John Stepek

Might as well be public.

And also the risk profile of these companies as well.

yeah it's like if you've suddenly gone from being like uh you know a hyperscaler with like not a hyperscale a company with a massive moat that you just squat in like like google and you just rake in the cash and it's all great and then ai comes along suddenly you're like oh man if i want to sustain this more and you spend a lot of money suddenly coming up against a lot more competition the truth is that your risk profile has changed

And when your risk profile changes, it makes far more sense for the company to raise capital in equity markets than it does in debt markets, because in equity markets, all of the mugs that buy you are kind of like, they're taking the same risk as you.

They get the upside, but they also get the downside.

And it's permanent capital.

Yeah, whereas if you borrow the money off someone, they want it back, and they want it now, and you don't have a choice.

So if your risk profile as a company changes, then it makes more sense to go to the equity markets again.

So yeah, no, I think that- There you go.

You heard it here first.

Public markets are back.

We're almost on the same subject here with inheritance tax and bonds, because one of the things that John and I have talked about, and I think everyone has heard us talk about it endlessly, is how do you avoid inheritance tax?

How can you get away from having to pay a large part of your assets?

Well, not your assets, because you'll be dead by then.

But once you're dead, how can it be that you can leave more to your heirs than you might have otherwise?

And we're thinking about this idea that has been put about

quite a lot over the last couple of months, right?

It's being discussed more and more and more and more and more.

For a government that really needs to raise a lot of money, how about doing it with a new type of bond, the proceeds of which are inheritance tax-free?

Not just the proceeds, the whole lot.