Jordi Visser

And that eventually private businesses would take over for public companies, which I think I've talked about.

I don't think there will be public companies in 10 years.

I think there will be

an ecosystem of little entrepreneurs that are making a little bit of money and enough for them to be happy while the cost of everything goes down.

That's the world I believe in.

I could be 100% wrong, but I believe the market every day is getting closer and closer to that and the multiple compression's a sign of it.

I think a public company by definition.

So you have to kind of go through this a different direction.

Let's use health as an analogy.

Let's assume you see someone who is 60 years old and they're 100 pounds overweight.

And I said to you, what's the probability of that person living for another 50 years?

And then I saw another person who was the same age but was physically fit.

And I asked you, what's the probability?

Now that person who's physically fit could die beforehand, but I view all public companies as being bloated, overweight people, late in age.

So the S&P 500 lifespan is down to like 15 years.

So when you go through like the hyperscalers, which I pick on right now, only one of them is from the 1980s, it's Microsoft.

The rest of them, Meta, Amazon, Google, I mean, you're talking less than 25 years.

I mean, maybe Amazon is 25, 27, I don't know.

But regardless, start as a book company is not the same right now.

But those are not old companies.