do anything else. I've had a similar experience in that, again, going back to the way I believe really true early stage venture has to be done, right? You need to find the things no one else cares about yet. Our largest outcomes, realized outcomes to date, have been a company called Bison Trails that was sold to Coinbase for a huge amount of money.