Aidan Donnelly

And it's the same debate that's been had in all of these companies.

You're spending all this money.

Are you going to get a return out of it eventually?

And what will that return be?

And when will it come?

And that's the decision people ultimately have to make on it.

And I think...

The hype around it and, you know, the diehard Elon Musk disciples will tell you that it's fabulous and all those things.

And, you know, maybe it is, maybe it isn't.

But, you know, when it comes to sitting in the seat I sit in, I have a framework and a process that I have to operate under in terms of judging any investment.

And that's what you have to do, you know.

And I would suggest to people, you know, it's not dissimilar if you're a retail investor or an institutional investor.

You know, you've got to set the hype aside and go,

what is this?

What are the chances that, like, if you look at the company overall right now, it's probably generating somewhere in the region of about $19 billion of revenue, right?

It's losing $5 billion.

It lost $5 billion of revenue last year, right?

And, you know, if you look at it on another measure, we look at EBITDA, which is kind of cash flow.

It is cash flow positive, but it's Starlink that is generating all of that cash.

But the problem is all the cash,