Eric Balchunas

We're in a fairly rare period where we have the same market leaders for like the 15th consecutive year.

No, they did try under Biden, but it didn't work.

Hyperbole.

But it's a really important point that you make.

And back to the thing with like...

Facebook bought Instagram and Google bought YouTube.

And people in the antitrust side will say, well, if those companies had grown up to be their own thing, X would be worth it.

But then you have to remind yourself, oh, wait a minute.

The reason why Instagram has billions of users is because it got sucked into the Facebook vortex and then all these people were pushed to it.

Obviously, Google search rankings have helped YouTube become the largest video platform.

It wasn't a guarantee that they were going to own that spot.

I don't know, 20 some odd years after the thing was formed.

So we don't enforce antitrust.

We are forced to invest in companies that are themselves collections of companies, but we shouldn't pretend like they didn't create these monsters themselves.

It wasn't like they were just allowed to buy things.

They built them.

These were built products.

Fortinet, 21% today up after earnings.

And then you can find one that's absolutely crunched.

So it's all over the map.