Doug is a long-time colleague and extraordinary at what he does, and this was a terrific conversation. Toward the end of the interview, he recalled hearing me turn down a company and said, “The founders are going to walk away from this thinking they won the lottery. I was always an admirer of how he (Jim) could do that.” I’ve always tried to pass on companies with as much grace and thoughtfulness as possible, as well as give the reasons why. The founders we meet are so often universally high-quality people taking on something incredibly difficult. Like many of the very best Venture Capitalists, we have always felt that they deserve respect, whether or not we ultimately invest. There’s also an important element of humility in saying no. Investors get things wrong, companies evolve, and circumstances change. If I missed something, I always want to be able to revisit the conversation with a founder and, hopefully, find a way to work together down the road. This has occurred many times, and with some of our best deals.