Ronan Reid

Well, some of them aren't there at the beginning.

People are always surprised.

They think Starlink is a recent invention.

I mean, Starlink's around since 2003, and they do control and have made serious inroads into the launching of satellites and the control of satellites.

And that's for the profitability.

It's a near monopoly position on the lower range of satellites that Musk and SpaceX have.

Yeah, I think so.

I think it's a fair comment.

I think there were two trends.

One was diversification.

The other one was cost.

People wanted to pay lower and lower management fees.

So exchange traded funds became the norm and passive investing where invest managers didn't have to pay people to actively manage or trade.

It just followed an index each day.

as a result of which ETFs were able to charge management fees that were maybe one-tenth of what it was for fund managers to do, or more active fund managers.

So people can end up, and it was the same last year, the Magnificent Seven, that really determined the performance of your funds.

So there are some ETFs created that exclude some of these stocks, but again, they're not huge, and the tax position isn't always great.

But I think the answer is people will end up with an exposure one way or the other, yeah.

Well, they're selling shares.

There's some existing, the insiders will provide some shares and the company will raise money