The World After Capital

We reserve a lot of funds for follow on and we have a very os, i think, sophisticated reserve mythodology. We actually build kind of a monte carlo analysis of the portfolio to see how much money we think we need to keep in reserve. But eventually, when the valuations get too high, the rounds get too large, we don't follow on. So let's talk a little bit about this book, the world after capital, starting with what is technological non linearity? I like that phrase. The basic idea is that every once in a while in humanity's history, we invent things that radically change what we a society have as a binding constraint on us.