Are Convertible Notes Riskier Than Price Equity?

The problem with a convertible note is the run up that needs to happen to compensate for the risk of this, it really needs to grow by 50% or 60% a year. So when you have convertible notes that convert to a 20% discount to a subsequent round and that round happens two years later, the problem is the runup isn't enough to compensate for all that risk that was taken. The clock on the special tax treatment, if you hold an investment for five years starts when you have stock. There's some other things in that there was, there's been a lot, the last summit we had a great presentation on notes versus preferred stock. But we need to all get better

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