Benjamin Felix

try your best to find a way to buy more open AI?

Do you need to own more than what is represented by Microsoft?

I mean, I don't know.

I guess after the fact now, if you knew to do that a while ago, we can say that, hey, that would have made a lot of sense.

But again, as I mentioned earlier, there's a ton of survivorship bias there.

Go back in time 10 years, which private companies should we invest in?

All right.

So my wrap up here, yes, it is possible that these upcoming mega IPOs will affect market indices, especially if these companies

end up being fast-tracked for inclusion.

And then due to index fund mechanics, index funds will buy up IPO shares at any price if they're included in the index they're tracking, leading to adverse selection and potentially even making the problem worse for themselves because people know the index funds are going to be buying those shares.

If you're an index fund investor, I think this is a really important point.

This is a cost that you have been paying and still outperformed most everything.

Maybe these cases, as you mentioned earlier, Dan, are a bit more extreme just because of the size of the companies, but this is it.

This is part of the indexing lifestyle.

You're deciding to accept what the public market has to offer, which includes investing in IPOs that sometimes have high prices.

You can either accept that and carry on, which has been a very successful strategy.

I suspect it will continue to be a very successful strategy in

in the future.

Or you can look at alternatives like dimensional funds or Avantis funds that we talked about, which have their different methodologies for avoiding IPO flops.

And those are also low cost, broadly diversified, systematic funds.