Jason Lemkin

Well, actually, it's large-cap growth now, but just in the private markets, which, again, I repeat, is absurd that we're in this place, but whatever.

Given that, Fidelity growth is always going to buy, if they believe in a category, they can totally buy two or three different things with no conflict, because they're not in the room when decisions are happening.

And I think these late stage investments, if you're not in the room, it doesn't matter because you don't have meaningful information rights.

You're not getting the board deck.

You're not there for the strategic stuff.

You couldn't do the Series A of OpenAI and do the Series A of Anthropic.

That would be stupid.

I would assume one of the CEOs would stop you.

But getting at $350 billion pre, where your billion dollars, it's just worth saying this, where your billion dollars gets you 0.3% of the company, which is about what you'd hire a director for at Series B.

No information rights, no nothing.

It doesn't matter.

You know nothing.

You get one email a quarter from each of the two companies.

You know where they are.

And as I say, you are just a public market investor in private assets.

Yes.

Implicit is a huge amount of belief in growth persistence, but yes, agreed.

I too replicated over the holidays.

I'm inspired by your example, honestly, right?

And it was fun.