I'm curious how you have shifted and evolved your strategy over time as you guys have taken on more capital and obviously made a lot of great investments.

Yeah.

So, you know, we started investing our first fund.

It was a $60 million seed fund focused on New York and starting in 2015.

Um, [lip smack] and to rewind the clock at that point, you know, 2015, the biggest exit in New York City tech history was Tumblr.

It got acquired by Yahoo for a billion dollars, right? So we had one unicorn exit in its history.

So, you know, people would ask, like, "Why would you want to focus on a market that's produced barely any big outcomes?" And, uh, Brad and I, our response was, "We think it's all about the change." Um, and the thesis was New York was always this great magnet for talent.

Just wanna hear more about the origin story and what all you're doing there.

Is that more... disconcerting in the moment when you do a seed round based on maybe an alumni of a bigger tech company or someone that's going it alone in this environment?

Yeah, people look at historical data and they say, well, the round size has gotten bigger, so it hasn't become irrational.

The reason why it has become bigger is because it's become more rational.

Think about the founding talent alone.

I started my career as a founder 30 years ago.

What we knew about the internet and how to scale a technology company back then, I mean, it's night and day to where you see the market and the type of talent you have now.

A lot of the talent are coming from best in class tech companies that have gone from zero to a billion dollar type outcomes, if not more.

What are the corners of the technology industry or opportunities where the technology just doesn't exist yet?