Patrick O'Shaughnessy discusses venture trends with Ramtin Naimi

Now they have 30,000 hours of human trading data. And then in the last eight to 10 weeks in Silicon Valley, BCI became a very popular category. And as you know, Conduit raised a very large round, highly oversubscribed 13 term sheets, because now it's a great team working on a market that everyone cares about. If these guys succeed and now they're going to go do a million hour trading data run if their scaling laws hold, you could see a world where five, ten years from now, you and I have a little device that we wear over our ear that understands your thoughts and communicates with our agent and can discern between actionable thoughts and non actionable thoughts. And everything you're thinking about your agents is running for you in the back end. You just became the most efficient human being in the world. And now everyone's like, wait a second, somebody could actually build a trillion dollar outcome company in dci and Conduit's latest round prices that into it. But perfect example of, you know, backing a founder who's brilliant, but on a market that people might not be that interested in at the time, but they were just early to a market. Because I think smart people generally tend to understand markets well before the market starts to pay attention to them. You have a perfect example with Gavin Huberti from Etched. Gavin met every great investor in Silicon Valley and everybody walked away from the meeting thinking he was brilliant. I don't think there's a single VC who met Gavin that didn't think he was brilliant. But a lot of people just assumed a startup company cannot outcompete incumbents on AI chip fabrication. It's just never going to happen. And it wasn't until Sequoia blessed him with a $10 billion valuation that everyone was like, oh, wait a second now we actually believe that startups will totally run circles around the incumbents on this market. And you saw every other chip company in the market raise an astronomical valuation. Because now people are like, this is now an obvious market to place bets in. But the market was obvious to these founders before it was obvious to the general market. If I was to shrink all of that set of observations down to one metric, would it be there's like an ideal number of term sheets, Say Gavin's, because I know that story. It's not that he got no term sheets. He, he just got whatever number of handful, you know, he met every VC and got a small handful of term sheets from great investors. Is that the right way to think about, like almost what you want is for the companies you're backing to get like 2 or 3 or 4 and not 15 or something. I mean, if a company gets 15 term sheets, it's going to get very, very expensive. A company gets two to three term sheets, you're probably going to get reasonable pricing because you have less competition and, you know, you have a lot more of a competitive advantage if you're a great investor to convince that founder to take your money and getting a core position in that business. I think it's more so if a lot of people take a meeting with a company, they're generally taking it because the founder is very impressive or they've heard great things about that, found different people in their network. Because for a company to get a large.