Andrew Milgram

Years ago, we did some investing around Native American gaming assets.

The reality is that sits on sovereign territory.

How you restructure those is super complicated.

And how do you generate a return that is sufficient?

And so we had to explore new space in order to find the pathway through.

We like doing new.

We like exploring ideas, bringing new technology, interesting ways to look at things and access that value to bear in our investing style.

It keeps it interesting.

We're constantly seeking new challenge.

When we were starting, it was Paul and I and an analyst and our CFO.

We couldn't exercise a huge amount of control.

We had $50 million in assets under management.

It was the...

late winter of 2009, the world was falling apart.

The strategy that we prosecute today is the same strategy that we prosecuted then.

We just do it on a slightly larger scale.

In those days, we had to be clever.

We had to outthink the competition in order to make an impact.

And so we've always maintained that framework of thinking.

We also, in those days, locked up capital was not available.