Alex Behring

Was involved with the Quick brand for years and some of the new two core skills of a franchisee, which is to find the best locations and to find the best managers.

So he had a demonstrated record of that.

If you look at the Kraft Heinz story for us, the Heinz investment turned out to be a pretty decent one.

We make almost three times our money on it and we're able to return our investors capital in the Kraft investment, which didn't do obviously as well.

And Patrick, I think the lesson for us there is

Basically, I don't know that we underwrote the quality of the business well.

I mean, there were significant portions of the Kraft portfolio which were relatively commoditized and therefore overly exposed to this changing dynamic where private label and the big retailers were essentially getting into the business and taking share.

And I think...

We didn't fully understand that from the get-go.

Looking at past financials would not show you that, really.

And I think that was the main issue with it.

Did we have some execution issues?

Yes, but we fixed those, and I don't think those were a determinant.

to the investment not having been so well.

In fact, we have many years ago already, several years ago left, our involvement there.

I think the company has decent people working there and doing a good job managing it, but it's not like the stock did particularly better, frankly.

The lesson for us is, again, how much more difficult and how much more diligent, therefore, we need to be

in evaluating business quality on the investment process, which I think helped us beef up the process to make both the Hunter Douglas and its investment and then subsequently the Skechers investment.

What was the concentration issue in that specific case?

Pretty much any CPG company in the US is going to have a third of the business or so, sometimes more with Walmart or another big chunk with...