Is There a Short Termism in Private Companies?

There's a fundamental asymmetry here, which is basically that the short termism kind of makes sense from an investment perspective. There's fewer and fewer public companies actually in part because I view publicly traded companies as exit liquidity for founders and early stage investors. You can decide we're going to burn cash for six quarters instead of two so our payoff will be 50 times better than if we run cash constrained after only two quarters. Those are real calculations that you can make as a private enterprise that you can't make as a publicly traded company. It's a huge problem and it's why we only invest effectively only invest privately.