Alan Kohler

effectively turning retail ETFs into exit liquidity for companies' insiders who will sell at peak valuation.

Is this real and what can we expect?

What can retail investors do?

No, that's right.

Just while we're on SpaceX, if you look at the SpaceX prospectus, which you can easily find online, page 11, it's got an estimate of the total addressable market, which is 28.5 trillion US dollars, right?

of which 26.5 trillion is about AI.

Yeah.

Because SpaceX is mainly now an AI company because they own Grok and the Elon Musk AI company called XAI.

It's not really about space and satellites and so on.

And it's interesting, so $28.5 trillion, there's never been anyone, any company in history that's kind of come up with a total addressable market of that much or even anywhere close to that much.

But I just finished talking to Gerard Minack for the Intelligent Investor podcast, Talking Finance.

And he was just saying, yeah, I've got a new startup that's got a total addressable market of so much more than that.

And it's a water company.

And the total, because everyone in the world, every human being in the world needs water.

So the total addressable market of water is much more than that.

Yeah, of course.

You know.

That's right.

And the thing is that water is not a very good business because, you know, it's very competitive and it's regulated.

Yeah.