Who gets access before the IPO?

I think relaxation of accreditation standards towards more self-certification. You mentioned a test. I think a test I consider to be one form of self-certification. But the simplest form is just someone saying, I understand the risks, I understand I could lose 100 percent of what I put in this investment. You can even put like skull and crossbones.

I think the retail investor coming into this space needs to look down market and look at interesting opportunities that aren't the things that are on CNBC every day and have access to them earlier. We had a bunch of retail investors show up in 2018 and 2019 that wanted to be in SpaceX and they're thrilled that they got in when the valuation was 30 billion. I think if the market opens up, that's what we'll be talking about. What do I want to get into now that's not at the very, very top of the market getting ready to go public?

Gavin and I get up every morning and we think to ourselves, should we buy today or should we sell today? Venture capitalists don't think about the sell part. They think about the buy part. So if we're going to stay private for longer and we're going to have trillion dollar private companies and Databricks at 200 billion dollars, you got to think about is today a day we should be selling some and returning it to our investors?

Because doesn't it create though, as what Jason said, these very complicated personality dynamics where maybe you get shot out of a new company, maybe you get shot out of an incremental round and there's bad blood because you're a credible investor and there's the signaling risk. Whereas in the privates, if you and Gavin decide to sell, nobody knows.

And so what we are seeing now is in the private markets, you know, there's a lot of capital that's where people are willing to deploy it to companies at early stages and then to stay on. But at the same time, there is, there are inhibitions for private companies to go public. And one of them is the cost of our rules to comply with our rules and the disclosure ones, especially where you have all the annual report requirements, proxy statements and all of that. And so, and the quarterly reporting and so forth. So that is one big inhibition where things are not necessarily focused on materiality anymore.

And so what we are seeing now is in the private markets, you know, there's a lot of capital that's where people are willing to deploy it to companies at early stages and then to stay on. But at the same time, there is, there are inhibitions for private companies to go public. And one of them is the cost of our rules to comply with our rules and the disclosure ones, especially where you have all the annual report requirements, proxy statements and all of that. And so, and the quarterly reporting and so forth. So that is one big inhibition where things are not necessarily focused on materiality anymore.

I was there. Tour de force. Look, I think you do all this work. And I think it's really difficult to overestimate the amount of garbage that's involved in going public. The number of meetings where you look on the Zoom and there are 130 attendees. And the amount of times you review these documents and the commas move and just no values added. And you go there and you have this enormous event. And the next morning, you've sold no more stuff. Your engineering projects have made no progress since the day you weren't public. And you go back to work. And you have some new constituents that you have to address and communicate with. But the core parts of your business, you have more money in the bank. But not a damn thing changes in the important parts of your business. If you still, if you need new supply or if your relationships with your vendors are bad, they're still bad. If they're good, they're still good. And so I think what we've seen is your employees have a party, everybody's really excited and you put your head back down, you high five and you go back to work.