Jordi Visser

And you got my brain going a bunch of different directions.

So I'll get to the multiple compression part, because that is happening right now.

And I'm gonna show that in the video of the weekend.

And it's, I mean, software companies, multiples collapsing.

But their earnings were at all-time highs.

Watch out below.

But let me go a different direction from where you were going and just think of something that came in.

If you go to a hotel, you will inevitably see physical newspapers that they have there.

Now, in breakfast time, if you go to any one of the big restaurants here or Paris or anywhere else and you grab –

or you walk into the breakfast and you look at the menu, you realize you're gonna have $150 breakfast of eggs and something.

Nothing against the peninsula and the St.

Regis, but that's just the reality of what they get away with.

If you just went around the room and you only selected the people that were reading a physical newspaper

And I asked you, how would you describe what you think those people would be?

Well, number one, they'd be older.

Who wants to get their hands dirty and go through that whole thing again?

But there's still people that do it.

Let's assume it's 10% of the people.

But then if you added up the total net worth of the people in there and what they were the percentage of, it's gonna be close to the baby boomer like ownership thing.

And that's not a negative thing to say.