“Take the 193 UN members … And you make a histogram of their populations, and you'll find that half of them have less than 10 million people, and like 20% have less than 1 million people, right? … Most sovereigns are small. … So the number one asset that they have is a flag.”

…to like enterprise to small governments to large governments, small governments are actually a lot like enterprises. See, the thing is, this is one of the secrets, right? Most countries are small countries. Okay, most people have not actually made this graph. Take the 193 UN members, let's use as an operational definition of what a country is. There's exceptions and so on, but let's use that. And you make a histogram of their populations, and you'll find that half of them have less than 10 million people, and like 20% have less than 1 million people, right? Only a small fraction of countries by number are the 100 million plus countries like Russia, China, India, America. Most sovereigns are small. Like Cayman Islands, you know the population of Cayman Islands? Who knows? 60,000? Yeah, 70,000. Yeah, exactly. What's BVI? It's like 30K. That's smaller than Palo Alto. So the number one asset that they have is a flag. And so the complementarity between…