Adena Friedman

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.

It gives your clients a sense of permanence in terms of who you are as a company. Are you going to be there to serve me over the next 10 years, not just the next five? Right. When we've bought companies out of private equity and brought them into NASDAQ, the clients are so happy because they know they have a forever owner. And we're there to drive the business over the long term.

It gives your clients a sense of permanence in terms of who you are as a company. Are you going to be there to serve me over the next 10 years, not just the next five? Right. When we've bought companies out of private equity and brought them into NASDAQ, the clients are so happy because they know they have a forever owner. And we're there to drive the business over the long term.

It gives your clients a sense of permanence in terms of who you are as a company. Are you going to be there to serve me over the next 10 years, not just the next five? Right. When we've bought companies out of private equity and brought them into NASDAQ, the clients are so happy because they know they have a forever owner. And we're there to drive the business over the long term.

We can make 10-year decisions for that business. And it's a very different investment thesis for the clients. So there's a lot of benefit to being in a public company, but there's also a lot of obligation. And we have to look at that and say, is the obligation getting kind of out of whack with the benefits?

We can make 10-year decisions for that business. And it's a very different investment thesis for the clients. So there's a lot of benefit to being in a public company, but there's also a lot of obligation. And we have to look at that and say, is the obligation getting kind of out of whack with the benefits?

We can make 10-year decisions for that business. And it's a very different investment thesis for the clients. So there's a lot of benefit to being in a public company, but there's also a lot of obligation. And we have to look at that and say, is the obligation getting kind of out of whack with the benefits?

And that's where we have to engage regulators, legislators, and make sure they understand you can't just pile a bunch of obligations on just by the fact they're public companies. You have to focus those obligations on what shareholders really need to know in order to make an informed decision. And we're working on that right now. I think there's an opportunity to recalibrate that right now.

And that's where we have to engage regulators, legislators, and make sure they understand you can't just pile a bunch of obligations on just by the fact they're public companies. You have to focus those obligations on what shareholders really need to know in order to make an informed decision. And we're working on that right now. I think there's an opportunity to recalibrate that right now.

And that's where we have to engage regulators, legislators, and make sure they understand you can't just pile a bunch of obligations on just by the fact they're public companies. You have to focus those obligations on what shareholders really need to know in order to make an informed decision. And we're working on that right now. I think there's an opportunity to recalibrate that right now.

We're at this inflection point in the economy, in the world, but in technology, and also in the world, meaning the broader climate and other things that are happening, the externalities that we're facing.

We're at this inflection point in the economy, in the world, but in technology, and also in the world, meaning the broader climate and other things that are happening, the externalities that we're facing.

We're at this inflection point in the economy, in the world, but in technology, and also in the world, meaning the broader climate and other things that are happening, the externalities that we're facing.

So we've done some work with some firms that have estimated that there's probably an $80 trillion investment that needs to be made in order to really bring every society and every economy forward to face the realities of the world that we're living in today. So that can be

So we've done some work with some firms that have estimated that there's probably an $80 trillion investment that needs to be made in order to really bring every society and every economy forward to face the realities of the world that we're living in today. So that can be

So we've done some work with some firms that have estimated that there's probably an $80 trillion investment that needs to be made in order to really bring every society and every economy forward to face the realities of the world that we're living in today. So that can be

climate change and an energy transition and unleashing the power of technology and AI, the redefining what will AI really mean for every business, for every part of society. But there's an enormous amount of opportunity to unleash if we can find the capital to deploy. And that's, of course, what capital markets do.

climate change and an energy transition and unleashing the power of technology and AI, the redefining what will AI really mean for every business, for every part of society. But there's an enormous amount of opportunity to unleash if we can find the capital to deploy. And that's, of course, what capital markets do.

climate change and an energy transition and unleashing the power of technology and AI, the redefining what will AI really mean for every business, for every part of society. But there's an enormous amount of opportunity to unleash if we can find the capital to deploy. And that's, of course, what capital markets do.

And it's also what the broader banking system and VC investors, investment, that's what we're here to do is to really put capital to work in these defining moments to catalyze growth or to catalyze change.