Brad Jacobs

In a way, in a different industry.

Yeah, absolutely.

It was a form of sharing, of crowd sharing.

And at the time, about 15% of construction equipment in North America was rented, 85% was owned.

We said-

that's going to flip.

There'll come a point in time where there'll be more equipment rented for short periods of time and utilized over the course of the year by sharing it with many different users than is owned all year long.

And of course that turned out.

So we had a tremendous amount of organic growth and we had a tremendous amount of M&A opportunity as well.

We bought well over 200 companies in the industry and we bought them at multiples lower than what we were trading at.

So we created a lot of alpha

The first Monday at seven o'clock in the morning, we showed up after we bought a deal just by increasing it in the deal.

They're all creative deals.

The other thing I took away from United Waste was that was my first exposure to public markets.

Everything I did in the oil industry was private.

The waste business was the first time I had a public currency.

And I remember when we IPO'd it with

The two banks that then, at that time, were the two leading banks in environmental services, there was Payne Webber and there was Alex Brown.

Of course, now Alex Brown's part of Deutsche Bank and Payne Webber's part of UBS.

But at the time, I went to two conferences and I saw Jim Groninger, who was an investment banker speaking for Payne Webber, and I saw Tammy Preston, who was the investment banker for this field, for Alex Brown.