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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
llm companies we still are trying to Define what we think competitive Advantage will look like at the large
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