David Rosenthal: belief

Transcript context

…It's interesting. Good multiple means you are right, but a great amount of absolute cash returned means you were three things. You were right with conviction, you had winning access to be a meaningful participant on the cap table, and you effectively did the work to obtain the capital in the first place to be able to deploy a large-enough amount of it to generate a large dollar return. You got to be good in a lot of things and you got to be convicted and right in them. I think large institutional LPs, that's how they think about it. They're like yeah, great, 10X funds, fine. If it's a $50 million fund and you 10X and you return $500 million, clap I'm proud of you, but I'm not jumping out of my seat. You return me $22 billion, now I'm jumping out of my seat. I don't care what the multiple is. All right. Gosh, it feels good to come to the end of these two parts. Do you want to do carve outs?…

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