In venture, generational companies don't come often and that all returns correlate to a few.

So like when you do have high conviction in an early stage investment, the vow is sort of somewhat irrelevant

because if it is a winner, it's going to win really, really big.

We've actually been having a heap of conversations with a not-for-profit that has just moved

to fully cloud two years ago. The CEO was like, we should have just stayed on-prem.

This is a risk discussion.

This is a compliance and an AI governance discussion.

They had a panel of the interstate investors,

and one was from one of Australia's largest DC funds,

and she gave the generic pitch that you could read

on the website pretty much verbatim. Then Ben Lindsay from Investible, I think just nailed

the friggin pitch. And the reason was he was just completely authentic. We fucking need you

to succeed or we die. We need you to win because we are a small fund and we have to survive to the next fund.

And it was the most memorable pitch.

Like authenticity makes you stand out.

But I think broadly, these things are the older I get a bit like a fart.

They're better out than in.

And having, having, it's true though, having, having, having the trusted relationship,

having the safety where you can just go at Express without problem solving.

Well, while we're waiting for Ash, good morning.

Morning.

Morning, guys. What time did you pull up stumps last Ash, good morning. Morning. Morning, guys.

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