A venture investor argues that a good company isn't automatically a good investment. If winners exit at 10 or 100 times larger than expected, paying higher entry valuations still works as long as you pick the right ones.
A long time ago, someone told me not every good company is a good investment. And so I think about that a lot. I think the other thing that's it depends on where you land. You know, we talked before about the Vencap piece, which is like, hey, if you really believe we're going to a world where exit scale for the winners is in order of magnitude or 2 larger than what we previously believed, you can pay an order of magnitude or 2, maybe not 3, as we're seeing in some cases on the entry price, provided that you get into winners. And I talked to one LP who was like, look, what matters is the scale of the winners. If.
