It's a bit shocking that even as a professional investor like Bill, all the VCs he invests in have performed this way, which shows that it's really common for VCs to have difficult times. However, the gap between different VC funds is as big as the performance gap of Tugou Meme on Pumpfun. After DeFi Summer, where even fools can make money, there has been a clear differentiation among venture capitalists. I also provide some data for reference. Recently, two VC funds that were LPs in the past two years have been liquidated. A team from the United States gave a return of over 200%. Another Chinese team caused me a loss of over 70%, setting the worst record for me as an LP. The gap is just that big. There are still several VC firms that have not been liquidated, and their accounts look good, all greater than 1, but they may not be optimistic when they actually get it. Anyway, the good days of VC's 10 times return in the past few years are definitely gone. Our own team has also managed several VC funds in the past few years, which we were hesitant to mention because we significantly underperformed the funds during the DeFi Summer period. But based on the data references recently released by our peers, do we seem to be okay? For example, there is a main fund that has already provided more than 90% DPI to LP, and it can recoup its investment and make money this year. Although the DPI of the other main fund is low, its IRR is good and it has locked in some returns in advance. As long as the industry does not disappear, it is the most basic not to lose money to the LPs. The new VC fund that just closed last year has invested less than half, and recently I'm worried about what to invest in next. Finally, what I want to say is that as long as the industry exists, the VC industry will not disappear. The worse the market, the more the balance will shift towards VC, giving us greater bargaining power over project parties and the ability to confidently select truly high-quality teams. When the industry recovers, VC is believed to be the first to benefit from the industry dividends. Therefore, VC colleagues, please endure a little longer. If you can't bear it, buy all the remaining money in BTC! We have issued a total of two funds during the same period. One fund has a DPI of 90% and can make money for LP this year. The other fund has a lower DPI but a lower book return