How Much of a Company Do You Want to Own?

A firm only takes sort of 15 to 20 bets in a portfolio, each one of those needs to have a shot at sort of going all the way to be a huge outcome. So investors will tend to say, look, we we want to own, or this round, should own 20 to 25 % of that company. And they say, ok, that seems reasonable. You need two, three million bucks to do this. A great ok, well, we need to own 20 %. So we will back into the valuation of the company. There are no earnings to speak of, because they're almost always h your spending way more than you're making. Even doing a multiple of revenues