If you judge a fish by how it climbs a tree, you're going to be pissed off.

Regardless of where you are as a founder, you've just got to fight harder.

When you have the strong founder to back, like you can always correct course.

This is a prime example.

He's correcting course.

Michael points out in this post, the more above average the DPI for a VC fund in the first

five years, then less likely it's actually going to be a top performer.

It's a bad indicator of future performance if it happens too early.

But Don't, something you always preach, you do need to cut, cut once.

Cut once, cut hard.

I don't want to be harsh on any particular founders, but

founders I know that kind of live in that sexy story category,

anchor to one or two customer stories and ignore all the data.

So it's almost like this selective bias of what they're listening to.

That was the first time since 2017 that my team hasn't been in the grandfiner.

How many years have you been captain?

Yeah, was this the first time?

Exactly.

We've got seen your presentation this week and I've got to get at there and say, look,

it was great being captured for one year, but that's the worst performance since 2017.

Thank you very much.

Good morning.

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