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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.

And we know the stats about how big that generation was and how many of these companies exist. If you compare the next 10 years to the prior 10, do you think the supply side of the story is better? There will be more of them that are more fit to be bought. What trends do you see, if at all, in the base of companies and what the motivations of the sellers are?

And we know the stats about how big that generation was and how many of these companies exist. If you compare the next 10 years to the prior 10, do you think the supply side of the story is better? There will be more of them that are more fit to be bought. What trends do you see, if at all, in the base of companies and what the motivations of the sellers are?

But there's a lot of businesses out there that need to transition. I have lots of questions that are under the umbrella category of technology. The first is related to the types of businesses that you do and don't see people buy. And we have such a big sample now, like I'm sure there's some central tendencies.

But there's a lot of businesses out there that need to transition. I have lots of questions that are under the umbrella category of technology. The first is related to the types of businesses that you do and don't see people buy. And we have such a big sample now, like I'm sure there's some central tendencies.

You always hear roofing or HVAC or like stuff related to the home or basic things that in 10 years are still going to be roofs and probably an AI won't install them. If it does, you know, all bets are off. Do you ever see people buying more traditionally software or technology-driven businesses as searchers at all?

You always hear roofing or HVAC or like stuff related to the home or basic things that in 10 years are still going to be roofs and probably an AI won't install them. If it does, you know, all bets are off. Do you ever see people buying more traditionally software or technology-driven businesses as searchers at all?

And maybe just say a word about the central pockets or tendencies of the kinds of businesses that meet the three criteria or four criteria that you laid out earlier and what doesn't, despite being important businesses.

And maybe just say a word about the central pockets or tendencies of the kinds of businesses that meet the three criteria or four criteria that you laid out earlier and what doesn't, despite being important businesses.

One of the things that we've been studying recently is Asurion, thanks to a project with Will Thorndyke covering that company. And it makes me wonder how often you've seen that, what I'll call extreme outlier venture type multiple of capital outcome from this space versus the more like lower variance, whatever the 33% a year for 10 years math is for MOIC.