Ken Griffin

They are growing.

And just to be clear, you know, we have a small number of outside shareholders in social securities, and they have quarterly financials.

And I bet they even get monthly numbers, too.

All right?

So the short-termism is not driven by the frequency of your financial reporting.

It's driven by the vision and leadership of your management team or lack thereof.

And I've seen stories in the United States of incredible wealth created by CEOs who have had longer-term visions.

I'll give you a name of one.

Jeff Bezos.

And there's countless stories like the Amazon story.

It's a bit of a, it's just not true that the nature of our quarterly reporting is driving the lack of companies being public.

Well, you know, we've seen some increased level of M&A activity, but frankly, I think far less than people had expected.

I think that has to do with the policy uncertainty in areas like tariffs.

I mean, I was with a very large group of U.S.

business executives.

We had a two-day meeting a few months ago.

The amount of energy that was dedicated to navigating tariffs even blew my mind.

And when you talk about, these executives have talked about war rooms and how their entire leadership teams were working six, seven days a week.

There's no time for an M&A strategy when you're trying to profoundly change your supply chain and your long-term strategy

against a very quickly changing tariff backdrop.