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Strategic Investing
Being an LP or let's say you're a venture capital firm and you have LPs, the pressure is very different than being an operating company with shareholders. The shareholders are looking for multiples that come from your ability to execute core business activities in a sustainable way. And most likely, if it's your typical corporate VC and it's a balance sheet activity, they're employees of the company. It's not coming from whether or not you succeed. Whereas, obviously, VC investors in a different place.