Imran Khan

I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. If you're building a company for a long period of time and you have a good business and you generate cash flow, you will create value. What is your IPO prices? It doesn't matter. I'm a big proponent that companies should go public earlier than later.

I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. If you're building a company for a long period of time and you have a good business and you generate cash flow, you will create value. What is your IPO prices? It doesn't matter. I'm a big proponent that companies should go public earlier than later.

I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. If you're building a company for a long period of time and you have a good business and you generate cash flow, you will create value. What is your IPO prices? It doesn't matter. I'm a big proponent that companies should go public earlier than later.

When you're going to a public market, you are building a new relationship with a new group of investors. I think any times you're trying to build a new relationship, my philosophy is give them more, give them a little bit more upside. So be it. No, revenue multiple is a BS multiple, right? Why would somebody give a shit about revenue multiple? I think the problem in M&A market is...

When you're going to a public market, you are building a new relationship with a new group of investors. I think any times you're trying to build a new relationship, my philosophy is give them more, give them a little bit more upside. So be it. No, revenue multiple is a BS multiple, right? Why would somebody give a shit about revenue multiple? I think the problem in M&A market is...

When you're going to a public market, you are building a new relationship with a new group of investors. I think any times you're trying to build a new relationship, my philosophy is give them more, give them a little bit more upside. So be it. No, revenue multiple is a BS multiple, right? Why would somebody give a shit about revenue multiple? I think the problem in M&A market is...

Thank you for having me. It worked out great. I was in London for some meetings, and I always watch your shows, read your tweets. So great to meet you in person, and thanks for having me.

Thank you for having me. It worked out great. I was in London for some meetings, and I always watch your shows, read your tweets. So great to meet you in person, and thanks for having me.

Thank you for having me. It worked out great. I was in London for some meetings, and I always watch your shows, read your tweets. So great to meet you in person, and thanks for having me.

So I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. Few things happen. So when 2020 interest rate was very low during COVID and 2021, all these companies raised money at a valuation that didn't make sense.

So I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. Few things happen. So when 2020 interest rate was very low during COVID and 2021, all these companies raised money at a valuation that didn't make sense.

So I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. Few things happen. So when 2020 interest rate was very low during COVID and 2021, all these companies raised money at a valuation that didn't make sense.

You look at in public market, you know, outside the big cap names, a lot of those names valuation has corrected. In the private market, that valuation didn't really correct. And so they want to go public at a valuation that just doesn't make sense in a public market, right?

You look at in public market, you know, outside the big cap names, a lot of those names valuation has corrected. In the private market, that valuation didn't really correct. And so they want to go public at a valuation that just doesn't make sense in a public market, right?

You look at in public market, you know, outside the big cap names, a lot of those names valuation has corrected. In the private market, that valuation didn't really correct. And so they want to go public at a valuation that just doesn't make sense in a public market, right?

I can buy companies that are generating tremendous amount of cash flow at 20 to 25 times earnings, gap earnings, not BS, non-gap earnings, gap earnings. So why should I pay for a company 50 times revenue multiple? I think a lot of these private companies, their numbers are not there to justify the valuation that they raised the last round. So that's problem number one.

I can buy companies that are generating tremendous amount of cash flow at 20 to 25 times earnings, gap earnings, not BS, non-gap earnings, gap earnings. So why should I pay for a company 50 times revenue multiple? I think a lot of these private companies, their numbers are not there to justify the valuation that they raised the last round. So that's problem number one.

I can buy companies that are generating tremendous amount of cash flow at 20 to 25 times earnings, gap earnings, not BS, non-gap earnings, gap earnings. So why should I pay for a company 50 times revenue multiple? I think a lot of these private companies, their numbers are not there to justify the valuation that they raised the last round. So that's problem number one.

And so they're not resetting their valuation expectations. I think the second problem is more systemic problem in market. You know, I think if you look at Allocators, so that's like universities and pension funds and endowment, they are allocating a lot of money. And now it will change, and I think it's changing slowly, a lot of money in privates.

And so they're not resetting their valuation expectations. I think the second problem is more systemic problem in market. You know, I think if you look at Allocators, so that's like universities and pension funds and endowment, they are allocating a lot of money. And now it will change, and I think it's changing slowly, a lot of money in privates.