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I hate this business. I think venture
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debt is like the worst vulture-like
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business in Silicon Valley.
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>> Right. I've always hated when founders
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take on venture debt. Part of it is that
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founders forget that they have to pay it
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back. They treat it like venture capital
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and they forget about that and then they
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get surprised. But the other thing I've
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never liked about it
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>> is it makes you more fragile. It
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basically subjects you to a bunch of
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business covenants and it makes it
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harder for you to do an abrupt shift in
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your business because now you've got a
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bank looking over your shoulder and they
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want to make sure they get paid and they
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have to review your financials and all
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the rest of it. And to your point Jake,
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the companies that have free cash flow
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right now are the ones that have the
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most maneuverability. I hate taking away
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maneuverability from founders and that
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is what debt does because it subjects
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you to a fixed schedule of payments. And
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so this is always a thing to remember
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whether you're a business or you're an
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individual. When you put on that debt,
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it makes you more vulnerable to big
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disruptions in the