John Stepek

But even if these ones weren't listing, there would be other companies we would be talking about with huge excitement because they're listing.

There are a huge number of IPOs coming through.

And at the same time, we're seeing a lot of the companies that would once have been doing buybacks, I'm thinking of the hyperscalers, who were very, very cash heavy and are now not cash heavy and are coming to market to look for money.

Google raises money the other day, for example.

And not only lots of money, like 85 billion.

Yeah.

Real money.

That's the same as SpaceX is trying to raise.

Suddenly we're in a new environment where instead of the investor, you know, listeners, you and me, John, taking money out of the market.

Thanks very much for the cash, guys.

Now we're being asked to put money

Into the market.

The dynamic has changed.

And at the same time, we're looking at private equity, aren't we?

And going, you know what?

We're not really sure about that performance record of yours.

And it really is time that you lot started capitulating and selling that stuff off at the right price.

And when you do, I wonder where they're going to sell it.

And is it going to come back into the public markets?

So are we now moving into a new era, you know, a back to the future era?