Imran Khan

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.

One of the biggest thing that's a big trend in asset management, in my view, is that allocators, people who are giving monies, these are big pension funds and endowments, they are trying to reduce volatility of their performance. To reduce the volatility, a good way to go is invest money in privates, because there is no day-to-day volatility.

One of the biggest thing that's a big trend in asset management, in my view, is that allocators, people who are giving monies, these are big pension funds and endowments, they are trying to reduce volatility of their performance. To reduce the volatility, a good way to go is invest money in privates, because there is no day-to-day volatility.

One of the biggest thing that's a big trend in asset management, in my view, is that allocators, people who are giving monies, these are big pension funds and endowments, they are trying to reduce volatility of their performance. To reduce the volatility, a good way to go is invest money in privates, because there is no day-to-day volatility.

And second, give money to this market-neutral hedge funds. So if you look at the citadels of the world, millenniums of the world, they have become so big, right? Millennium cannot take any more capital. because people are chasing this market neutral fund. But the reality is when you avoid the volatility, it also creates other problems, right?

And second, give money to this market-neutral hedge funds. So if you look at the citadels of the world, millenniums of the world, they have become so big, right? Millennium cannot take any more capital. because people are chasing this market neutral fund. But the reality is when you avoid the volatility, it also creates other problems, right?

And second, give money to this market-neutral hedge funds. So if you look at the citadels of the world, millenniums of the world, they have become so big, right? Millennium cannot take any more capital. because people are chasing this market neutral fund. But the reality is when you avoid the volatility, it also creates other problems, right?

If everybody chased the same ideas, it reduced the return. And I think that too much money went to private market. And what problem it created, I actually don't think there is shortage of ideas in the private market, but I think there are shortage of talent to execute those ideas in private market.

If everybody chased the same ideas, it reduced the return. And I think that too much money went to private market. And what problem it created, I actually don't think there is shortage of ideas in the private market, but I think there are shortage of talent to execute those ideas in private market.

If everybody chased the same ideas, it reduced the return. And I think that too much money went to private market. And what problem it created, I actually don't think there is shortage of ideas in the private market, but I think there are shortage of talent to execute those ideas in private market.

So people raise all this money with great views and themes, but they're not executing the way they should need to.

So people raise all this money with great views and themes, but they're not executing the way they should need to.

So people raise all this money with great views and themes, but they're not executing the way they should need to.

The valuation is a snapshot of a company's life, right? 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 think if you think about it, all these companies that are public, their stock goes up, goes down every day.

The valuation is a snapshot of a company's life, right? 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 think if you think about it, all these companies that are public, their stock goes up, goes down every day.

The valuation is a snapshot of a company's life, right? 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 think if you think about it, all these companies that are public, their stock goes up, goes down every day.

Sometimes your stock goes up or goes down for the things that you do. Sometimes your stock goes up or down for the things that you don't do. Interest rate goes up, your stock goes down. Interest rate goes down, your stock might go up. That has nothing to do with what you have done. So the reality is, you know,

Sometimes your stock goes up or goes down for the things that you do. Sometimes your stock goes up or down for the things that you don't do. Interest rate goes up, your stock goes down. Interest rate goes down, your stock might go up. That has nothing to do with what you have done. So the reality is, you know,

Sometimes your stock goes up or goes down for the things that you do. Sometimes your stock goes up or down for the things that you don't do. Interest rate goes up, your stock goes down. Interest rate goes down, your stock might go up. That has nothing to do with what you have done. So the reality is, you know,

over obsessing about the valuation of your business is not the right thing to do because at the end of the day, a founder job is to create business. What is the value of the business? That's the job of an investor. So a founder who obsesses with valuation, they're not doing their day job, which is building a business. If you're a founder, I think you should go public.