In 1997, David Bowie issued what was then famously called the Bowie Bond. It was $55 million that yielded 7.5%, which is about 80 bips above the tenure at the time. The bond payments were linked to 20 albums that Bowie had released before 1990. And what he basically said was, "You're essentially buying a piece of me, and I'm going to take this $55 million up front, and you're going to get paid this interest based on the royalties that I generate off that historic library for a 10-year period." And it turned out that it was an incredible bet.

This was the first example, I think, of people monetizing themselves, their name and their likeness. Today, what's happening is a more sophisticated version of that movement, but at much larger scale. And I think what the DJT company, what it represents is effectively a trading coin, a baseball card, if you will, a trading card via a stock on the value of Donald Trump's name, his recognition, and his likeness.