Imran Khan

The reason I tweeted about that is, I think if you look at, let's take CrowdStrike. CrowdStrike, before the incident, was trading at 20 times run rate revenue. And it is a world-class company. So the valuation that Google offered, and remind me, I think it was reported number- $23 billion. $23 billion.

The reason I tweeted about that is, I think if you look at, let's take CrowdStrike. CrowdStrike, before the incident, was trading at 20 times run rate revenue. And it is a world-class company. So the valuation that Google offered, and remind me, I think it was reported number- $23 billion. $23 billion.

The reason I tweeted about that is, I think if you look at, let's take CrowdStrike. CrowdStrike, before the incident, was trading at 20 times run rate revenue. And it is a world-class company. So the valuation that Google offered, and remind me, I think it was reported number- $23 billion. $23 billion.

So they have to do $1.2, $1.3 billion revenue to achieve and have to maintain the growth rate to achieve that snapshot value. But that's not a sustainable value because something always happened. Ultimately, SaaS businesses trade seven times revenue multiple.

So they have to do $1.2, $1.3 billion revenue to achieve and have to maintain the growth rate to achieve that snapshot value. But that's not a sustainable value because something always happened. Ultimately, SaaS businesses trade seven times revenue multiple.

So they have to do $1.2, $1.3 billion revenue to achieve and have to maintain the growth rate to achieve that snapshot value. But that's not a sustainable value because something always happened. Ultimately, SaaS businesses trade seven times revenue multiple.

The thing is that once you go public, your growth rate is going to slow. It's going to multiple going to compress. And along the road, you're going to take dilutions because when you're growing that fast, you end up raising more money. Listen, when you're growing really fast, Jack Ma used to say and actually said that when they're babies, cats and tiger look same, but a cat never become a tiger.

The thing is that once you go public, your growth rate is going to slow. It's going to multiple going to compress. And along the road, you're going to take dilutions because when you're growing that fast, you end up raising more money. Listen, when you're growing really fast, Jack Ma used to say and actually said that when they're babies, cats and tiger look same, but a cat never become a tiger.

The thing is that once you go public, your growth rate is going to slow. It's going to multiple going to compress. And along the road, you're going to take dilutions because when you're growing that fast, you end up raising more money. Listen, when you're growing really fast, Jack Ma used to say and actually said that when they're babies, cats and tiger look same, but a cat never become a tiger.

So when a business is very small, it's very easy to look at the business saying that, hey, this could be a great business. And You know, ways very much could be. I don't know. But the reality is, you know, how many times we have seen that every 50 companies we look at that's growing and we think that will become a tiger, only five of them become.

So when a business is very small, it's very easy to look at the business saying that, hey, this could be a great business. And You know, ways very much could be. I don't know. But the reality is, you know, how many times we have seen that every 50 companies we look at that's growing and we think that will become a tiger, only five of them become.

So when a business is very small, it's very easy to look at the business saying that, hey, this could be a great business. And You know, ways very much could be. I don't know. But the reality is, you know, how many times we have seen that every 50 companies we look at that's growing and we think that will become a tiger, only five of them become.

So if you have to play the probability game, there is a high degree of probability that may not be the right decision.

So if you have to play the probability game, there is a high degree of probability that may not be the right decision.

So if you have to play the probability game, there is a high degree of probability that may not be the right decision.

I have great respect for Bill Gurley. He's a very, very smart guy. But this one thing, I don't agree with him. I think he's over focused on one day stock pricing. Now, listen, if the stock doubles, that's obviously bad. But between 20% and 50% and just over-focusing on that, I think it's misguided. And I'll tell you why.

I have great respect for Bill Gurley. He's a very, very smart guy. But this one thing, I don't agree with him. I think he's over focused on one day stock pricing. Now, listen, if the stock doubles, that's obviously bad. But between 20% and 50% and just over-focusing on that, I think it's misguided. And I'll tell you why.

I have great respect for Bill Gurley. He's a very, very smart guy. But this one thing, I don't agree with him. I think he's over focused on one day stock pricing. Now, listen, if the stock doubles, that's obviously bad. But between 20% and 50% and just over-focusing on that, I think it's misguided. And I'll tell you why.

So number one, my guiding principle is whenever you bring a new investor, you want them to make money. You never do create a situation that they come in and they lose money because you're building new relationships. I think any times you're trying to build a new relationship, my philosophy is give them more because it's the start of a relationship.

So number one, my guiding principle is whenever you bring a new investor, you want them to make money. You never do create a situation that they come in and they lose money because you're building new relationships. I think any times you're trying to build a new relationship, my philosophy is give them more because it's the start of a relationship.