Adena Friedman

Or want to go public.

Or want to go public.

Or want to go public.

Yes. Okay. So I actually, first I would just frame it out. So there was a study that was done and in 2023, there was $112 trillion in the public markets and $15 trillion in the private markets. So the public markets still are an enormous, enormous driver of wealth creation, economic growth, and frankly, just drivers of the economy. But the private markets are growing a lot faster.

Yes. Okay. So I actually, first I would just frame it out. So there was a study that was done and in 2023, there was $112 trillion in the public markets and $15 trillion in the private markets. So the public markets still are an enormous, enormous driver of wealth creation, economic growth, and frankly, just drivers of the economy. But the private markets are growing a lot faster.

Yes. Okay. So I actually, first I would just frame it out. So there was a study that was done and in 2023, there was $112 trillion in the public markets and $15 trillion in the private markets. So the public markets still are an enormous, enormous driver of wealth creation, economic growth, and frankly, just drivers of the economy. But the private markets are growing a lot faster.

So I think there was like 3% growth in the public capital, 15% growth in the private capital. So it's a different trajectory. So I do think it's important to point that out. But the fact of the matter is companies have a lot more choice today. And they can stay private longer.

So I think there was like 3% growth in the public capital, 15% growth in the private capital. So it's a different trajectory. So I do think it's important to point that out. But the fact of the matter is companies have a lot more choice today. And they can stay private longer.

So I think there was like 3% growth in the public capital, 15% growth in the private capital. So it's a different trajectory. So I do think it's important to point that out. But the fact of the matter is companies have a lot more choice today. And they can stay private longer.

The private equity industry and the VC industry are changing their fund structures to make it so that they can keep private companies longer.

The private equity industry and the VC industry are changing their fund structures to make it so that they can keep private companies longer.

The private equity industry and the VC industry are changing their fund structures to make it so that they can keep private companies longer.

Right, yes, permanent capital vehicles, other things. And so it's going to be increasingly important that we demonstrate why being a public company is actually the best next step for a company. And I look at it not as a destination, but as a next step. And I think I've said this to you before, Clark. I know I said it when I was at Carlisle.

Right, yes, permanent capital vehicles, other things. And so it's going to be increasingly important that we demonstrate why being a public company is actually the best next step for a company. And I look at it not as a destination, but as a next step. And I think I've said this to you before, Clark. I know I said it when I was at Carlisle.

Right, yes, permanent capital vehicles, other things. And so it's going to be increasingly important that we demonstrate why being a public company is actually the best next step for a company. And I look at it not as a destination, but as a next step. And I think I've said this to you before, Clark. I know I said it when I was at Carlisle.

Going from being a private company to a public company is like going from driving on a country road where you're winding your way through. You know where your destination is, but you don't quite know how you're gonna get there and you might take a turn or two along the way. But you can also pick your speed. There's a lot of different elements to driving on a country road.

Going from being a private company to a public company is like going from driving on a country road where you're winding your way through. You know where your destination is, but you don't quite know how you're gonna get there and you might take a turn or two along the way. But you can also pick your speed. There's a lot of different elements to driving on a country road.

Going from being a private company to a public company is like going from driving on a country road where you're winding your way through. You know where your destination is, but you don't quite know how you're gonna get there and you might take a turn or two along the way. But you can also pick your speed. There's a lot of different elements to driving on a country road.

And then being public is like getting onto that four lane highway. And you have a lot more rules. You're going a lot faster. You have to make sure you're looking left and right. You have to know you probably have a better sense of what that next turn is going to be. So I think that that's just a different way of running your company. But being a public company can make you go faster.

And then being public is like getting onto that four lane highway. And you have a lot more rules. You're going a lot faster. You have to make sure you're looking left and right. You have to know you probably have a better sense of what that next turn is going to be. So I think that that's just a different way of running your company. But being a public company can make you go faster.