This podcast episode explores the plans of the Texas Stock Exchange to offer different listing rules and its potential impact on companies listed on the New York Stock Exchange and NASDAQ. The conversation also delves into the advantages of starting an exchange business compared to pursuing IPOs, the importance of data centers in stock exchanges, Bill Ackman's plans to expand his investment offerings, the significance of asymmetric derivative trades and closed-end funds, the difference in fees between European and U.S. investment funds, the presence of fake investing newsletters, and the controversy surrounding Keith Gill and the GameStop frenzy. The episode provides insights into the dynamics of the stock market and the strategies employed by various players.