Matt Wolf

creates, you know, more uncertainty in the business decision making environment and adding taxes and sort of not like an actual IRS tax, but sort of a tax to making decisions, making investment decisions and allocating capital across capital markets. So, you know, that's something we watch.

pretty closely and markets pricing and less of a chance of you know fed rate reductions this year but and all of this uncertainty is sort of clouding the business environment increasing costs of making decisions and it's something we watch uh watch very closely well the point on the inflation print really ties into your earlier point because as private equity funds see less relief in interest rates they're more likely to say i better take this asset off the table and try and get rid of it

pretty closely and markets pricing and less of a chance of you know fed rate reductions this year but and all of this uncertainty is sort of clouding the business environment increasing costs of making decisions and it's something we watch uh watch very closely well the point on the inflation print really ties into your earlier point because as private equity funds see less relief in interest rates they're more likely to say i better take this asset off the table and try and get rid of it

Yeah, and I guess just to clarify one of my earlier points, too, I completely agree. I'm not saying that tariffs are good or bad or that DOGE, the Government Accountability Efficiency Group, is good or bad. All I'm saying is that it's just creating a lot of uncertainty right now that I think is making it difficult. I know it's making it difficult for a lot of sponsors and management teams to plan.

Yeah, and I guess just to clarify one of my earlier points, too, I completely agree. I'm not saying that tariffs are good or bad or that DOGE, the Government Accountability Efficiency Group, is good or bad. All I'm saying is that it's just creating a lot of uncertainty right now that I think is making it difficult. I know it's making it difficult for a lot of sponsors and management teams to plan.

But, you know, also... I think it can create opportunity for the right buyers as well. So I think we'll see that dynamic shift.

But, you know, also... I think it can create opportunity for the right buyers as well. So I think we'll see that dynamic shift.

Absolutely. Maybe we can do a whole other episode on that. But, you know, it's like the financing, the government financing regulatory environment for health care is this sort of like patchwork.

Absolutely. Maybe we can do a whole other episode on that. But, you know, it's like the financing, the government financing regulatory environment for health care is this sort of like patchwork.

quilt or you know that kind of holds everything up but you know if you move this knob over here then on the other side of the control board this lever flips into a bad situation right so like for example you know one of the things that i i think is on sort of the chopping block uh potentially in the spring spring funding bill is site neutral payments for hospitals and on the surface like this makes sense right why would we reimburse

quilt or you know that kind of holds everything up but you know if you move this knob over here then on the other side of the control board this lever flips into a bad situation right so like for example you know one of the things that i i think is on sort of the chopping block uh potentially in the spring spring funding bill is site neutral payments for hospitals and on the surface like this makes sense right why would we reimburse

for a procedure that's simply done, reimbursed more for that procedure if it's done on a hospital campus than if it's done in a physician office out in the suburbs, right? If the procedure can be safely done in both locations, why would we pay more just because you choose to go get it done at the hospital, go get it done at the lower cost side of service? We'll pay the same either place.

for a procedure that's simply done, reimbursed more for that procedure if it's done on a hospital campus than if it's done in a physician office out in the suburbs, right? If the procedure can be safely done in both locations, why would we pay more just because you choose to go get it done at the hospital, go get it done at the lower cost side of service? We'll pay the same either place.

And some estimates to save $156 million a year, maybe $156 billion, excuse me, not million, billion. But, you know, that supports other things that support other things. And it is this really, really complicated patchwork. That's right.

And some estimates to save $156 million a year, maybe $156 billion, excuse me, not million, billion. But, you know, that supports other things that support other things. And it is this really, really complicated patchwork. That's right.

Yeah, absolutely. It's a very complex system. And, you know, I don't think anybody would argue that there is no inefficiencies or waste or anything like that. Nobody would, no serious person would argue that. We just got to go about it in the right way, go about reducing it in the right way.

Yeah, absolutely. It's a very complex system. And, you know, I don't think anybody would argue that there is no inefficiencies or waste or anything like that. Nobody would, no serious person would argue that. We just got to go about it in the right way, go about reducing it in the right way.

Happy to, Scott. Actually, a colleague of mine put together some really interesting research that we're still kind of tweaking and iterating on, but looking at sort of the growing complexity of business operations over the past decade.

Happy to, Scott. Actually, a colleague of mine put together some really interesting research that we're still kind of tweaking and iterating on, but looking at sort of the growing complexity of business operations over the past decade.

15 plus years or so uh and i wanted to share a little bit about that because i think it's very relevant especially as we look at you know private equity operators uh middle market large companies small companies doesn't matter just i found these numbers to be fascinating and i wanted to share them and so for example we look at um the top 50 and it doesn't really matter what we look at look the top 50 bottom 50 of the s p 500 excluding financials and real estate