Imran Khan

Who cares if we sell 8%, 9% of that offering to a group of investors who we know will have to buy more at the IPO and give them no lockup? Because we know we can go to Fidelity saying, hey, I'm going to give you $200 million. But by the way, this company is going to go public at a $25 billion offer.

offering the offering size is 25 billion the market cap going to be much higher based on the trajectory you probably want to buy two and a half billion dollar and there's no way you're going to get two and a half billion dollar allocation so this is your way to get two billion 200 million and if you're worried that's not going to go down like facebook there's no lockup you can sell the same day

offering the offering size is 25 billion the market cap going to be much higher based on the trajectory you probably want to buy two and a half billion dollar and there's no way you're going to get two and a half billion dollar allocation so this is your way to get two billion 200 million and if you're worried that's not going to go down like facebook there's no lockup you can sell the same day

offering the offering size is 25 billion the market cap going to be much higher based on the trajectory you probably want to buy two and a half billion dollar and there's no way you're going to get two and a half billion dollar allocation so this is your way to get two billion 200 million and if you're worried that's not going to go down like facebook there's no lockup you can sell the same day

But we're comfortable because we knew that a company that size, they will have to buy it or at the post-market, even with the IPO allocation. So that lockup, while it was incredibly valuable to investors who bought that security, had zero cost to the company. So those are very creative transactions. What were the biggest lessons for you from being part of that?

But we're comfortable because we knew that a company that size, they will have to buy it or at the post-market, even with the IPO allocation. So that lockup, while it was incredibly valuable to investors who bought that security, had zero cost to the company. So those are very creative transactions. What were the biggest lessons for you from being part of that?

But we're comfortable because we knew that a company that size, they will have to buy it or at the post-market, even with the IPO allocation. So that lockup, while it was incredibly valuable to investors who bought that security, had zero cost to the company. So those are very creative transactions. What were the biggest lessons for you from being part of that?

The biggest lesson is simplify the story. So one of the things that Jack and Joe did, they simplify the stories, right? Because, you know, the challenge for the global investors is they don't use Alibaba. They don't know Alibaba, like what is Taobao, Tmall, all this thing is, right? But, you know, the story was positioned very simply. It's the China consumer play.

The biggest lesson is simplify the story. So one of the things that Jack and Joe did, they simplify the stories, right? Because, you know, the challenge for the global investors is they don't use Alibaba. They don't know Alibaba, like what is Taobao, Tmall, all this thing is, right? But, you know, the story was positioned very simply. It's the China consumer play.

The biggest lesson is simplify the story. So one of the things that Jack and Joe did, they simplify the stories, right? Because, you know, the challenge for the global investors is they don't use Alibaba. They don't know Alibaba, like what is Taobao, Tmall, all this thing is, right? But, you know, the story was positioned very simply. It's the China consumer play.

And they are the eBay plus Amazon plus PayPal of China. You know, one of the biggest thing that a lot of the founders makes or CEOs makes, they use a lot of jargon. If it takes a portfolio manager more than 30 seconds to understand the story, they will never going to work, do work on that. You got to keep it story simple so that it gets you interested and then they will do the work.

And they are the eBay plus Amazon plus PayPal of China. You know, one of the biggest thing that a lot of the founders makes or CEOs makes, they use a lot of jargon. If it takes a portfolio manager more than 30 seconds to understand the story, they will never going to work, do work on that. You got to keep it story simple so that it gets you interested and then they will do the work.

And they are the eBay plus Amazon plus PayPal of China. You know, one of the biggest thing that a lot of the founders makes or CEOs makes, they use a lot of jargon. If it takes a portfolio manager more than 30 seconds to understand the story, they will never going to work, do work on that. You got to keep it story simple so that it gets you interested and then they will do the work.

Nobody does the work based on that narrative. I don't think anybody bought the stock because it's a China consumer play and things like that. But it got people interested to do the work. So I think the simplifying story is important.

Nobody does the work based on that narrative. I don't think anybody bought the stock because it's a China consumer play and things like that. But it got people interested to do the work. So I think the simplifying story is important.

Nobody does the work based on that narrative. I don't think anybody bought the stock because it's a China consumer play and things like that. But it got people interested to do the work. So I think the simplifying story is important.

what would you say the challenge in china is again what drive valuation consistency and predictability so right now there is no predictability on regulations so it's hard to invest this is why i think that regulations could be very challenging primarily when there is no predictability so i think it's hard you know till we have more visibility what's going to happen with the regulations what can happen and that those things will be more of a consistent pattern

what would you say the challenge in china is again what drive valuation consistency and predictability so right now there is no predictability on regulations so it's hard to invest this is why i think that regulations could be very challenging primarily when there is no predictability so i think it's hard you know till we have more visibility what's going to happen with the regulations what can happen and that those things will be more of a consistent pattern

what would you say the challenge in china is again what drive valuation consistency and predictability so right now there is no predictability on regulations so it's hard to invest this is why i think that regulations could be very challenging primarily when there is no predictability so i think it's hard you know till we have more visibility what's going to happen with the regulations what can happen and that those things will be more of a consistent pattern

He has deep understanding about his customers, very, very deep understanding of his customers. And that makes him so special. And then the second and third thing, I think these are actually true for every great CEO. One, they understand their customers. Number two, they have deep conviction. Because the reality is return is a function of quote unquote risk.