Philippe Laffont

Can I establish with 75% chance that this is the leader? I don't want to do it if it's like a 1% chance that it's the leader. I got to pay more later. That's one. But two, There's one advantage that the public markets have over the privates, that we know how to value things because we have comps and we know about revenues and profits and earnings and P multiples and stuff like that.

Can I establish with 75% chance that this is the leader? I don't want to do it if it's like a 1% chance that it's the leader. I got to pay more later. That's one. But two, There's one advantage that the public markets have over the privates, that we know how to value things because we have comps and we know about revenues and profits and earnings and P multiples and stuff like that.

Sometimes private investors, they just value a private company like, hey, if the last round was 100, well, this round's 200. And I'm like, but why?

Sometimes private investors, they just value a private company like, hey, if the last round was 100, well, this round's 200. And I'm like, but why?

It's like doubles, right? And so I think that in the growth business, like being a public investor is important because it lets you at least say, if this company were already public, what would it be worth? And then when you own public company, the one thing that the private company gives you, if you want the public business, it gives you discipline.

It's like doubles, right? And so I think that in the growth business, like being a public investor is important because it lets you at least say, if this company were already public, what would it be worth? And then when you own public company, the one thing that the private company gives you, if you want the public business, it gives you discipline.

But what the private business gives you, which is really cool, it gives you the telescope into the future. And I think that to be a good investor, you need to have one side of your brain, which is imagination, creation, believing in the future. And you need to have another side that says a slow down chemo. This is like, 80 times earnings and it's twice as expensive and be patient.

But what the private business gives you, which is really cool, it gives you the telescope into the future. And I think that to be a good investor, you need to have one side of your brain, which is imagination, creation, believing in the future. And you need to have another side that says a slow down chemo. This is like, 80 times earnings and it's twice as expensive and be patient.

And for me, the best investors are the ones where you sort of have the telescope in the future, but you also have the day-to-day discipline of the public markets. And as I said before today, man, you get beat up in the public market so bad all the time because you buy something, it goes down by half. Even in the private markets, it goes up, goes up, goes up. And then one day it just goes to zero.

And for me, the best investors are the ones where you sort of have the telescope in the future, but you also have the day-to-day discipline of the public markets. And as I said before today, man, you get beat up in the public market so bad all the time because you buy something, it goes down by half. Even in the private markets, it goes up, goes up, goes up. And then one day it just goes to zero.

Oh, no.

Oh, no.

Divine intervention.

Divine intervention.

We need to get merch. Besties.

We need to get merch. Besties.