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.
Uh companies like uh Intercontinental Exchange. Oh, especially Intercontinental Exchange, which I own ICE, they benefit from rising rates, right? Why? Because they earn uh they earn margin interest.
So rates rise, they earn more interest on margins that they extend to customers. Number one. Number two, they are very big in the trading of energy futures. So as energy prices go up, people trade more energy futures, they do very well.
We own CME, we own ICE, uh which is Intercontinental Exchange, and then I own as well the OTC markets, which is the the small exchange.
So, for example, um Intercontinental Exchange was trading at and I think it still is trading at less than 20 times free cash flow.
And so the other part of it is of course is that you know the CME and the and and IC they don't just benefit from people taking risk they benefit from people hedging risk.
