John Zito

Let's compare notes.

Okay.

Equity.

What are you looking for?

Public, private.

Okay.

We do all those things.

We understand exactly that.

Okay.

Here's the solutions we can provide you.

And by the way, let's put it all together.

There's a whole other ecosystem around private assets and data and exactly who owns what information you get from your data set versus public markets data sets, which I think, again, early days, but I think the broader, bigger, scalable businesses that have more touch points across the economy, particularly when the economy is going more private than public, hopefully we can use that data to make better investment decisions.

For someone who grows up on the capital structure side, where you have to understand all parts of the capital structure, but as a credit investor, you need to understand the structural dynamics and flexibility of loans and

and converts and bonds and prefs.

When you're purely equity investor, typically when you talk to them, they're focused predominantly on one thing, which is top line growth.

And if you get the three-year top line growth number right, you typically get the stock right.

And when you go to California and you ask about debt, no one wants to talk about debt.

But now you have venture companies actually building defense companies that are going to be super asset heavy.

And now you have hyperscalers that have never had any debt that need a lot that are becoming now more capital intensive.

So the powering of this stuff is more capital intensive.