Azeem Azhar

You get the return of the NASDAQ.

You get a pretty excitable stock index.

So if you buy an index like a NASDAQ, which you can do in many different ways, you get a bit of diversification and every single company in that index is a public company subject to the governance and reporting of public companies.

And if you bought that index, it's immediately liquid.

You can take your profits and losses whenever you like.

You know, you could sell when it's a bit high so you could go off and treat yourself to whatever you fancy.

Private companies can't sell their shares.

You can't sell those shares as easily.

They are somewhat illiquid and they don't have the same infinite information rights or governance controls as you're forced to do on the public markets.

So all of that should add what would consider a risk premium.

You know, you can't be buying open AI when you could be buying the NASDAQ because, you know, you get the benefits of that diversification and sort of public governance.

17% is not enough.

It's got to be much more than that.

It's got to be, I don't know,

in the case of this 20, 25%.

So what's going on in OpenAI today is that there's this secondary sale that's allowing insiders to sell about $10 billion of shares reported at a $500 billion valuation.

Now, if I recall correctly, the last time the company raised money, it was at $300 billion.

So that's a big step up.

And within all of that,

OpenAI is quite a complex beast.