Philippe Laffont

Or is it another company that I should just sell immediately, right? You basically have one structure. It manages everything. And then you get a 1099 instead of like a bunch of K1s which are...

Or is it another company that I should just sell immediately, right? You basically have one structure. It manages everything. And then you get a 1099 instead of like a bunch of K1s which are...

Listen, when you start worrying about your competitors, in my mind, it's a bit of a version of the grass is greener elsewhere. And you have to focus on ourselves. It's such a hard business. There's so many smart people and this and that. We tried to design something that plays to our strength. And our strength was we got the public markets.

Listen, when you start worrying about your competitors, in my mind, it's a bit of a version of the grass is greener elsewhere. And you have to focus on ourselves. It's such a hard business. There's so many smart people and this and that. We tried to design something that plays to our strength. And our strength was we got the public markets.

we got the private markets, and then we've got risk management with the cash and knowing when to be in and out. I would suspect that other people will do the same. Hopefully, it'll be different because they have different strengths and stuff like that. And I thought that what was nice for us is to sort of do this a bit of a hybrid, public-private.

we got the private markets, and then we've got risk management with the cash and knowing when to be in and out. I would suspect that other people will do the same. Hopefully, it'll be different because they have different strengths and stuff like that. And I thought that what was nice for us is to sort of do this a bit of a hybrid, public-private.

And frankly, in private, you guys think there's venture, there's the growth capital, there's private equity. This vehicle could own 100% of a company. You could do debt. You could go up and down the cap structure.

And frankly, in private, you guys think there's venture, there's the growth capital, there's private equity. This vehicle could own 100% of a company. You could do debt. You could go up and down the cap structure.

This is a good point. It's a bit like, hey, so what's your North Star? Don't tell me you can do everything. Like, what are you going to really do, right? And to me, the North Star is, Jason, I got to build for you in 10 years the new Mag 7. That's my job. Find the best of the best. We know who are the 10 largest companies in the S&P or the NASDAQ today. What are they going to be in 10 years?

This is a good point. It's a bit like, hey, so what's your North Star? Don't tell me you can do everything. Like, what are you going to really do, right? And to me, the North Star is, Jason, I got to build for you in 10 years the new Mag 7. That's my job. Find the best of the best. We know who are the 10 largest companies in the S&P or the NASDAQ today. What are they going to be in 10 years?

Some are already public. They're just going to get bigger. And some are private. So to that extent, I don't believe that necessarily venture is the right model for this particular, because it's like, it's a thousand to one to go from a zero to 1 million in revenue. Then it's a hundred to one to go to 10 million.

Some are already public. They're just going to get bigger. And some are private. So to that extent, I don't believe that necessarily venture is the right model for this particular, because it's like, it's a thousand to one to go from a zero to 1 million in revenue. Then it's a hundred to one to go to 10 million.

To me, that's the idea. And also like the people who choose with the MAC-7R, it's like some employee at MSCI World or something like that.

To me, that's the idea. And also like the people who choose with the MAC-7R, it's like some employee at MSCI World or something like that.

We have some public requirements which will force us to do that.

We have some public requirements which will force us to do that.

I have no idea of the company you just referred to. I have no idea which one it is.

I have no idea of the company you just referred to. I have no idea which one it is.

Listen, humanoids is a pretty exciting area. I don't know what companies are, but in my top 25, I think it's a bit early. I would have a humanoid company. I'd have a robot taxi company. You know, I try to find some, whoever is the leader. And I think the point that you make that's really good, Jason, is we also have to wait. To me, there's two key things.

Listen, humanoids is a pretty exciting area. I don't know what companies are, but in my top 25, I think it's a bit early. I would have a humanoid company. I'd have a robot taxi company. You know, I try to find some, whoever is the leader. And I think the point that you make that's really good, Jason, is we also have to wait. To me, there's two key things.