Nick Chirls

I can. So like we don't talk about this often, but like the notation returns have been extremely good. First couple of funds in particular made a lot of money. And so I do have that luxury. I have the luxury of taking that and actually investing it back into a firm.

I can. So like we don't talk about this often, but like the notation returns have been extremely good. First couple of funds in particular made a lot of money. And so I do have that luxury. I have the luxury of taking that and actually investing it back into a firm.

I can. So like we don't talk about this often, but like the notation returns have been extremely good. First couple of funds in particular made a lot of money. And so I do have that luxury. I have the luxury of taking that and actually investing it back into a firm.

I would argue that over time, even wealthy folks that have made a lot of money in this business or venture don't put any money into their firms. Did you charge premium carry as a result? We charged 20% carry.

I would argue that over time, even wealthy folks that have made a lot of money in this business or venture don't put any money into their firms. Did you charge premium carry as a result? We charged 20% carry.

I would argue that over time, even wealthy folks that have made a lot of money in this business or venture don't put any money into their firms. Did you charge premium carry as a result? We charged 20% carry.

GP commit? Meaningful.

GP commit? Meaningful.

GP commit? Meaningful.

And for them it's like, whatever. That's a funny thing, right? Because it's like, it's hard to actually ask. Like you could ask for people's tax returns.

And for them it's like, whatever. That's a funny thing, right? Because it's like, it's hard to actually ask. Like you could ask for people's tax returns.

And for them it's like, whatever. That's a funny thing, right? Because it's like, it's hard to actually ask. Like you could ask for people's tax returns.

Yeah, so if you extend the analogy to the big banks... Large banking institutions are mostly commodity products that are very low margin. I'd argue the same is true for the large venture firms. I'd actually maybe make one exception. I think the one exception for me would probably be Founders Fund.

Yeah, so if you extend the analogy to the big banks... Large banking institutions are mostly commodity products that are very low margin. I'd argue the same is true for the large venture firms. I'd actually maybe make one exception. I think the one exception for me would probably be Founders Fund.

Yeah, so if you extend the analogy to the big banks... Large banking institutions are mostly commodity products that are very low margin. I'd argue the same is true for the large venture firms. I'd actually maybe make one exception. I think the one exception for me would probably be Founders Fund.

What I've come to believe in venture is that the only thing that is actually differentiating is actually standing for something meaningful. Sector, stage. I mean, Notation was a pre-seed firm. We were the first in New York. We had an advantage in New York because we were early in the only pre-seed firm from 2015 to 2018. I think pre-seed as a concept is, it's no longer unique.

What I've come to believe in venture is that the only thing that is actually differentiating is actually standing for something meaningful. Sector, stage. I mean, Notation was a pre-seed firm. We were the first in New York. We had an advantage in New York because we were early in the only pre-seed firm from 2015 to 2018. I think pre-seed as a concept is, it's no longer unique.

What I've come to believe in venture is that the only thing that is actually differentiating is actually standing for something meaningful. Sector, stage. I mean, Notation was a pre-seed firm. We were the first in New York. We had an advantage in New York because we were early in the only pre-seed firm from 2015 to 2018. I think pre-seed as a concept is, it's no longer unique.

It got eroded away, got arbitraged away. I think for the most part, stage, sector, geo-focuses, these things get arbitraged away. They are not sustainable positions in venture, in my view. The only sustainable position is actually standing for something meaningful.

It got eroded away, got arbitraged away. I think for the most part, stage, sector, geo-focuses, these things get arbitraged away. They are not sustainable positions in venture, in my view. The only sustainable position is actually standing for something meaningful.