Transcript

There's pretty strong skill issues in the venture allocator community in Canada where one, simply because there's like a, a shortage of capital to Derekh Point, or at least a shortage of organized capital, they feel like they've got the luxury of treating the founder like you'd be so lucky as Steven get a phone call with me #2 probably even worse. There's a belief that there's a luxury of underwriting time where you can take 4 weeks, 6 weeks, 8 weeks, 12 weeks, however long you want, it doesn't really matter and that it's to the prejudice of the business. Can you do that right? People don't know what they want and they're more concerned about. I wanna preserve the management fee gravy train, so I better check all the boxes. That conservativeness ends up turning into a death spiral where you're more conservative, your returns get worse, you get more worried about your LP's leaving you and therefore your management fees leaving, so you become more conservative again.