Nick Chirls

I disagree. I've actually been thinking about this. We have not done this yet, but I've been strongly thinking through like whether or not we should just be buying common shares rather than preferred, like the vast majority of investors in the market. My view is that, as you know, there's a few that really matter.

I disagree. I've actually been thinking about this. We have not done this yet, but I've been strongly thinking through like whether or not we should just be buying common shares rather than preferred, like the vast majority of investors in the market. My view is that, as you know, there's a few that really matter.

There's a few in every fund that really matter, at least matter from a financial performance perspective. When they really matter, the common is exactly the same as the preferred, is exactly the same as the preferred to the series A. They're all worth the same. They get acquired or they go public. Those are the ones that really matter.

There's a few in every fund that really matter, at least matter from a financial performance perspective. When they really matter, the common is exactly the same as the preferred, is exactly the same as the preferred to the series A. They're all worth the same. They get acquired or they go public. Those are the ones that really matter.

There's a few in every fund that really matter, at least matter from a financial performance perspective. When they really matter, the common is exactly the same as the preferred, is exactly the same as the preferred to the series A. They're all worth the same. They get acquired or they go public. Those are the ones that really matter.

Why are we putting all this structure and fighting over different structure and cap tables for ultimately situations that are not going to actually matter?

Why are we putting all this structure and fighting over different structure and cap tables for ultimately situations that are not going to actually matter?

Why are we putting all this structure and fighting over different structure and cap tables for ultimately situations that are not going to actually matter?

I have not seen that in my experience. Here's the debate in my head, right? Like you are right, right? So here's one example of being able to get some return right from a company rather than having it be a zero with common, like that allows you to recycle back into the fund. So this is one reason why we haven't done it yet.

I have not seen that in my experience. Here's the debate in my head, right? Like you are right, right? So here's one example of being able to get some return right from a company rather than having it be a zero with common, like that allows you to recycle back into the fund. So this is one reason why we haven't done it yet.

I have not seen that in my experience. Here's the debate in my head, right? Like you are right, right? So here's one example of being able to get some return right from a company rather than having it be a zero with common, like that allows you to recycle back into the fund. So this is one reason why we haven't done it yet.

The debate in my head is, if we just invested in common, would that on the margin help us better align with a founder, win an investment or two that maybe was on the margin we might not have, and be in the right companies? Will that offset some of the capital maybe that we didn't get back to be able to invest in the fund?

The debate in my head is, if we just invested in common, would that on the margin help us better align with a founder, win an investment or two that maybe was on the margin we might not have, and be in the right companies? Will that offset some of the capital maybe that we didn't get back to be able to invest in the fund?

The debate in my head is, if we just invested in common, would that on the margin help us better align with a founder, win an investment or two that maybe was on the margin we might not have, and be in the right companies? Will that offset some of the capital maybe that we didn't get back to be able to invest in the fund?

I don't know the answer to that, but I think if the answer is yes, then we should just be buying common.

I don't know the answer to that, but I think if the answer is yes, then we should just be buying common.

I don't know the answer to that, but I think if the answer is yes, then we should just be buying common.

My experience over the last 10 years, there's the legal agreements don't matter. They don't matter. There are always ways. There are always ways for an investor to quote unquote, screw over a founder or for a founder to screw over an investor. It goes both ways. The illegal agreements do not matter.

My experience over the last 10 years, there's the legal agreements don't matter. They don't matter. There are always ways. There are always ways for an investor to quote unquote, screw over a founder or for a founder to screw over an investor. It goes both ways. The illegal agreements do not matter.

My experience over the last 10 years, there's the legal agreements don't matter. They don't matter. There are always ways. There are always ways for an investor to quote unquote, screw over a founder or for a founder to screw over an investor. It goes both ways. The illegal agreements do not matter.