David Weisburd

And to your point, some of those companies that would before be small companies today are just large private companies.

almost to an extreme where you have now SpaceX and maybe Anthropic will be listing immediately into these indexes.

So it's immediately as a large company.

So you have to step back and think, okay, maybe 60, 40, maybe a largely private portfolio.

Maybe that still makes sense.

But when you double click on it, what assets am I actually buying?

When you invest, you should be thinking about what do I own versus what I allocate.

So you really want to think about the underlying assets.

What am I buying?

Sometimes public companies today are a hundredth or a thousandth of the valuation of a private company.

So are you really more risk on when you're in the private than the public market?

And just rethinking these from first principles, it's not an easy task, but it's something that I encourage everybody to do.

The worst thing you could do is to take equity-like risk with debt-like returns.

That's waiting for the market to turn against you.

I don't know how that could possibly work over long term.

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