You got a seat at the RegNMS table, but its serving food you don't actually want to eat. LTSE has been at this for 5+ years and its still at the bottom of the heap in terms of volume. Both MEMX and LTSE started within weeks of each other (Sep 2020), yet MEMX has like 40x(?) the volume. More recently 24X arrived in Nov 2025 and they are already doing more volume than LTSE.
You're selling a vibe that by trading through LTSE you're buying into "long term investing" or "long-term companies" with like minded investors, but the RegNMS seat is mostly orthogonal to the rest of the business. Note how little your three dually listed companies actually trade on LTSE. From what I can see those three had nearly zero action for 2025 Q4 AND 2026 Q1. Six months of nearly nothing. Why? Because the service that LTSE offers is the same as the other 16 lit venues. It doesn't matter where securities trade.
It's like a bunch of companies trying to sell water from a common fountain and pretending the dixie cup they serve it in really matters. You drink the water and throw away the cup. Slapping a sticker on it that says "Think LongTerm!" is mostly what I see. But I think people who love your messaging think something more is happening. It's why I made the analogy to ESG. It's just a vibe being pawned off on true believers.
At best I could say that the fees LTSE collects is a profit stream that feeds your promotion of better governance structures. But given the anemic flow in the venue, I have to assume its really not that much.
I think all of this comes down to an inherent contradiction in your mission. At best you might describe it as a tension. The RegNMS seat wants volume. You eat what you kill. But the other side of the business is trying to promote long term thinking and good corporate governance structures which has very little to do with trading - in fact - some of the attitudes from that side of the business probably frown on the trading. No short term trading! Only long term! But reality is - trading is trading. You either love it or you don't.
You can see that tension in your leadership team. LTSE is a small company but has two CEOs. I bet one is in NYC and the other in San Francisco. Two different cultures. Two different mindsets. Two teams pulling different ropes that aren't really related. You want them to be related. I get that. But they aren't.
My harping on the LTSE low volume might seem irrelevant but take note of the fact that there is a good chance that the SEC yanks Rule 611. I would expect that to pull your volume down even lower. If the SEC really makes that change, its going to be the hunger games for the little players and you'll go from having a seat at the table to being on the table.
But that might be for the best as you can focus on your real passion - designing better governance structures and encouraging companies to adopt them. The RegNMS seat is kind of a distraction for that.
I find it intellectually alarming (but not surprising) that someone would say something like "[the north sentinelese tribe] are doing the rest of us a favor by preserving a way of life we may need again someday".
"way of life" is doing a lot of obscuring here.
It took centuries of hard work to leave that behind.
It's insurance. The same way you don't want to go too far with germline editing. There are genetic variations that you might need to save your species some day. The cost of that is people suffer.
We may need a close connection to that way of life again and not have to relearn it from scratch.
This strikes me more as one of those things that is shocking to hear but not incorrect. People get more upset that someone said it without actually having a counterargument.
He's not saying that we _should_ live that way but that we might need to.
I think you're underestimating how much we simply don't know about how to live that primitively. Maybe you could do it in small groups of people. Maybe up to a dozen. Most experiments at this fail hilariously early by the way.
Can you do it and sustain hundreds of people? I doubt it.
At least they're here to be potentially observed. You don't have to _totally_ wing it. People living like that through history had bigger day to day survival concerns than documenting the finer details of sustaining their continued existence to us.
The last closest analog we have to them would be the Hadza people and they've had agriculture since 500 CE...
It has been said that hunter gatherers spend a lot less time working and a lot more time just hanging out and socializing than agriculturalists. It would be nice if we could use all of our modern technology to get back to that kind of work/life balance.
Not to mention all the time they spent in nature which is impossible now.
I've been working with computers since an Apple ][+ landed in our living room in the early 80s.
My perspective on what AI can do for me and for everyone has shifted dramatically in the last few weeks. The most recent models are amazing and are equipping me to take on tasks that I just didn't have the time or energy for. But I have the knowledge and experience to direct them.
I haven't been this enthused about the possibilities in a long time.
This is a huge adjustment, no doubt. But I think if I can learn to direct these tools better, I am going to get a lot done. Way more than I ever thought possible. And this is still early days!
I had a similar hunt for iMovie to extract video off of MiniDV which required some FireWire to thunderbolt cables. In any event I did find the install on archive.org. May have what you want.
Its similar to the kind of gap that exists within the minds of what people want ESG to be - and what it actually is.
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