Justin Ishbia

And it was about buying a little business where we felt like we were all healthcare originally, where the founders were excellent at something, but did not want to do something else, which was usually the business side.

So they were a pharmacist.

Man, they could mix X, Y, Z, and everyone in town wanted to work with them because they had the best output.

And so in those early form of the days, it was...

Pick the right theme, invest in a business where the founder clinically was really sound.

We like to say at Shore Capital, good medicine is good business.

We wanted to find a good healthcare provider that had the respect of their peers, invest in this little business, then bring systems and processes.

We call it a flash and a dash, a dashboard and a flash every single week.

We used to say, if you can't measure, you can't manage it.

But the very early days, we were very process driven.

But this pre-fund, everyone wants to zoom past it nowadays.

But you get seduced by the world of Instagram or Facebook or TikTok, where everyone raises the first $200 million fund.

Guess what?

Most people don't start that way.

Most people start something very simple.

I like to think of a short capital story was not that dissimilar from some associate or VP at another private firm right now.

It takes time.

It takes 10 years.

If you get it right, you do it exactly well, you have good deals, you will make less money your first 10 years than you would have stayed in the trajectory you were.

But after you're 10 going forward, it flips materially in your direction.