Hello Kouji,

Very interesting points all, and thank you for sharing them with the audience.

Point for clarification: are you referring to U.S. public companies, or companies globally?

Global GDP marches onward so capital formation and returns on capital are still happening. Further, global GDP growth is roughly in line with historic GDP growth. Are we in an era, with nearly ubiquitous information where the public traded company is, as you said, anachronistic?

Feel free to share more of your thoughts!

Jason