Philippe Laffont
speaker
118 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
Philippe Laffont’s voice in public audio — every appearance, attributed to the second.
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Appearances
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.
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.
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.
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.
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.
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?
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.
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.
Divine intervention.
We need to get merch. Besties.
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