Stephen Mayne

But yeah, they don't get a fee.

ComSec was only taking 0.2 on us because it's a fee on a fee.

So Macquarie was running Australia, so Macquarie gets their cut, then they manage ComSec, they get their cut.

But the overall fees were 0.7.

Yes, yes.

But everything else is getting crowded out.

You know, like Palantir stocks down 20% in June.

Like crypto.

So there is a crowding out factor, I reckon.

They will, and they'll certainly get those away, won't they?

I mean, if Google can raise $85 billion in a secondary raise and then Elon can raise $85, then...

I mean, the previous three years, they barely did $80 billion over three years in IPOs in the US.

So they'll end up probably doing $300 billion this year.

I mean, this is actual cash.

It's not just paper.

People have written $85 billion checks to Google and SpaceX in the last two weeks.

That's never happened before.

in public market land.

So you'd be mad if you're NVIDIA and OpenAI not to tap this.

If the public markets are so leaning in, then put your hand out.