I think what people realize today is that you can build a better business by staying private for longer.

You're starting to see the evolution of these very large company facilitated secondary rounds.

I can see those starting to become more of a feature.

There's lots of investments we've made that have been painful experiences.

But ironically, I would say not all of our bad investments are necessarily mistakes.

We haven't taken the plunge into any of the big AI LLN companies.

We still are trying to define what we think competitive advantage will look like at the large language model level.

This is 20 VC with me, Harry Stubbings.

Now, I am excited for the show today.

If you hadn't guessed it already,

I'm a bit of an investing nerd. And one of the best, most thoughtful, most long-term investors is Bailey Gifford.

They just do things differently. They don't care what others think. And they manage 217 billion.

Yes, 217 billion. Today Today I'm so excited to welcome Peter Singlehurst, an old friend of the

show. He's head of private companies at Bailey Gifford, where he's worked on deals like epic games,

bending spoons, and Jarrell, Grammally, Airbnb, and a firm to name a few. But before we dive in today, here are two fun facts about our newest brand sponsor,

Kajabi.

First, their customers just crossed a collective $8 billion in total revenue.

Wow.

Second, Kajabi's users keep 100% of their earnings, with the average Kajabi creator

bringing in over $30,000 per year.

In case you didn't know, Kajabi is the leading creator commerce platform with an all-in-one

suite of tools, including websites, email marketing, digital products, payment processing, and

...