Lou Whiteman

I think that's the conclusion.

I'd note here, too, is like, oh, if you look at five years, Shopify is basically flat.

They're like up, I think, 1%.

Now, they've been up 80% and cut in half during that period.

So this is a company that tends to swing violently around different moods.

I own the stock.

To me, it's a definition of a hold.

If it comes down, it may begin to look interesting to add to it.

But we also have the weaker consumer still looming as a question mark.

I think this is just focus on the long term and not get too caught up on 20% versus 30% in any one quarter.

Look, they haven't done a secondary offering since 2021.

They have almost no debt.

They are investing with free cash flow.

I wouldn't sell these investments just because, unless you need to, and it doesn't look like they need to.

Matt can get into it.

I don't think that this is really a distraction on management's time.

I don't think they're out doing the Warren Buffett thing, reading through 10-Ks, trying to find companies to invest in, things like this.

This is trying to capture upside of partnerships.

I think, Matt, I mean, you can get into that, but this to me, I don't have a problem with.

Yeah, it's interesting because for one thing, we don't know exactly what Amazon is going to offer here.