Imran Khan

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.

When you're going to a public market, you are building a new relationship with a new group of investors who doesn't really know you that well, and they're getting to know you. Fine, you give them a little bit more upside, so be it, because you're building goodwill. Because one day, as in your public life, you're going to have a bad day, and you want to build that goodwill.

When you're going to a public market, you are building a new relationship with a new group of investors who doesn't really know you that well, and they're getting to know you. Fine, you give them a little bit more upside, so be it, because you're building goodwill. Because one day, as in your public life, you're going to have a bad day, and you want to build that goodwill.

When you're going to a public market, you are building a new relationship with a new group of investors who doesn't really know you that well, and they're getting to know you. Fine, you give them a little bit more upside, so be it, because you're building goodwill. Because one day, as in your public life, you're going to have a bad day, and you want to build that goodwill.

So that's how relationship builds, and that's the way I think about life in general. Don't be over-transactional. The second reason is, the reason I call it misguided, I think People don't necessarily understand how public market necessarily, I'm not saying about Bill Gates, but people who get over-focused on it, is that when a company go public, they sell a very small percentage of the company.

So that's how relationship builds, and that's the way I think about life in general. Don't be over-transactional. The second reason is, the reason I call it misguided, I think People don't necessarily understand how public market necessarily, I'm not saying about Bill Gates, but people who get over-focused on it, is that when a company go public, they sell a very small percentage of the company.

So that's how relationship builds, and that's the way I think about life in general. Don't be over-transactional. The second reason is, the reason I call it misguided, I think People don't necessarily understand how public market necessarily, I'm not saying about Bill Gates, but people who get over-focused on it, is that when a company go public, they sell a very small percentage of the company.

So even with the pop, whatever the money left on a grand scheme of thing, percentage of dilution is pretty low. The other thing is that when a company go public, because they sell a small percentage of the company, most investors cannot buy their full position. So let's say you are Fidelity and a company is going public and you are doing a $200 million IPO.

So even with the pop, whatever the money left on a grand scheme of thing, percentage of dilution is pretty low. The other thing is that when a company go public, because they sell a small percentage of the company, most investors cannot buy their full position. So let's say you are Fidelity and a company is going public and you are doing a $200 million IPO.

So even with the pop, whatever the money left on a grand scheme of thing, percentage of dilution is pretty low. The other thing is that when a company go public, because they sell a small percentage of the company, most investors cannot buy their full position. So let's say you are Fidelity and a company is going public and you are doing a $200 million IPO.

Fidelity will get, let's say, 15, 1.5, 15% of the allocation. That's going to be a very high allocation. That's a $30 million. The amount of money that the Fidelity PM manage, that's not a lot of stock. So they need to buy the stock after market to build their position. And so if the stock is, if you give them a discount, they can pay up more so that they can dollar weight and average their price.

Fidelity will get, let's say, 15, 1.5, 15% of the allocation. That's going to be a very high allocation. That's a $30 million. The amount of money that the Fidelity PM manage, that's not a lot of stock. So they need to buy the stock after market to build their position. And so if the stock is, if you give them a discount, they can pay up more so that they can dollar weight and average their price.

Fidelity will get, let's say, 15, 1.5, 15% of the allocation. That's going to be a very high allocation. That's a $30 million. The amount of money that the Fidelity PM manage, that's not a lot of stock. So they need to buy the stock after market to build their position. And so if the stock is, if you give them a discount, they can pay up more so that they can dollar weight and average their price.

If they're buying the stock at the price that it doesn't go up, only goes up 10%, they can have dollar weighted average. So they will not gonna go buy the stock. So you're gonna have a supply-demand imbalance. They will probably sell the stock and actually your stock gonna cradle and that's gonna create more problem for your company than leaving some money off the table.

If they're buying the stock at the price that it doesn't go up, only goes up 10%, they can have dollar weighted average. So they will not gonna go buy the stock. So you're gonna have a supply-demand imbalance. They will probably sell the stock and actually your stock gonna cradle and that's gonna create more problem for your company than leaving some money off the table.

If they're buying the stock at the price that it doesn't go up, only goes up 10%, they can have dollar weighted average. So they will not gonna go buy the stock. So you're gonna have a supply-demand imbalance. They will probably sell the stock and actually your stock gonna cradle and that's gonna create more problem for your company than leaving some money off the table.

At the end of the day, the entire capital market in the United States, and globally probably, but in the United States, was built on trust. People give you money when they trust you. When they give you money, they give you their trust. No matter what you disclose, they don't know everything about your business. They don't understand every risk about your business.

At the end of the day, the entire capital market in the United States, and globally probably, but in the United States, was built on trust. People give you money when they trust you. When they give you money, they give you their trust. No matter what you disclose, they don't know everything about your business. They don't understand every risk about your business.

At the end of the day, the entire capital market in the United States, and globally probably, but in the United States, was built on trust. People give you money when they trust you. When they give you money, they give you their trust. No matter what you disclose, they don't know everything about your business. They don't understand every risk about your business.

At the end of the day, they read all the documents, they believe that you disclose everything, and they trust you. That's why they're giving you capital. And that's why when the trust breaks, Jamie Dimon, you know, in 2007, when I became J.P. Morgan managing director, he said, you know, that there was a time the financial crisis was happening.