Brad Jacobs

And then I didn't have a use for it right away.

And then it was dilutive.

Sometimes I didn't raise enough money.

I had these fantastic opportunities and I didn't have the capital.

And when you do acquisitions in particular, you didn't have the money.

You can't credibly go to a seller and say, hey, let's sign a deal and I'll go raise the money.

Even if you can raise the money, things change.

Geopolitical events happen, market corrects, all kinds of stuff happen.

And so sellers want to make sure your money goes.

Sometimes they haven't capitalized the business enough.

And I think in my next ventures, I will err on the side of raising more capital rather than less capital.

I've lost so many opportunities over the years because I didn't have enough money on the balance sheet.

So that was another example of opportunism where we had something fall in our lap that we weren't expecting and wasn't in our plan.

And that came in the form of this crazy short seller report back in 2018.

I don't remember the guy's name.

I blanked it out.

But this report came out, just pure nonsense.

We were doing this.

We were doing that.

And he was very sophisticated in the sense that he knew all the right buzzwords to say.