Alan Waxman

I said, why do you say that?

He goes, that is literally the ultimate expression is, can someone be a good teammate?

And I thought about it deeply.

We took no politics, no BS, only nice people.

And we translated that to now we say, are you over yourself yet?

We obviously did really well.

There were a bunch of investments.

I think the thing that we're most proud of is that during 2006 and 2007, when things were getting irrationally exuberant, we actually started to pause.

We didn't know what was going to happen in the GFC.

We're, I think, the only principal investing group.

Maybe there's one other that didn't lose money in 2008 on a lot of capital.

We didn't make any returns, but we protected capital.

And it was all from that process that we went through of really comparing relative risk units to return units.

And we started to see things that just didn't make sense.

We still invested, but we're investing in different things that we thought would be very protected.

We didn't know when the party was going to end, but it just was getting out of whack.

It's really what we didn't do leading up to GSC is probably what I'm most proud of.

And quite frankly, had that not happened, I don't think we could have

When we started Sixth Street, raised the first fund we did, had we not protected capital in 2008, because so many people in seats like mine blew themselves up during the GFC.

We love investing.