Which is the argument in our asset class, if it's a rocket ship, it doesn't matter what

valuation you get in at.

If it's going to $40 billion, 100 mil bower doesn't mean anything.

Virtual announcers shareholders in its most recent monthly update that the first six months $100 milba doesn't mean anything.

Virtual announcers shareholders in its most recent monthly update that the first six months of 2024

had significantly underperformed their expectations.

I don't think founders and investors do enough reflecting

because as Aaron said, like they're in the trenches.

They've got that many day-to-day problems to worry about,

but it's hard to stop and think about something for two hours.

One of the questions some investors often ask is,

who else is in, who's not in?

And I just think it's such a watch out to anchor off that data point.

Just because someone else is not either in or out isn't of itself

a reason to invest.

Hi, Jack, you good?

Yeah, I'm going good.

Bloody cold this morning.

Oh, it's very, very chilly.

Sorry, Aaron, you were just talking about your waistline?

No, no, I was about to say I went for a run yesterday.

Ficking hell, I feel like concrete.

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