Bill Gurley

Time is a problem, as we've already talked about, and they've been putting debt in place.

There's broad talk in Washington about endowment taxes, which drive more liquidity requirements for these endowments.

And it's something they've never had before.

You have the research cuts, not just the aggressive stuff at Harvard, but even the research cuts on the normal NIH and NSF grants.

What was that extra part where they cut it from 60 to 10, the overhead or whatever?

is going to cause the universities to tell their endowment, instead of 3%, we need 5% or we need 6% a year.

So those things are the kind of things that could push

the LP's in a more difficult situation.

Yale, maybe being first into the secondary market, looks exciting.

You're a small endowment.

You've never had access to Sequoias.

You're going to get to buy a slice here through Yale.

But if you had a secondary pricing fallout as more and more big companies

players come to the table, that could have a reciprocal effect on all of this stuff.

And then I think the other big thing to watch is whether the Middle East might change their mind.

I sent you a link that you can put in here from the chief investment director in Qatar.

and Sheikh Saud Salim Alsaba, he said, the head of the world's largest sovereign wealth fund said the clock is ticking for private equity and join the chorus of investors who've grown worried about the industry's valuation practices.

That's a different perspective out of the Middle East.

And if that were to get infectious and become the universal opinion instead of one of the players' opinions, that would have a big impact out there.

So I think that's the area to watch.