Steve McLaughlin

And then that's a certain dollar amount in the future.

And they say, what would I be willing to pay for that today?

And that's a function of what return I would require for taking that risk.

And so we're always looking out 5, 10, 15, 20 years and seeing what could a company be worth.

and then saying, how do we get value for that today?

So it's much more complicated than just looking at a company's current revenues or current earnings, particularly for these higher growth companies like the ones you're talking about.

So it's very esoteric.

It's probably one of the hardest things

the value in the world is a high growth private company that doesn't make any money, right?

Because at the end of the day, there's no money flowing out the bottom.

So what is it worth?

Some people might think it's worth nothing.

Some people might think it's worth, like on Snapchat, you know, $25 billion.

You know, these are tricky to value companies.

Yeah, I should have started it.

Yeah, I mean, I would look at pretty much any trend that could mimic what they're doing or that they could be an example of.

I mean, if you look at how mutual funds took off or ETFs or index funds, the question is, is robo-advice on a platform that's direct to consumer going to mimic what happened in mutual funds, index, ETFs, and other categories over the course of time?

I think the jury's out on that.

I think that it's...

First of all, I think you can have a lot of winners, right?