All-In with Chamath, Jason, Sacks & Friedberg
00:23:34 · Chamath Palihapitiya
[00:23:34] S3: I mean, I'll just say what's... What what I find so incredibly interesting about your company and what you're building is in in all of our generations, we've seen this incredible examples of companies that have run your playbook but in traditional industries. Amphenol, Roper, Danaher, Berkshire, and we've never seen a successful implementation of it in tech. And I think you're the best scaled example. I mean, Expedia tried, Berry tried, I think it was a little complicated. So it's really exciting to see that this thing can work, because the the the structural issue is always, how do you underwrite these cash flows? And I think you're proving that they're under writable, that these things can go out for seven, eight, nine years. And especially now, if you look at PE, the PE guys are basically like, we don't know what the fuck's going on. Right? Yet you're still able to go and transact, and you're announcing deals at a pace where a lot of the PE folks are... So how how do you how do you manage this risk? Like, clearly it's not a risk. You think it's a tailwind for you.
00:24:31 · Luca Ferrari, S1, Chamath Palihapitiya
[00:24:31] S0: Yeah. I think the the the... You know, private tech is completely different because they keep these companies separate for the most part to sell them, and so they could never have that technological foundation because once you plug it in in a company, what do you do when you sell it to to your private equity competitor? Do you license it to them? So that's... You know, remove that. They can't have a pooled team of engineers, designers because if they put them on the on the a business and then they sell it, what do they do? They take the team out and that means the team... The the business is almost worthless or do they sell the team with it? So it's just the model is completely different and and I believe these structural differences are a big reason why we have been, I'd like to say successful. So it will never work with the traditional private equity, which has other advantages. You can deploy maybe a lot more capital because it's a little bit more, you know, hands off, but but you can never achieve the returns I think we we have. [00:25:19] S1: Luca, I want to say [00:25:20] S3: thank you. An incredible business you're building. Congratulations.... Done. Luca Ferrari.