Hamilton Helmer

And how much money are you really going to save?

Right.

And so that analysis doesn't get you there.

You need something more fundamental.

And usually it's related to power or something like that.

Well, I'll add something to that, which is that the cost of that revenue is favorable.

So think of Disney.

So think of getting Lucas and Cameron's stuff and... Marvel.

Oh, wow.

Marvel is incredible.

You know, Ivor created a huge amount of corporate value by doing those things and Pixar.

And that had to do with...

him taking franchises, like LVMH was taking powerful brands that weren't fully exploited and figuring out how to economically exploit them, right?

And Disney was taking branded entertainment that was powerful and being able to fully exploit it.

And so it answered the question, why is this worth more to me?

So you could take Star Wars stuff, which you sort of had the feeling George Lucas kind of

wasn't so interesting to sort of exploit it.

He was kind of a creative genius, right?

And yet Disney could take it and run with it.

And so I think that wasn't that you bought revenue that already existed.