Rory Driscoll

It's a perfectly innocuous sentence, but buried in it is a whole debt trap because the minute 22 came on, the growth rate faded, right?

Then your capital gets more scarce, so you have to try and converge on profitability.

So growth rate goes down even more.

And, you know, what was a totally legitimate belief in 2021, which is three more years of 300% growth and I'm worth 12 billion, becomes utterly insane in 2024.

It's just the cost of doing business in this crazy game that everyone plays.

For example, for the late stage investors, if you played a game of paying up massively for hyper growth and it doesn't work, you get a 1X.

Now, as long as maybe 30%, 40% of them are the 1x, and you don't do any major whoopsies where you actually get a loss, and you get a 3, 4, 5, 6x on your good ends, then overall, the math works.

And even in a mediocre year like 21, you end up with a sub 2x, but still perfectly fine fund.

In other words, I go back to my comment.

It's just the nature of the business.

It's one of my things that I've said a lot in this podcast.

Things prove up in the end for what they really are, not what you delusionally think they are at one point in time.

A financial services company was always going to trade at a financial services multiple adjusted for growth.

And that's what happened here.

So growth came down to still very impressive, but normalized levels.

Capone leaned in and said, you know, $700 million in growth, plus or minus seven times revenues.

That's a good deal for me.

I think this is a great question because remember I said there's three things.

There's the is it standard on a great outcome?

And then, of course, is it a great outcome for the investors versus 2021?