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I think one of the most challenging things about crypto from a mental model standpoint is we are combining the mental models of public market investing, where companies are primarily in their later stage by the time you've gone public versus very early stage investing. And so one thing that I feel like I have consistently seen is this idea of, hey, we have these publicly traded tokens. We can take these mental models and frameworks that we have from investing in public market and apply them. And I don't think that that maps one to one. I think that there's the life cycle of capital investment
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Alright, everyone. Welcome back to another episode of Bell Curve. You got all the fellows here. Miles, Dave, me.
Good to be back.
Good morning.
Oh, it's a good morning. We did our bear market episode, so I guess we've established that we're in one of those. So someone has to restart the DGen Spartan bear market tracker. I don't know if you guys ever remember that.
What happened to that guy? Just just fell just just signed off. I respect him actually.
Last cycle, didn't he?
Yeah. I think
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