I’m personally prejudiced and MIAX, I think they have the best technology. But you know it’s not objective. I’m just saying it because I happen to like MIAX, but I really believe it. In any event, so this is just an example, it’s nothing that MIAX is going to do. I want to give you an example of how the exchanges in the future are going to be different and why I like exchanges so much and like MIAX in particular. Somebody, an investment manager will say, I think the GDP is going to go up or down by a certain amount and therefore I will go longer short the S&P in a certain quantity. The trouble with that is that S&P trade as logical as it is, and even though the premise upon which it’s based might be spot on accurate, is a very idiosyncratic trade.
So the economy might go up or down as forecasted, but other things happen. So the values of currencies rise and fall, interest rates, wax and wane, company’s profit margins expand and contract. So you can’t simply generalize that a GDP of X will lead to an S&P return of some properly commensurate amount, either positive or negative. In the world of the future, what you will be able to do, you’ll be able to do the following. You’ll be able to say, I think the GDP of United States is going to rise by 3%. You will even buy a future that will pay you or some type of its mentality that will pay you. If the GDP doesn’t point in fact rise by 3% and the GDP does not rise by 3% and rises by less than 3% or it actually becomes negative, then you’re going to pay someone else and you will know before you do that trade how much exactly you will make or lose if the GDP performs in a certain manner.
So that’s going to be possible in a Blockchain cryptocurrency environment. So you’re going to be able to do things that today you really can’t do. So there are only a handful of big exchanges with licenses. I mentioned today only a tiny subset of the types of products that are possible. They’re more product conceivable than all the exchanges where all their technology put together can’t handle at the moment. It’s going to be just an incredible experience. Now, as far as the IPO goes, it’s no secret that the IPO market is just, at least until a week or two ago, the IPO market was the worst IPO market in a very long period of time. I think in the year 2020, hardly any companies came public. I don’t, I’d looked at the list, I don’t remember how many were, weren’t very many.
So it’s just a horrible environment to come public and why come public in a horrible environment. Much more logical, come public in a better environment, which we will have eventually in due course, we just have to be patient. I don’t know when there’s going to be an IPO obviously, but it will happen in due course and we’ll see what the value is and I’m very, very optimistic about the future of MIAX I hope that addresses what you wanted me to address.
Thérèse Byars: Yes. So the next question, could you please talk about the prospects for FRMO smaller investments like Digital Currency Group, Winland Holdings, Miami International Holdings and HM Tech?
