John Morgan

Two and a half billion dollars in fees.

Once you catch up, once you catch up, the waterfall is, you know, so when I tell people I made a million, how?

You were 41.

I go, listen, because I was doing Jacksonville and Tampa and Atlanta.

And some of them were tough.

Some of them didn't make it.

You know, not didn't make it.

It took time.

So I was really frustrated.

building, so now we've got 7,000 employees in all 50 states.

And I still got some cities that are still in the red.

Like New York City is still in the red.

But when I look at what it's going to be, when I look at my inventory, when I look at L.A., it's going to be bigger than the core.

Although that $2.5 billion, the expansion is going to be bigger than the core, in my opinion.

So the great thing about that is when you invest in those startups, you get to write off 40%.

So if I put...

If I put $20 million in a city, I only have to put in $12 because it's a loss.

So what happens in these businesses, you come in, advertise, red, red, red, advertising.

Then you kind of flatten out.

You're not feeding the beast.