Rory Sutherland

If, as Jason said, if you're one of these CRM execution engines, it might go away because the seats that you're selling to go away themselves.

So there's a different dynamic if you're HubSpot versus if you're ServiceNow versus if you're Monday or Asana.

And mentally trying to sort through that is the to-do here.

On a public stock level, as venture investors, let's do it as venture investors first and then public investors second.

As venture investors, you're right.

If you're funding a non-AI SaaS company in 2026, you're willing to be quite contrarian.

And it's not impossible that there will be some companies that work, but the burden of proof is heavily against you.

It doesn't matter if you have, yeah.

I'm just pausing because at some level, that behavior in the end, when pushed to extremes, just results in, remember, if you blightly write off five in a row and assume the six will save you, and you don't spend any time on the five, well, if the six doesn't save you, you've lost all six.

I don't think you can make a bad company good, but I do think there is a whale of a difference between getting one to two times your money back and just running it all off.

And I know the logic, provided you get them 10x or 20x, nothing else matters.

But there's times when you get to 10 and 20x, and then there's times when it's not there in the marketplace.

And you just want to think about that.

You also want to think about your relationship with the entrepreneur.

I mean, I'll admit, I hang on to the point of being wrong.

I admit it.

It's a human failure.

I hate to quit.

No, he's not even saying that.

He's just saying shit go up.