Alan Waxman

So we had a team at Sixth Street in Asia, a team at Sixth Street in the US, a team at Sixth Street in Europe.

So we had to do all that in a compressed time period.

It was at the beginning of COVID.

There wasn't a vaccine or anything.

So our view is, for us, it was as much about the fundamentals of the business as it was how much liquidity runway can they have.

And we had to make the bet with that liquidity runway that there would be a cure, something would get better.

They obviously had a lot of leverage to manage the business, but it gave them up to like four or five years of liquidity.

This led to another theme on sports and live entertainment because we learned that we like experiences.

Humans like experiences, but that was our analysis.

So the fundamental business analysis, make sure everything in the unit economics were what we thought

making sure that the management scheme and the CO were what we thought.

But the other thing, it was really a liquidity analysis and then making that not in the spreadsheet judgment, which sometimes you have to do.

That was as much of a risk unit as anything is the liquidity analysis to make sure how much runway do they have.

We like complex things, but in terms of the ultimate call, I mean, we do all the fundamental analysis, but ultimately...

investments come down to three or four or five things.

I wouldn't say we simplify the overall investment, but we try to simplify what are the three or four or five things that matter.

And we know those things inside out.

We also understand, and this is the other thing investors do, people only think about explicit risks.

They don't think about implicit risk.

So we always try to put that lens on it.