Lucas Swisher

On the private side, oftentimes the most expensive deals can be the best ones in many ways.

And what I would say more on a macro point is, if you think about the public markets right now, it's very hard to own the future.

You have to look and really pick and be really careful about the future.

You get liquidity.

You can trade in and out of things.

That's the beautiful part about the public markets.

But it's hard to own the future.

If you want to own the future, you kind of have to be in the privates, right?

Think about it this way.

Say I want to be ultra levered long to the token factory.

I think tokens are the next big thing in AI.

And I want to be ultra levered long to AI and whatever the next token factory is.

You can own some things in the public markets, but you may say, I want to own OpenAI and Anthropic.

and SpaceX, which now owns XAI, and this long list of incredible AI application companies that are coming downstream.

And so to get growth, something that's growing more than 30%, to get durability of that growth, to get access to the future, you have to own privates.

You know, that's absolutely right, right?

We've seen the emergence of, I mean, we call them platform companies, right?

At the top, call it 20, rough justice, 20 companies in the private markets.

18 of those would probably be public today, a decade ago.

But we've seen the emergence of these platform companies.