Well, I could be recalling incorrectly for the first part of the hedge. It seems clear, though, that you and PG disagree on what the consequences of failure are

Well, I could be recalling incorrectly for the first part of the hedge. It seems clear, though, that you and PG disagree on what the consequences of failure are, in that he would not characterize 5 years spent working on a failed startup as "lost". Anyway, I'm not really big on the all-in startup model, but I don't think it's strictly worse.