Bill Gurley

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.

I would think deals with the capital raise are just going to get rid of that piece.

There's a really interesting post by Hester Pierce.

Maybe you can put in the show notes.

It's only eight pages long.

She's the longest standing commissioner of the SEC.

There's only four right now.

And she's the one that's been the most crypto friendly.