You can teach financial discipline, but you can't teach attitude. Understanding why an entrepreneur is doing this is just as important as what they're doing.
If every deal worked, you wouldn't be in venture capital. You'd be in luck.
We've never raised money using bonds before. This bond means that people understand what we're trying to do and gives us the opportunity to secure capital from this alternative fundraising method.
I think the trend will be very similar to what China went through several years ago, or even in the US 50 years ago.
We are a disciplined investor, not a very prolific one. We don't do deals every week. We tend to spend time working with entrepreneurs, figuring out what issue they're trying to address and how we can help them.