Mitchell Green

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Okay, now I get to talk about the eight buying criteria.

I don't know if you want to tick them off or give us some highlights or... I'll give you some highlights.

So there's eight criteria.

I want to talk about the price you're willing to pay for companies and how you would plot yourself on the, so much of this sounds like a private equity strategy,

But you mentioned Toast and it's not like the high growth rate.

So right now there's this seismic thing.

You can look at the Constellation and the Constellation software stock price or something as the perfect visual indicator of what's been going on, which is this intense skepticism of the market that boring traditional high gross margin software businesses are worth like much at all.

But I'm curious how you process this moment where I'm sure a lot of the companies you're looking at are software companies that have a lot of the components that make people fearful of the similar kinds of companies in public markets.

Does that mean that right now feels like an especially opportune time for your style because entry multiples are lower?

If you think about the CV, the very specialist type buys that you'll do, can you explain an example of one of those?

We like to use the house analogy.

If I think about the dollars deployed last year over the next year, how much of it is direct capital on the balance sheet, secondaries, something creative like what you just described?

Or like exploding in stuff to do.

The hard part, it seems like, is finding a company that has six of the eight criteria that you can also buy at a multiple that you're excited about for the forward return.

What percent of companies of the 9,000 or whatever meet all eight criteria?

If five criteria companies don't outperform eight criteria companies...

But doesn't that imply the criteria aren't predictive?