Tyler Cowen

So if it's someone say applying with a nonprofit idea, plenty of people have good ideas for nonprofits.

And I see these all the time.

But when you ask them the question, how is it you think about building out your donor base?

It's remarkable to me how many people have no idea how to answer that.

And without that, you don't have anything.

So it depends on the area.

But that would be an example of an area where I ask that question pretty quickly.

and a significant percentage can't answer it.

And I'm still willing to say, well, come back to me when you have a good case.

Oddly, none of those people have ever come back to me that I can think of.

But I think over time, some will.

And that's like a very concrete thing.

But there's other intangibles.

Just when you see what the person

thinks and talks about too much.

So like if someone wants to get an award only for their immigration status, that to me is a dangerous sign, even though at the same time, usually you're looking for people who want to come to the US, whether they can do it or not.

And there's just a lot of different signals you pick up, like people somehow have the wrong priorities, or they're referring to the wrong status markers, and it comes through more than you would think.

Having only the transcript would be worth much, much less, I would say, if that's what you're asking.

Yeah.

It would be maybe 25% of the value.