David Sacks

We're going to give this a title.

The power law rules our lives.

The power law rules our lives.

All the great gains are being consolidated into small numbers of companies, but we're still seeing strength in those.

How do you see the private market ecosystem, the game on the field, evolving because of the stay private longer and these extraordinary outcomes?

Obviously, I operate in the earliest stages.

You have people who are doing series A's like craft ventures.

You have yourselves dipping down into private, but I was talking to Brad Gerstner who you discussed earlier.

He was like, I have to figure out where to put my time.

We have early stage and they do obviously public like yourselves.

And then add to that, you have people like Andreessen Horowitz maybe going for the average in a major way and indexing venture.

What is the playing field going to look like for people who are LPs, angel investors, venture firms?

How does this all sort out into a cohesive strategy over the next decade or two?

Because it's clearly the private markets are operating much differently than the playbook 20 years ago.

What does this mean for where capital allocators should be thinking about putting their money?

Because what you're showing here, a rational person who's an LP would just say, wait for whoever gets to 100 billion and YOLO every dollar you can in there, because it's the most sure thing, it's the least brittle, it's the least amount of effort, and it's the quickest return.

But as we know, supply demand equals valuation.

These valuations are disconnecting from any valuation metric we've ever had.

We had it explained to us today by Bill Ackman, I think quite accurately.

You're making venture investments in trillion dollar companies and giving them 50 times revenue, 100 times revenue evaluation.