seed pricing has changed everything about investing 10 years ago, if you met an exceptional founding team at seed, you invested. didn't even need to know the price. it would be reasonable. sometimes the commitment happened before knowing the valuation -- uncapped notes, whatever. didn't matter. that's OVER. there was a deal we looked at recently: $60M on $300M post. at seed. the AI capital frenzy has made seed pricing super high in some corners so now the evaluation has two steps instead of one. step one: exceptional founder? same as always. step two: does the price make economic sense? a decade ago only step one mattered. now you need insanely good pattern recognition on both and that only comes from seeing thousands of deals over many years. there's no shortcut.