Philippe Laffont

Like, I'm sure it happens, but like off the top of my mind, it seems like a fraction of that, right? And then I also think that the private markets have become so sophisticated that in essence, like our private markets, public markets that just trade three times a year. Like, you know, these companies, they do these rounds, you know, once or twice, they're becoming pretty sophisticated.

Like, I'm sure it happens, but like off the top of my mind, it seems like a fraction of that, right? And then I also think that the private markets have become so sophisticated that in essence, like our private markets, public markets that just trade three times a year. Like, you know, these companies, they do these rounds, you know, once or twice, they're becoming pretty sophisticated.

They match buyers and sellers. And I think that's okay. And then the last piece, which I think that's a very bad piece for the four of us and all of us on this call and many of your listeners is that There's such a view that like large companies are bad and we got to bust them and we're not going to let them do any M&A. And as a result of that, small companies no longer get bought by big ones.

They match buyers and sellers. And I think that's okay. And then the last piece, which I think that's a very bad piece for the four of us and all of us on this call and many of your listeners is that There's such a view that like large companies are bad and we got to bust them and we're not going to let them do any M&A. And as a result of that, small companies no longer get bought by big ones.

And for me, it's a disaster because if I fund small companies, but now you take away one of the best ways that I have to monetize my investments. Why should I invest in risky private companies? I can just buy the public one.

And for me, it's a disaster because if I fund small companies, but now you take away one of the best ways that I have to monetize my investments. Why should I invest in risky private companies? I can just buy the public one.

And so I'm really hoping that as part of this deregulatory move, and you guys and Saks will have way more influence than we, but to convince people that in my mind, the best way to create competition is to allow these large companies to fight against each other. And the battle between OpenAI and Google is the best way to do that, but not by telling Google not to buy something or-

And so I'm really hoping that as part of this deregulatory move, and you guys and Saks will have way more influence than we, but to convince people that in my mind, the best way to create competition is to allow these large companies to fight against each other. And the battle between OpenAI and Google is the best way to do that, but not by telling Google not to buy something or-

Telling OpenAI not to buy something.

Telling OpenAI not to buy something.

Oh, I think that to me, one of the best part of being an investor of venture capital is when you have a really big idea and it works out, it takes care of a lot of sins. You know, there's a little aspect like, would you like to play the lottery? If the lottery was capped, like, hey, if you win the lottery, you can't win more than 30 million dollars. 30 million is an insane amount of money.

Oh, I think that to me, one of the best part of being an investor of venture capital is when you have a really big idea and it works out, it takes care of a lot of sins. You know, there's a little aspect like, would you like to play the lottery? If the lottery was capped, like, hey, if you win the lottery, you can't win more than 30 million dollars. 30 million is an insane amount of money.

But I read that there's some lottery guys who make 1 billion and 2 billion. And the reason why people are willing to bet so much and most people are willing to lose is they all think that they're going to have this one ticket that's worth a billion. And I think when you reduce the incentive, the financial incentive of, and I agree with Dave, success should be rewarded as much as possible.

But I read that there's some lottery guys who make 1 billion and 2 billion. And the reason why people are willing to bet so much and most people are willing to lose is they all think that they're going to have this one ticket that's worth a billion. And I think when you reduce the incentive, the financial incentive of, and I agree with Dave, success should be rewarded as much as possible.

But if you've done something wrong, then use the existing... to define what success is. I don't think you can cap because once you start capping and then what happens if the stock market goes down? Do you then have to just recap? But I agree with you. You bring up an interesting point, which is in these bundles, like Amazon Prime Bundle, Apple Bundle, There's a Costco bundle, right?

But if you've done something wrong, then use the existing... to define what success is. I don't think you can cap because once you start capping and then what happens if the stock market goes down? Do you then have to just recap? But I agree with you. You bring up an interesting point, which is in these bundles, like Amazon Prime Bundle, Apple Bundle, There's a Costco bundle, right?

We seem to be living in this world of bundles where the stock market is willing to pay 40, 50 times earnings just for the membership fee. As long as whatever you do on the side, you basically make no money. Like Costco, I think, makes 100% of its money more or less on a membership fee and trades for 50, 60 times earnings. there is a limit to like how big the bundle is before you start dumping.

We seem to be living in this world of bundles where the stock market is willing to pay 40, 50 times earnings just for the membership fee. As long as whatever you do on the side, you basically make no money. Like Costco, I think, makes 100% of its money more or less on a membership fee and trades for 50, 60 times earnings. there is a limit to like how big the bundle is before you start dumping.

So I don't think I'm saying anything super interesting. I just hope that you don't cap the upside because that's what enables all of us to fund these new companies. The reason why all of you guys and me, we're willing to fund these companies, knowing that many of them are going to fail is the hope that you get the next open AI.

So I don't think I'm saying anything super interesting. I just hope that you don't cap the upside because that's what enables all of us to fund these new companies. The reason why all of you guys and me, we're willing to fund these companies, knowing that many of them are going to fail is the hope that you get the next open AI.