David Rosenthal: observation

Transcript context

…And here’s the craziest thing, too. Like they’re gross market margin negative, we’re making bets on the people theoretically coming up with future products that haven’t been invented yet and we’re buying on a story. That to me doesn’t sound like an initial public offering. It sounds like a seed deck. It sounds like if I'm in a venture firm, those are the things that I look for, like team, like product sensibilities, like these are the things that I would write a 1 or 2 million dollar check for for somebody that hasn’t built anything yet. Not the sort of ways on which I would be evaluating a public security. That's such a good point and I think… man, thinking about this this way, I think nothing better encapsulates the time in which we’re living in tech where an IPO prospectus and process looks like a seed deck and a seed process. I don’t know if that’s a good thing or a bad thing. But that is the reality in which we live today. I'm getting all worked up over here and actually, I agree with you. Like even though –…

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