David Friedberg

No, in fact, it was the opposite.

I think that the institutional investors and my investors in this, 98.7 of the capital was allocated to these guys are the best of the best.

You know who they are.

So they're every single blue chip A plus institutional investor.

And what they wanted was great companies.

They want great companies to be public.

And the reason is the thing that, Friedberg, I think you mentioned this before,

When a good company gets public, the amount of money that they can raise in the publics and then the amount of growth that they have in the publics far outclasses what they'll ever do as a private company.

And so they want the simplest and cheapest way of great businesses to get out.

It's a great question.

I think it comes down to the underlying asset.

But there are some incredible companies that are private, that if they go public,

will be able to demand common pipe capital.

I think that the future, maybe just prognosticating and guessing, what does Raptor 3 look like in this back?

I think the Raptor 3 will look like where somebody, a sponsor like me, rolls everything up into one thing so that it's already pre-wired from the beginning, where I'll just speak to

a billion, two billion, three billion, whatever it is, flexible capital that can come in as common so that it's a totally pre-baked IPO at a very fair price.

I think that that's what the Raptor 3 version of a SPAC will look like.

Meaning then there's no conversion risk, that all the money comes over right from day one.

It comes over, right.

Yeah, nothing can be earned unless the stock is up 50%.