David Solomon

OK.

And I think it's and I think it's good for the red headline.

There goes your headline.

I think it's good.

I think it's good for the U.S.

that we have the biggest.

So I think this is good for the United States to have the biggest, most important companies in the world.

When you talk about what's happening, there are a lot of complex things happening about why we have fewer public companies today than we had 25 years ago.

And this is a long-term journey around policy decisions and market structure over a very long period of time.

The reason that companies like Microsoft went public when they did it the size that they did was there was no capital available to them other than going into the public market.

But it's not fair to say that investors got to participate

you know, and everything, because it's not like there's more access for investors today.

And by the way, that's another thing.

Most companies don't survive.

So it's just not that simple.

I do think we've created a regulatory structure and a market structure that really makes it unattractive to go public until you have to.

The reason these companies are going public now

is because they have to.

They have capital needs that are so voracious that it is not prudent for them to try to do 100% of it in the private market and not have a public currency.

It's just not prudent.