Imran Khan

So I think the great founders are great at pivoting. And so the risk with the business is any businesses is not either. Obviously, you have a near term risk, which everybody knows. The asymmetric understanding about the business that helps you to create long-term return, that is, you cannot quantify financially, is that a group of people's, their ability to navigate difficult environment.

So I think the great founders are great at pivoting. And so the risk with the business is any businesses is not either. Obviously, you have a near term risk, which everybody knows. The asymmetric understanding about the business that helps you to create long-term return, that is, you cannot quantify financially, is that a group of people's, their ability to navigate difficult environment.

And that's very powerful, but that's not going to pay any dividends in the short term. So I think Sequoia is right that they have that information and if they want to take a 10 years view, I think that's totally fine.

And that's very powerful, but that's not going to pay any dividends in the short term. So I think Sequoia is right that they have that information and if they want to take a 10 years view, I think that's totally fine.

And that's very powerful, but that's not going to pay any dividends in the short term. So I think Sequoia is right that they have that information and if they want to take a 10 years view, I think that's totally fine.

But in a one to two years basis, they probably, as you're right, they're probably not going to be better than a public market investor who knows how to manage public market risk much better than a private market investor.

But in a one to two years basis, they probably, as you're right, they're probably not going to be better than a public market investor who knows how to manage public market risk much better than a private market investor.

But in a one to two years basis, they probably, as you're right, they're probably not going to be better than a public market investor who knows how to manage public market risk much better than a private market investor.

Gosh, there's so many inputs.

Gosh, there's so many inputs.

Gosh, there's so many inputs.

I think for businesses and for the economy, low regulation is better. I'm not saying no regulations. I think regulations are good, but we need regulations to be smart. Could the changes to unrealized cap gains actually happen? It makes me laugh that when people talk about unrealized cap gain in the private market context, the entire venture capital world is so small. It doesn't really matter.

I think for businesses and for the economy, low regulation is better. I'm not saying no regulations. I think regulations are good, but we need regulations to be smart. Could the changes to unrealized cap gains actually happen? It makes me laugh that when people talk about unrealized cap gain in the private market context, the entire venture capital world is so small. It doesn't really matter.

I think for businesses and for the economy, low regulation is better. I'm not saying no regulations. I think regulations are good, but we need regulations to be smart. Could the changes to unrealized cap gains actually happen? It makes me laugh that when people talk about unrealized cap gain in the private market context, the entire venture capital world is so small. It doesn't really matter.

But people are not realizing that. Think about it. Like, okay, what happens to the farmland?

But people are not realizing that. Think about it. Like, okay, what happens to the farmland?

But people are not realizing that. Think about it. Like, okay, what happens to the farmland?

are you going to tax the farmers what happens to the real estate people who own all this real estate they are illiquid are you going to charge them an unrealized gap gain so they have to sell the real estate you're going to destroy the real estate market honestly taxing on unrealized cap gain on amazon is least of our problem unrealized cap gain tax on a headline is not a good idea.

are you going to tax the farmers what happens to the real estate people who own all this real estate they are illiquid are you going to charge them an unrealized gap gain so they have to sell the real estate you're going to destroy the real estate market honestly taxing on unrealized cap gain on amazon is least of our problem unrealized cap gain tax on a headline is not a good idea.

are you going to tax the farmers what happens to the real estate people who own all this real estate they are illiquid are you going to charge them an unrealized gap gain so they have to sell the real estate you're going to destroy the real estate market honestly taxing on unrealized cap gain on amazon is least of our problem unrealized cap gain tax on a headline is not a good idea.