Justin Ishbia

And so it gives that great opportunity, I think, to increase your margin of safety, increase an opportunity for success.

So all that stuff together creates, I think,

a really important part of the ecosystem.

This part is inefficient.

And I think by layering operations, you're layering margin of safety, you're layering upside for operations.

If I get one or two of our things right, we make three times the money.

If I get four or five right, we make five, six, seven times the money.

If we get everything right, returns in the teens and 20s multiple times.

And so there's multiple ways to win.

I like investing where there's lots of ways to win after a lot of one or two factors.

Yeah, I can't speak for everybody.

I'll speak for our results.

So we've done 59 platform investments.

We've exited 14 companies.

So it's not a safe track record of forever, but it's definitely a growth on mass.

Our average gross cash on cash has been seven times cash on cash and IRR 72%.

We've never had a deal lower than three times gross cash on cash.

Our median is 5.5 times gross cash on cash.

So you're talking about the 50s IRR.

So you're talking about 70s gross, 50s net.