Luca Ferrari

We'll see.

I think we have far superior competitive advantages than a private equity because

Essentially, a private equity, every acquisition is almost a we start afresh in a way.

In our case, we do well because of the platform and the structure.

It would take many years for someone to build the employer brand, the talent pool, the culture, the technologies to get to really compete.

So I'm actually not, which is also one of the reasons why you see me being pretty transparent about some of the principles.

I thought about it and I figured if I started over, knowing all I do, which someone else typically wouldn't at all, but also because what I say here, yeah, it's the tip of the iceberg, but then from there to actual day to day, make it work.

But even if I started over with all I know, and even if someone said, oh, I trust you do super well, here's a billion dollars, to get to where we are now, say 12 years after the foundation of Bandage Foods, it would take me maybe not 12 years, but easily seven or eight.

Like it's a huge slog.

You hire two people, you spend a year coaching them, and then you hire four and they coach them and you help you.

And you build the technology slowly, it takes time to write software and polish it.

Presumably more will try.

I would say that's to be expected.

I also think there are some things that are harder to do than other things.

It's being painful.

Again, a private tech quiz is very difficult.

But if you're bright, you understand business, finding someone who will give you not $100 billion, that's the best of the best over decades, but enough that you can have a business and it's worth trying is not that difficult.

There are so many private equity firms.

And ultimately, you just need to do well enough that you don't look bad, like you're around

average and many will die but some even statistically will do well enough the barriers to entry are low and so you have a proliferation out of proliferation of wannabes some will prove to be great some will be great out of luck and so again you have more competition but trying to build abandon spoons is if you understand what you're doing which is a prerequisite to even have a chance it's dauntingly painful many years from the ground up