Bill Gurley

And if you step in and delay that and get decent ownership, you wouldn't get otherwise.

Maybe those firms are better off than they would have been participating in those companies while they were public.

Here's a super important piece that goes on top of that.

They then turn around to go to the LP community and say, companies are no longer going public when they used to.

If you want exposure to that growth in these important high-tech companies, you have to invest in me.

And that resonates.

I agree with you on the wish.

I think that we are way better off if there are more companies.

One thing I didn't bring up in the realities that I know you know and most people know is the number of total public companies in the U.S.

is way down from peak.

And so there's less companies going public.

And

I think a big part of that is this IPO process, the brand name banks.

I had my friend Jay Ritter rerun the data.

Is there up 25, 26% underpricing?

You add in the 7% fee and you're like a 33% cost of capital.

I know one CEO that's on file and talking to their bankers and the banker said, we think you should price at X. And the founder said, I can raise a billion tomorrow at 20% above that.

Yeah.

To your point, why go public if the private markets are this fluid and liquid and optimized?

So I don't know what it would take.