Answered raw tape
D 4 · C 4 · P 4 · Cm 4 4.00
Q It's all about DCF. I mean, you, you could, you could justify the cash flows, right?
A You could comp to the public market, the problem, but the problem with the, first of all, the company is about the basically nothing at late stage is trading comp to the public market really. Right. And we can get, we can get into like why, how I think, I think that look, the DCF, Comp to the public market. That way, that is the factory model, right? It's basically saying like, Hey, I have a late stage thing. I put money in. It's going to triple. The DCF looks like this. It's has this much profit margin. Like this is the story package sell to the public market. The public market buys on that same story. Like that, that was the mentality that persisted for a long time. And it was a great system for a lot of, for money making for a lot of people. Right. I actually think that again, the public market Now is like, well, if I kind of just want those types of metrics, why don't I just buy more of the mag seven? Like, I don't, I don't even want to dick around with your subscale offering. Like, I don't care, right? Like I think, and there's reasons for that. It's because the big LPs are bigger. It's because of meme stocks, like a whole bunch of stuff going on there, right? That like kind of makes that happen. But the net outcome is there is no off ramp. So then the question is when you're underwriting at a late stage, you're not, you also have to underwrite to someone Buying from you. …
AI assessment note: “basically nothing at late stage is trading comp to the public market really”
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D 2 · C 4 · P 4 · Cm 3 3.25
Q Yeah. How would you, how would you grade your predictions?
A Well, I obviously grade myself excellently on all of them. The, um, no, I mean, I think like, look, I try to pull up every few years and just, especially in times of uncertainty, just be like, what is going on? Like, where should we be spending time and attention? I think You know, two years ago, you know, the, those were the big themes for me is one, we were very used to for 10 years as a fund, effectively operating this factory line. We take in companies at a certain stage. We know what metrics they have to hit. We give them the money. We then package them and send them on to our friends at Series A, who then send them on to B and dah, dah, dah, dah. And the whole thing works beautifully because at the end, we pop them out into the public markets and retail investors buy them and life is good. And I was just saying, like, after the pandemic, you know, people wanted that to come back. And I was like, this is not coming back. Like this whole, the market is, it's a mixed up market. You know, we've basically produced a bunch of these things, which are on paper unicorns, but like, they're not fundamentally important businesses. And more importantly, there's been this huge release, which is the biggest platforms in the world can just keep getting bigger. Like I remember a time when like a hundred billion dollar company was a huge company, right? People thought there was a limit to …
AI assessment note: “Well, I obviously grade myself excellently on all of them. The, um, no”
