Jordi Visser: First of all, it's already happened. I think you had Neil McDonald. You're in a room. Okay. Neil and I worked. He's at Moomoo. So Neil's the CEO of North America Moomoo, which is a competitor of Robinhood, and it is the Robinhood of Asia. He was in the Wall Street Journal, and he said this to me privately, where he expects that 20% of Moomoo's trading will be agentic by the end of this year. So agentic trading is happening. Now, you have to be careful. Mumu is predominantly China-based or Asia-based. I think three-quarters of their users are over in Asia, and it's probably at least that in terms of the volume. The only reason that's important to your question is that I've had a lot of... Hedge fund managers and mutual fund managers that have reached the point where they want me to do presentations, not about what's going to work or what names and sectors to be involved in, but what the hell happened this year. And this has become an issue since really the beginning of the year where the agentic side, you had Micron. So to be wrong that much. It says something unique is going on, but it also left the mutual fund and the hedge fund community chasing into a rally which occurred so fast that by the time they got in, it turned around and went the other direction. And their average price of buying in, it immediately went back down to it. The reason that's important is you used to be able to do your homework and the market would wait for you. To get back to the machine time, which is the problem, agents don't wait around. The number one thing that agents care about is what's working right now. And they're involved and they're looking for opportunities. Retail is in a community talking about what's working right now. Hedge funds and mutual funds depend on reading research reports. You'll see them with the big bags still. They don't, I'm telling you, they're stuck in their ways. A lot of portfolio managers, not all of them, but a lot of them, and they want to read research reports. They want to have the analysts come in. They want their analysts to go to conferences. All of that takes a lot of time. And so I think what has happened, and you can already see it, is the windows of making alpha are just shrinking. And even if you're right on a name, the journey there is much more volatile than it was. And you know that because the narratives just keep shifting, which means they're getting knocked out. And then by the time they get knocked out, everything starts to work again.
And this has become an issue since really the beginning of the year where the agentic side, you had Micron.