Jeff Walton

They've got $5 billion of Notional outstanding and it's trading $2 million a day.

If you had $100 million and you wanted to scale out of that product, you're going to destroy the price.

You can't do it.

you have to hold that instrument for 20 years in order to get that return back.

So then you go look at the strategy instrument or our instrument, and you look at the liquidity profile.

I mean, our instrument's averaging $40 million of liquidity a day on $500 million.

That's significantly more liquid relative to the JP Morgan instrument.

And strategy's instrument is trading hundreds of millions of dollars a day relative to, I think, about $10 billion outstanding now.

That's what provides the principal protection of the instrument is the liquidity profile.

It's the incentive structure, right?

These instruments, because they're liquid, because they're transparent, invites computers to come and trade these and invites market makers to move in both directions, people that are buying calls, selling puts, the whole thing.

The incentive structure is bringing liquidity there.

So, okay, zooming back out, that's the credit market.

These disrupt the credit market.

These also disrupt the equity market.

Any dividend-paying equities, how much volatility do you take on for a dividend-paying equity?

Any dividend-paying equity, what's that probability umbrella look like of the value of the company over time?

You look back over time, in the last 20 years, there's been a 50% turnover in the S&P 500.

What if that happens again?

And it's probably going to happen faster with exponential increase in technology.