Andrew Milgram

As a safety mechanism, we also built a system that allowed us to put back claims should they become problematic with the government, should they be disallowed, or there be some sort of deficiency found.

And if we were able to put back, the company owed us our capital back plus a rate.

You might ask yourself, why would you do this?

It goes back to what we were saying earlier about the K-shaped economy.

Most of our sellers, if not all of our sellers, are in the middle market.

All of them, capital constrained, earnings power constrained.

They saw this asset that they could monetize.

And we were relatively easy to work with, I would say.

We tried to process things pretty quickly.

We could have an answer turned around and documents done within two to three weeks.

Why is this possible?

Well, look, A, I think we do a pretty good job looking in nooks and crannies.

Yeah, seeing things first.

We want to be detail-oriented thinkers.

And I would also say all profits emanate from the variant view.

if you have the market view you get the market return if you want to generate an above market or a differentiated return stream you have to think in a differentiated way have a variant view and prosecute your investments in a variant fashion going back to the foundation story of marble gate when paul and i sat down we said look the world has a howard marx and the world has a mark rowan the world has a lot of things

What doesn't it have?

And in order to grow our business, we've made sure to try to do things that we thought were interesting, unique.

The other thing is we like the intellectual challenge.

We like to think about things other people haven't thought about.