Don't Pitch Us Without Ratchets

things in the market that we want to doubt to every entrepreneur do not come out with a 2.5 and 25 fund and tell us it's because you're super special and unique you are not super special and unique most of the funds that we see that have that do not fill their fund size and so like I can look

at you and call your bluff and say we're not even going to look at anybody who comes in and don 't tell me about ratchets and like no all right the reason I'm betting on you as an emerging manager is so that because I'm expecting you to have the 10x fund and if I have and if you have

the 10x fund I don't want to give you three or four x or five x of the 10x fund like you know that's the whole point of the investment so if you cap my upside I am uninterested hard stop don 't talk to me like