Venture investors with a board seat cannot invest in two direct competitors at the early stage, but at the late stage they structurally can and should, because late-stage private investing has effectively become a replacement for public markets, where holding competing positions is normal.

69:34>> Different partners, Harry. Different partners and we've got paper walls right right between them. They're thin. We can hear the other side, but but but there it is. It is it is a wall. I think the overlap in terms of competitor risk is fairly low especially if you're not on the board. So I so actually that's one argument for I think it's totally fine to invest in both. Let me make another

69:55which goes back to Harry's latest stage thing. One of the bigs I've had is this. In the early stage when you're on the board you can't invest in two competitors. In the late stage structurally you have to and we'll talk about that not not have to but you you should be able to because the if you believe that the late stage is the replacement for what was

70:13the public markets for kind of high growth companies fidelity growth would have invested in open AI and entropic they're not on the board of either they want to make the secular bet so I think the companies that are replacing them in the latest stage private markets are going to do roughly the same thing drive is a master of late now ironically you're right they said that they

70:30wouldn't invest in entropic when they invested in open AI so it is odd, but generally thinking, I think it actually is not a problem if you have limited information rights to be invested as a pure latestage investor or non-board member in multiple companies in the same broad thematic area. It's not our business, but especially >> I will say one thing that's changed over the years too um more recently is um

70:51>> monogous. >> Harry Perry has even more data. He can challenge me on it, but in my my experience for these smaller late stage investors, they get nothing from the company. 100% 100% >> nothing. So let's say I'm a founder. You could ask me like let's let's say let's say whoever whatever fund invested in my competitor but they're only 80% competitor to Harry's to Royy's partner or 20 or 40, right? This might really

71:16bother me at the seed stage. If I like their brand and I'm going to give them nothing, they're going to learn literally less than that less less than a Google search, let alone an anthropic deep dive. Maybe I just literally don't care. And maybe I even like to usurp that investor from my competitor, right? Um, so in the old days you ask and I still think you ask the founder. I hope