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It's hard to make money. It's just so hard. And if you view making money as some derogatory thing and you put a
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bunch of impediments in the way, the downstream impact is interesting ways to make money will be out of fashion and
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simple ways of making money will be the only things that people do. The problem is that society doesn't move forward if
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all you do are simple things. You need people who are willing to put risk capital to buy these lottery tickets.
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And if you marginalize the upside, you're just going to have exactly that, a stagnant society of marginal things
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that doesn't move along. If you look, for example, in the last 5-year period in China or Canada, two totally
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different political regimes, but they both had the same thing happen, which is the amount of investment capital that
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went into both of those countries fell off of a cliff for two totally separate reasons. And you can look historically
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back and we know what this looks like, which is countries stagnate. In the absence of investment in risk capital,
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not to slag Europe, but part of what Europe got wrong was that compact didn't exist. Too many administrators, too many
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hall monitors, not enough ability to put risk capital to work and actually get gigantic outcomes. The most important
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thing we can do on that dimension is to figure out how to have less regulation, have these companies fight it out, and
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create the incentives for these smaller businesses to be bought and/or to go public. And unless people fundamentally
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embrace that idea, we're going to lose. We being America.