Bill Maris

The passive funds, the ETFs are going to have to pick them up.

The passive funds, the ETFs are going to have to pick them up.

And where do you think we are on that curve of value creation?

And where do you think we are on that curve of value creation?

Could they go 3x from here?

Could they go 3x from here?

Sure, but... So the...

Sure, but... So the...

There's a lot of risk in that and my objection is don't say you're doing this for the benefit of humanity and do the other thing.

There's a lot of risk in that and my objection is don't say you're doing this for the benefit of humanity and do the other thing.

Or just say, this is how we're running our business, and this isn't for the benefit of humanity.

Or just say, this is how we're running our business, and this isn't for the benefit of humanity.

I mean, one, that's how venture is, right?

I mean, one, that's how venture is, right?

75% of funds lose money.

75% of funds lose money.

But two, in order for founders fund or pick any fund to get that $100 billion out, they have to sell that stock to someone else.

But two, in order for founders fund or pick any fund to get that $100 billion out, they have to sell that stock to someone else.

Otherwise, it's just on paper.

Otherwise, it's just on paper.