Alex Rampell

And if you offer that to all employees and all investors and everything else, I don't love the idea of it's like people are looking at this as spreadsheets.

And if you offer that to all employees and all investors and everything else, I don't love the idea of it's like people are looking at this as spreadsheets.

There was a fund in 2021 that did like a massive secondary into one of my companies.

There was a fund in 2021 that did like a massive secondary into one of my companies.

And I was really against it, which made me super popular with the founder, you can imagine.

And I was really against it, which made me super popular with the founder, you can imagine.

They were like, oh, well, we own 4% of the company.

They were like, oh, well, we own 4% of the company.

We want to own 8% of the company because 8% is more than 4%.

We want to own 8% of the company because 8% is more than 4%.

I'm like, dude, I totally agree with you.

I'm like, dude, I totally agree with you.

8% is more than 4%.

8% is more than 4%.

But you have now introduced moral hazard into the equation.

But you have now introduced moral hazard into the equation.

Because if you give somebody generational wealth, you can hope that they're going to swing for the fences and go for it.

Because if you give somebody generational wealth, you can hope that they're going to swing for the fences and go for it.

Because otherwise, I would be happy selling for a billion dollars.

Because otherwise, I would be happy selling for a billion dollars.