Yes. How does pricing work on the public side? Is it a percentage of the issuance? I know there are different programs for investment grade and frequent issuers, but if you're not in the frequent issuer program, how are the fees structured at Moody's for a small deal versus a big deal?

It's based on several factors. We could never find out exactly what we were charging. Analysts were never allowed to know. They put up a Chinese wall that was quite tall. It's based on the size of the deal, the complexity, and the turnaround time. For an existing issuer, like when I covered Walmart, Brett would call me on a Friday and say, "Hey, we want to issue, we're going to market Monday morning." I've known him for 20 years, so he could do that to me, and I could do it to him.