Rory Driscoll

Actually, at the Gary level, I agree, right?

To be clear, because now we're going to jump in a lot, but let's digress off on the Y Combinator.

The slogan of Y Combinator from the day one is to make it easy for startups to start.

It's some more elegant version of that, right?

At the margin, there's no meaningful capital cost to giving someone 250 grand or 500 grand to have a go.

The more people who start and try and do companies at the margin, it's a great thing for everyone, including the people involved.

Worst case, you know, people talk about risk, but worst case is you do it for two years, you fold up and you go back to your mag seven job.

That's exactly right.

And you're golden, you're fine.

So as far as my accommodator is concerned, and encouraging startups, the more the merrier.

Where I disagree with you is in terms of, I think venture is actually two asset classes.

It's the traditional early stage venture that's existed for 20, 30 years, and this new late and later stage venture asset class that used to be called small cap growth, and it is now privately held.

So it's two asset classes.

I don't think in either case they benefit from excess capital, because I do believe

That, you know, Martin Biggs has said it before.

There's no investing business so good that excess capital won't ruin it.

Right.

And I do think that excess capital will make this business harder.

And to some extent, it erode the returns.

And you're seeing that 2020.