CME is a strong holding due to high margins, the value of its S&P index stake, and revenue from both trading volume and hedging activity.

We own CME, we own ICE, uh which is Intercontinental Exchange, and then I own as well the OTC markets, which is the the small exchange.

Um and then CME is slightly more expensive, but CME also owns kind of this hidden asset. uh they own a 27% stake in the S&P uh index business of S&P Global. So, you essentially own a call option on the S&P 500 um you know index which is a pretty good royalty to own.

Um, I would say it's a royalty and a call option because if if the dynamic that you just talked about, Toby, continues, which is people just continue to plow their money in the S&P 500, um, then, you know, that that benefits CME as well.

And that's one of those things where there's not a lot of incremental costs for them. And so it's it's a nice it's a nice business. And these businesses have remained capital-l liked. they have not had to spend money on AI even though I think that they will probably be beneficiaries of AI going forward to some extent but it's hard to imagine their profit margins getting much higher these are 60% profit margin businesses

But the truth is when you snap those three businesses together and particularly the CME the CME has a lot of exposure in non-equity um you know capital markets. So there's oil obviously, um there's metals, there's interest rates.

So all of the things that that move and it's hard for me to imagine that volume uh will not be strong in at least, you know, a couple of those places.

And so the other part of it is of course is that you know the CME and the and and IC they don't just benefit from people taking risk they benefit from people hedging risk.

I think one of the benefits of owning a company like um Intercontinental Exchange and one of the reasons that we picked that one and CME is they both have they both have their own internal clearing operation uh which protects investors from, you know, basically the other side not being able to meet their margin call.