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It's worth reaching out to Ridgeline to see what the experience can be like with a single platform. Visit RidgelineApps.com to schedule a demo. Hello and welcome, everyone. I'm Patrick O'Shaughnessy, and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money.

If you enjoy these conversations and want to go deeper, check out Colossus Review, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus Review along with all of our podcasts at joincolossus.com.

If you enjoy these conversations and want to go deeper, check out Colossus Review, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus Review along with all of our podcasts at joincolossus.com.

So Royce and Rick, it is so fun to be doing this with you both again, almost 10 years later. And as I was reviewing our first conversation, which was one of the most popular very early on in the Invest Like the Best story,

So Royce and Rick, it is so fun to be doing this with you both again, almost 10 years later. And as I was reviewing our first conversation, which was one of the most popular very early on in the Invest Like the Best story,

One thing that's quite funny is if you look at the interviews around it, many of them are now irrelevant in the sense that the observations of the guest have evolved so much with technology or market changes or whatever, that they're not all that useful.

One thing that's quite funny is if you look at the interviews around it, many of them are now irrelevant in the sense that the observations of the guest have evolved so much with technology or market changes or whatever, that they're not all that useful.

Whereas yours, when I listened to it, you could argue we could just republish that one and capture a lot of the spirit of the power of the sort of entrepreneurship and entrepreneurship through acquisition and investing that you teach and advocate for. One, I think that's so cool. I'm so excited to do this with you both again.

Whereas yours, when I listened to it, you could argue we could just republish that one and capture a lot of the spirit of the power of the sort of entrepreneurship and entrepreneurship through acquisition and investing that you teach and advocate for. One, I think that's so cool. I'm so excited to do this with you both again.

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.