Adena Friedman

And then you start to say, okay, to me, M&A should be a means to an end, not an end itself, right? So you're saying, here's my strategy. And you take your shareholders on the journey to say, here's how we want to define our future.

And then you start to say, okay, to me, M&A should be a means to an end, not an end itself, right? So you're saying, here's my strategy. And you take your shareholders on the journey to say, here's how we want to define our future.

Here's how this company fits into that future, how they can add to your capabilities, add to your distribution, get to put you into a new market, whatever it is that's really defined within the strategy. Then you say, okay, well, how financially does this fit in to the picture of NASDAQ as well? You know, does one plus one equal more than two?

Here's how this company fits into that future, how they can add to your capabilities, add to your distribution, get to put you into a new market, whatever it is that's really defined within the strategy. Then you say, okay, well, how financially does this fit in to the picture of NASDAQ as well? You know, does one plus one equal more than two?

Here's how this company fits into that future, how they can add to your capabilities, add to your distribution, get to put you into a new market, whatever it is that's really defined within the strategy. Then you say, okay, well, how financially does this fit in to the picture of NASDAQ as well? You know, does one plus one equal more than two?

And that's super important, but it's both in the near term and the long term. Because in the near term, the shareholders are expecting a return that's within the framework of their own return environment. But then also you have to know 10 years, 20 years later that you've got this business that's really defining the future of the company.

And that's super important, but it's both in the near term and the long term. Because in the near term, the shareholders are expecting a return that's within the framework of their own return environment. But then also you have to know 10 years, 20 years later that you've got this business that's really defining the future of the company.

And that's super important, but it's both in the near term and the long term. Because in the near term, the shareholders are expecting a return that's within the framework of their own return environment. But then also you have to know 10 years, 20 years later that you've got this business that's really defining the future of the company.

So that's the way we view M&A within being an operating company buying another operating company. Inside of a private equity firm, they have a very defined process. And for them, as soon as they're thinking about buying a company, it's not a strategic decision necessarily. It's a financial decision. They also have a very defined exit timeframe.

So that's the way we view M&A within being an operating company buying another operating company. Inside of a private equity firm, they have a very defined process. And for them, as soon as they're thinking about buying a company, it's not a strategic decision necessarily. It's a financial decision. They also have a very defined exit timeframe.

So that's the way we view M&A within being an operating company buying another operating company. Inside of a private equity firm, they have a very defined process. And for them, as soon as they're thinking about buying a company, it's not a strategic decision necessarily. It's a financial decision. They also have a very defined exit timeframe.

So usually they try to say, well, what can we do with this company over five years? And then the most important question is, how do we exit? Right. So they are not a forever owner. They're a redefining owner.

So usually they try to say, well, what can we do with this company over five years? And then the most important question is, how do we exit? Right. So they are not a forever owner. They're a redefining owner.

So usually they try to say, well, what can we do with this company over five years? And then the most important question is, how do we exit? Right. So they are not a forever owner. They're a redefining owner.

They're taking this company, redefining it, turning it into something better than it was, and then making sure that they know how to land it somewhere else, either in the public markets or with another buyer. That's a very different investment thesis. But when I was at Carlyle and I watched them, and I actually had to evaluate all the internal rates of return on every single investment at Carlyle,

They're taking this company, redefining it, turning it into something better than it was, and then making sure that they know how to land it somewhere else, either in the public markets or with another buyer. That's a very different investment thesis. But when I was at Carlyle and I watched them, and I actually had to evaluate all the internal rates of return on every single investment at Carlyle,

They're taking this company, redefining it, turning it into something better than it was, and then making sure that they know how to land it somewhere else, either in the public markets or with another buyer. That's a very different investment thesis. But when I was at Carlyle and I watched them, and I actually had to evaluate all the internal rates of return on every single investment at Carlyle,

It really was great for me to see the discipline that they took on that financial analysis and what they used as their framework. So I was able to bring a lot of that thinking back to NASDAQ, but with a different context.

It really was great for me to see the discipline that they took on that financial analysis and what they used as their framework. So I was able to bring a lot of that thinking back to NASDAQ, but with a different context.

It really was great for me to see the discipline that they took on that financial analysis and what they used as their framework. So I was able to bring a lot of that thinking back to NASDAQ, but with a different context.