Market downturns in venture capital do not follow a simple sine curve but act as a sawtooth, where risk-on environments grow slowly and risk-off environments arrive abruptly.

“it doesn't happen like a sine curve which is what we all imagine when we think of a cyclical business it's more like a sawtooth it risk risk on is a very slow process and it and it's it's reflexive so it grows and grows and grows and grows and then risk off tends to be very abrupt”

The current market environment provides a significant investment opportunity because many market participants are overly fearful due to macroeconomic concerns that are likely temporary.

“i think what you have in the market now is a huge opportunity because people are in a fetal position under their desk scared that the world is forever changed”