Patrick O'Shaughnessy

They get it for another 12 years.

And then you used that capital to finance the business and build a team.

So now if I start to think about more elements of the process here, 55 companies in the first fund, 47 in the Angel List days, talk me through the process of engaging with a new company that's young and the sorts of things that you're pattern matching on or looking for and the things that turn you off and cause you to not be interested.

How fast do you work your way through one of these?

How much time do you spend with the founding team before making an investment typically?

I want to hear like the cadence of a week at Abstract.

If I just walked through the office halls for a week, what I would say.

What are the standing meetings that you have with your team, the internal ones?

In the meetings themselves, do you have favorite questions that you find yourself returning to again and again to ask founders?

So do you care at the beginning?

You told me a line about art one time, all good art is ugly or something like that.

Do you care much about the idea of

Or are you really, really, really just focused on the attributes of the founder that early?

So now we get through you like a company.

How do you think about the pricing for a round that you will tolerate?

There's some degree to which you're a price taker.

There's market prices for these things.

Those have been flow.

Are you just basically a price taker or do you have limits to what you'll do?

Now we come to winning.