ICE is a held position; valued under 20x FCF, capital-light, and benefits from market activity and inflation.
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we own CME, we own ICE, which is Intercontinental Exchange. And then I own as well the OTC markets, which is the the small exchange.
Intercontinental Exchange was trading at and I think it still is trading at less than 20 times free cash flow.
And these businesses have remained capital light. They have not had to spend money on AI uh 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.
And so the other part of it is of course is that, you know, the CME and the and and ICE, they don't just benefit from people taking risk. They benefit from people hedging risk.
Yeah, I think that's right. And um, you know, I I do think inflation is a beneficiary to this business as well.
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