A billion-dollar valuation is not the new Series A for us: that is the momentum business where you must know when to run for the exits, whereas our business is value — getting in early and finding value opportunities, and momentum assets are not usually the fund returners.

33:43better on the fund. I'm not being rude. A framework is not the enemy of this venture cycle. Like I think it's so easy to be rigid in your mentality around, oh, we won't do anything over a billion. I I get you, but you're going to absolutely wse at me here. So, are you ready for a real I think a billion dollar valuation is the new series. A

34:01>> and you're like, "Wo, Harry. Whoa, whoa, kiddo. Calm down. Listen to the facts. We used to do a 50 million post and hope it would become a billion 20x without dilution, like blunt." Uh, now you enter at a billion and you hope it becomes 20. You know, we have Mccor at 20, we have Cognition at 26, Cursor gets sold for 60 sold. This is liquid. Well, maybe a

34:24billion is the new series A. No. I think you may be looking at the top two or 300 companies. Is that not our business? >> Um, I don't think so. >> Huh. >> I think that you I think that that's the momentum business. And I think knowing how and when to get out quickly with some of those really really matters. And that's not really my business. So my

34:46business is value is getting involved early and trying to find value opportunities. And there are times again where it's an intoxicating founder and being on that journey together. But I'm not sure that those are your fund returners. The difficulty with some of those momentum assets is like it was what we were talking about earlier is you've got to be able to like run for the exits when

35:11you can on you know it's exactly what you were saying is >> you didn't think that founder was all that great right so when you had the or or you thought that the like the valuation was so far ahead of the reality of the business but you're asking a question you're asking a a momentum question. >> Yeah. >> Right. And is it all momentum? I've got to be careful not to be too

35:38anacronistic in this because we have invested in momentum. There's just no it would be so disingenuous for me to say that we haven't like >> when you say that like what do you mean we have invested in momentum? >> Our knee joke tends to be when this has gotten across a certain point like we're out of here and credit to Eric at a point for going like we've captured 80%

35:59of the value. we could capture another 20% if we did Uber at series A or if we did Sununo at series A. And by the way, it's not just on paper. I think there would be buyers for that position. In hindsight, I look at that and I go like, were you anacronistic? By the way, we didn't we didn't even seek to participate in that round. We kind of go

36:19we built our ownership position and we're done. Like this is not the kind of investors we are. We're looking for the next seed stage round. And I think Harry, what we've done is we've drunk the Kool-Aid to such a large extent now. You and I are so different that you're going, "This is hot. Let me go go." I'm going, "I've got a smaller fund. Where else can I really X my ownership versus,