WEBVTT - Alan Patricof Sees Difficult VC Environment 0:00:00.160 --> 0:00:03.760 This is Bloomberg Business Week with Carol Messer and Jason 0:00:03.840 --> 0:00:06.920 Kelly on Bloomberg Radio. So do you want to bring 0:00:06.960 --> 0:00:09.840 in our next guest Um at this hour? Because he 0:00:09.920 --> 0:00:13.480 is certainly well known um in the venture capital world. 0:00:13.520 --> 0:00:17.599 He was an early vc UM investor, from Patrick Off 0:00:17.600 --> 0:00:20.320 and Code to Apax Partners to today he's the founder 0:00:20.320 --> 0:00:22.640 and managing director of grey Croft. It has about a 0:00:22.680 --> 0:00:25.000 billion dollars under management, and he has helped build and 0:00:25.040 --> 0:00:28.280 grow such companies as A O L Office Depot, Apple, 0:00:28.760 --> 0:00:32.600 so many different companies. Allen joins us on the phone 0:00:32.680 --> 0:00:35.640 in New York from Southampton. M Allen, nice to have 0:00:35.720 --> 0:00:37.400 you here with us. First of all, I hope you 0:00:37.440 --> 0:00:39.239 are well your family as well. We did actually get 0:00:39.240 --> 0:00:43.040 to speak with your son Mark last week. Yeah you 0:00:43.440 --> 0:00:48.640 hear about sport, Yeah, exact streaming, streaming and politics and 0:00:48.760 --> 0:00:51.240 so many different things. You Patrick Offs, You guys are 0:00:52.600 --> 0:00:57.800 very intellectucy, curious and dare I say, uh uh, corporately 0:00:57.960 --> 0:01:00.720 promiscuous in the best way, Alan you get you have 0:01:00.760 --> 0:01:03.720 so many interests. I've got three sons and they all 0:01:03.760 --> 0:01:07.880 are very active. So at you you have been an 0:01:07.880 --> 0:01:10.880 active investor, and I first want to ask you. Um, 0:01:10.959 --> 0:01:13.520 let's do big picture. How you see this virus because 0:01:13.560 --> 0:01:15.640 it has certainly upended our world as we know it 0:01:16.400 --> 0:01:19.759 on every different or from every different angle. Um, how 0:01:19.760 --> 0:01:21.640 do you see it? How do you see the stimulus 0:01:21.640 --> 0:01:24.320 that's being talked about in Washington? And and can you 0:01:24.360 --> 0:01:26.720 even start to think about the other side of it 0:01:26.760 --> 0:01:30.880 when we get through it. Well, listen, it's very obvious. 0:01:31.000 --> 0:01:35.039 This is the I think, I don't know how you 0:01:35.080 --> 0:01:40.759 gol anything less and devastating to certainly small growing businesses. Uh. 0:01:40.800 --> 0:01:43.920 You know, to the companies that are larger, the ibms, 0:01:43.959 --> 0:01:47.760 the Microsofts of the world, they can withstandard Apple people 0:01:47.760 --> 0:01:51.120 with great balance sheets and lots of cash on hand, 0:01:51.400 --> 0:01:54.240 they'll be you know, they'll whether it's fine. The real 0:01:54.360 --> 0:01:58.240 challenges to the smaller companies, even small below the venture 0:01:58.280 --> 0:02:02.680 capital level, the local businesses with small shops and small 0:02:03.440 --> 0:02:08.600 whether they're industrial type companies or or retail or consumer service, 0:02:08.639 --> 0:02:13.360 they're all being severely affected. Uh and I you know, 0:02:13.400 --> 0:02:16.480 and that's going to be here for the next thirty 0:02:17.040 --> 0:02:20.919 nine days. I mean, this peak point we keep hearing 0:02:20.960 --> 0:02:23.480 the first it was April ninth, and it was April fifteenth, 0:02:23.560 --> 0:02:26.640 and April and now we don't know when the data 0:02:26.639 --> 0:02:30.239 is where it's been a peak, but I think we're 0:02:30.280 --> 0:02:35.120 in for a difficult kid time going forward. And so Alan, 0:02:35.160 --> 0:02:37.920 what does that mean for you? Know? You you mentioned 0:02:37.960 --> 0:02:40.520 that the big firms are are resilient. Tell us more 0:02:40.560 --> 0:02:45.280 about smaller companies because you know they have less wiggle room. 0:02:45.680 --> 0:02:49.120 You know, some of them don't have those fortress balance 0:02:49.200 --> 0:02:53.400 sheets that big companies do. What's the mood among you know, 0:02:53.440 --> 0:02:57.320 the smaller companies that we know you're in touch with. Well, yeah, 0:02:57.320 --> 0:03:02.639 which is my area focuses, right? Should smaller companies are 0:03:02.680 --> 0:03:06.880 in a very disadvantageous position unless they have a very 0:03:06.919 --> 0:03:11.240 strong cash position, uh and not a lot of debt. Uh, 0:03:11.320 --> 0:03:13.799 they are going to be under severe pressure. And even 0:03:13.800 --> 0:03:16.880 if they have cash, if you don't have enough cash 0:03:16.919 --> 0:03:21.240 on hand for six to twelve months at least, uh, 0:03:21.320 --> 0:03:25.640 you're gonna have real concerns and an environment where raising 0:03:25.680 --> 0:03:28.440 money is going to be harder than it's been and 0:03:28.480 --> 0:03:32.120 it's never easy. I think that you're you have already 0:03:32.160 --> 0:03:36.320 seen immediately, uh significant layoffs, and I think you're going 0:03:36.320 --> 0:03:38.720 to continue to see that. I would expect the unemployment 0:03:38.760 --> 0:03:43.280 figures are going to increase dramatically even further tomorrow. Uh, 0:03:43.320 --> 0:03:46.440 and I think we're gonna be seeing that for the 0:03:46.480 --> 0:03:50.560 next couple of weeks. So we get to a level 0:03:50.680 --> 0:03:53.720 point in the business world. Forget about leveling off of 0:03:53.800 --> 0:03:56.680 the flattening off of the of the virus curve. I 0:03:56.720 --> 0:04:00.520 think the uh problem in the business is lay up. 0:04:00.960 --> 0:04:03.480 It's just not people are doing gradually. They're not all 0:04:03.640 --> 0:04:08.120 acting fast. But frankly, the secrets is staying alive. Here 0:04:08.520 --> 0:04:12.120 is to take quick action and to not to contemplate 0:04:12.160 --> 0:04:16.240 and study the problem too long. I think that one 0:04:16.320 --> 0:04:21.040 has to get a visit in a financial shape very quickly, 0:04:21.120 --> 0:04:25.960 and which means cutting your expenses and realistically reassessing what 0:04:26.120 --> 0:04:29.760 your revenue expectations can be in this environment and you 0:04:29.800 --> 0:04:32.080 know which customers you have are going to survive, who 0:04:32.160 --> 0:04:36.400 is going to pay you and managing your cash. What 0:04:36.440 --> 0:04:38.680 does that mean for your portfolio companies? I mean you're 0:04:38.800 --> 0:04:44.240 invested in gaming, fintech, healthcare, software, publishing. I mean you're 0:04:44.279 --> 0:04:47.279 in so many different areas healthcare, Um, what does it 0:04:47.320 --> 0:04:50.920 mean for your portfolio companies? What are you saying to them? Um, 0:04:50.920 --> 0:04:56.160 what are your expectations in terms of their survival? Well, Uh, 0:04:56.760 --> 0:04:59.040 we're across the board. As you just said, I mean 0:04:59.080 --> 0:05:02.440 clearly if you're in the the areas of healthcare, you're okay. 0:05:02.839 --> 0:05:06.920 If you have any kind of service that's performed from 0:05:06.960 --> 0:05:10.320 the home. Uh. You mentioned gaming where a company called 0:05:10.400 --> 0:05:13.160 Scope lead another one called Dots. Both of those are 0:05:13.240 --> 0:05:16.680 games companies that people pay on play online. They're doing 0:05:16.760 --> 0:05:19.880 very well in this environment. We have a to home 0:05:20.560 --> 0:05:24.440 delivery grocery companies, one quotes Thrive Markets, which is kind 0:05:24.440 --> 0:05:30.440 of a uh better less coarsely try Whole Foods. And 0:05:30.440 --> 0:05:32.960 then we have another company called Box which is doing 0:05:33.040 --> 0:05:38.160 bulk delivery, which is a even cheaper cotsco. So those 0:05:38.200 --> 0:05:41.159 companies are doing well and our hiring people and can't 0:05:41.160 --> 0:05:44.359 meet meet up with the demand. We have companies that 0:05:44.400 --> 0:05:49.320 are dealing with special aspects of the public market, building 0:05:49.400 --> 0:05:53.240 portfolios on online and they're doing very well. So I 0:05:53.279 --> 0:05:56.840 think it really is uh selective. As you're in a 0:05:56.920 --> 0:05:59.680 retail store chain, you've got a lot of problems. Fortunately, 0:05:59.680 --> 0:06:01.839 we don't have too many companies that are in the 0:06:01.880 --> 0:06:04.760 retail area. Most of our companies are in e commerce 0:06:04.839 --> 0:06:09.080 that are selling merchandise, and so far those things to 0:06:09.120 --> 0:06:13.320 be holding up. But everybody has got a look take 0:06:13.600 --> 0:06:17.320 a new look at their budget for this year and say, realistically, 0:06:17.440 --> 0:06:20.279 you know, I can't just expect that what I call 0:06:20.320 --> 0:06:22.640 a cast stade of miracles, which is everything is gonna 0:06:22.920 --> 0:06:26.240 be all right, and everything's gonna turn out well, and 0:06:26.240 --> 0:06:29.120 and I think you've got to prepare for, you know, 0:06:30.040 --> 0:06:35.120 a really severe thunderstorm and perhaps a hurricane. Still with us, 0:06:35.320 --> 0:06:38.880 Alan patrick Off, founder managing director of great Croft Ventures 0:06:39.040 --> 0:06:42.320 Carol did a nice summary of his long four decade 0:06:42.400 --> 0:06:47.680 career in the world of tech finance, backing well known companies. 0:06:47.720 --> 0:06:50.159 Still in the business of startups very much, Alan joins 0:06:50.160 --> 0:06:54.200 is on the phone from the Hampton's where I trust. 0:06:54.720 --> 0:06:56.919 Uh A lot of people are Alan, what's it like 0:06:57.040 --> 0:07:01.760 out there? Well, it's not Times Square, but I think 0:07:01.800 --> 0:07:05.279 people are following the rules and things secluded, and I 0:07:05.320 --> 0:07:09.120 think that, uh, you know, we're in my home and 0:07:10.080 --> 0:07:13.800 very tight and not having visitors and not visiting anyone else, 0:07:13.800 --> 0:07:16.440 so we're like everyone else is following the rules. There 0:07:16.440 --> 0:07:19.400 are a limited number of cars on the road, and 0:07:19.440 --> 0:07:22.040 there are all the only people that are open to 0:07:22.200 --> 0:07:26.120 the restaurants which are served have take out at night 0:07:26.760 --> 0:07:28.920 and at a drug store. But other than that, everything 0:07:29.000 --> 0:07:33.200 is shut down it. Yeah, it's very interesting. Well, normally, uh, 0:07:33.240 --> 0:07:36.400 in in a normal part of a normal year, uh, 0:07:36.520 --> 0:07:41.880 certainly presidential election year, we would certainly be talking to 0:07:41.920 --> 0:07:44.760 you in a different context about the political world. We'd 0:07:44.800 --> 0:07:48.160 be looking ahead to the Democratic convention. You obviously backed 0:07:48.160 --> 0:07:50.080 a lot of Democrats over the years. What do you 0:07:50.120 --> 0:07:53.640 make of the political landscape in all of this, and 0:07:53.960 --> 0:07:56.960 what do you think happens from here, especially on the 0:07:57.000 --> 0:08:01.760 Democratic side. Well, it's no secret I've been supporting Joe 0:08:01.800 --> 0:08:05.400 Biden since he announced and before he did last March, 0:08:05.880 --> 0:08:08.800 last March actually almost a year, and uh, I still 0:08:08.840 --> 0:08:14.760 a very loyal supporter and very enthusiastic about his prospects 0:08:14.800 --> 0:08:19.200 for winning. I think he's got a difficult position, uh. Sequestered, 0:08:19.760 --> 0:08:24.720 uh and comfortable to went to Churchill during World War Two, 0:08:25.280 --> 0:08:28.880 sequestion in the war rooms underground. Uh. He's in his 0:08:29.800 --> 0:08:33.480 own mini TV studio and not able to go out 0:08:33.520 --> 0:08:36.480 in campaign and do that famous thing in politics in 0:08:36.559 --> 0:08:39.319 which has touched people on their hands and their shoulders 0:08:39.360 --> 0:08:42.480 and greet people. And I guess that's even when this 0:08:43.040 --> 0:08:47.120 starts getting better, that that possibility is going to end also, 0:08:47.200 --> 0:08:49.239 So it's going to be a different kind of campaigning 0:08:49.600 --> 0:08:54.520 different fundraising challenges is much greater because you can't have 0:08:54.720 --> 0:08:58.160 any live events. Everything's got to be virtual, UH, and 0:08:58.200 --> 0:09:02.840 it's it's not as easy to stimulate high donors in 0:09:02.880 --> 0:09:06.080 a virtual environment. I think it's not a problem for 0:09:06.720 --> 0:09:10.439 most online UH small donors. They they've been doing that 0:09:10.840 --> 0:09:14.040 regularly since last year, and he's had some very good 0:09:14.440 --> 0:09:18.440 online months. I'm not familiar with what they did in March, 0:09:18.520 --> 0:09:22.000 but certainly UH going into that month they would have 0:09:22.120 --> 0:09:26.920 had record weeks until this thing happened. So I think 0:09:26.960 --> 0:09:30.199 it's a it's a challenging environment. I think Joe is 0:09:30.240 --> 0:09:35.120 still a candidate who's going to prevail UH and the 0:09:35.240 --> 0:09:37.440 oil and I will stay that way and I will 0:09:37.480 --> 0:09:40.800 be act doing everything I can actively. I think in 0:09:40.840 --> 0:09:46.240 the congressional sense, UH, I think the phones UH bring 0:09:46.240 --> 0:09:50.839 off the hook UH daily becomes the progressional people are 0:09:50.880 --> 0:09:53.640 reading for Congress all over the country who have every 0:09:54.120 --> 0:09:56.760 UH name on a list that they can cold call 0:09:56.880 --> 0:09:59.840 and UH they have no hesitation, and so I think 0:09:59.840 --> 0:10:03.240 the so it's a real challenge for everybody on a 0:10:03.320 --> 0:10:05.760 local as well as the national level level to get 0:10:05.840 --> 0:10:08.400 to raise the funds and get their message. Of course, 0:10:08.440 --> 0:10:13.760 even even more importantly, Allen, how you know, in any 0:10:13.800 --> 0:10:17.599 normal year with an economy tanking, one would think the 0:10:17.640 --> 0:10:21.720 incumbent doesn't even stand a chance politically. But this is 0:10:21.760 --> 0:10:24.959 a year unlike any other. You know, There's been folks, 0:10:24.960 --> 0:10:27.280 including the President, have talked about it as like we're 0:10:27.400 --> 0:10:30.360 in a war, you know, a health war. UM. And 0:10:30.400 --> 0:10:34.360 I'm wondering how you think the economy, the handling of 0:10:34.400 --> 0:10:38.439 the virus, the virus itself will ultimately impact the outcome. 0:10:38.480 --> 0:10:41.640 I mean, you understand the political world better than most, 0:10:41.679 --> 0:10:44.280 So how do you think all of this will ultimately 0:10:44.320 --> 0:10:49.120 impact the outcome? I think it's uh. First of all, 0:10:49.400 --> 0:10:52.400 Donald Trump was running on the basis of having a 0:10:52.480 --> 0:10:55.840 very very strong economy, and we all know how many 0:10:55.840 --> 0:10:59.760 times you referred to the stock market UH as a 0:11:00.000 --> 0:11:04.640 mind of his success. I think that that UH line, 0:11:04.679 --> 0:11:08.400 that logo line, that buzz where it is really going away. 0:11:08.440 --> 0:11:10.959 And I think that he certainly can't point to that. 0:11:11.040 --> 0:11:13.960 On the other hand, UH, In all fairness, I don't 0:11:14.000 --> 0:11:17.880 think anyone could ever have anticipated what is happening now, 0:11:17.920 --> 0:11:22.600 whether it's a month later or not. The decline that's 0:11:22.600 --> 0:11:26.679 taking place is so dramatic that the economy's success is 0:11:27.240 --> 0:11:29.679 going to be far less a factor than it might 0:11:29.720 --> 0:11:32.840 have been otherwise. I think that so you get back 0:11:32.880 --> 0:11:39.080 to how the how the healthcare issue is handled is 0:11:39.480 --> 0:11:42.360 front and center. But I think you've come back to 0:11:42.520 --> 0:11:45.600 before we get there in September, and even if they 0:11:46.080 --> 0:11:50.319 ascuse me, in November, even before you get there, there's 0:11:50.320 --> 0:11:53.040 going to be a chance to see these two candidates 0:11:54.240 --> 0:11:57.680 had to had in some fashion. Uh, even if they're 0:11:57.679 --> 0:11:59.440 standing on the stage with no one in the room, 0:12:00.000 --> 0:12:02.320 and we're going to get a good sense of who 0:12:02.360 --> 0:12:05.959 these people are. And I think that Joe will come 0:12:05.960 --> 0:12:09.559 out on top in terms of his his style and 0:12:09.679 --> 0:12:14.720 his knowledge of of domestic and foreign affairs, his ability 0:12:14.800 --> 0:12:18.920 to cross the bipartisan divide. And I think that that's 0:12:18.960 --> 0:12:23.880 where he will show himself and our president current president 0:12:23.960 --> 0:12:28.440 will I think, bluster and and and exaggerate and make 0:12:28.520 --> 0:12:31.400 lots of claims and uh, I think we're gonna have 0:12:31.440 --> 0:12:34.720 to live with that, and you know, calling people names 0:12:34.760 --> 0:12:37.920 that he'll create. Uh, it was just the style where 0:12:37.960 --> 0:12:40.280 we will you know, gotten used to over the last 0:12:40.360 --> 0:12:43.440 four years, and hopefully the public will see through that. 0:12:43.559 --> 0:12:47.240 I I think I think we've all come to realize 0:12:47.240 --> 0:12:49.920 who the real Donald Trump is. And I think the 0:12:49.960 --> 0:12:54.800 real Joe Biden everybody is known for forty years, thirty years, uh, 0:12:54.880 --> 0:12:57.720 forty years probably, and Uh, I know the kind of 0:12:57.760 --> 0:12:59.960 man he is and the character he has, the compassion 0:13:00.040 --> 0:13:02.680 and he has, and I think that will show through 0:13:02.720 --> 0:13:04.680 when two of them are standing on a stage together. 0:13:05.080 --> 0:13:07.280 I'm sure Donald Trump will do everything he had not 0:13:07.360 --> 0:13:09.400 to be on that stage with him, but I don't 0:13:09.400 --> 0:13:11.480 think in the end he'll have to have a choice 0:13:11.520 --> 0:13:13.760 on that. Alan, you think you think we will get 0:13:13.760 --> 0:13:15.960 to a point that where they're both sharing a stage again. 0:13:16.000 --> 0:13:18.120 I mean, we're all kind of waiting to see what 0:13:18.200 --> 0:13:20.320 happens or whether there's a second wave of all of this, 0:13:20.440 --> 0:13:24.480 but you do foresee that ultimately, by November will be 0:13:24.559 --> 0:13:27.400 in a situation where we can have two candidates safely 0:13:28.360 --> 0:13:32.000 on a stage despite the virus. Well they might be. 0:13:32.400 --> 0:13:33.880 I don't know if they'd be safe even if there 0:13:33.880 --> 0:13:40.520 were no virus, right, And so, Alan, Um, I do 0:13:40.640 --> 0:13:43.040 want to ask you something We've been asking all of 0:13:43.080 --> 0:13:46.880 our um, all of our guests, especially those with a 0:13:46.880 --> 0:13:50.440 lot of experience like you have, uh in the market, 0:13:50.920 --> 0:13:53.920 what changes on the other side of this, maybe something 0:13:53.960 --> 0:13:57.680 that is under appreciated. How does the world change, and 0:13:58.080 --> 0:14:01.800 especially through the lens that you look at as an investor. 0:14:02.400 --> 0:14:04.840 I like that question. It's a very good question. It's 0:14:04.920 --> 0:14:07.120 it's absolutely where we should all be thinking. How is 0:14:07.160 --> 0:14:09.800 the world going to be different whenever this ends? And 0:14:09.840 --> 0:14:12.240 I think it's going to have some profound differences. First 0:14:12.240 --> 0:14:14.960 of all, I think we've all learned to work virtually. 0:14:15.679 --> 0:14:19.320 What's the implication going to be for high rise office 0:14:19.360 --> 0:14:25.239 buildings and clusters enormous clusters of of office workers, particularly 0:14:25.240 --> 0:14:31.880 doing uh standard functions, uh whatever, whether it's an assurance industry, 0:14:31.960 --> 0:14:34.960 the banking industry, whatever it else. We don't need, you know, 0:14:35.120 --> 0:14:39.520 a hundred thousand squareput possibly will not need that. Maybe 0:14:39.560 --> 0:14:43.160 the top people people are doing uh decision making need 0:14:43.200 --> 0:14:45.400 to get together. But I think that will change in 0:14:45.480 --> 0:14:47.720 how our work. I think we've all gotten used to 0:14:47.760 --> 0:14:49.760 being We may get used to a four day work 0:14:49.840 --> 0:14:53.200 we who knows, I think we we will also have 0:14:53.240 --> 0:14:57.040 a much greater appreciation I hope for the medical profession 0:14:57.440 --> 0:14:59.880 and what's being done and what is being done, and 0:15:00.040 --> 0:15:04.680 that includes nurses, doctors. I would assume deadness included. The 0:15:04.960 --> 0:15:08.960 E M T group are safety people who are making 0:15:09.040 --> 0:15:12.080 enormous sacrifice that I think people will have a greater, 0:15:12.480 --> 0:15:16.960 greater understanding. I think thirdly, I think we're all learning too, 0:15:17.720 --> 0:15:20.960 you know, as a family, as family groups, we're learning 0:15:21.000 --> 0:15:24.400 to learning about each other and learning how to that 0:15:24.560 --> 0:15:27.280 the family meal is a tradition that maybe we'll be 0:15:27.320 --> 0:15:30.520 restored again. And I think that, uh, there may be 0:15:30.680 --> 0:15:34.480 a kinder, better world. And I don't mean to be 0:15:34.560 --> 0:15:39.160 you know, too over uh schmaltzy in terms of uh, 0:15:39.200 --> 0:15:43.640 you know, uh motherhood, but I think I think that's 0:15:43.640 --> 0:15:47.240 a possible, very probable outcome. Another thing I think, which 0:15:47.280 --> 0:15:50.600 is probably not as good, is I think that we're 0:15:50.600 --> 0:15:54.440 going to become more and more nationalistic. I think, uh, 0:15:54.480 --> 0:15:58.440 there's been a strong trend even before this happened, our 0:15:58.520 --> 0:16:01.360 president being the leader of it. It also bars Johnson 0:16:01.360 --> 0:16:04.480 and in England, what's happening in Italy. With's happening a 0:16:04.520 --> 0:16:09.520 lot of countries who are becoming more isolated, more less globally, 0:16:10.200 --> 0:16:13.640 and I think that that's going to change the nature 0:16:13.720 --> 0:16:18.600 of our of our home to international society. And it 0:16:18.680 --> 0:16:22.040 comes to the time where we need cooperation for the climate, 0:16:22.080 --> 0:16:26.400 which I think everybody realizes even now, maybe when they're 0:16:26.400 --> 0:16:30.000 outdoors more is an important thing that's worth saving. And 0:16:30.840 --> 0:16:32.480 it's gonna be a lot harder when we have a 0:16:32.520 --> 0:16:35.080 lot of countries who are all they all they're going 0:16:35.120 --> 0:16:37.880 to focus on is their own self interests will be 0:16:38.000 --> 0:16:40.960 less importing. Uh there'll be more of a trend to 0:16:41.040 --> 0:16:44.560 try to manufacture at home and not depend on other people, 0:16:44.920 --> 0:16:48.120 whether it's oil or whether it's electronic components. So I 0:16:48.160 --> 0:16:50.360 think there's going to be a lot of changes, and 0:16:50.440 --> 0:16:52.960 that's things we should be thinking about. How how is 0:16:53.000 --> 0:16:55.160 this world going to look like when we come out 0:16:55.160 --> 0:16:59.400 of this uh pit that we're in. So this is 0:16:59.440 --> 0:17:01.080 like the perfect it end, But I have to ask 0:17:01.120 --> 0:17:04.080 one follow up? Will it impact? It sounds like obviously 0:17:04.080 --> 0:17:08.560 it will impact maybe you're investing going forward. Yeah, I 0:17:08.600 --> 0:17:10.959 think sure it is. I mean we'll be looking at 0:17:10.960 --> 0:17:14.320 different kinds of companies that provide different kinds of services, 0:17:14.600 --> 0:17:19.239 and out of all uh upheavals come new opportunities. And 0:17:19.280 --> 0:17:21.040 I think that's the way you have to look at it. 0:17:21.080 --> 0:17:25.880 That adversity brings the opportunity, and it's for the the wise, 0:17:26.000 --> 0:17:31.240 the astute, the the pioneers, the adventuresome who will take 0:17:31.320 --> 0:17:35.720 chances in new ideas, new technologies, new concepts to deal 0:17:35.760 --> 0:17:37.639 with the world that we're going to be living in, 0:17:37.880 --> 0:17:41.800 whether it's in June or September or drive forbid it, 0:17:42.000 --> 0:17:45.040 you know, even later. But you know we all, we 0:17:45.119 --> 0:17:47.800 all like to see that happen sooner rather than later. Well, 0:17:47.880 --> 0:17:50.640 we wish you so well, Alan, and thank you so much, 0:17:50.920 --> 0:17:53.359 Um for finding a nice tunk of time to spend 0:17:53.359 --> 0:17:55.520 with us and really get your insights. So do take 0:17:55.560 --> 0:17:58.280 care of yourself and your family. I'm delighted to have 0:17:58.359 --> 0:18:02.320 Alan Patrick off with us, of course um the founder 0:18:02.359 --> 0:18:06.040 and uh managing director of greg Crop, but really someone 0:18:06.160 --> 0:18:08.919 who's legendary within the venture capital world, Jason and the 0:18:08.920 --> 0:18:12.080 political world to political you heard it all. There is 0:18:12.480 --> 0:18:15.399 the scope. You can tell why he has such smart boys. 0:18:15.440 --> 0:18:18.000 He's a good guy. Uh. In any case, Alan PATRICKROF 0:18:18.040 --> 0:18:18.680 grateful to him.