Philippe Laffont

You know, when I look at that data, what I look at, if you just bring it back for one second, is ever since the 20 and 21, which were very high. If you look at 22, 23, 24, and now the 25, I'm like, How is this that it's worse than 04, 05, 06 that were normal years? How is this worse than 13 and 14 and 15? Yeah.

You know, when I look at that data, what I look at, if you just bring it back for one second, is ever since the 20 and 21, which were very high. If you look at 22, 23, 24, and now the 25, I'm like, How is this that it's worse than 04, 05, 06 that were normal years? How is this worse than 13 and 14 and 15? Yeah.

Correct.

Correct.

She can't connect the dots. You know, she's like, I want people to not you know, play the lottery anymore. I don't care for them. She doesn't understand that our system is based on this risk-taking. And so, listen.

She can't connect the dots. You know, she's like, I want people to not you know, play the lottery anymore. I don't care for them. She doesn't understand that our system is based on this risk-taking. And so, listen.

It's just like collateral damage. You know, one of the things I feel none of these people understand so well is like all the collateral damage. You think you're moving in one direction and all these dominoes sort of fall around you.

It's just like collateral damage. You know, one of the things I feel none of these people understand so well is like all the collateral damage. You think you're moving in one direction and all these dominoes sort of fall around you.

We're involved. But sorry, just one thing I would add because it makes what you said so much more powerful. On top of that, when these people die, most of them gave all their money away to foundation, which is something very different between the US and Europe. In Europe, a lot of the wealth, and in many other countries outside of Europe, the wealth basically continues for generations.

We're involved. But sorry, just one thing I would add because it makes what you said so much more powerful. On top of that, when these people die, most of them gave all their money away to foundation, which is something very different between the US and Europe. In Europe, a lot of the wealth, and in many other countries outside of Europe, the wealth basically continues for generations.

In America, these people build companies, create new companies, invest in new companies, coach new companies, mentor new companies, and when they die, all that money goes to foundations that continue to promote and do some of the work that governments were doing. Finally, how great is it that some foundations are competing with the government to decide what needs to be done?

In America, these people build companies, create new companies, invest in new companies, coach new companies, mentor new companies, and when they die, all that money goes to foundations that continue to promote and do some of the work that governments were doing. Finally, how great is it that some foundations are competing with the government to decide what needs to be done?

Well, you guys are nice to ask, and A couple of you have tweeted some nice things about it. So I really appreciate it.

Well, you guys are nice to ask, and A couple of you have tweeted some nice things about it. So I really appreciate it.

I loved it. Let me tell you, a bit the story behind it, right? So I was like, on one hand, you've got private funds. They're only available for the super, super rich. Like you gotta be like, you know, a super duper accredited investor. You put your money in there and you might not see anything for 10 years. And then for me as a GP, every three years, I need to raise a new one of these funds.

I loved it. Let me tell you, a bit the story behind it, right? So I was like, on one hand, you've got private funds. They're only available for the super, super rich. Like you gotta be like, you know, a super duper accredited investor. You put your money in there and you might not see anything for 10 years. And then for me as a GP, every three years, I need to raise a new one of these funds.

So God forbid, we have one fund that doesn't work and we raise the next one or not, right? So that was on one side of it. And then on the public side, what basically is going on in the public is very strange. But in essence, the Black Rocks of the world and the vanguards of the world and make it that almost everybody wants to invest in an index.

So God forbid, we have one fund that doesn't work and we raise the next one or not, right? So that was on one side of it. And then on the public side, what basically is going on in the public is very strange. But in essence, the Black Rocks of the world and the vanguards of the world and make it that almost everybody wants to invest in an index.

And as a result of that, the people who are still active managers, they're all basically closet indexers because the risk of being wrong, you do better for 10 years and then you do worse for one year, you're out. So basically the public market, everybody wants to index, which is, I think why the max seven, you know, is so big and stuff like that.

And as a result of that, the people who are still active managers, they're all basically closet indexers because the risk of being wrong, you do better for 10 years and then you do worse for one year, you're out. So basically the public market, everybody wants to index, which is, I think why the max seven, you know, is so big and stuff like that.