David Solomon

And that's why I think you're going to see a bunch of these companies go public, because they actually need the capital.

It's interesting.

I've advised companies for years, and at one point, 25 years ago, I actually ran the equity capital markets business at Goldman Sachs.

That was a job I had early in my career in Goldman Sachs.

And I used to say to companies, there are few reasons to go public.

You need the capital, you need the currency, you have to create liquidity for early investors.

But all the other stuff that people talk about is really not critical and you have to recognize that if you're running a company successfully and you don't need those things,

When you take it public, you will run it differently.

You will run it differently.

It is different running a public company than a private company.

There are different pressures.

There's a different life cycle of how you have to respond.

You will run it differently.

And so my advice has always been wait as long as you possibly can to go public.

Okay, if you're giving advice to companies.

And I think companies have recognized the capital's been available privately at most scale.

The liquidity has been available in a variety of different ways at most scale.

The currency thing is tricky, but generally speaking with these growth companies, they don't need the currency because they're growing, they're not doing M&A.

And so I think you're going to see a bunch of these companies go public because they need the capital, because they've reached the scale and they have a demand for capital where they need the capital.

And I think the current SEC chairman is working on a variety of things that hopefully will take some of the friction out of going public, which will help a little bit.