Pedro Alves

Fair enough.

The examples that I know of the failures that you're asking for, a lot of them are going to be, they've raised a ton less money.

They fail much sooner.

So they actually never got the chance to deploy nearly that much money because they failed when they were still two, three people.

They raised maybe less than a million dollars.

And then there's dozens and dozens of failures there.

The examples, I thought you were asking of examples of companies that actually raised at least double digit millions and then they failed.

And

For those, I think if we wait a year, we're going to have a couple of those stories because I can see already the companies that are massively overinflated on the valuation and the amount raised in comparison to the revenue.

I'm talking about between 50 and 300x if you're doing that math that you did.

And then when you start getting to those numbers of like 200, 300x, I don't think they can dig themselves out of that hole.

I think the difference is that at the A round, the expectation for revenue in some industries is not the same.

Most A round companies have zero revenue.

No, it is.

It absolutely is.

I'm just saying the – and I agree with you.

The qualifier of the valley is I think that the point of view that investors take – because I spoke to investors from Boston, Austin, Atlanta, Chicago, New York.

And the reason I made the qualifier is that the approach to investing that most of these other cities have is actually very different.

They're looking at AR much sooner.

And so the potential for growth for the company is different.