Bloomberg Audio Studios, Podcasts, Radio News. Hello and welcome to The Money Stuff Podcast, your weekly podcast where we talk about stuff related to money. I'm Matt levian Ton I write the Money Stuff column for.
Bloomberg Opinion, and I'm Katie Greifeld, a reporter for Bloomberg News and an anchor for Bloomberg Television. Welcome back, Katie, Welcome back, Matt. You didn't go anywhere, but in my mind, I took a vacation from me. Yeah, it's been a minute.
For the listener's service has continued uninterrupted, but for us, it's been two weeks.
I know, I know. I had to remember how to anchor television this morning. I'm currently trying to remember how to record a podcast. Yeah.
No, I also forgot in the in our week off, it was yeah. Yeah.
The way this usually goes, though, is we have three topics.
Sure, yeah, what are those three topics today? Katy?
So we're gonna talk about endeavor. You're on a three day streak of writing about the steal an endeavor. We're going to talk about the Baby Berkshire boom because that is underway, and then we're going to talk about public private prices, Endeavor. I think when we first spoke about this steal, we ended with something close to watch this space because it was going to close on March twenty fourth, and it did.
Right. It's funny like I sometimes will write an m and a deal will have a lot of drama, and so I'll write about it successively for days or weeks. Nothing's really happened in this deal, like Monday, Like, nothing's happened since like, this company doesn't need this right. So
Endeavor is a company. It went private. There was like a long lead up to it going private, Like they signed their deal about a year ago, silver like the biggest shareholder agreed to take it private at twenty seven dollars and fifty cents per share, and they announced a few weeks ago that it was going to close this month day, March twenty fourth, and then this Monday, March twenty fourth, it closed at twenty seven to fifty per share, exactly on schedule. So not really a lot of news there.
But what was weird is that the previous week it traded well above twenty seven fifty per share, and in fact, the last day before the closing on Friday, it closed at twenty nine dollars and twenty five cents a share, so like a buck seventy five over the merger price, and like a lot of shares traded, and you know, if you know you're going to get cash that at twenty seven to fifty on Monday, it's a little weird to buy this stock at twenty nine to twenty five
on Friday. And you know the reason for that seems to be that everyone expects there to be a class action lawsuit saying that the deal was underpriced and they're looking forward to getting in on that class action.
Yeah, you had three possibilities.
Yeah, So when we talked about it this last time, there's a lot of noise about appraisal, which is one way you can basically sue for a better price. But to do that you have to like demand appraisal, and there are reasons that can be advantageous to you, but like one problem with it is you need to have
owned the stock continuously since like early February. The other way to sue to get a better price is just a class action lawsuit saying that the board that approved the deal was like failing in its footy share I duties to shareholders, and here that's like a pretty tempting lawsuit because you know, as you talked about last time,
the deal price turned out to look really low. You know, Endeavour's main asset is shares of another publicly traded company, right, that company traded up a lot, So by now the deal price for Endeavor looks really low, and you know it's being bought by its controlling shareholder, so there's always a conflict of interest there. There wasn't a vote of the independent shareholders, like no, like independent person really ratified the price, right, like the board did, but like the
shareholders didn't. So you know, there's a lot of a lot of stuff for a lawsuit, and people seem to be valuing that lawsuit at about a buck seventy five a share.
We'll clear this up for me because I was a little bit confused. So there's a possibility of a class action lawsuit, but that is different than the appraisal.
Yeah, the appraisal is like this price should have been higher, right, it doesn't require any like allegations of wrongdoing. The class action lawsuit is like the board didn't do its fiduciary duty for shareholders, but in this sort of conflicted situation, like they almost get to the same place, and it's a little bit easier to do the class action because you don't have to have held the shares continuously.
So your third explanation was people might have thought.
That Silverlake would recut the deal to give people a better price. But I don't know why they would have thought that, because silver like did say they wouldn't do it, and then they didn't do it.
So it looks like the possibility that your readers seem to agree with was that maybe you bought the stock getting on this lawsuit happening.
You bought the stock thinking a lawsuit would happen, that you wanted to be in that lawsuit because you thought that lawsuit was worth more than a buck seventy five a share.
Maybe that's what carl Icon did.
I would be surprised if there was any other reason for it. But yeah, Carlaikon bought about eight percent of Endeavor. It's not exactly clear when because the disclosure doesn't have like the trading records, but it kind of seems like he bought it all on Friday.
As of Friday, he had eight point four percent.
Yeah. Yeah, and there's a lot of shares traded on Friday, Like he might have bought all of his shares on Friday, might have been why the stock spiked, but any caayse Yeah, he seems to have bought the stock fairly recently. And he's carl iik On like he doesn't mind a lawsuit. No, he doesn't mind getting his hands a little dirty. And you know I wrote on Thursday, like, if you're a shareholder who was hoping to get it in on a lawsuit, like you gotta feel good about this, right, He's gonna
have some fun with that lawsuit. Yeah, carlaike On on your side complaining about the deal price. I don't know. It sounds like an encouraging fact.
Makes for good TV, makes for podcasting. So perhaps carl Icon wanted in on this lawsuit specifically, But there's also the possibility that maybe short sellers wanted out question Mark.
I really don't know. There's a weird, fascinating history of this, so like this is not the first deal that's kind of gone like this, where there's been a going private transaction. It looks kind of conflicted. Shareholders are disgruntled. The stock trades above the deal price right until the last minute, and then the deal closes, and the shareholders sue, and like years later down the line, they win their lawsuit
and they get some money. In that case, if you see a stock trading at twenty nine dollars a share and you know that it's going to be cashed out at twenty seven to fifty on Monday, you might be tempted to sell that stock short. Because you sell it for twenty nine dollars, you pay back the twenty seven to fifty on Monday, you make an easy buck fifty.
So in a lot of these deals, they end up the deal closes and there's some number of shorts, and the shorts make a quick profit because the deal closes it below the last trade price, and so like if they short aed it above the deal price, they make it quick profit and then they go about their business.
And years later the class action lawsuit gets decided in favor of the shareolders, and someone like they're broker comes to them and says, remember that deal that closed the twenty seven to fifty, and you paid twenty seven to fifty because you were short. Actually the real deal price is thirty two dollars, so you owe us another four p fifty there's a lot of like lower on this, and it's not clear like what the actual rules are.
My understanding is there are people who have done this trade and like years later the brokers have come to them and said you owe us more money and they said, no, we don't. We close that are short. What are you even talking about? This is not a corporate action that we owe money on. And there are some like finra arbitrations where the customers and the brokers have gone to arbitration, and it's kind of I think, gone both ways. There are some where the customers have lost, but some I
think where they've won. So there's like an interesting trade here where you can like make a free, risk free profit on your short and years later try to steff your brokers so you can keep the profit. But it's you know, a little dicey.
Yeah, but I don't know, for a good two to three years you did make a profit on that, and that has to feel somewhat good.
Yeah. I get a lot of emails from people to be like what if I did this? What if I moved out of state? You know, there's a lot of you know, it's easy to imagine how you enjoyed your broker's phone call in three years, right, Yeah, I think people are very interested in that trade.
Okay, So where does this go for here? Like you said, usually I keep.
Looking for the lawsuit.
I haven't seen, like the lost class action loss.
Yeah, usually like you know, lawyers or nut pressure.
So why is that more likely, just judging from the tone of this conversation than appraisal.
Oh, just because like so many shares have traded hands after the appraisal deadline. So like, if you're buying shares at twenty nine dollars last week, yeah, you couldn't be doing it for appraisal because you wouldn't get appraisal. You could have to be buying into the loss of the class action.
Could there be both?
Yeah, there could be. Okay, the big case that I read about was Dole, and there were both appraisal. They're not the same thing. You could imagine an appraisal court saying oh, the actual value of the company was this, and the class action court saying, oh, like the fiduciary duties you know were violated and that's where this you know, like they're not the same thing at all, but like you know, they're kind of roughly the same idea, which is, you underpaid for this company, give us more money.
So it seems like this continues to be a watch this Space situation. There's the promise of drama. It just hasn't necessarily happened.
Weird if nothing happened, because people for drama, right.
May be kind of beautiful though, if truly nothing, If everyone was like.
I think this is a dollar seventy five a shared lawsuit, looking forward to that lawsuit, I actually remember STI follow the lawsuit and it just goes away.
I kind of was just like, I don't know, I feel possessed to buy eight point four percent of the shares on Friday.
I was hoping someone else will bring a lawsuit.
I'm feeling shy now.
I told you that I went to the Blue experience.
That we've almost certainly talked about this. Did I remember that?
No?
But tell me about it.
They like build Blue's house in a building near Union Square.
That sounds kind of fun.
I really like that.
Yeah. Yeah, I can have my own children to watch Blue.
I say, it's very much like a show for parents. Yeah, it's it's very mature. You know what else is uh very mature? The business model?
Yeah?
Oh, yeah, oh, here we go.
What do you got?
What do I got? KKRL?
Yeah, not just regular holdings, but strategic holdings, holdings that they will hold for a while, is the plan. Yeah, I've got about eighteen of them.
Eighteen right. So KKR is like historically a leverage biot firm where they manage funds, They raise funds from limited partners, They take those funds and they equity checks to do
leverage biots. They borrow money to buy companies. They take over the companies, they lever them up, they improve their operations, they strip off the stuff they don't want, They incentivize managers, they get everything all nice, and three to five years later they take them public again or sell them and get a big check that they return to their limited partners and you know, take twenty percent for themselves. Like
that's the traditional LBO business model. And you know all these like LBO pioneers of the eighties and nineties like are now giant public companies like KKAR, and they run funds for investors. Like now the term is alternative asset managers because they do a lot besides classic leverage biotes.
But they still basically do that kind of model where they run funds and take twenty percent, and KKR is shifting, let's say, or like introducing more of a model where what they do is they just on their own balance as a company, buy stakes and companies or infrastructure projects or whatever, and just own them forever and they're just part of the company. They're like a big industrial conglomerate. That's an interesting shift.
Yeah, the logic here, I mean, looking at Alison mcneely's story, KKR has this plan to quadruple its earnings for sure over the next decade. Strategic holdings would be a strategic part of that. They also want to build a portfolio that kicks off more than a billion dollars a year in dividends. So it's different from the fee model, of course.
It's you know, one thing I write is that the ultimate success for a hedge fund is to get rid of all of your outside investors and convert to a family office because you've just made so much money for yourself that you'd rather earn one hundred percent of the returns on your investments than.
They get it.
It's like a little bit like that, right. The fee model is good enough that ky Care has made a lot of money and where they do that money. Well, well, one thing you do is you transition from being a service writer who collects twenty percent to being just an asset owner and a capitalist, right and you just own the companies instead of owning the twenty percent promote on them.
It's like, one way to analyze what they're doing here is like it has been a good enough business for long enough that now instead of KKR being like, we're going to manage funds to buy companies, they'll be like, we'll just buy the companies. But it's different for being a family office because like most hedge funds are, like the hedge fund management company is privately owned, and transitioning to a family office means like the guy who owned
the hedge fund now owns all the investments here. KKR is not like a guy or even the three you know, Colbert, Cravis, and Roberts. It's a public company. So the public company is sort of becoming its own family office. And like the public company is going to own all these investments directly rather than taking fees to run a fund.
In a way, it's beautiful, just the natural evolution of things. Don't we all aspire to something similar.
In some ways, it's like the whole private equity business has done this right. Like private equity was like a small, scrappy business taking over like poorly managed companies and like making them more efficient, and that was like so wildly lucrative for so long. And now it's like, we have all this money, we could just own the companies ourselves. We don't need to run funds anymore. Like that's not you know, it's an exaggeration because most of them, including KKR,
mostly run funds. But like there's this shift to like we can own stuff on our balance sheet.
Yeah, in a way, I feel really drawn to this. I think I've talked before on this podcast how I really like and admire the old school strategy of just stock picking. This is a little bit different, but you're right, it's sort of the same basis.
Like old school private equity is like people and I would disagree with this, but it's a financial engineering story, right, and so like we can put more leverage on this company than the public markets can, right, But this is like, yeah, we like that business, let's own it forever.
Yeah, think about it. It's gonna compound over time and become better and you just got to be patient and we're gonna hold this for a few decades.
Now. I'm with you. I also admire the business to my mind, like what better job could you possibly have than like waking up and being like, here are twelve stocks I want to own, I will buy them, and my job is over the rest of my life.
The answer is right in front of you being a podcaster, obviously, but I take your point. I find it really compelling. And of course this comes as KKRS freeze this. The co CEO said at Bloomberg invest earlier in March that basically it's in some ways to become a mini Berkshire Hathaway. Sure, everyone wants to bearned about it, including friend of the
show Bill Ackman. I think it is interesting that you do have at least a size of two folks saying that we are basically wanting to model ourselves after Berkshire Hathaway.
You're so young. I feel like, well, you know, people wanting to be more in Buffett. It's like a lung steady but in the past, like Joe Bay and like Bill grew up in a world where like the pinnacle of investing was Warren Buffett right, I do wonder.
I mean, I kind of grew.
I want to be Warren Buffett, but I don't know.
There was that time during the pandemic where Buffett was getting dunked on a lot by like the Dave portnoise of the world. But I feel like he's back in vogue.
But he's certainlygue among friend of.
The shop Bill Lackman, like that crowd.
Yeah, why wouldn't you want to be Berkshire Hathway.
I want to talk about their current lineup of investments. So, as I mentioned, eighteen includes lens retailer one eight hundred Contacts, which actually texted me today to tell me that it's time to order eight hundred dollars worth of contacts again, cybersecurity company Barracuda Networks, also Australian stack food manufacturer, our Nose Group, our Knots Group. But anyway, again it's just I mean one eight hundred Contacts. That's a household name.
But it's cool because it's not like flashy like AI sort of stuff, at least from what I can tell from Alison mcneely's article. Yeah, I could keep going.
Those are sort of like you know, those are like classic private acuity kind of investments, right, Like, yeah, I'm glamorous, like nice cash flow kount of companies. But you know now they just done them directly.
Yeah for me an absolute consumer stable just check about hundred contacts, you.
Are a reliable source of cash flow for kake cars.
Strategic holdings just a little more color there. They own an average twenty percent stake in these eighteen firms. That is about three point seven billion dollars of revenue nine hundred million dollars of adjusted earnings, which is a small share overall of their operating earnings right now. But they're predicting those strategic holdings will generate one point one billion by twenty thirty.
The main way I think about this bet is like when you generated enough money during a like high fee, high return financial services business, like you can just use that money to own things yourself. But there's also like you do wonder if there's like pressure on those fees or those returns, right, Like private equity in the eighties,
there's a lot of low fruit. Later vintages of funds have not always returned as well, And like you know, people talk about how there's pressure on private equity exits now and you don't hear a ton about fee pressure and private equity, but you hear that something every now and then, Like you might be one of these alternative asset matters looking around and saying, like, you know, the long term trend of like financial services fees are like you know, Kitty Greyfeld keeps telling me that you can
get an ETF for one basis point. It's common if you think, like, you know, in twenty years, what will our earnings makes look like you might say, like we might earn lesson fees, but we'll own all these companies that like sell contacts to Katy Greifeld, so we can we can we can get our money that way, right, Like if you think that fees over time will come down, like owning businesses is the way to avoid that so that.
They're future proofing in all. Yeah, Man, if I could go back to the eighties, anything.
Like private equity like feels really institutional that. But if you run like I always think, like if you run like a crypto exchange, like you got to like take all that money and put it into like laundromats or like.
Like real businesses machines.
Yeah, because you can't rely on like that like lottery winnings to keep continuing, but that you can put the money into a real business like Land. I don't know.
Oh my god, yeah, everyone should buy Land. I would love to be land rich. Okay, So we have been talking for months, really the entire existence of this podcast about how private markets are becoming public. Private markets are the new public market, and now we have some prices to put to that.
I really feel like it's a big step in private markets becoming more public when finance starts putting up like daily or you know, like real time, real time ish stock sharts of SpaceX and open a stripe Stripe and ninety seven or so other private companies that don't trade on the stock exchange but that are tracked by enough like private company tracking kind of things that they can be like, oh, here's a stock price chart, and yeah, you can go look at a stock price chart of
all these companies. And that feels like, you know, you could read news articles that were like secondary trading suggests, stripes values, blah blah blah, but like now you can just go look at a chart on your finance. Seems like a big difference, seems like a real step toward making them look public.
I appreciate the effort. It's like an opening volley. I don't think these prices are perfect.
No, they're fascinating the imperfect, right, So, like, these are these prices, Yeah, he gets them from two marketplaces, right, two companies that provide a marketplace for you know, like sort of employees ex employees of these companies to sell their stock.
To like Forge and Equities in yeah.
Forge and Equities. Basically, it's like on the selling side you have like employees and ex employees of these companies who want an exit, and the buying side you have dentists. Right, Like that's roughly the model. And I was like, those trades have to be like a liquid and small and you know, driven by weird dynamics and not really reflective evaluation of these companies. But if you look at how these prices are, they're not really derived necessarily from those trades.
Like these prices are sort of like algorithmically determined from things like funding rounds and tender offers and also like bids and trades on these platforms. But it's unclear like how the prices are determined. And you look at some of these companies and the prices like don't change very much, and it's just very clear that they're sort of essentially pulling in like prices from funding rounds and tender offers.
And it's not a real time stock chart. It's like crunch base and chart form, you know, it's like prices of funding rounds. It's not like real time secondary market trading prices, which.
Again I appreciate. But then you take a look at open AI's chart for example, as you mentioned, it is pretty Yeah, it's pretty flat, which is funny and probably again not reflective of real time pricing. When you consider the news this week that they're close to finalizing a fork, but.
There isn't real time. Yeah, the open Eyes stock does not like really trade among like on these secondary trading platforms.
Yeah, I know what I'm saying. It's an example of how time not real time. This is they're close to finalizing they're forty billion dollar funding around at least according to Bloomberg reporting, that would value the company at three hundred billion dollars. If this was close to real time, I would imagine you would see the line wiggle a little, but it hasn't.
Right, It's like psychologically interesting to have like what looks like a real time price chart, even if it's not a real time price chart, because it just makes you think, ooh, that's a company who's stock I can buy. And by the way, you can't necessarily right like.
The other thing, you can try hard.
These tide fims are like places that will let you buy many of these stocks, but it doesn't mean they have stock to sell you, right, Like you know, these companies often try to restrict their you know, employees and investors' ability to resell stock. The news this week is both the Yahoo Finance is taking prices from equity Zen and Forged to like show these stock shots, but also that
equity Zen and Forger lowering their investment minimums. So now you can, if you're an incredit and investor, you can buy stock in these companies with as little as five thousand dollars. But again, like that's just that's just like their rules. It doesn't mean that someone's going to sell you five thousand dollars basic stock. And in fact, I think it's kind of hard to source a lot of the really hot private companies on these platforms.
So I'm comparing. I hate to talk about ETFs. I just hate them. Att, I'm gon do it right now. I know that there's a you know, a subset of listeners who absolutely hate when I bring up ETFs. But I just came back from an ETF conference and we have a lot of fans there. So shout out to the friendly to the friendly couple that stopped me in Las Vegas, in the casino, in the Virgin Hotel. In any case, there is this ETF called the er Shares Private Public Crossover ETF. The ticker is x OvR Crossover.
It actually ten percent of its portfolio is SpaceX. This is pretty much meaningless, but you take a look at the performance of this ETF. It's down about seven percent on a total return basis year to date, and SpaceX, at least according to Yahoo Finance, is at least up slightly. According to Yahoo Finance, it went from to eleven per share to just under two fifteen per share. Again, this is very close to a meaningless comparison, but there is some way I guess you could back into what SpaceX
is doing. Not really, but I do think it's a little bit interesting. You do have this ETF with real time pricing. We know that ten percent of it is SpaceX.
Yeah, but that doesn't give us real time SpaceX price. Now, Like I don't know how like do the ARB, but like I assume that, like Jane Street is not like delivering a basket of a little SpaceX doc to like get shares of X over right, Like in some ways, like this stuff where like yeah, who's putting up price charts and like you can theoretically get into these private markets with as little as five thousand dollars, Like in some ways that is like psychological signaling rather than like
a real thing. And it's not like you can go buy five thousand dollars worth of SpaceX and like there's a real time chart on Yahoo. But in some ways it like is pushing it towards being a little bit more real. So like private markets theoretically are open only to accredited and investors in the US, whereas like public
markets are open to everyone. But if you look at like the number of people who are accredited, because like the accredited standards have not gone up since like the eighties, Like to be accredited, you need to have two hundred thousand dollars a year of income or three hundred thousands of a couple, or like a million dollars in assets, and that works out to something like twenty percent of the population, which is like roughly the percent of the
population that like own individual stocks and brokerage accounts. So the investor class that like buys public stocks and the investor class that can legally buy private stocks is like kind of the same class. Kind of, Yeah, you do wonder a little like what is the need for a company to go public? And then conversely, like what is
the need for it to stay private? Right, because like one thing that CEO sometimes says they don't like the distraction of having a public stock price, and like they don't like managing to the stock price, and they don't like the short termsm of like the stock price reacting to news. Yeah, like now you have the stock shot on your finance that doesn't move very much, but like you know, in the future, if it moves a lot, you might be like, ah, I might as well just
go public because my stock price is public anyway. You know.
Another counter with that would be though, that they don't have to report earnings four times a year.
It's wild to me that like basically retail investors can put five thousand dollars into a stock and there is no expectation nobody cares at all that they will ever see financial statements for the company. Yeah, and like, of course, of course no one stocks at brokers accounts looks at financial statements for the companies. The hast not get right, So like, of course it makes sense that no one
cares about saying financial statements. But it's weird that, like we have like one hundred years of securities law that's based around, like we need full disclosure about a company. We need like audited financial statements to allow people to make informed the investing decisions, and everyone's like, no, we don't care about that stuff. Full buy SpaceX doesn't matter.
But you couldn't directly say that you know, they need them and care about them because they form the basis of a lot of great articles written by financial journalists who do read the financial statements, et cetera and do the work.
That's definitely the theory of like public markets is that, like there is a lot of work done, you know, including based on like regulated public financial disclosure. There's a
lot of work done to make prices efficient. So when you buy stocking your broker's account, you are probably getting an efficient price, right, Like you're paying sort of roughly the you know, market expected fair value of the company with private companies, Like you could probably make similar arguments, right, Like, not, really, the financials are not public institutions are not necessarily like trading in the secondary market in large size, Like you're
sort of drafting on like venture capitalists valuing the company in funding rounds, and like the incentives that are not quite like it's not quite the same thing as in public markets, where there's like, you know, informed people on both sides of the trade.
Yeah, funding rounds obviously are the basis of these Yahoo Finance price charts, all of them.
Suppose I don't secondary market trading, but yeah.
Open Ai, I mean, so much has happened in the AI landscape. There's no pricing of what happened with deep seek et cetera.
Right, right, it would be really funny. It would be really fun like if when the deep seek news had dropped, if you could go to your browser and look at a real time stock price for open Ai. Yeah, it would be really really funny. If like it's just a flat lab You're like, wait, where's the reaction?
We are actually person in all information that we have available to us.
I will tell you the other big open Ai like the stock price thing. The thing that happened a real time price was when they fired sam Altan for a weeknd I wrote about it. At the time they had just done I think they finalized like an employee tender.
I think at like an eighty four billion dollar valuation, I think, and it almost like they were almost done, and then like they fired their CEO and then you know, two days later the hard back, and then like they continued doing the tender and then like they finalized it and I think it was still at eighty four billion dollars, and I wrote about, like, what a weird fact that this news didn't change, like in either direction, didn't change the valuation of open.
It was perfectly priced.
It's just like all of it was as expected. Everything is totally normal. This is not really true. And then like you know they have they like very quickly went on to raise it much heart raluations. Actually, this is my way of saying, if you looked at a real time stockhart of open Ai during deep seek and it didn't move, you might be like, oh, that's right, that's how like your cat. Let's think about opening eye.
Just a flat line, you know, and it's still flat this week even with studio ghibli. You can do that on chat ebt right now. Cool, Well, it's all over my Twitter feed, my X feed right now. I feel like you don't really you're not an excer, I'm an X excerpt. Well that's what you can expect if you go there right now. But maybe that would have pushed the stock price higher if these were real.
Isn't it nice like you're saying like it's all over my X feed? Makes me think, like I understand why CEOs don't like to have a real time stock price. It's like this distraction has moved around our stock price. It's just not that.
So I talked to a lot of CEOs in my other job, which is being a television anchor, and you ask them on air, do you know, do you care about the stock price or you did you notice this in the stock price? And they always say no, I don't really look at the stock price, blah blah blah.
And then you get lunch with them, you get coffee, you ask them in the commercial break and I often get from them, yeah, I'm constantly watching it, and of course you are if I had a real time measure of my performance, I would never not be looking at it, which I guess is distracting.
This is like the fastness is theory about private equity, which is that, like it is not less volatile than public stocks, but it reports less frequently and so it feels less volatile and everyone knows that. But his point is, like that is actually valuable to a lot of investors, and that's why they're willing to pay a premium for private equity, because like, not knowing what the stock price is is like really good for you.
I mean probably, But I'm an intercheck. I read every YouTube comment, I read every Spotify comment, I look at every tweet tweeted at me. I just am desperate for feedback.
And that was the Money Stuff Podcast.
I'm Matt Levian and I'm Katie Greifeld.
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