Bill Gurley

The last thing I wanted to talk about, which you already hinted at, is there's a new motion in the late stage market.

And I think Josh and the team at Thrive, they're not the only one, but they've been leading the way here where you go at companies that

We're already on the list to go public that the journal was talking about.

They're going to go public next year.

And you present them with an offer that I don't know if you want to call it too good to refuse, but something of that nature.

And founder liquidity encourages employee liquidity.

It might encourage angel liquidity.

And you basically encourage the company to stay private.

We've seen that now a couple of times.

Most recently, Databricks, but Stripe.

And Patrick and John have gone on different podcasts and talked about it.

At one point, it felt like they were saying, yeah, we might go public, but not now.

More recently, it sounds like what you said, we might never go public.

And some of the LPs that I talked to, this is fairly unusual, they've traded in and out of Stripe.

And the company's somewhat comfortable with it.

And that's very new and unique in our world.

Correct.

More like the old pink sheet trade by appointment thing.

We're about to dive into all that.

I want to mention one thing that I think is fairly interesting and intuitive once you hear it.