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What are your thoughts here on the flurry of potential IPOs? >> I think that we have a bit of a risk
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problem. If you think about appetite as equivalent to like a person at a Thanksgiving dinner, when you first come
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in and you see all of this stuff, it's so plentiful. Your eyes are bigger than
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your stomach. And I think in a moment like that, you want to be the one that is consumed first. And I think the risk
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increases when you are at the tail end because the risk is that the diners will run out of space. And if you use that
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fills up Yeah. >> And if you use that analogy, I think the reason why people's plates will get full
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are probably twofold and maybe three-fold. The first and most important thing is there's enough tactical event
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risk that people generally want to be risk off and have more margin of safety. We have a lot of these really important
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financial moments tied to this concept of AGI ASI. We have a real pricing problem. If AGI is real, the durability
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of most companies is slim to none. If AGI is not real, then the fundraising capacity of these companies that are now
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raising hundreds of billions of dollars needs to get questioned and inspected thoroughly. History will sort out which
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one is right. But both cannot be right. So in that vein, I actually think Jal, I
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don't think we're going to have like these quote unquote blockbuster stream
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of IPOs. I think what happens is SpaceX is going to get out. They're going to do
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great and then maybe the next one does good to great. then the next one will do good and then the appetite runs out
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because you just can't absorb incrementally trillions of dollars of new demand. And if you think about it,
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where is it going to come from? Is it going to come from the sidelines? I don't know. I think it's more of a
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reallocation exercise. But if you look at the S&P, well, most people are now
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defensively moving away from these kinds of things towards the things that are more protected, what the industry calls
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halo, right? Those things trade for zero today, Jason. You could buy hundreds of
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millions of dollars of year of cash flow for two to five times right now in the stock market. And so why are you going
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to go way out on the risk curve and buy something at 200 times revs, let alone earnings? I'm more in the camp of I
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think it's good to be first. It's pretty decent to be second, but if I were you,
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I would get the heck out and get public and get your money and fortify your balance sheet ASAP because I think the
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risk builds the further down the IPO chain you're