>> That number is about as high as I'd want it to be. If it were 100%, I'd worry we were being too conservative in who we funded. There is market feedback in t

>> That number is about as high as I'd want it to be. If it were 100%, I'd worry we were being too conservative in who we funded. There is market feedback in this thought (and in the footnote where you cite 'beta'). Really what you are saying is that you are aiming for a level of conservatism/risk relative to the market. I'm curious what the funding rates were in 2006 and how they changed. How much of the increase on funding percentages were due to being better at doing YC and how much of the increase was due to their being much more risk capital in the market?