Alex Rampell

Now it's like, fucking, I'm going to go for $100 billion.

Okay, that's great.

Now we're all aligned.

But the other option is now they don't care about getting liquidity for investors.

They don't care about getting liquidity for employees.

They're quite comfortable.

You don't want to have that set up.

Moral hazard.

That's the economic framing, right?

It's moral hazard on both primary and secondary, to your point.

Necessity is the mother of invention.

So if you have $100 billion in the bank, when you really should only have $10 million in the bank, you're like, ah, I'll do 50 things.

I'll have multiple layers of people that I don't need.

And it's interesting.

I find that a lot of people, when I think about the difference between conservatives and liberals or people that believe in big government, small government, a lot of it comes down to the disconnect between

more input is better output.

A lot of people just believe this.

It's like, okay, the IRS, the Internal Revenue Service, like, oh, there's a lot of tax fraud.

We need to hire more people.

And if we have more people, we're going to do a better job of catching tax fraud.