Q Right. And there'll be a few. Your funds, when you were at GV, are gonna print an enormous upside. And so, if you don't look closely, though, at beyond the averages, venture's gonna look incredible. If you look past the averages, venture's still gonna look extremely bimodal. A handful of winners and a ton of losers. How does that play out?
A I mean, one, that's how venture is, right? 75% of funds lose money. But two, in order for founders fund, or pick any fund, to get that hundred billion out, they have to sell that stock to someone else. Otherwise, it's just on paper. So who's the buyer for that? Is it, is it retail? Is it, ah, you know, what, you, you, you've gotta make a business case in the public market that can show that this business is worth the discounted value of its future cash flows. And so, Whether it's SpaceX or Anthropic or so forth, like, can that case be made? We'll see six months after or so. I know they're playing with the, uh, uh, with the lockups to kind of drag that out, but we'll, we'll see what the public market thinks of that.
AI assessment note: “in order for founders fund, or pick any fund, to get that hundred billion out”