Subject: Re: Make Berkshire Compound Again!
Without the exit of going public there would be, essentially, no venture capitalists, no firms that specialized in just how you got companies from a market cap of $10,000 up into the millions. If every time you had someone who figured out how to do this, they had to, for obscure moral or aesthetic reasons that are hard to justify with math or physics, hold that investment for the next 20 years to prove their moral worth and depth of character

Oh come on. Traditional lock-up period is 180 days, the SpaceX lock-up is as short as 70 days in some cases, and has other rolling tiers at 90, 105, 120, and 135 days. While that prevents a gigantic block from coming online all at once, it also allows the cash-out of large offerings much sooner than usual - making it more lucrative to play the “cashing out IPO” game than the “this is a solid company” exercise it is meant to be.

In the 1990’s most VCs held the shares between 3 and 6 years. Today three years is a lifetime, and with these “new SpaceX rules” it will continue on down the path of funding the roulette wheel of capital formation instead of the “building blocks” of industrial health.

“20 years.” Give me a break.