David Rosenthal: belief

Transcript context

…And you're gonna have to go through absolute hell to will this thing into existence—more so than if you had regular shareholders—because you have to do crazy things to get through in the lean years, especially early on. Usually there's some economic component to being willing to go through all that. And this is admitting, I will never ever have founder economics or economics of any kind in this entity, and you're still trying to will it into existence. So it's not only a very narrow circumstance that could allow it to exist, but it takes a very unique—a Jack Bogle. Yeah, a type of person in the exact specific situation in life where he found himself. I mean, it's his quote from his memoir that I have right here: I realized that a mutual company would never provide me with the personal fortune that so many denizens of Wall Street would earn, but it offered, I believe, my last best chance to resume my career. Even Jack wouldn't have done it if he hadn't found himself in this situation. Right. Right. So I think it mostly boils down to Jack. The other thing that makes this finance in particular uniquely well suited to this is lots of people manage to start co-op grocery stores and small co-op things. In order to expand those businesses, they all require capital. And so you end up with shareholders at some point, or you are small and stay subscale. Finance isn't that. Yeah.…

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