Lou Whiteman

This is textbook Jacobs.

He built United Waste, United Rentals, and XBO, some of the best performing, all top 10 performing Fortune 500 companies over the past decade.

QXO stock was up 15% plus on the announcement, which you'd never see for an acquirer.

I expect more deals to come.

This is a formula that's worked really well for Jacobs and shareholders.

The machine is up and running.

I'm really excited to watch it.

That's his kryptonite.

He can't name companies, unfortunately.

I think the answer is yes and no.

I think some historical context is needed here.

These original prices, the ones we're comparing it to, they were set artificially low at the beginning as loss leaders.

That was funded by VC funds, which in turn were funded by basically zero rates.

So there was free money.

These businesses use that free money to try to gain share.

And so now the price hikes look dramatic off of that.

But I don't think that we can say necessarily that what has happened over the last few years is going to be repeatable indefinitely into the future.

Spotify doesn't have unlimited pricing power.

$22 a month for a family plan is not unreasonable.

There's room to grow from there.