Justin Ishbia

And I'll just break it down.

Very simple, guys.

It's very simple that...

On average, you own for five years.

On average, that's four board meetings a year.

So you're talking $50,000 a year, $12,500 per board meeting.

Most people go, okay, I'm going to join a board for that.

That makes reasonable sense to me.

And if we do better than average, then you get much more than that.

I've talked to people all the time.

They're like, well, I can't afford that board.

I'm like, yes, you can.

You give them options that in the base case look like this.

And base case for us is three times.

And so that's a very reasonable outcome.

And so I think when you go spend the time and effort to go recruit that board, that is the most important thing that you do in the thesis.

If you were in my Monday morning meeting and you heard our firm talk about buying a company in XYZ sector, the question that comes out of my mouth first is tell me your board.

Literally, and then there's like a slide that lays out the different avenues, the voice of the customer, the voice of the supply chain, the voice of the operator, someone's sure relevance.

And there's usually four to eight people deep.

And the person who is leading the thesis is their job to pick the best group.