Jay Hoag

And part of the explanation for it is I think there is a lot of private capital in general, in real estate and credit and private equity and elsewhere, but certainly focused on tech.

And to some extent, that is creating liquidity for the best companies, but not all companies.

The tender offers at Stripe and others.

But when you say it's a permanent shift, I guess my question back as well is,

If you're investing billions of dollars into a private company today in some of those transactions, that capital needs a return someday.

So are you assuming that there will be a robust private liquidity market in the future or that that capital will need an IPO market in the future?

Because at some level, I think some of the values now are beyond the scale where they can get acquired rationally.

We're not totally flexible.

The C and TCB is crossover, but I tend to think we're more one of the early players in growth, distinct from early stage venture and private equity, certain characteristics of growth that we found attractive and continue to find attractive.

We will...

hold our private investments as they go public.

The best ones for a long period of time.

That's an economically driven decision.

We may take one times our money out, but the best companies over time, like a Netflix, Spotify, et cetera, compounded high rates for a long period of time.

So we're being hopefully economically selfish by retaining our stake.

And then we will selectively and opportunistically deploy capital publicly.

The Netflix pipe in 2011 being a great example.

Or just situations where our view is, if this is a private company, it's at a compelling value.

And there might have been a dislocating event, but we're trying to get actively involved and treat it as if it was private and ignore the day-to-day public trading.

So that's a little bit of a long answer.