Jeff Horing

He was probably 25.

That kind of elevated us.

And we were basically investors doing it ourselves.

And then we made a decision in 1999.

We hired a young man out of Dartmouth, which is where Mike went to school.

And he became our first official analyst.

We decided to go right after the undergrad kids because we realized it's a really hard job.

And if you've actually been working at Goldman Sachs or McKinsey, you kind of get spoiled and you don't want to go back to picking up a phone and calling somebody up without any context.

It's a lot of effort.

And that became the first two chapters, really.

We then started to operationalize what that young man was doing.

And we started having classes and then we started going down to best schools to recruit.

And then we started to have training programs and we started to really

institutionalize that entire process.

And that's the last 20 years.

Other than technology, the hiring and profiling of what we do hasn't changed tremendously.

The class sizes, generally speaking, have gotten bigger as the market's grown, but we're just trying to cover everything.

So whatever that takes in terms of human resources.

The next chapter for us, it's been probably the last five years, is just technology really make an impact on who you focus on.

There's a lot of firms like ours, I think, that are trying to do that.