David Rosenthal: belief

Transcript context

…Wait, is Riot Games in fund seven? That must be fund six. I think Riot might have been fund six, but that was another great Mitch investment. Benchmark fund one was one of, if not the best fund of its size and scale ever. Benchmark fund seven is one of the best, if not the best fund of its size and scale ever. According to a 2018 Wall Street Journal article, they reported that before fees, the 2011 fund was sitting on a 25X on that $550 million that is a venture fund, a full sized venture capital fund that 25X'd. Of course, it may be lower than that now, but I think it's still north of 20, depending on when they got liquid on what, because this is something we'll talk about in the playbook. Benchmark knows how and when to sell in addition to how to identify these phenomenal companies. I think the Benchmark philosophy is that they don't want to hamstring the next generation with any of their decisions. It's funny. All I have is these gut feelings from talking to people. But I think the way Benchmark works is when they handed over the next generation, first of all, they don't do it all at once. They do it in this blended way, so they can carry a lot of the institutional memory with them, but it's, you guys do what's right for you, here's what worked for us. By the way, what worked for us probably will work for you, but you need to make that decision on your own. Again, I don't think it's said. I think these things are kind of unsaid.…

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