Matt Cerminaro

They weren't lying.

Can we pull up the next one?

John, here we go.

All right, so this is an IPO for the ages, the SpaceX IPO.

If you sum up the combined total exit value created by all VC-backed IPOs over the past decade... Matt, what does exit value speak?

Speak English.

Okay.

In other words, what they're doing is they're summing up the entire market value of all of the VC backed IPOs on their IPO day by year.

And then, so that's the individual bars.

And then what I did was I took the last decade and I summed up the entire 10 year period between 2016 and 2025, and that's that $1.2 trillion there to the right.

And then I compared it with SpaceX, which is going to be $1.8 trillion.

And it's like 40% larger than all of the IPOs over the past decade, it's massive.

chart god i wish we had this chart michael we missed the heat map of the market caps i showed animal spirits it was a good one okay well you guys will see it tomorrow morning when animal spirits is out yeah

All right.

Well, Virgin Galactic over the past 24 hours is down 48%.

So that's not great.

I wrote a blog post about this today.

Like, are we, I can't,

maybe I'm young, maybe I'm just too young and I don't know, but do we learn from our mistakes as investors or do people just keep making the same mistakes over and over again?

And is this like a, is this, I wrote a book called big mistakes, the best.