Lucas Swisher

And it's why we have applied and really raised the bar on the type of investing that we do is because of that.

Right.

It's like where we've gone wrong.

And the nice thing is we have a you know, we tend to have a very low loss ratio because of the style of investing that we do.

But where we've gone wrong, it's that.

The short answer is I don't know.

I don't know what's going to happen to those companies.

I don't know what the terminal value is.

I don't know what the exit pathways are, right, with private equity and the place that it's in with the public markets where it is.

All I know is I have a lot of conviction and I see a path in the style of investing that we do.

I don't know how to comment on the other part of the markets, right?

there's this notion that the triple, triple, triple, double, double, double is dead and these companies suck and all this stuff.

I don't think that's true.

There are great companies.

You can drive real margin from them.

They make incredible businesses.

It's just not our strategy, right?

And I think in today's world, the reality is in a SaaS world, the triple, triple, double, double, double was a thing.

It was an incredible metric.

These businesses were incredibly repeatable, very comparable.