Bill Gurley

That was kind of a way around it.

And look, when you price things so high, you look at some of these AI rounds, I could see it making sense for Apple maybe to be in the market for something like a perplexity, but they just raised at 15 billion or whatever.

It makes it hard for things to close when the prices are that high.

So I don't know on the capital markets.

It's funny you mentioned that statement.

I think a lot of people say out loud, we have the best functioning capital markets in the world.

They're the envy of the entire globe.

I'm less convinced personally.

I don't know if you'd call it innovation, but the CO2 had an announcement recently that was different.

I haven't talked to Philippe about it.

I'm just mentioning what I read.

So they used to have a $5 million minimum for a commitment.

They're taking it down to $25,000 or something, and they're going to work with an investment bank to place it.

It's a similar reflection of the point I made about how they would pitch their LPs, but it's tapping into a capital pool, which people sometimes refer to as dentists and doctors that might not otherwise have access to a manager like CO2.

bringing more capital to bear.

The same thing I hear is happening in the PE world.

I think one of the big PE firms is in Washington begging to let 401ks invest in privates, trying to unlock different sources of capital.

It's interesting.

Someone pushed back on me when I was testing this series and say, oh, but the U.S.

institutional P's are tapped.