Betting Against the Casino at High Valuations

into the, like, the 30s, like the YC nonsense range that I would, that I see, like, it's very hard to make your, put yourself in a winning scenario repeatedly at those valuations. So obviously , like, if you knew something was going to be a winner, you'd pay anything to get in. And that

's often the argument for it. But as a portfolio construction, you're betting against the casino once you start getting up in those valuations. And so that's why systematically being an emerging managers to cover the precedent seed landscape in a really thoughtful way. So that we're

in hundreds and