#2206 - Chamath Palihapitiya

7552.838 - 7575.531 Chamath Palihapitiya

And this is an incredibly powerful but boring idea. What private equity does when they buy a company, some of them, the best ones, they'll look at next year's budget. And if they say, what should the budget be? Well, guess what's going to happen, Joe, in your company? Everybody runs and says, I need X for this, Y for that, Z for this. And you have this budget that's just ginormous.