Jordi Visser

That's why there won't be public companies in the new capital structure.

They couldn't change that quickly if they wanted to.

It's the reason why I think Palantir is a buy relative to Microsoft because Microsoft can't change.

It's just too big.

And they're hoping people will pay for Copilot and stay in their world where none of the new companies are gonna use Outlook.

They're gonna use Gmail and then they'll go on to something else.

So I do believe the example you're giving for people out there, when you're thinking about the SaaS arguments and debates, which I don't wanna be involved in,

It's really comes down to bespoke.

How do I customize something for me?

And can I do it immediately?

Because there's nuances for everything that happens in a business, in your life.

And I think that's where the world is going is bespoke apps.

a company that is viewed as the best CRM system, how can't private credit be an issue?

You're lending money to businesses.

And we're taking Salesforce down without earnings going down, which means we're questioning their future.

And that's why I said long duration assets are in trouble.

So there's no doubt that private credit, private equity, venture capital, all these places have this problem that I spoke about, which is this hyper competitiveness.

If you can envision a world where there are billions of apps,

Well, apps are just theoretically monetizing an idea because you can create the app and not put it on the iPhone.

But if all of a sudden the app store has like got billions of things, the question is, okay, now I got to create an app for a search engine to weed through all the stuff and find it.