Rory O'Driscoll

I put bad in air quotes, right?

Because whether it's two or nine and you got to slice these funds up to Harry's point, right?

To really understand what's going on.

It's not all nine for seed.

It really means you don't care what you pay for seed.

It just doesn't matter.

And you work for speed and let's do the math.

This is why we have 20 or 30 million pre-seed rounds because it just doesn't matter at that scale, does it?

You just got to get into 100 billion outcome.

I'm not saying it's bad.

It just, it continues to contribute to the barbell side of venture.

To raise $9 billion, actually, you can make the math barely work on paper with the exits, but you've got to be in so many huge ones, right?

You have to have even forgotten Lightspeed was in a few of the IPOs we have.

I think that's a myth.

I don't actually see that appetite.

I see that appetite having faded since 2021, and I do not see a resurgence of finding tiny new managers.

I don't see it.

They want to find a 20 VC or a Neo or whatever, but I don't think it's easy for emerging managers.

Maybe it's not directly to the point, but Rory made this point when we started this pod and it's become true in spades, just not that long later, which is-

All these leaders not IPO-ing is the greatest gift of venture in our lifetimes.