The Importance of Market Timing in Early Stage Investing

In a really good market, when market timings ride and customers want the product, etc., even if the team is not an A plus team, there's a higher probability of success. The second thing I'll say is that markets do matter as well because in a difficult market, even if you have the best teams, it's going to be pretty hard. And lastly, the structure is extremely important. If they send me a value add deal with a three-year bridge loan that can't be serviced currently, I'm going to look first, are your judgment, how you look at risk. That's kind of how it trickles down in terms of priorities.