Renaissance Technologies

10586.129 - 10610.968 Ben Gilbert

David Lippe, he is becoming a co-CEO as well. So maybe there's a bear case around that, that someone from the institutional side of the house is becoming the current co-CEO and maybe eventually CEO if you believe the medallion is the special thing and the institutional funds are sort of a blemish on the business. They're the Hermes Apple Watch strap in David's parlance. Maybe that's a bear case.