Ken Rideout

mortgage is now re-performing and a bank and an insurance company can buy that, but they can't buy distressed non-performing assets.

So it's a lot of boring shit, but point is we had a really niche strategy and there was an opportunity to build, to start our own essential internal, like private equity fund, like a, like our own discretionary fund where people give us money and we manage it to our liking versus separately managed accounts.

You're negotiating, you're managing it in conjunction with the other manager.

And the fees are appropriately much smaller for an SMA.

But on a private equity style fund, we were getting paid no management fee because we didn't need the management fee to run the business because we had $5 billion in capital.

But we took 30% of all the profits we made.

And we tried to hire people to help us raise the money.

And they laughed us out of the office.

And they were like, why do you think you can do this?

And I was like, I think I can win the Boston Marathon until someone beats me.

Of course, I think I can do it.

I didn't think I could, but I was like, I'm going to convince everyone around me that I can.

And we did it.

And we raised like $35 million.

And in two years made $10 million.

And the clients all doubled their money, minus 30%.

Delusionally optimistic in my abilities.

Because if I sit down and think, I would tell you like, I don't think I can do that again.

I don't think I can win another race.

I got lucky.