David Frankel

So I would say quantum or size versus the fund size is pretty much how we decide around that. Now, what our LPs did with their stakes, so TradeS 25X, Uber 150 billion. I don't even remember what the IPO price was. But Harry, that is, if I look back, I go like never sell a single thing. If you could, and people have to live and people have various desires, but if you could, never sell a share.

And I know we've gone through up and the down cycle, but great companies, companies with real moats, right? Like you want to be in those companies forever. That's when we get into Buffet land, right? And like, we're not good at that.

And I know we've gone through up and the down cycle, but great companies, companies with real moats, right? Like you want to be in those companies forever. That's when we get into Buffet land, right? And like, we're not good at that.

And I know we've gone through up and the down cycle, but great companies, companies with real moats, right? Like you want to be in those companies forever. That's when we get into Buffet land, right? And like, we're not good at that.

Well, I think the timing was problematic, right? Clearly. But I think the theory that they had, I'm impressed with them that they thought about that and they executed on it. I think the timing was unfortunate.

Well, I think the timing was problematic, right? Clearly. But I think the theory that they had, I'm impressed with them that they thought about that and they executed on it. I think the timing was unfortunate.

Well, I think the timing was problematic, right? Clearly. But I think the theory that they had, I'm impressed with them that they thought about that and they executed on it. I think the timing was unfortunate.

And then the companies still have to be extraordinary, right? So the company's in there and you could argue that they had those. So I think the strategy there was actually sound.

And then the companies still have to be extraordinary, right? So the company's in there and you could argue that they had those. So I think the strategy there was actually sound.

And then the companies still have to be extraordinary, right? So the company's in there and you could argue that they had those. So I think the strategy there was actually sound.

Oh, Harry, this is a subject I can keep you here all day on. But LEACH is Lethargic Economic Extractor Causing Harm. These are these legacy companies. A great example of them is the PBMs, the Pharmacy Benefit Managers. Companies that were very innovative 40 years ago. So a PBM connects the pharmacy to the insurer. You know, 40 years ago or 30 years ago, they were great companies, right?

Oh, Harry, this is a subject I can keep you here all day on. But LEACH is Lethargic Economic Extractor Causing Harm. These are these legacy companies. A great example of them is the PBMs, the Pharmacy Benefit Managers. Companies that were very innovative 40 years ago. So a PBM connects the pharmacy to the insurer. You know, 40 years ago or 30 years ago, they were great companies, right?

Oh, Harry, this is a subject I can keep you here all day on. But LEACH is Lethargic Economic Extractor Causing Harm. These are these legacy companies. A great example of them is the PBMs, the Pharmacy Benefit Managers. Companies that were very innovative 40 years ago. So a PBM connects the pharmacy to the insurer. You know, 40 years ago or 30 years ago, they were great companies, right?

And the insurance codes and how much you should pay out for your meds, great. And then you have the whole internet and you've still got hundreds of billions of market cap, hundreds of billions adding no value. And the problem is that these incumbents use every trick in the book. Capitalism's so beautifully set up for them.

And the insurance codes and how much you should pay out for your meds, great. And then you have the whole internet and you've still got hundreds of billions of market cap, hundreds of billions adding no value. And the problem is that these incumbents use every trick in the book. Capitalism's so beautifully set up for them.

And the insurance codes and how much you should pay out for your meds, great. And then you have the whole internet and you've still got hundreds of billions of market cap, hundreds of billions adding no value. And the problem is that these incumbents use every trick in the book. Capitalism's so beautifully set up for them.

So they use lobbying, they use lawyers, they use PR to say that the challenges are illegal. That's like job number one. I have had this... time and time again. And in one way I go, it's a badge of glory, right? Like to actually like rouse a leech, like unbelievable you're doing, you know, because the incumbent is now pissed off or worried about you. It's a badge of glory.

So they use lobbying, they use lawyers, they use PR to say that the challenges are illegal. That's like job number one. I have had this... time and time again. And in one way I go, it's a badge of glory, right? Like to actually like rouse a leech, like unbelievable you're doing, you know, because the incumbent is now pissed off or worried about you. It's a badge of glory.

So they use lobbying, they use lawyers, they use PR to say that the challenges are illegal. That's like job number one. I have had this... time and time again. And in one way I go, it's a badge of glory, right? Like to actually like rouse a leech, like unbelievable you're doing, you know, because the incumbent is now pissed off or worried about you. It's a badge of glory.

But I think going through that, what it takes to take on these leeches is tremendously underestimated.