Lloyd Blankfein

So I would bet, and I think you do too, and obviously you want to have an idea, but you're...

There's going to have to be a lot of forgiveness down the road where people are going to come and say, how could you be so stupid?

You weren't stupid.

With the information available today, you place your stack of chips on more than one possible technology and within the technologies on more than one place.

Maybe you can't because maybe you have to show commitment to one and can't do the, you know, there's different considerations that leach into this.

But the answer is, this is going to be very, very important.

Will we go through a tech bubble kind of situation where we'll weed out the stuff that should never have been invested in, never been made?

You know, again, in hindsight, you shouldn't have done it, but at the time, in prospect, you didn't know.

What looked more speculative than Amazon?

Sure.

you know?

Yeah, forever.

Forever.

I mean, at the beginning, reinvesting all the money, you know?

And that's so, there'll be things, there'll be genius pundits and, you know, professors will talk about how stupid somebody was because he won't be able to put himself in the shoes without the after-acquired information.

And I'm sure there's some stupid stuff being done, too.

I'm sure you have better visibility on that than things that you pass that you see other people doing.

But,

I have more forgiveness for that because I know that I don't know.

But I would be making those bets today, and I know that the people who are making the biggest bets and putting their money where their mouth and their corporate money are themselves principals and not just professional managers.