Jason Lampkin

You don't need any LPs.

Growing 47% at that scale and profitable.

Growing 47%.

If you're at billions in revenue, growing 40% and profitable, right?

And outlier margins for your segment, then you can IPO in an effortless fashion.

I view this as an effortless IPO, which was an interesting, it was effortless.

Really oversubscribed.

You just IPO, you trade up.

There's no drama.

It's just, this is what an IPO is supposed to be.

Will they start a flood?

Well, Rory was saying, when I pointed out in the notes, I thought the contrast to Wealthfront was here's one that wasn't good enough for the markets.

And a very good company, a company whose software we admire, who has done some good deeds in the world, made more efficient investing, very, very easy for people, doesn't seem to rip consumers off in a lot of ways.

This was an IPO that the market said shouldn't have happened.

It's a deeply broken IPO.

It's trading down, what, 30% or 40% from its IPO?

And it's subscale.

It's worse.

It's subscale, right?

The markets are saying, first of all, this wasn't worth remotely what we IPO-ed it at.