John Stepek

And also SpaceX isn't the only one.

There's quite a few big IPOs coming down the track.

Yeah, I think that's really interesting because the other day I was chatting to your colleague Sam Unstead while you were out the other day about this kind of IPO.

We were saying, oh, I wonder if SpaceX might break the passive market.

And in a way, I think this is actually how it breaks.

It is very clear now that there is no such thing as a passive investment.

But this is really kind of like hung a label on the fact that if you if you buy the S&P tracker, you're getting a very different kind of and essentially an actively.

A portfolio with a certain layer of active management on it.

To be clear, I approve of S&P's decision.

I think it's the correct decision.

I think the idea that you should have to have a year or so of actually being a listed company, even if you're a huge one, makes a lot of sense.

But at the end of the day, it's their active choice.

You know, you can equally rationalize as the Nasdaq presumably does that, well, actually, this is a massive stock.

You know, it's significant.

Investors will want it in their portfolios.

Yeah, right.

So that's the argument.

Yeah.

But that's the point.

So now it's bifurcated.