Luca Ferrari

So first criterion is scale.

And again, at the time, 10K looked like a big bet.

How do we feel like?

Today, we're actually hoping to invest easily a billion plus, but conceptually the same thing.

The second thing is we need to be able to predict the future performance of that business.

Otherwise,

There's no way we can make a confident investment.

We've gotten very sophisticated in times with statistical models and lots of assumptions and probability distributions.

But at the essence of it, we need to buy stuff where we know where it's going, at least with sufficient confidence.

And the last one is we need to believe we can make meaningful, substantial improvements to that business.

Not that it's necessity, but it's difficult for us to imagine being able to make an offer that's super exciting for the seller.

and then being, okay, this is perfect, buy.

Probably they wouldn't sell it to us for that price.

These are the criteria and they have remained the same, but the level of sophistication, our understanding of these criteria over time, it's incomparable.

I mentioned earlier at the beginning, it was all what we would call asset deals, individual apps and whatnot.

And then we had a period of maybe three, four years where we saw that very basic, small scale model work was going to saturate at some point in the not too distant future.

And we figured we should do this at a bigger scale with structured companies, with management teams and large teams of professionals and institutional investors.

But will we be able to do as well or at least enough there?

And we were quite, I think we lacked confidence to take the leap immediately.

And so we started losing a bit of focus and looking at alternative strategies while taking tentative baby steps into that next level of the same thing, really.