Matt Cerminaro

But the market will tell you that bad things are happening before the bad things actually happen, I think.

It's almost like investors threw the baby out with the bathwater.

They get killed, everything.

It was like a wave.

Everything got taken out.

And then it wasn't as bad as we all thought, like every single risk that happens in the stock market.

And then we picked the winners.

And I think that the IGV as a whole, even though a third of them might be duds, can still continue to perform well if we have this concentration of companies that

continue to beat earnings and continue to expand their moats, even if they're software companies, and that power law can continue to bring IGV higher.

Matt, who pulled this?

All right, so over the weekend, John, can you pull up this newspaper clip?

Okay.

I sent this to our research group chat.

So over the weekend, I was reading Barron's and, not to brag, and I want to read this to the listeners.

PitchBook figures that SpaceX's IPO, quote, would generate more exit value than all VC-backed IPOs in the last decade combined.

There's the investment manager of the endowment at Washington University in St.

Louis who plunked down $50 million on SpaceX nearly a decade ago, which is now worth in excess of a billion dollars.

Here's the second stat that jumped off the page.

Not to be outdone was the University of Michigan, which reportedly invested $20 million in open AI, now worth $2 billion.

All right, so I found the data.