Nassim Taleb's phrase for personal financial and reputational risk — the condition of bearing real downside from your own decisions. William Hockey wants skin in the game to be mandatory again for founders. His read on modern SV: too much early cash, too much Secondary Sales, too little Founder Risk — which produces founders optimizing for optionality instead of building anything that has to actually work. Self-Funding Column with Margin Lending was his own version.