But let’s look at it this way. Take any one of the variables. I personally talked a lot about cryptocurrency today, but I’ll use it. So we have a number of vehicles and cryptocurrency. We can do a lot of different things with them. We’d like to grow them. We actually are in the process of growing them. If cryptocurrency became the biggest of the asset classes, which I personally think that’s the outcome, you’ll be very happy with the price of FMRO. In interim because obviously that’s not happen today little by little, we are growing the cryptocurrency assets and we’re growing the cryptocurrency businesses. It didn’t make sense jump in with both beat so to speak, but the reasons I mentioned earlier there was a real valuation problem, or let’s put it not, there was more than just evaluation problem.
There was a tremendous money relative to what cryptocurrency could absorb come in cryptocurrency. And without reckoning the basics of cryptocurrency, you just have to know that if you’re in a mining business, 50%, assuming the cryptocurrency price remains the same, which has to be your basic assumption, 50% of your revenue is going away every four years. Now in point of fact, over most of the time the cryptocurrency is going to rise, but your equipment’s going to become obsolete. So you shouldn’t expect a much longer life than three years. It turns out that because we have the repair business, we’ve been able to use certain machinery for more than three years. We’ve been able to pull it off, but we had no right to expect that. It just so happened.
But it’s not going to last for much longer than three years. Maybe it’ll last four years; maybe it’ll even last four and a half years. Ultimately it goes away and even before it goes away, it becomes less profitable and becomes less profitable because it’s less efficient. None of that was reflected in the cryptocurrency environment, therefore we had to stay away from investing much as we are interested in cryptocurrency. So that’s that. But doesn’t mean that in any way we think these things are undervalued. I think we’re one of the few companies, if I can promote myself for just a moment, I shouldn’t do it, but I will. We are able and the figures are available to anybody who cares to look at them. We are able to navigate a brutal, what they call a cryptocurrency winter.
We were able to navigate that. Nobody else seemed to be able to do that. So I’m actually very proud of that. I didn’t enjoy the crypto winter, but we were prepared for crypto winter and I think that’s personally worth a lot anyway I’m buying FRMO. So take it for whatever it’s worth.
Thérèse Byars: Do the co-founders of FRMO own basically the same percent of ownership of Horizon Kinetics, LLC, even though Horizon Kinetics is private, both companies share management and make similar investments?
Murray Stahl: Yes. They’re — the answer is it’s not identical for a whole host of reasons, but it’s similar. So if you were to see the ownership list of Horizon, it’s not radically different than the ownership list of FRMO. As I said, there are a lot of reasons. One of the reasons is I’m personally, I’ve been buy, I’ve never sold a share of FRMO. Only you bought So Horizon’s a private company we’d never bought or sold shares and FRMO you’re able to do that. So I’ve purchased shares, so my ownership has gone up a little bit. We’ve done some other types of transactions that have altered your ownership structure a little bit, but not radically. So you would recognize the basic shape of the ownership structure if you were to see the shareholder list of Horizon Kinetics.
Thérèse Byars: When do you think you’ll be able to raise FRMO listing, the FRMO listing to the NASDAQ?
