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And I guess my opening question with that observation is what has changed the most in the last eight to 10 years in your class, in your students, in the people that you back with financial capital and strategic help? What are the things that have changed since our first conversation in 2016?

And I guess my opening question with that observation is what has changed the most in the last eight to 10 years in your class, in your students, in the people that you back with financial capital and strategic help? What are the things that have changed since our first conversation in 2016?

Can you help frame for those listening the sort of risk and return statistics that you've observed in this world in totality? So in the entire history that you've been involved with it, but maybe even specifically tuned to say the last 10 years, the whole roll-up thing really has become a thing.

Can you help frame for those listening the sort of risk and return statistics that you've observed in this world in totality? So in the entire history that you've been involved with it, but maybe even specifically tuned to say the last 10 years, the whole roll-up thing really has become a thing.

What is success in terms of returns and duration in this world compared to other available uses of capital that are out there today?

What is success in terms of returns and duration in this world compared to other available uses of capital that are out there today?

One of the things that obviously jumps off the page with those numbers that you quoted, Royce, is, OK, if I can earn a low 30s IRR like fairly consistently, how is there not just forget the institutions, an unbelievable supply of family office capital or individual capital?

One of the things that obviously jumps off the page with those numbers that you quoted, Royce, is, OK, if I can earn a low 30s IRR like fairly consistently, how is there not just forget the institutions, an unbelievable supply of family office capital or individual capital?

So if the constraint is companies worth buying, it's the right time to talk about what those criteria are that you teach your students for what makes a company potentially a good acquisition target.

So if the constraint is companies worth buying, it's the right time to talk about what those criteria are that you teach your students for what makes a company potentially a good acquisition target.

I would love you to just riff on what those criteria are, how you arrived at them and how they've evolved in as much detail as you want, because obviously it's an incredibly important part of the consideration.

I would love you to just riff on what those criteria are, how you arrived at them and how they've evolved in as much detail as you want, because obviously it's an incredibly important part of the consideration.

How concentrated is the supplier base of capital, investor supplier base of capital for these searchers in the major ecosystems of Stanford and HBS being the big two? I have heard you ask around that a very small group of people has almost like an unofficial rofer on investing in the great searchers coming out of these institutions. That would seem to make sense for me.

How concentrated is the supplier base of capital, investor supplier base of capital for these searchers in the major ecosystems of Stanford and HBS being the big two? I have heard you ask around that a very small group of people has almost like an unofficial rofer on investing in the great searchers coming out of these institutions. That would seem to make sense for me.

Like if I kept earning 35% returns for decades, I would sure want to plow capital back into the next batch of searchers. Is this accessible? Like if I want to do this, could I go do it?

Like if I kept earning 35% returns for decades, I would sure want to plow capital back into the next batch of searchers. Is this accessible? Like if I want to do this, could I go do it?

I was going to ask about spillover. Originally, this concept was very localized at Stanford and Harvard. It's gone to lots of other schools, as you said. Has it also spilled out of the academic community entirely? Yes. Maybe talk about that a little bit.

I was going to ask about spillover. Originally, this concept was very localized at Stanford and Harvard. It's gone to lots of other schools, as you said. Has it also spilled out of the academic community entirely? Yes. Maybe talk about that a little bit.

Maybe say a word about what drives what the trends are and what drives the availability of these businesses for sale, like the sellers, who they are, where they come from. My suspicion is that a lot of this is baby boomers that built their business and are now ready to sell it without some other option that they prefer.

Maybe say a word about what drives what the trends are and what drives the availability of these businesses for sale, like the sellers, who they are, where they come from. My suspicion is that a lot of this is baby boomers that built their business and are now ready to sell it without some other option that they prefer.