Bill Gurley

But they don't take a responsibility of being someone to help you make better decisions.

They're never going to tell you no.

A grand example of that is the SBF-FTX situation where no one took a board seat.

Everyone believed that he wasn't commingling and it ended poorly.

It's helpful to have someone along who will call bullshit when it needs to be done, who will push on unit economics.

And one fear I have about this world is there's less and less of that.

The very best CEOs, and I put people like Barton and Benioff in there, even Mark and Metta has said this, they believe being public makes them run sharper.

And one other negative of these companies staying private forever is they're not getting that feedback.

Now, let me try and answer your question.

I don't know, man.

What would I do?

It's a hard time for me to imagine starting on that journey because of everything that I just laid out.

So I really don't know.

I'm just going to have to take a pass.

Yeah.

If you're lucky enough to be in one of these hot companies and you're in the middle of this whole world that we talked about, I would offer a couple of things.

One, unit economics will matter one day.

And that doesn't mean you have to sharpen the pencil right now.

Like I said, the two generation old models cost one one hundredth the token.

You can plan that we're going to move to that.