Azeem Azhar

Absolutely.

I mean, very, very sophisticated networks of crawlers, right?

To look invisible, to look accidental, serendipitous, rather than a big sign saying, I'm coming in to hoover it all up.

Like you, I see this as a game of leverage.

There will be a settlement of some sort that will be arrived at.

It'll be an economic exchange.

It probably won't be as high as 30%.

It probably won't be lower than 3% to 4%.

It'll be in some range.

It'll depend on leverage.

It'll depend on politics.

And we've seen that happen in other environments.

It's been the cut of the music industry or the royalties that an author gets relative to the final sticker price of the book.

I mean, there are markers.

Do you think it's better for it to be resolved through that kind of process?

Or would you like there to be

you know, a group of economists to go out and figure out what a fair exchange ought to be and there to be a presidential commission that recommends some kind of output?

I mean, is it better for the market just to figure it out the way it is today?

Right.

So that ProRata is Bill Gross's business.