Whereas if you started your career when the bubble collapsed or in the aftermath of the bubble, in 2000–2003, you understand what happens when there isn’t liquidity in the market. For example, a lot of our companies use debt as an oxygen to grow. It’s part of the business model of Opendoor, it’s part of the business model at Affirm, it’s part of the business model at Upstart, as examples. The price of that oxygen can change very radically and very quickly. Bill Me Later and Zappos famously had to sell, even though their businesses were performing quite well, because their access to debt was
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