Rob Goldstein

Because even if you're graduating with an English major, if you're graduating at most schools at this point, you've taken a coding class.

So just the amount of technical expertise that you come in is a whole different level.

Yeah.

Open within a closed ecosystem.

And that is a critical element because open within a closed ecosystem, one of the things, and it's like obvious after the fact, but one of the things that we realize like, oh my God, this is amazing and it's so valuable, is that when you call our APIs, for example, in Aladdin, your permissions...

go through.

So if you think about the complexity of managing permissions in an asset manager with thousands of people, you could see some portfolios, you could see some portfolios, they're different portfolios.

You could trade, you're not allowed to trade, you can only confirm trades.

The complexity of those permissions, so the fact that when you call an API,

it knows what you can and can't access.

That whole control plane and layer is an incredible value proposition.

And the more you have people coding and the more you have people interacting with systems in more technical ways, the more valuable those control planes actually wind up being.

No.

Absolutely.

Absolutely.

There's what?

Well, first of all, these things have long tails.

So actually going through the process of retiring a system is a lot of work, no matter what the system is.

So there are long tails.

But there are certain technologies that are really... We all use them.