Rory O'Driscoll

They want to find a 20 VC or a Neo or whatever, but I don't think it's easy for emerging managers.

Maybe it's not directly to the point, but Rory made this point when we started this pod and it's become true in spades, just not that long later, which is-

All these leaders not IPO-ing is the greatest gift of venture in our lifetimes.

The greatest gift of venture capital.

The fact that you can flood these top 20 companies with venture capital.

Maybe it's not venture capital, right?

Maybe it's a fusion of P. It doesn't matter.

The fact that the VCs are able to keep this for themselves.

Of course, Lightspeed should raise $9 billion because the public markets aren't getting this.

And when people used to say that they're getting ripped off, the retail investors, I used to scoff because most IPOs don't do well, right?

But this is a super cycle where growth is the big beneficiary of this super cycle.

It wasn't true of other super cycles, not of the Saka era and others.

And if you're not playing that game, you're losing to Harry's point.

That's the real game.

It's not just being an open AI.

It's playing the growth super cycle bet today.

That's the winning play.

Yeah, I mean, it's a different time.

But if you just compare Tesla and SpaceX just for fun, right?

Tesla had to IPO.