Philippe Laffont

That's exactly right.

That's exactly right.

That's the issue.

That's the issue.

Okay, I'll try, but I have to ask you guys a question before. Do you guys think that the two founders come back in a very forceful way into the company? I don't know exactly why, but one thing that I was wondering, Chamath, is you bring up a very important word, taste. Do you have to be a founder to be able to impose this sort of new taste?

Okay, I'll try, but I have to ask you guys a question before. Do you guys think that the two founders come back in a very forceful way into the company? I don't know exactly why, but one thing that I was wondering, Chamath, is you bring up a very important word, taste. Do you have to be a founder to be able to impose this sort of new taste?

And do you need sort of founder credibility at the junction at which Google is at? It seems like this is a big junction, right? This is the first time in their 20, 25 year history where I feel like, whoa, there's a real threat. How do you do that without the founders? And on top of that, they're alive. It's just they may not be at the company. Sergey, yes.

And do you need sort of founder credibility at the junction at which Google is at? It seems like this is a big junction, right? This is the first time in their 20, 25 year history where I feel like, whoa, there's a real threat. How do you do that without the founders? And on top of that, they're alive. It's just they may not be at the company. Sergey, yes.

Yeah. So I have, I've thought about that a lot. I'm not sure, you know, great answers, but the first one is I keep defaulting to the number 25. I can't explain you why, but they're not a hundred companies. But if you think there's only five and all these money managers, you know, they have like five stocks that represent 80%. I feel the level of risk that you're taking is too high.

Yeah. So I have, I've thought about that a lot. I'm not sure, you know, great answers, but the first one is I keep defaulting to the number 25. I can't explain you why, but they're not a hundred companies. But if you think there's only five and all these money managers, you know, they have like five stocks that represent 80%. I feel the level of risk that you're taking is too high.

And that one has to be, you know, I started with a public market. I would say most French people are not known to be particularly humble. But at least if you've been in the stock market as a French guy, you've been beaten up so bad. I started January 1st, 2000. So imagine what my first three years looked at. I got reduced to, you know, ashes. just beaten up by the market.

And that one has to be, you know, I started with a public market. I would say most French people are not known to be particularly humble. But at least if you've been in the stock market as a French guy, you've been beaten up so bad. I started January 1st, 2000. So imagine what my first three years looked at. I got reduced to, you know, ashes. just beaten up by the market.

You know, we did reasonably well because thank God being a hedge fund, you know, you have different tools that you can do. And so I think you need to have a certain number of stocks. You need to know that some stuff you get lucky, some stuff you get unlucky, some stuff you get right, and some stuff you get wrong. And then... I think that there's a second phenomenon.

You know, we did reasonably well because thank God being a hedge fund, you know, you have different tools that you can do. And so I think you need to have a certain number of stocks. You need to know that some stuff you get lucky, some stuff you get unlucky, some stuff you get right, and some stuff you get wrong. And then... I think that there's a second phenomenon.

Once you agree to the 25, you say, wait a minute, why are there no IPOs? Why are these private companies, amazing private companies, some of the best in the world, SpaceX, Stripe? Answer that question, why? OpenAI.

Once you agree to the 25, you say, wait a minute, why are there no IPOs? Why are these private companies, amazing private companies, some of the best in the world, SpaceX, Stripe? Answer that question, why? OpenAI.

I think that the cost of being public is too difficult, one. What cost? Like actual legal fees? The reputation, the regulatory, like you get busted like left and right by agencies. And like, when's the last time that a public company, I think that

I think that the cost of being public is too difficult, one. What cost? Like actual legal fees? The reputation, the regulatory, like you get busted like left and right by agencies. And like, when's the last time that a public company, I think that

during the last administration, something like someone told me, I don't know if it's true or not, but I love the quote so much that I'm using it without checking if it's 100% true or not. Something like 35% of the S&P had an issue with a government agency in the last few years, right? When's the last time that you guys remember a private company that has an issue with a government agency?

during the last administration, something like someone told me, I don't know if it's true or not, but I love the quote so much that I'm using it without checking if it's 100% true or not. Something like 35% of the S&P had an issue with a government agency in the last few years, right? When's the last time that you guys remember a private company that has an issue with a government agency?