Yuval Rooz

Well, I mean, leverage, generally speaking, is associated with bad or potentially risky

Again, I go back to the example, if you take a mortgage against your house, you are leveraging the place that you live in.

You could lose that if you don't pay back the loan.

And it's really a question of what kind of leverage you take, for what reason do you take it, right?

If you're just taking crazy leverage,

to get even more exposure to the market, well, just be aware back to our points about how to think about risk.

Well, if that thing goes against you, you could lose all of your wealth very quickly.

And as long as you understand the outcomes and you're a professional about it, then, you know, hedge funds do go to higher leverage and, you know, face outcomes.

The question is if you wanted to use 50% of your portfolio against a house and you could meet those payments,

That could just be another asset class where you might get a better lending rate, right?

Because a house is not as efficient or not as liquid as equity market that someone that actually might lend you for buying a house at a much better rate than what a bank would give you, for example, against the deed of your house.

which might not be very easy to liquidate.

So to me, leverage is just driving utility out of your assets.

There could be bad leverage and there's good leverage.

I mean, if you can borrow cheaper than what a bank would lend you, I would say, depending, again, for what you're using that loan for, that actually is a good outcome for the consumer because we're not getting away.

At the end of the day, what financial services are, are a bunch of ledgers that just agree on book entries or who owes who what money, or if I took a loan against something that the asset that I loaned against is...

encumbered or cannot be used for something else.

So that coordination of all of these ledgers is really where the inefficiency today exists.

That's where all the operational costs, legal costs, all those legal documents that we sign.

So really what blockchain technology in general and Canton