Hi, James. Ben, how are you? Reved up and ready to go. How are you? I must confess, I am a little

nervous. This feels like five years of conversations has finally hit the front page of the

policymaking world, and it's all coming home to be discussed. It is. It has certainly been

a sort of thematic week. I haven't written my daily update for Thursday, but it's going to be on the same topic the rest of the week, which is sort of antitrust.

Last week, Senator Elizabeth Warren, who's running for president, announced proposal about breaking up the big tech companies and entitled, Here's how we can break up big tech. Obviously, that is something that is pertinent to the things that we discuss on multiple levels.

I wrote about it on Tuesday.

I wrote a very long article, potentially the longest article ever in history's history.

I'll actually explain why it was so long in a moment.

But then of interest is a few hours before we recorded this, Spotify filed a complaint with the European

Commission about Apple and antitrust, which is certainly very interesting.

And I think ties into this discussion in some interesting ways that may not be entirely flattering

to this proposal, to be honest, but we can sort of get into that.

Yep.

Sounds like a plan.

I do want to make sort of a big point about why was my article so long?

And the reason it was so long is that this point,

this question of antitrust, this question of the effects of aggregation sort of in the long

run and the way that the returns to scale, that result from that, is been something that I've

been writing about for literally years. This is something that is very important to me. I

spent a lot of time thinking about what problems might there be, what harms might there be,

what benefits are there, how should people think about regulation in this space? And to that end,

to have it introduced at such a high level, it's such a prominent sort of position as a presidential

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