Rory Driscoll

I mean, it's funny.

They said that, you know, 2021 was a very active year.

I think 25 was the most active year since 2021.

We had a reasonably active year in 21, not nearly as different.

We do roughly the same number of deals every year.

In retrospect, I wish I'd just gone home.

If you think everything in 2021 was either priced wrong and makes a 1x or early and just totally wrong and makes less than 1x, let's just say, other than a few companies that were the early precursors of AI, excess activity is not necessarily the best thing in an investing class.

I saw the Druckenmiller quote, and it's for public investing, but it's been sticking with me all week, where he said something like, most of the time,

We sit around here waiting, reading, and thinking.

And I thought, that's a real investor.

Understands that activity is not everything.

What is true for them is that what they figured out is that the bundled product of doing early stage really well would allow you to bundle three or four X more downloads later stage.

And the combination of the two could be effectively managed and would be disruptive up and down the chain.

That's the aha from them.

I did the math two weeks ago and I'm doing it again.

If they're 18% of the funding last year, advertised that over two years, they're 10% of the series A's.

They got to be 10% of the good deals.

They got to be 10% of the great deals.

And they've structurally figured out a way to make that happen.

That's the victory lap from this.