The Threat of Regulation Is Here, Stay

The worries and the tension around something bad happening to big tech, in quotes, is already embedded in their multiples. That's why these multiples are, by amazon rays teen times ebeda. In china, it's very, very real, as we've seen over the last six months. Everyone is now in regulatory huddle down mod in the us. So what we do is we say, let's take a very sober view of this. The only thing we can control in our hands is our view on where the business grows. And if a wher the revenues grow, where is free cashi, gro wet is ebeda grow over time? And then