How Does Valuation Change Your Investing?

Venture capital has religion around the idea that if you back the best company, whether you come in at a hundred or two. And so i would say we, like other funds, have religion around find the best founders and back them. A think it's irrational for the founders to ask for a higher valuation ecause they know the outcomes are bigger if they get it right. I think where the robber meets the roads, it's still a picking game. If you pick the wrong company at a high valuation, you're gong to get crushed. There's going to be a little bit of sanity check against the public market multiple on private investments.

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