Anthony Pompliano

They saw that the internet was going to disrupt these media companies.

And so investors started to sell them.

And then only after two or three years did you start to see the actual impact of the financials because eventually the technology force is too big to overcome.

The reason why that chart is floating around right now is because people are looking at the software companies and saying, hey –

The defenders of the SAS companies is look at how much money they're making.

Look at how much growth they have.

Look at their customer concentration.

Look at the LTV expansion of on a per customer basis, like all these metrics.

Are we just two or three years until we start to see that stuff come down?

And so actually the market is forward looking and realizes the writing's on the wall.

or is something else going on that, you know, could we actually see multiple compression, but the companies continue to grow, they actually make more money in the future, it's just the multiples have come down.

And so you don't need to have impaired financials as much as just people treat it as less valuable in the future.

Why do you think that there's not gonna be public companies?

That's interesting.

on-chain fundraising, all this stuff.

We've seen now multiple crypto companies, whether they're public or private, acquire various type of cap table management, fundraising on-chain, et cetera type of businesses.

We also see tokenization coming fairly quickly.

Figure Technologies, a company I've been involved for a while now, they just, I think they're the first company

to take shares and say, we're not going to take the public shares, put them in like an SPV and then tokenize the SPV.

They instead said, if you have a share that is on the, I think it's New York Stock Exchange or NASDAQ, and we are going to create native digital shares and it's a one for one.