Rob Goldstein

You basically said, okay, mid-cap equities have this attribute.

and that's a Lego piece, as opposed to let me model what the individual stocks are and then I could think of it in the context of a whole portfolio.

I think that what's happening is that technology is enabling those lines to be less discreet

and more blurry across spectrums and across how do clients build portfolios, how do these Lego pieces get put together to actually achieve their objectives.

I think that there's a lot going on embedded in your question, including you see, and to me, this is one of the most remarkable things that is happening, is that two, three, four years ago, the whole narrative was private for longer.

And certainly, I don't know how this is true that there's fewer public companies today than when I started.

You always hear that, Stan.

I still don't really get it.

I've checked it.

It's actually true because I didn't believe it.

But you wonder, how is that possible?

Now that said, the flip side of it is you see for these companies like OpenAI, Anthropix, SpaceX, they're raced to go public because at some point the public markets provide a lot of value propositions that are beyond what the private markets can provide.

So, I think you see this sort of tale of two cities that's happening.

But there will be a spectrum, including a spectrum of certain end investors and institutions

that want to have a digital wallet and certain end investors and institutions that want to have a traditional custody account.

And it's not a binary thing.

It's about technology enabling that personalization.

Yeah, Tracy and I disagree on a lot, so it's a very legit question.

I would say often we both see things similarly in terms of the end point.

Larry is more of a tomorrow person and I'm more of a, well, there's work to do here.