In two thousand the more extreme measure happened, which is that most of these venture investors returned the money and just cancelled and tore up the l pa. Now, why won't they do that? Why won't you tear up commitments for a quarter trillion dollars? It's because your portfolio is trash. And i think that what history shows is that when you have these drawdowns, the money is made by new entrance or fresh capital,. Which have the legacy of a bad portfolio. The returns are not captured by the same people.

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