Jeff Park

There's billions of dollars on the sideline.

I believe ConocoPhillips is actually one of them who are intended to kind of capture a big chunk of that litigation claim.

So these are the things that are now catalysts in driving valuation models.

It's really not DCFs, it's what's in the news.

What is happening with strategic interests?

Where are the flows going?

So that's the first meta.

The second met is AI.

And you saw this very clearly.

Everyone over Christmas, all they could talk about was AI and the launch of Claude Code and Opus and how amazing it was that it reinvented their entire workflow.

And this has huge implications for flows too, because I think it means that there's going to be more investors who are waking up to the idea that you have a companion who's basically your robo-financial advisor, and they're giving you the principal ability to actually invest the way you want.

And at the same time, giving you the rules around it to which you have historically outsourced that to a paid financial advisor.

So that's world-changing.

And we're going to see really interesting flows that come from that agentic model.

And the third is culture.

You saw the biggest news was, in my opinion, in the culture category, seeing Nick Shirley basically take down Minnesota.

And-

That is a huge cultural awakening at this country.

I think that shows you, one, independent journalism still matters.

And independent journalism really matters only when it looks as authentically as Nick did it.