Bill Gurley

I think there's a heightened awareness of all the market realities that I discussed.

And I think in their place, they have to make a decision.

Talk about long-term decision-making.

If you're working in an endowment, you don't get much time to make a decision and your feedback cycles are 10 or 15 years.

So it's tough, but you have to start thinking about whether these things we're discussing are temporary or permanent.

And if they're permanent, you have to change the way you do things.

So as I mentioned, one of the LPs I talked to had moved in and out of Stripe, knows the person to call that is running capital markets basically at the firm and is starting to consider that it could be permanent and thinking about how they need to be positioned for a world like that.

Yeah.

And maybe I'll change some of the ordering around here because I had five analysis points, but I think that's a messier world.

The comment you made about the best world would be one with highly functioning capital markets where it's efficient to go public and where things trade in liquid markets and trade daily and with low transaction costs.

I do think that's the better world.

If we move to a world where

The answer to getting the everyday consumer into high growth tech is to put their endowments, 401ks, IRAs into these venture funds that are charging two and 20.

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.