Bill Gurley

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.

If I were an LP, what would I do?

I mean, I certainly think you dabble in the late stage private market on both sides as a seller and a buyer to see what the motion looks like so that you can feel it out.

I don't want to create a run on the bank, but you might really reevaluate whether the Yale model works if everyone's doing it.

I think it definitely worked when Yale was the only one doing it, but I don't know that it works now.

I think it'd be interesting to find a PE firm that was going to very aggressively go through the zombie unicorn process.

group of thousand companies and try and extract value.

I would think there's some opportunity there to look at it optimistically instead of pessimistically.