Imran Khan

Number one, all these institutions who gave money to privates, they are not getting their DPI. So they will be much slower allocating more capital to private. And some of the privates... Story has not been told yet, right? So I think those are bad investment. People didn't write it down to zero or near zero, and that will happen over time.

Number one, all these institutions who gave money to privates, they are not getting their DPI. So they will be much slower allocating more capital to private. And some of the privates... Story has not been told yet, right? So I think those are bad investment. People didn't write it down to zero or near zero, and that will happen over time.

Number one, all these institutions who gave money to privates, they are not getting their DPI. So they will be much slower allocating more capital to private. And some of the privates... Story has not been told yet, right? So I think those are bad investment. People didn't write it down to zero or near zero, and that will happen over time.

And then people will realize that it's not only a DPI issue, it's also permanent loss of capital. I don't think people are realizing that they have permanent loss of capital in many of their private investment, and that will happen. And third is that we lived in a historically low interest rate environment.

And then people will realize that it's not only a DPI issue, it's also permanent loss of capital. I don't think people are realizing that they have permanent loss of capital in many of their private investment, and that will happen. And third is that we lived in a historically low interest rate environment.

And then people will realize that it's not only a DPI issue, it's also permanent loss of capital. I don't think people are realizing that they have permanent loss of capital in many of their private investment, and that will happen. And third is that we lived in a historically low interest rate environment.

So the private was great, but as the interest rate goes up, you can get better return or decent return in public securities or fixed income and things like that. I actually think even with interest rate going down, we're not going back to 0% interest rate environment. anytime soon. And then the fourth issue is that technology, and I think this is a really important problem.

So the private was great, but as the interest rate goes up, you can get better return or decent return in public securities or fixed income and things like that. I actually think even with interest rate going down, we're not going back to 0% interest rate environment. anytime soon. And then the fourth issue is that technology, and I think this is a really important problem.

So the private was great, but as the interest rate goes up, you can get better return or decent return in public securities or fixed income and things like that. I actually think even with interest rate going down, we're not going back to 0% interest rate environment. anytime soon. And then the fourth issue is that technology, and I think this is a really important problem.

A lot of people forgot about that. And I think people have to realize that as an investor perspective, and we can talk a lot more why from a founder's and employee perspective, it's also important for companies to go public, but why it's really bad from an investor perspective to encourage companies to stay private very long, is this technology landscape shift every 15 years.

A lot of people forgot about that. And I think people have to realize that as an investor perspective, and we can talk a lot more why from a founder's and employee perspective, it's also important for companies to go public, but why it's really bad from an investor perspective to encourage companies to stay private very long, is this technology landscape shift every 15 years.

A lot of people forgot about that. And I think people have to realize that as an investor perspective, and we can talk a lot more why from a founder's and employee perspective, it's also important for companies to go public, but why it's really bad from an investor perspective to encourage companies to stay private very long, is this technology landscape shift every 15 years.

So if you look at late 70s, early 80s, it was a microcomputer. Mid 60s was mainframe computer. If you go back in, go after in mid 90s was it's all about internet. 15 years later, it was all about mobile app. Now we're talking about AI. You might invest in a business based on a thesis, but 15 years later, that thesis is completely changed based on the world around you.

So if you look at late 70s, early 80s, it was a microcomputer. Mid 60s was mainframe computer. If you go back in, go after in mid 90s was it's all about internet. 15 years later, it was all about mobile app. Now we're talking about AI. You might invest in a business based on a thesis, but 15 years later, that thesis is completely changed based on the world around you.

So if you look at late 70s, early 80s, it was a microcomputer. Mid 60s was mainframe computer. If you go back in, go after in mid 90s was it's all about internet. 15 years later, it was all about mobile app. Now we're talking about AI. You might invest in a business based on a thesis, but 15 years later, that thesis is completely changed based on the world around you.

The key thing with the public market is public market gives you daily feedback. It's like, you know, having a child. I know I have a 10 years old and 14 years old. When they live in your home and mom and dad shelter them, it's great. But when you go to college and you go to real life, you are not that special. You're like another boy or another girl, and you got to fight it out in the world.

The key thing with the public market is public market gives you daily feedback. It's like, you know, having a child. I know I have a 10 years old and 14 years old. When they live in your home and mom and dad shelter them, it's great. But when you go to college and you go to real life, you are not that special. You're like another boy or another girl, and you got to fight it out in the world.

The key thing with the public market is public market gives you daily feedback. It's like, you know, having a child. I know I have a 10 years old and 14 years old. When they live in your home and mom and dad shelter them, it's great. But when you go to college and you go to real life, you are not that special. You're like another boy or another girl, and you got to fight it out in the world.

And when you go to a public market,

And when you go to a public market,