Anjney Midha

And the interest on the debt just pays for itself.

It depends on which investor he's talking to.

But if he was pitching me, here's what I would underwrite.

I'd say, OK, that's the floor.

The floor is Ryan's going to cut $2 billion from this thing of fat.

Put that into treasuries and we're going to make more money than it's currently yielding.

Okay, so that's the floor.

Now the ceiling, because I'm a technology investor, right?

Yeah, the opportunity.

The bull case.

The bull case.

So Amazon's used and collectibles business has been flat for six years.

They tried Renew, they tried Collectibles, they tried Trade-In, none of it scaled.

You cannot put a 1962 Mickey Mantle card through the same warehouse as a phone charger.

That category, Collectibles, is structurally defensible against Amazon.

Amazon is for phone chargers, Mickey Mantle for eBay.

eBay has the marketplace, GameStock has 1,600 stores that could physically verify the good.

That's a real mo.

worth more in the AI era than the human era.

Why?