"How much data do BUD need to have under management to make this...

"How much data do BUD need to have under management to make this fly?"

That's an excellent question. Page 7 of the Quarterly: "the data asset we're building is approaching commercial viability and we have alternative data customers in waiting."

This does beg the question how close to commercial viability we are in the area of aggregated data sales.

My take, seeing that BUD already had one transaction in this space, is that we are probably quite close, i.e. within a few months or less. So, like yourself, I'll be keen to see a clearer picture of what revenue this could entail once we reach critical mass. The 4D announcement from 28 Feb quoted $100,000 as a rough median annual figure per hedge fund, which isn't huge, but I suppose once you got the data, you can organise it into a a lot of different sets and sell these to a lot of clients.

Based on that, the strategy of building the data asset first makes a lot of sense to me. Once we got the data, revenue will follow, and this could be substantial.