Shamath Palihapitiya

So Freeberg, you're pretty convinced at this point that a reciprocal trade agreement would cause... inflation, hyperinflation?

So Freeberg, you're pretty convinced at this point that a reciprocal trade agreement would cause... inflation, hyperinflation?

I have two thoughts. The first is that it's interesting to see that they mark the valuation up to 70 billion. That's a good sign for Stripe. But the second thing is I was a little kind of puzzled by this whole thing. It's a very complicated thing when you're buying old stakes into a new fund and crossing funds. It's sort of like actually one of those things that are supposed to be verboten.

I have two thoughts. The first is that it's interesting to see that they mark the valuation up to 70 billion. That's a good sign for Stripe. But the second thing is I was a little kind of puzzled by this whole thing. It's a very complicated thing when you're buying old stakes into a new fund and crossing funds. It's sort of like actually one of those things that are supposed to be verboten.

And when you're trying to build a good fund with great governance, this is actually at the top of the list of the things that you're never supposed to do, which is to provide liquidity to to a group of LPS via another fund that you control. But I think this actually shows what may be going on behind the scenes. So I don't want to be conspiratorial or anything. But

And when you're trying to build a good fund with great governance, this is actually at the top of the list of the things that you're never supposed to do, which is to provide liquidity to to a group of LPS via another fund that you control. But I think this actually shows what may be going on behind the scenes. So I don't want to be conspiratorial or anything. But

it would be a great way for the GPs to get liquid to meet their capital calls here without having to pay capital gains tax. And that makes a lot of sense for the GPs themselves.

it would be a great way for the GPs to get liquid to meet their capital calls here without having to pay capital gains tax. And that makes a lot of sense for the GPs themselves.

Right, so you can provide, you can provide, no, meaning, but what that means is you can provide liquidity. You don't get to pull the money out. That's fine. But then now you can use it to fund capital calls. But I don't like it. I don't like these kinds of things where one fund is basically scratching the back of another fund.

Right, so you can provide, you can provide, no, meaning, but what that means is you can provide liquidity. You don't get to pull the money out. That's fine. But then now you can use it to fund capital calls. But I don't like it. I don't like these kinds of things where one fund is basically scratching the back of another fund.

It always tends to be the case that this stuff on the surface looks a little smelly and can be a little unseemly. And this is why you're not supposed to do it. You're supposed to go and get some other random fund to buy these things. And I think it's generally a much cleaner thing to do.

It always tends to be the case that this stuff on the surface looks a little smelly and can be a little unseemly. And this is why you're not supposed to do it. You're supposed to go and get some other random fund to buy these things. And I think it's generally a much cleaner thing to do.

You saw it on this AT&T hack of Snowflake. But cloud security is a really big deal. The more cloud services you have, the more difficult it is to lock these things down.

You saw it on this AT&T hack of Snowflake. But cloud security is a really big deal. The more cloud services you have, the more difficult it is to lock these things down.

And so whether it's Google or Amazon, they have a, or Azure, they each have a really big problem on their hands, which is that if all these customers are convinced to move these workloads into the cloud, but then you can't secure it and you get hacked, that ends the business. So Wiz is an incredible testament to, I guess, engineering prowess.

And so whether it's Google or Amazon, they have a, or Azure, they each have a really big problem on their hands, which is that if all these customers are convinced to move these workloads into the cloud, but then you can't secure it and you get hacked, that ends the business. So Wiz is an incredible testament to, I guess, engineering prowess.

I don't exactly know, to be honest with you, the quality of the product. Obviously, I don't interact with those kinds of products every day, but the fact that they're willing to pay such a premium means, A, the product is good, but more importantly, B, in the absence of cloud security, these cloud vendors are going to be constrained in how fast they can grow. So what an incredible market.

I don't exactly know, to be honest with you, the quality of the product. Obviously, I don't interact with those kinds of products every day, but the fact that they're willing to pay such a premium means, A, the product is good, but more importantly, B, in the absence of cloud security, these cloud vendors are going to be constrained in how fast they can grow. So what an incredible market.

What an incredible, incredible market.

What an incredible, incredible market.