Lucas Swisher

Like at that early stage, that kind of capital scarcity I think can breed actually great things.

And so I think there are parts of the market where that's certainly true.

These growth stage companies with this insane momentum, I don't think so.

Yeah.

I think this is one of the reasons why companies have stayed private longer.

I don't think most of those platform companies will stay private forever.

I think there are a couple of reasons that are good to go public today.

One is real capital at scale, real capital at scale.

Still, say you're a trillion dollar plus company.

It's available, but true liquidity that's not layers and layers and layers of SPVs and all this tricky shit and like managing your cap table.

Like true liquidity at scale.

Andrew all tweeting about your layered SPVs.

I mean, you've seen some of the things around some of these companies where it's like unbelievable, like the opacity of this.

And the companies don't want that either.

They want to know who their investors are.

And you get the investors that you deserve as you scale and you go public.

So liquidity at scale is certainly one reason.

The second reason is, and this second reason I think really does cut both ways, but the public markets are an incredible feedback mechanism for businesses.

If you think about Netflix during their transition, the public markets were some of the first folks, like the analysts and the public teams, to really speak about that transition from the disc to streaming, from the CD to streaming.

And I think, especially in an AI world, the public markets, folks in the public markets are really, really smart.