Jerry Murdock

And I believe they're doing the right thing on all fronts.

And I believe they're doing the right thing on all fronts.

But if tokenization of stocks come and they use Carta, then Carta is going to be infinitely more valuable, right?

But if tokenization of stocks come and they use Carta, then Carta is going to be infinitely more valuable, right?

Because they have the cap table, they can help manage the tokenization.

Because they have the cap table, they can help manage the tokenization.

However, if tokenization comes and they bypass Carta and a new system of records get built, then there's not much to say that that system of records is going to be worth much in the future.

However, if tokenization comes and they bypass Carta and a new system of records get built, then there's not much to say that that system of records is going to be worth much in the future.

So it depends on execution of the Carta management team and their ability to go capture the trends that are coming forward.

So it depends on execution of the Carta management team and their ability to go capture the trends that are coming forward.

If you were to look at a Salesforce today, which camp would you put it in?

If you were to look at a Salesforce today, which camp would you put it in?

There's a lot of companies that sit on top of it, like Encino.

There's a lot of companies that sit on top of it, like Encino.

There's dozens and dozens of companies that have built on top of the Salesforce system a record.

There's dozens and dozens of companies that have built on top of the Salesforce system a record.

So the real question is, let's look at their health.

So the real question is, let's look at their health.

Let's see how they do.

Let's see how they do.