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Beth Kindig and Knox Ridley are here to talk about stocks. They are analyst

investors in the IO fund. Welcome to the program Beth and Knox.

Thanks for having me again, Jason.

Good to be here.

Okay, so I wanted to talk to you about what's going on in the public markets,

especially through the lens of Start-ups, which when I started 11 years ago,

investing in private market companies like Thumbtack, Robinhood and Uber,

they were staying private longer. Stay private longer. Stay private longer was what everybody

was saying, the private markets are more efficient than the public markets.

Something changed along the way. What changed, Beth, and what is changing today,

even more with SPACs and companies going public, kind of when we would be investing them

in private markets before they even have product market fit?

I think there are some pros and cons to that. The positives are what you said,

which is that the pricing is much better because it's so much earlier.

By the time that Robinhood or Coinbase or some of these other ones go to the

public markets, a lot of the returns are taken by the private markets and then, of course, the institutions.

SPACs are an interesting opportunity because now you have individual investors

that can get in very, very early into stories. But with that comes a new skill set

...