Bill Gurley

I don't think

What was that famous investing book, one up on Wall Street, Harvey?

Yeah, I know what you're talking about, yeah.

He would have never wanted that world to be the world that emerged, but it looks like we might be headed towards that world.

I just think there's more obfuscation, less transparency.

There will be more fraud.

There will be higher transaction costs.

It would be the nature of the beast.

When we use the example of a Stripe or whatever, that's one company.

We might go up to five companies in the example, but we're worried about 1500 companies and they can't all do that.

They can't all be striped.

They are forced to play the game on the field.

And this is, I think, the worst part of this whole world.

So there's a word that I found called a gavage tube.

Do you know what a gavage tube is?

I do not.

So a gavage tube is what the French use to force feed the geese so that they can create for growth.

Here's a picture of one, which is the funnel into the mouth.

And what ends up happening in this world, because it's the same thing that happened in 2021, is the minute there's a company that has any amount of excitement about it whatsoever, someone's knocking on the door trying to give them 100, 200, 300 million dollars.

I think for founders that have struggled their whole life to raise money, this must sound like the most ridiculous comment ever, but it's a reality.