Were you at 55 billion or so? Now 90 billion? Uh, th- things are, things are, are moving y- your way.

You know, when you're at the center of everything, it's actually...

I'm more nervous now than I'm on the edge.

I don't like being in the center of everything.

But I think that AI really has the chance of being this really big wave.

And as I think about the economy long-term, I think you had the sort of the Industrial Age, maybe a couple of hundred years.

Then you sort of had the Information Age, maybe that was sort of the last 40, 50 years.

We didn't get all five, but I, I know you have maybe a future one right now in agentic AI, and, and you've even referred to it as almost a big bang moment, right? Is, is that one...

Our assets are split about 50/50 between, uh, the publics, uh, and the privates, and I've always felt, um, if you allow me for one second, I wanna rant about, I have this view of the public markets where I think that BlackRock and Vanguard-

Vanguard-And all the large funds that are q- quasi index fund, like Fidelity and Capri, they've basically completely corrupted and warped the public markets.

And if you think about it, private credit, in my mind, exists now because investment grade credit was so rigid that it basically allowed this new market to be created.

And in the public markets, under the pretext of low fees, everybody now in the room thinks the same.

So if you think about the public markets with BlackRock and Vanguard, it would be like all of us are in the room like sheeps, and we're all thinking the same, and we're all gonna jump over the hill at the same time.

And I think that before, public markets had much more, a diverse opinion.

Right now, it's like one big train, everybody gets on.

Which you think.

Get to it.

...

so we- we're looking at Bitcoin.

It's like, all right, the market cap of the world, the net worth of the world is, like, 450, 500 trillion.

Equities I think are like 120 or stuff.

Real estate's probably another 100, 150.

Then there's the value that people have in their homes.

... uh, in this line.

Uh-huh.

Like, you get busted, like, left and right by, uh, agencies and...

Like, when's the last time that a public company...

I think that, you know, during the last administration, something like someone told me, I don't know if it's true or not, but I love the f- I love the quote so much that I'm using it without checking if it's 100% true or not.

Something like 35% of the S&P had an issue with a government agency in the last few years, right? When's the last time that you guys remember a private company that has an issue with a government agency? Like, I'm sure it happens, but, like, off the top of my mind, it seems like a fraction of that, right? And then I also think that the private markets have become so sophisticated that in essence, like, our private markets, public markets that just trade three times a year.

Like, uh, you know, these companies, they do these, uh, uh, rounds, you know, once or twice.

They're becoming pretty sophisticated.

Mm-hmm.