Alan Waxman

it off the shelf.

Most of our deals, you can't just pull off a shelf.

It's right brain.

And that's why when I say one of our core principles that independent thinking, stay away from the group thing, just think differently.

At any one time, we have 50 to 60 themes bubbling through Sixth Street.

Because remember, we have 10 investment platforms.

Sure, they each have a couple, yeah.

They each have five.

So they're constantly bubbling.

And then from that, there's really good themes, but they're not actionable.

So we narrowed down to 15 to 25 themes.

Where those come from, it's...

From sector knowledge, we have 16 different sector franchises.

So each of those sectors is doing primary research about their ecosystems, thinking about not only what does that ecosystem look like today, but what's it going to look like tomorrow?

There's research.

Some of it's we've got a whole bunch of longstanding relationships with CEOs and management teams, and they'll call, say, hey, we're seeing this in our sector, we're seeing this in our business, or we're seeing this.

So, hey, that's interesting.

Let's follow it up.

Sometimes we're looking at a company and we're looking at, that's an okay business.

And then we look at the supplier to that company, like, wow, the supplier is actually more interesting than the company we're looking at.