We have always just traded attention. It is all we have ever done. The only thing that has ever traded at any sort of P/E value is MKR, and that has been broken for a list of reasons so long it isn’t worth writing them out. In the last cycle, the attention might have been on the builders more, but that was still only the proxy by which the money moved. It’s also worth pointing out that the government was quite literally on our backs for about three years, ensuring that everything was considered very illegal. Any lawyer you might hire would have told you to do absolutely nothing, lest you risk the wrath of regulators and their enforcement teams. Now, however, we’re washing a lot of that out. The bullish IPO that was canceled three years ago can finally be done. A lot of pre-built schemes were waiting for the green light, and now they have it. If any of this is going to work—or be worth anything—it has to start mattering. It has to make money and be consequential in some way. It’s a...
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