Shows / The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified
The podcast dedicated to demystifying Venture Capital. Nick Moran and Nate Pierotti interview VC's & Startup Founders and on how they build great technology startups.
Episodes
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 498: When Investors Get It Wrong: Lessons in Humility, Focus, and TAM (Fubini and Patel, Rosenbloom, Sagalov)
On this special segment of The Full Ratchet, the following Investors are featured: Ross Fubini and Manish Patel of XYZ Venture Capital Micah Rosenbloom of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified520. The Inner Workings of Seed Investing at GC, Why Sector Focus Can Be Limiting, Why Seed Milestones Are Obsolete, and Who to Hire Among Your First 10 Employees (Yuri Sagalov)
Yuri Sagalov of General Catalyst joins Nick to discuss The Inner Workings of Seed Investing at GC, Why Sector Focus Can Be Limiting, Why Seed Milestones Are…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 497: Passing on Snapchat, Canva, and Hugging Face: The Rules of Thumb That Cost VCs Billions (Vaidya, Fubini and Patel, Rosenbloom)
On this special segment of The Full Ratchet, the following Investors are featured: Vivek Vaidya of super{set} Ross Fubini and Manish Patel of XYZ Venture…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified519. Don't Play the Game on the Field, What the 500 Largest Exits Tell Us, How and When to Sell Secondary, and VC's Identity Crisis (Micah Rosenbloom)
Micah Rosenbloom of Founder Collective joins Nick to discuss Don't Play the Game on the Field, What the 500 Largest Exits Tell Us, How and When to Sell…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 496: Three Lessons for the Next Generation of VCs: Find Your Edge, Build Your Network, Stay in the Game (Solomon, Vaidya, Chen)
On this special segment of The Full Ratchet, the following Investors are featured: Glenn Solomon of Notable Capital Vivek Vaidya of super{set} John Chen of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 495: Perseverance at Roofstock, Speed at Zero, Discovery at Anduril — Why These Founders Stand Out (Black, Chen, Fubini and Patel)
On this special segment of The Full Ratchet, the following Investors are featured: Ben Black of Akkadian Ventures John Chen of Fika Ventures Ross Fubini and…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified518. The Power of Founder Mafias, Why Venture is Bifurcating, and Lessons from Good Strategy, Bad Strategy (Ross Fubini and Manish Patel)
Ross Fubini and Manish Patel of XYZ Venture Capital joins Nick to discuss The Power of Founder Mafias, Why Venture is Bifurcating, and Lessons from Good…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 494: Passing on Outliers, Misjudging Founder Quality, and Holding Too Tightly — Lessons from Notable, Superset, and Fika (Solomon, Vaidya, Chen)
On this special segment of The Full Ratchet, the following Investors are featured: Glenn Solomon of Notable Capital Vivek Vaidya of super{set} John Chen of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 493: Founder CEO Removal, Acquisition Pressure, and Co-Founder Conflict — Lessons from Investors at Volition, Notable, and Fika (Cheng, Solomon, Chen)
On this special segment of The Full Ratchet, the following Investors are featured: Larry Cheng of Volition Capital Glenn Solomon of Notable Capital John Chen…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified517. Fear and Greed in AI, The Rise of Kingmakers, and Is Seed the Sucker Round? (John Chen)
John Chen of Fika Ventures joins Nick to discuss Fear and Greed in AI, The Rise of Kingmakers, and Is Seed the Sucker Round?. In this episode we cover…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 492: Best Questions from Grant Emery, Ben Black, and Glenn Solomon: Market Truths, Enduring Value, and Founder Conviction (Demaree, Black, Solomon)
On this special segment of The Full Ratchet, the following Investors are featured: Grant Demaree of Onebrief Ben Black of Akkadian Ventures Glenn Solomon of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 491: What Visionary Leaders at Jackpocket, Vercel, and Microsoft Do Differently(Peter Davis, Solomon, Vaidya)
On this special segment of The Full Ratchet, the following Investors are featured: Mark Peter Davis of Interplay Glenn Solomon of Notable Capital Vivek Vaidya…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified516. AI Cost Structures and Pricing, Proprietary Data Sets That Create Moats, and a Clear Method for Determining Which Problem to Solve First (Vivek Vaidya)
Vivek Vaidya of super{set} joins Nick to discuss AI Cost Structures and Pricing, Proprietary Data Sets That Create Moats, and a Clear Method for Determining…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 490: Investors from Volition, Acadian Ventures, and Interplay Ventures on Building Competence, Operating Experience, and Investing with Purpose (Cheng, Black, Peter Davis)
On this special segment of The Full Ratchet, the following Investors are featured: Larry Cheng of Volition Capital Ben Black of Akkadian Ventures and Powerlaw…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 489: Missing Airbnb, Zocdoc, and Prediction Markets — Lessons from the Deals Investors Passed On (Demaree, Peter Davis, Solomon)
On this special segment of The Full Ratchet, the following Investors are featured: Grant Demaree of Onebrief Mark Peter Davis of Interplay Glenn Solomon of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified515. 3 Multi-Billion-Dollar Exits in 1 Year, Lessons from Airbnb, HashiCorp, Slack, and Square, The VC Case for Staying Small, and the Battle Between Open-Weight vs. Closed Models (Glenn Solomon)
Glenn Solomon of Notable Capital joins Nick to discuss 3 Multi-Billion-Dollar Exits in 1 Year, Lessons from Airbnb, HashiCorp, Slack, and Square, The VC Case…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 488: Losing Conviction, Overpaying for Discounts, and Selling Too Early — Lessons from Volition, Acadian, and Interplay (Cheng, Black, Peter Davis)
On this special segment of The Full Ratchet, the following Investors are featured: Larry Cheng of Volition Capital Ben Black of Akkadian Ventures and Powerlaw…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 487: Legal Battles, Founder Fraud, and High-Stakes Conflict — Lessons from Investors at Acadian Ventures, Interplay Ventures, and OneBrief (Demaree, Black, Peter Davis)
On this special segment of The Full Ratchet, the following Investors are featured: Grant Demaree of Onebrief Ben Black of Akkadian Ventures Powerlaw Corp Mark…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified514. AI's Effect on the Demand Curve, Investing in Durable Barriers, Large Cap vs. Small Cap Seed Deals, and Building an Internal AI Machine (Mark Peter Davis)
Mark Peter Davis of Interplay joins Nick to discuss AI's Effect on the Demand Curve, Investing in Durable Barriers, Large Cap vs. Small Cap Seed Deals, and…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 486: The Traits of Visionary Founders: Ecosystem-Scale Thinking, Data-Driven Truth-Seeking, and Relentless Customer Experience Design (Blank, Demaree, Cheng)
On this special segment of The Full Ratchet, the following Investors are featured: Steve Blank of the Gordian Knot Center for National Security Innovation…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 485: Inside VC Anti-Portfolios: Missing Whatnot, Facebook & MongoDB (Dillon, Cheng, Black)
On this special segment of The Full Ratchet, the following Investors are featured: Natalie Dillon of Maveron Larry Cheng of Volition Capital Ben Black of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified513. Opening Late-Stage Venture to Everyone, Beating 10-Year Lockups, Why Logos Don't Equal Alpha, and Building Power Law as a Public VC Fund (Ben Black)
Ben Black of Co-founder & MD of Akkadian Ventures and CIO of Powerlaw Corp joins Nick to discuss Opening Late-Stage Venture to Everyone, Beating 10-Year…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)
On this special segment of The Full Ratchet, the following Investors are featured: Jim Tananbaum of Foresite Capital Eric Ries Author of The Lean Startup Grant…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 483: Best LP Questions from David Ulevich, Eric Ries, and Larry Cheng: Mission, Partnership Culture, and Enduring Institutions (Ulevitch, Ries, Cheng)
On this special segment of The Full Ratchet, the following Investors are featured: David Ulevitch of Andreessen Horowitz Eric Ries author of "The Lean Startup"…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified512. Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a Board Member (Larry Cheng)
Larry Cheng of Volition Capital joins Nick to discuss Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 482: Key Advice from a Top Investor and Two Unicorn Founders: Why Companies Pick Investors, Authentic Leadership, and Loving the Game (Austin, Schlacks, Demaree)
On this special segment of The Full Ratchet, the following Investors are featured: Ethan Austin of Outside VC Willy Schlacks of EquipmentShare Grant Demaree of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 481: Lessons Learned from Centana Growth, a16z, and Emergence: Trusting Management, Spotting Original Thinkers, and Investing Before Revenue (Byunn, Ulevitch, Saper)
On this special segment of The Full Ratchet, the following Investors are featured: Eric Byunn of Centana Growth David Ulevitch of Andreessen Horowitz Jake…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified511. The Future of Military Planning: Defense Tech Beyond the Bubble, AI Software as Combat Power, and the Rise of AI Wargaming (Grant Demaree)
Grant Demaree of Onebrief joins Nick to discuss The Future of Military Planning: Defense Tech Beyond the Bubble, AI Software as Combat Power, and the Rise of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 480: The Traits of Visionary Founders: Customer Obsession, Self Disruption, and Why Love Can Be a Competitive Advantage (Dillon, Patnam, Ries)
On this special segment of The Full Ratchet, the following Investors are featured: Natalie Dillon of Maveron Sandesh Patnam of Premji Invest Eric Ries Author…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 479: Startup Lessons from Steve Blank, Seth Levine, and Ben Orthlieb: Hubris, Influence, and Founder Selection (Orthlieb, Levine, Blank)
On this special segment of The Full Ratchet, the following Investors are featured: Ben Orthlieb of Blue Moon Seth Levine of Foundry Steve Blank is an Adjunct…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified510. The Hyper-Scaler CEO Whisperer and Founder of the Lean Startup Movement on Incorruptible Startups, Building to Thrive and Survive, and Creating a Governance Fortress (Eric Ries)
Eric Ries of the Lean Startup joins Nick to discuss The Hyper-Scaler CEO Whisperer and Founder of the Lean Startup Movement on Incorruptible Startups, Building…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 478: Visionary Founder Lessons from Poshmark, Centana, and EquipmentShare: Love, Listening, and Leadership (Chaddha, Byunn, Schlacks)
On this special segment of The Full Ratchet, the following Investors are featured: Navin Chaddha of Mayfield Eric Byunn of Centana Growth Willy Schlacks of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 477: Why VCs Passed on Figma, ClickUp, Uber, Pinterest, Okta, DoorDash, and Anthropic: Lessons from Investor Anti Portfolios (Ulevitch, Saper, Patnam)
n this special segment of The Full Ratchet, the following Investors are featured: David Ulevitch of Andreessen Horowitz Jake Saper of Emergence Capital Sandesh…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified509. The Downstream Effects of SpaceX, OpenAI, and Anthropic Soaking Up $3T in the Public Market, Who Is Netscape and Who Is Google in the AI Era, and the Impact of Private Credit Redemption Requests on PE and VC (Sandesh Patnam)
Sandesh Patnam of Premji Invest joins Nick to discuss The Downstream Effects of SpaceX, OpenAI, and Anthropic Soaking Up $3T in the Public Market, Who Is…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 476: Staying in Your Zone of Genius, Why People Change for Themselves, and The Hard Lessons of Founder Accountability (Callaghan, Schlacks, Dillon)
On this special segment of The Full Ratchet, the following Investors are featured: Jon Callaghan of True Ventures Willy Schlacks of EquipmentShare Natalie…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 475: What Makes Founders Exceptional, Navigating Complex Ethical Issues, and Building with Intensity (Ortlieb, Ulevitch, Saper)
On this special segment of The Full Ratchet, the following Investors are featured: Ben Orthlieb of Blue Moon David Ulevitch of Andreessen Horowitz Jake Saper…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified508. Maintaining U.S. Dominance, Navigating Defense Tech, Prime Obsolence, and Why Your Startup is Likely DOA (Steve Blank)
Steve Blank of Adjunct Professor at Stanford joins Nick to discuss Maintaining U.S. Dominance, Navigating Defense Tech, Prime Obsolence, and Why Your Startup…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 474: Trusting Your Own Point of View, Why Conventional Wisdom Leads to Mediocrity, and Building a Personal Conviction Engine (Byunn, Levine, Dillon)
On this special segment of The Full Ratchet, the following Investors are featured: Eric Byunn of Centana Growth Seth Levine of Foundry Natalie Dillon of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 473: Speed at Legora, Intensity at Mysten, Mastery at Heights Labs — Why These Founders Stand Out (Effron, Austin, Simpson)
On this special segment of The Full Ratchet, the following Investors are featured: Jacob Effron of Redpoint Ethan Austin of Outside VC Arianna Simpson of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified507. Consumer Retrenchment or Reallocation, AI Impact on GTM and Purchase Decisions, How to Balance Consumer Sentiment vs. Behavior, and Where Smaller Funds Win (Natalie Dillon)
Natalie Dillon of Maveron joins Nick to discuss Consumer Retrenchment or Reallocation, AI Impact on GTM and Purchase Decisions, How to Balance Consumer…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 472: Think Big, Stay Patient, Earn Access — Venture Advice from Foresite, Mayfield, and Blue Moon (Tananbaum, Chaddha, Orthlieb)
On this special segment of The Full Ratchet, the following Investors are featured: Jim Tananbaum of Foresite Capital Navin Chaddha of Mayfield Ben Orthlieb of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 471: Missing Great AI Bets, Losing Conviction, and Overweighting Founders — Lessons from Redpoint, a16z, and Outside VC (Effron, Austin, Simpson)
On this special segment of The Full Ratchet, the following Investors are featured: Jacob Effron of Redpoint Ethan Austin of Outside VC Arianna Simpson of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified506. Mirage PMF, What LLMs Will Take On and What They Will Avoid, Why Outcomes Will Shift Models from Software to Services, and How Pricing Playbooks Are Being Rewritten (Jake Saper)
Jake Saper of Emergence Capital joins Nick to discuss Mirage PMF, What LLMs Will Take On and What They Will Avoid, Why Outcomes Will Shift Models from Software…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 470: Passing on Uber, Perplexity, and Fintech's Breakout Winners — The Stories Behind the Misses (Orthlieb, Callaghan, Byunn)
On this special segment of The Full Ratchet, the following Investors are featured: Ben Orthlieb of Blue Moon Jon Callaghan of True Ventures Eric Byunn of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 469: What Visionary Leaders at Pixxel, eToro, and Founders Fund Do Differently (Mohapatra, Banks, Orlovski)
On this special segment of The Full Ratchet, the following Investors are featured: Hemant Mohapatra of Lightspeed India Lara Banks of Makena Capital Management…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified505. The Ins and Outs of EquipmentShare's $6B IPO, The Construction Job Site in 10 Years, Where AI Thrives and Struggles to Solve Complex Problems, and Roll Ups in the VC Space (Willy Schlacks)
Willy Schlacks of EquipmentShare joins Nick to discuss The Ins and Outs of EquipmentShare's $6B IPO, The Construction Job Site in 10 Years, Where AI Thrives…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 468: Selling Too Early, LP Pressure, and Investor Tension — Lessons from Investors at Foundry Group, Centana Growth, and Andreessen Horowitz (Levine, Byunn, Ulevitch)
On this special segment of The Full Ratchet, the following Investors are featured: Seth Levine of Foundry Eric Byunn of Centana Growth David Ulevitch of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 467: Investors from Techstars, Redpoint, and Andreessen Horowitz on Strategy, Writing, and Building an Edge in Venture (Cohen, Effron, Simpson)
On this special segment of The Full Ratchet, the following Investors are featured: David Cohen of Techstars Jacob Effron of Redpoint Arianna Simpson of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 466: Jim Tananbaum, Eric Byunn, and Ben Orthlieb on the Questions LPs Should Be Asking (Tananbaum, Orthlieb, Byunn)
On this special segment of The Full Ratchet, the following Investors are featured: Jim Tananbaum of Foresite Capital Ben Orthlieb of Blue Moon Eric Byunn of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified504. American Dynamism: The Future of U.S. Industrials, Backing Companies with Major Production Components, Manufacturing Sovereignty, and Why Space Dominance is Critical (David Ulevitch)
David Ulevitch of Andreessen Horowitz joins Nick to discuss American Dynamism: The Future of U.S. Industrials, Backing Companies with Major Production…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 465: Pricing Too Late, Selling Too Early, Investing Too Fast — Hard Lessons from Top VCs (Ramanujam, Cohen, Orlovski)
On this special segment of The Full Ratchet, the following Investors are featured: Madhavan Ramanujam of 49 Palms Ventures David Cohen of Techstars Victor…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 464: Anti Portfolio Confessions: Missing Twilio, Zoom, DocuSign, MongoDB, and Solana (Austin, Simpson, Chaddha)
On this special segment of The Full Ratchet, the following Investors are featured: Ethan Austin of Outside VC Arianna Simpson of Andreessen Horowitz Navin…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 463: Selling Transformation Not Software, Managing Through Activists and Mergers, and Scaling Culture with Intent (Agarwal, Tananbaum, Cohen)
On this special segment of The Full Ratchet, the following Investors are featured: Medha Agarwal of Defy Jim Tananbaum of Foresite Capital David Cohen of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified503. The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical Integration in the AI Age (Eric Byunn)
Eric Byunn of Centana Growth joins Nick to discuss The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 462: Study the Masters, Develop Your Own Eye, and Stop Outsourcing Conviction (Wang, Mohapatra, Banks)
On this special segment of The Full Ratchet, the following Investors are featured: Casber Wang of Sapphire Ventures Hemant Mohapatra of Lightspeed India Lara…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 461: Feast and Famine in Crypto, When to Take the Off Ramp, and Evaluating Founder Temperament (Simpson, Chaddha, Orthlieb)
On this special segment of The Full Ratchet, the following Investors are featured: Arianna Simpson of Andreessen Horowitz Navin Chaddha of Mayfield Ben…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 460: The Math Behind Venture Returns, When Sizing Matters More Than Selection, and Growth Over Discounts (Wallach, Okike, Banks)
On this special segment of The Full Ratchet, the following Investors are featured: D.A. Wallach of Time BioVentures Nnamdi Okike of 645 Ventures Lara Banks of…
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified502. A New Era For Venture: Dynamic Capitalism, Finding Alpha in the AI Cycle, Are Bubbles a Feature or a Bug, and Why the Future for America is Still Bright (Seth Levine)
Seth Levine of Foundry joins Nick to discuss A New Era For Venture: Dynamic Capitalism, Finding Alpha in the AI Cycle, Are Bubbles a Feature or a Bug, and Why…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 459: Inside the Best LP Questions: Getting Better Over Time, Building Networks, and Driving Outcomes (Effron, Austin, Simpson)
On this special segment of The Full Ratchet, the following Investors are featured: Jacob Effron of Redpoint Ethan Austin of Outside VC Arianna Simpson of…
The Full Ratchet (TFR): Venture Capital and Startup Investing DemystifiedInvestor Stories 458: Anti Portfolio Lessons: Netflix by Mail, Palantir at the Wrong Price, and the Cost of Price Sensitivity (Madera, Bussgang, Orlovski)
On this special segment of The Full Ratchet, the following Investors are featured: Paul Madera of Meritech Capital Jeff Bussgang of Flybridge Capital Victor…