Katherine Boyle

Companies would go by and they'd pitch, and then a firm would pick one company.

It's not like that anymore.

It is ruthlessly competitive.

There is more capital than there has ever been in the asset class.

I think there's something like $300 billion of dry powder just raised now, which dry powder is the amount of capital on the sidelines that's gonna come into companies.

Something like 1.25 trillion AUM.

I mean, it is not a, they used to call it sort of a cottage industry.

People used to ignore it.

It's not.

It is how we've built companies over the last 25 years.

Now, I always point to this graph.

I wish I had the graphic.

where if you looked at the Fortune 100, and then if you even went further down and you said, what are the 10 most valuable companies in the world in 2000?

Four of them were American companies.

I think two of them were tech companies.

If you do that same experiment in 2025, nine of them are American companies, eight of them are tech companies.

And the only company that's not a tech company that's the most valuable company in the world in America is Berkshire Hathaway, which owns a massive chunk of Apple.

So tech is the story of the 21st century.

It's how we've built companies.

A lot of the companies that are now in the most valuable 10 weren't even founded in 2000.