He's not saying you don't need a balance sheet. He's saying looking at one for an early stage startup as an outsider doesn't help him make a decision. I suspec

He's not saying you don't need a balance sheet. He's saying looking at one for an early stage startup as an outsider doesn't help him make a decision. I suspect if you asked him he would tell you that particularly as the startup grows the startup should be across the financials, just that it doesn't help an outsider with no context as to why you're in the red.