Alex Behring

Now we have north of 30,000 restaurants.

So how much of it has to do with that second growth piece of it?

The bulk of it.

So again, I find it to be a great process.

I think it's a helpful process.

Doesn't probably deserve as much credit.

in our case, as it gets.

I should preface this by saying that I don't know that we made a lot of money by virtue of being great macro analysts or predictors.

I mean, I know that we didn't.

Yeah.

I'm being polite.

I didn't make any money by being that.

And having said that, I find that we probably are in a moment where valuations are more stretched, where there is a lot of capital out there trying to do things

where debt is still abundant and less cheap now, but still pretty attractively priced.

So not necessarily the easiest investment environment that I have seen over a long period of time.

Why aren't you happy that we have this business model that we only have to buy one versus we have to buy- Yeah, of course.

It's interesting to say that sometimes we have conversations with our younger partners and Kay's discussions, and they're like, look, when you guys did this and this deal in the past, it was much easier.

And we kind of look at each other.

Think about the restaurant business, which you would think in principle it's all about burgers or pizza or other types of sandwiches and whatnot.

And look at what Patrick Doyle accomplished at Domino's.