David Friedberg

It's not yet perfect.

But I do think it tries to improve on the things that I noticed was not working in Raptor One.

And in that is a lot of the compensation and incentives.

And so when I showed that to investors, they were quite excited.

I think that they want a competitive IPO market that brings many, many American businesses to the public market so that they can be owned by everybody, the transparency they like,

And the fact that the incentives are such now where there's absolutely no compensation unless this thing really works.

And founder shares.

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.