Yeah.

I mean, the, every giant retailer does everything.

Walmart, Costco, Amazon, these are, are general retailers.

Home Depot is a specialty retailer, but somehow is worth, you know, fluctuating between 300 billion and 350 billion because home improvement is just an absolutely enormous category, and they own, depending on how you sort of frame the market, like 50% of the market.

Mm.

Five times the amount of square footage that Lowe's or any of these other sort of regional chains at the time, essentially hardware stores had.

Uh, and it turned out that your ROI on a giant store that had everything was much higher than your ROI on a bunch of little stores that had a limited number of things.

And so Lowe's, to their credit, when Home Depot passed them in 1989, Lowe's really woke up to this and said, "Okay.

I, I see where you're coming from, but if you want to be one of the four, five companies that makes this transition into the streaming age as a destination and a survivor and something with the scale to compete, I don't know that you can do that with just the family content.

Yep.

I'd buy that.

M- my gripe with the Fox acquisition is the more standard one you hear, is that I just don't think there was that much good stuff in there.

[laughs] I think they wildly, wildly overpaid for it.

Avatar, great.

Simpsons, great.

ESPN essentially is taking over NFL Network.

Walk us through that, how that all came together on your end.

Um, they contacted me.

They, they had this series that's, uh, for charity of, called The Music Of, and, uh, every year they do it with a different artist.

And, uh, so the, they had chosen Billy's music.

They wanted to do, you know, The Music of Billy Joel for, for, uh, this year's show.

And so they, they asked me to be the musical director, and they said, you know, "Why don't you, you know, we just need you to put together a killer house band." So I said, "Well, I don't know any better band to play Billy's music than Billy's band." And I said, I said, you know, "Let me, let me bring everybody." And they said, "Really? You think, you think you could do that?" I was like, "Let me, let me go around the horn," and, uh, I said, "Let me talk to everybody." So everybody was, you know, up for doing it, and it was, uh, it was, uh, it was really fun because, you know, when, of course, we didn't know at the time that this was beg- beginning to be planned that we would no longer be playing.

But when we actually did get together and play, we hadn't played in close to a year, so it was a whole lot of fun to be able to play together and then have a different take on each one of, you know, Billy's songs.

Are there any, uh, standout memories or moments that come to mind when you reflect back on those, those years?

[laughs]

Um, you know, it's, uh, uh...

What we have tended to find is the only pattern that tends to really exist across these greatest, biggest companies in the world is that they are each totally idiosyncratic in some really, one or multiple really, really, really important dimensions.

And so I think I would say, you know, for, for those incredibly successful, you know, institutions of our time, what they are is they are something unique that no other institution, you know, company, corporate, governmental, otherwise can.

Uh, well, TSMC, that we, uh [laughs] just covered.

Uh, we just interviewed the founder, Morris Chang, in Taiwan, which was an incredible experience.

You know, they make all the leading-edge chips in the world.

You just, you lose the ability to, to keep your specialness.

'69.

Ah, I was close.

But football really until World War II was a college thing.

It got very popular around the turn of the 20th century, but it was like an elite, Ivy League, this was where the future government and military leaders of America proved their mettle, was on the gridiron of college football.

It was amateur, it was sacred.

To the extent professional football existed at all, it was like a dirty thing.

Dead equal.

So if you, as an individual team, say, like, I only care about my business as a team, I don't care about the NFL, if you make the Super Bowl, let's say you don't get a bye week, so you're not a number one seed, so you're playing the wildcard round, the divisional round, the championship, the Super Bowl, four extra games, and then especially if you're a lower seed and those are all road games, the range in revenue for an NFL team, a small market team, would be 80% of their total revenue is from the centralized TV stuff from the NFL, 20% is local ticket sales, suites.