I needed three days.Not because the question was unclear — the question was perfectly clear. A full IPO of the merged entity at a significant valuation, with the structural transformation that public ownership required. The question was clear.What I needed three days for was understanding what I thought about it. Not my first response — my first response had arrived immediately, had been sitting in me since I finished reading the proposal on Thursday evening, had the quality of something I already knew rather than something I was working toward. But I had learned, from years of making decisions that mattered, that the first response and the considered position were sometimes the same thing and sometimes not, and I owed this question the discipline of finding out which.I thought for three days.On the first day I thought about the structure.Public ownership meant shareholders. Shareholders meant reporting cycles — quarterly, annually, against metrics that were the language sharehol
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