Alex Behring

I wish people would replace the product sooner.

Yeah.

Also, climate change and the increased awareness of the risks associated with that and the need to save energy and whatnot.

I mean, that's a positive driver for this business.

I don't presume that our model is superior to others.

There are incredibly successful firms that have a very different model, a very different way to go about their business than us.

And I think what's important for every successful firm, I mean, we're no exception to that, is find out what works well for you.

And for us, for decades now, that's the model that works really well for us, to invest our capital, to compound the capital of the people that are closed and invest with us.

And I think we should stick to that.

and not try to emulate other people's models.

And that's probably true vice versa.

Most successful firms have their own model that they develop that works for them, for their culture, for their people, for their capital.

Yes.

And this is a place where we think that over time, the firm should always be owned by the people driving it.

And historically, that has been the case.

My co-founders and me, and then I'm still here.

My co-founders over time become more on the capital side.

Daniel was an analyst and sitting here today, I was an analyst early on in the predecessor firm of this company.

So we do have a demonstrated culture that attracts people that way.

Within a few weeks in the business, it was apparent that it was an operations challenge.