Justin Ishbia

And so I think people want to go pretty fast these days.

But I would say, slow down.

Go buy one good business.

Buy a second good business.

Make sure those are going well.

If you buy two or three good businesses, you will raise a fund one day.

But don't think just because you work at XYZ firm, you're going to spin out and go raise money.

Do it now.

Do it when the time is crappy out there.

Recession is here or coming.

But now you think about it.

I'd be raising it now.

I'd be going to invest in businesses when it's a hard time to create enterprise value.

Sellers are scared.

There's relatively low earnings profile and multiples are relatively lower.

Looking backwards, don't do in 2019 when multiples are tip-tocked and easier to raise capital, but it is really hard to get it right because you're going to sell it five years later, probably into a recession as opposed to you buy it in 2024.

I'm pretty confident we'll not be selling a recession in 28, 29, 30.

Everything starts for us, the industry.

So we're very organized around industry themes and thematics.

So pick an industry we would say has great long-term growth potential.