Nick Chirls

So my view is that if you're doing the hot five on 25s, the 10 on 30s, whatever, you've got to know that that's consensus. The market already believes what you believe. And you've got to really believe that one is going to be the winner against inevitably lots of competitors. that are doing the same thing because it's already well-known in consensus.

So if you have a strong belief that that's the one, then that can work. In my history, I have never done a good job figuring that out. I'm much more comfortable investing in a thing. By the way, in every fund, I get like 25 of them. So I can be wrong a lot. Like I can be wrong almost all of them, right?

So if you have a strong belief that that's the one, then that can work. In my history, I have never done a good job figuring that out. I'm much more comfortable investing in a thing. By the way, in every fund, I get like 25 of them. So I can be wrong a lot. Like I can be wrong almost all of them, right?

So if you have a strong belief that that's the one, then that can work. In my history, I have never done a good job figuring that out. I'm much more comfortable investing in a thing. By the way, in every fund, I get like 25 of them. So I can be wrong a lot. Like I can be wrong almost all of them, right?

We just need one or two or three in a really great fund where, oh, that thing that no one cared about turned out that like people care.

We just need one or two or three in a really great fund where, oh, that thing that no one cared about turned out that like people care.

We just need one or two or three in a really great fund where, oh, that thing that no one cared about turned out that like people care.

Oh, I would really like to understand it if I can. I would really like to understand the thing. I really want to understand what is the question? What is the thing that we believe about this market or this product or this category that the market doesn't care about yet? So Bison Trails is such an easy example, right?

Oh, I would really like to understand it if I can. I would really like to understand the thing. I really want to understand what is the question? What is the thing that we believe about this market or this product or this category that the market doesn't care about yet? So Bison Trails is such an easy example, right?

Oh, I would really like to understand it if I can. I would really like to understand the thing. I really want to understand what is the question? What is the thing that we believe about this market or this product or this category that the market doesn't care about yet? So Bison Trails is such an easy example, right?

It's we believe that this form of mining and doing consensus on blockchains, proof of stake, is as good or better than the existing way to do it, proof of work in the market.

It's we believe that this form of mining and doing consensus on blockchains, proof of stake, is as good or better than the existing way to do it, proof of work in the market.

It's we believe that this form of mining and doing consensus on blockchains, proof of stake, is as good or better than the existing way to do it, proof of work in the market.

Yeah, then I think that's a much harder investment to make. Yeah.

Yeah, then I think that's a much harder investment to make. Yeah.

Yeah, then I think that's a much harder investment to make. Yeah.

I've made founder bets, right? But the founder, those founders will often do a really good job of explaining it in simple terms. So I think if you really don't understand it, if you really can't understand it, in some ways, like it's the founder's job to explain it in really simple terms. If they can't do it, even for really technical things, like we've invested in some bio companies and others.

I've made founder bets, right? But the founder, those founders will often do a really good job of explaining it in simple terms. So I think if you really don't understand it, if you really can't understand it, in some ways, like it's the founder's job to explain it in really simple terms. If they can't do it, even for really technical things, like we've invested in some bio companies and others.

I've made founder bets, right? But the founder, those founders will often do a really good job of explaining it in simple terms. So I think if you really don't understand it, if you really can't understand it, in some ways, like it's the founder's job to explain it in really simple terms. If they can't do it, even for really technical things, like we've invested in some bio companies and others.

I'm not a scientist, but like those founders, they can explain that thing to anybody in simple terms. And they have to. It can't just be for the investor. It has to be for employees. It has to be for customers. You have to be able to explain the special, unique thing that you're doing that no one else understands yet.