Jeff Horing

So there's a little bit of risk management, and you can do it with check size.

So you could look at stages slightly differently.

And the second advantage a single fund has, in my view, is all my peers would sort of admit that the best bet on the table is the double-down bet.

In blackjack, we all know that.

You've got an 11 against a 5.

you double down.

Not only do they give you the good odds, but you have way more information than you had before you got the handheld.

We're not all perfect.

Sometimes we fall in love with our babies, but if you went back in time and looked at our double down checks, they were our best checks.

We took a $5 million position to a billion dollar position.

We never would have seen the billion dollar position without getting the relationship with management with a $5 million position.

In some of our biggest exits from Monday, Encino,

A bunch have started with under $25 million bets that have come up to $200 million over time.

We just see secondary opportunities.

We see follow-on opportunities.

If you zoom out, you're like, isn't that the most rational way to do it?

Why would you do anything else?

And I know there's some phenomenal firms I've heard on other podcasts that I have a ton of respect for, and they intentionally want to give that bet away.

And then obviously the more common approach now is I'll have a separate pool of capital for that bet.

But that has...