00:00When it comes to some of the big companies that are going to go public later on this year,
00:03SpaceX, obviously, a big one. You also have OpenAI, Anthropic. How are you thinking through
00:08adjusting your portfolio, making room for some of these big companies?
00:13Well, you know, what I've learned from doing this and looking at tech companies specifically for a
00:19large part of my 26, 27-year career is beware the IPO. Although companies are really good at
00:27whatever it is that they do, talking to Wall Street is always an issue. And maybe, I know this
00:33is not popular, but maybe you want to stay away from any IPO until it gets its good footing. And
00:40what I mean by that is setting reasonable expectations for the analysts that cover it.
00:46You know, how do we talk to Wall Street? How do we position ourselves? And that's always kind of an
00:53issue. Although the first day is, you know, a celebration of whatever. Right. Being a public
01:01company is harder and has different skill sets than making a very successful new company.
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