Justin Ishbia

I'm not saying you can do that forever, but that's been the historical results.

And this ecosystem does produce, I think, a really strong risk-adjusted return profile.

But it's hard to do it.

The reality is when you're small, you can do it.

But then you get bigger and bigger.

You raise bigger funds.

And it's really hard to stay here.

That's just the reality of it because your vice president becomes a principal when they want to become a partner.

You raise bigger funds.

And it's harder doing smaller deals.

Some of our biggest deals are the most easiest to manage because my managing team are so darn good.

It's harder to get it right.

There's more risk involved.

But I do believe if you get it right, now you have, I think, an asymmetric tour profile.

I wish I could say I was smart enough on the front end to plan this, but I got a little bit lucky, I think.

Our moat is the volume.

The number of transactions that we do creates an ecosystem, creates a deal.

Young professionals work at Shore Capital.

It gives the opportunity to have so many different executives around the table that reuse people over and over again and try people at relatively small businesses.

And so I believe the next 10 years of private equity is all about operational excellence.