Rachel Warren

So you can sometimes see that sector wide rotation and that can put some of our holdings under temporary selling pressure, just as we kind of see those broader movements in the market.

But, you know, it doesn't change long term fundamentals for quality businesses that are already performing.

So just something to bear in mind as you watch the sector react with these IPOs coming up.

Yeah, I mean, there's definitely historical precedent for this.

I mean, you have a famous example back in the 1980s, right, with Capital Cities.

They're a relatively small media company.

They acquired ABC.

That was a company that was nearly four times its size at the time.

And of course, back then, that deal was very much financed by famous investor Warren Buffett, Oracle of Omaha himself.

He provided about $500 million in exchange for up to a 25% share in the combined company.

And that deal was one of many, I think, that proved that you could have a smaller, more aggressive firm swallow a corporate giant if they had the right financial backing.

Now, you talk about this GameStop and eBay proposed deal to fund the cash portion of this deal.

Ryan Cohen, he secured a $20 billion debt financing commitment from TD Securities.

That's the investment banking arm of TD Bank.

And the idea is this would act as a bridge between GameStop's existing cash pile and the total offer.

It's a risky maneuver.

GameStop's offered $125 a share in a 50-50 cash and stock deal that actually represented about a 20% premium over eBay's Friday share price close.

But I think you also see a situation where Cohen has to convince the market that this combined entity would be more valuable than the two companies standalone.

And if the board were to refuse the offer, if the board of eBay refuses the offer, I think maybe the only path forward is some kind of a hostile proxy fight.

So this will be really interesting to see play out.