Joe Weisenthal

It's really annoying already.

Maybe you can fold that into the answer here, but an interesting thing, there's a lot of very exciting private companies that people want to get access to.

But in many cases, they're already kind of trading in some way.

And there might be like these SPVs that people have already or some token somewhere that trades on hyperliquid on the weekend that represents somehow shares of Anthropic or whatever.

You need other hobbies.

But I'm curious from your perspective, like and another thing that relates to this is the disclosure obligations for existing public companies seem like they're going to come down over time.

And maybe companies will only have to report every six months or a year, maybe never.

Like, will there always be a bright line between what's a public and what's a private asset?

Or is it just going to be this spectrum of liquidity and disclosure, but no clear definition of what it means anymore between public and private?

That was great.

Thank you so much.

Awesome.

My pleasure.

And no one is going to be putting anything of importance or sensitivity into some homemade app.

I mean, that's definitely true.

Totally.

You know, it's interesting too, not really AI related, but the idea of being able to provide, you know, provide a solution, all of portfolio visibility.

What is one reason why the big get bigger within finance?

One reason is because only a really large entity would have the capacity to be able to say, and here's what we can offer you with private credit, and here's what we can offer you with indexing, et cetera.

So, okay, the end investor has this big portfolio consisting of lots of different types of asset classes.