Cathie Wood

And what we found over time is that they have been reticent

So, something is changing here, Eric, and it would be very interesting to get to the bottom of it.

The SEC, of course, is deregulating, so that could be part of it.

Secondary markets are beginning to grow, meaning private shares on secondary markets, so there's access there.

So, maybe this definition of illiquid or less liquid

is changing here.

Yes, we certainly have thought about it, so much so that we've gone to the companies.

And as I said, at least when we went to these companies, there was some reticence because in the worst case, let's just say,

Black Swan, the public markets go down dramatically.

These private positions are not marked to market every day.

They could end up easily well above 15%.

And then what would a fund be faced doing?

trying to find a secondary market.

Now, maybe the secondary markets are becoming more liquid themselves.

They're much more liquid today than they were when they first started maybe five, six, seven years ago.

So we've been, I would say, from a compliance point of view, very careful about

And then, you know, our market makers are also trying to figure out what to do with this.

How do they price in real time when at any minute something crazy could happen coming from one of these private companies?

So there are some ecosystem challenges here.

A couple of thoughts.