Anthony Scilipoti

You saw this, you know, in the financial crisis, that movie about, you know, the big short, like those individuals became clients of ours.

Like I know Porter Collins, if he ever listens here and, and Danny and so forth, like we befriended each other during, during this time of madness and afterwards, but

It was like they were crazy.

Like you end up looking at yourself going, I'm crazy.

I'm seeing this and nobody cares.

It becomes so difficult when you're on the other side.

Now you're trying to make money and raise money from clients because investors now are saying, well, wait a minute.

You're up five or you're down five.

Market's up 20.

You don't know what you're doing.

What are you doing?

And, you know, it's hard because that's how you earn your living.

That, I think, becomes the problem.

And with Valiant, it just went on for so long.

And you need to look at the market conditions at the time because the people are running a business, but the business is operating in a certain economic environment.

Well, you had brand new bond market activity, QE.

No one ever heard of QE before the early 2010s.

The central banks were buying long-dated bonds to keep interest rates low.

Well, now all of a sudden, what does that do to a company like Valiant that's growing through acquisition and needs capital?

Well, they could borrow money at very low rates.