Rob Armstrong

It seems very sporty.

Mostly we love it.

Mostly we love it.

There's so much in what you just said.

Let's start with the timing issue.

The traditional thinking was we don't really know how much a company is worth until it's banged around in the markets for a while.

And a lot of investors have had a chance to get a look at it.

It kind of finds its natural price range.

And for this reason, companies that are newly listed tend to be volatile.

And that's sort of the justification for not jamming them into the big indexes right away because you have this big, floppy, unpredictable thing acting all crazy until it kind of finds its feet in the market.

Rushing it into the big indices is like, who cares about all that?

We need a lot of passive demand for this product.

It needs to be in the big indexes as fast as possible so all the passive buyers in the market will own the thing.

Is that a fair description, John?

Okay.

Let me just do the basic challenge to that view, right?

Which is easy.

When you have a nominally one and three quarters trillion company,

But there is only 5% of it or whatever being listed, you know, or 10% of it or whatever it is.

You have a scarce number of shares, relatively speaking, right?