U.K. companies are in very international and very competitive markets. If you look at PC penetration in the U.K., it is very similar to the United States market.
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Historically, privacy was almost implicit, because it was hard to find and gather information. But in the digital world, whether it's digital cameras or satellites or just what you click on, we need to have more explicit rules - not just for governments but for private companies.
Because the record companies, in their ultimate wisdom, seeing what a great thing digital was, they sold all the places where they made records. Now people want records and they haven't got a facility to make them in, so it takes months and months and months to get vinyl. Vinyl is ultimately much better.
Retail is detail, and that plays out throughout the international business as well. Today's portfolio has got omnichannel businesses in Mexico, Central America, Canada, China, but we also have an e-commerce marketplace in India with Flipkart and our financial services business in India, PhonePe - those are a bit different, but the other markets have a lot of commonality strategically.
On the Internet, companies are scale businesses, characterized by high fixed costs and relatively low variable costs. You can be two sizes: You can be big, or you can be small. It's very hard to be medium. A lot of medium-sized companies had the financing rug pulled out from under them before they could get big.
If you think about companies that were built in Silicon Valley, a lot of them early on were chip companies. And now the companies that are there, like Apple, are much more successful than any of the chip companies were.
In the case of Apple, they did originally do production internally, but then along came unbelievably good outsourced manufacturing from companies like Foxconn. We don't have that in the rocket business. There's no Foxconn in the rocket business.
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