Neil Mehta

And the paper's a lot nowadays. How does it feel? How do you feel? And he didn't talk at all about himself. It was just like down to tears. He was talking about his team. He was talking about what it's like for employees of his who have been on the company for a long time to have their kids go to school and hear that their parents' company is going bankrupt.

And the paper's a lot nowadays. How does it feel? How do you feel? And he didn't talk at all about himself. It was just like down to tears. He was talking about his team. He was talking about what it's like for employees of his who have been on the company for a long time to have their kids go to school and hear that their parents' company is going bankrupt.

And he was going into enormous detail about this and you could feel the pain. It wasn't on the articles about him. It wasn't even on Billy Did Manage Cuts. It was that he was trying to balance getting through this with making sure that his team felt good about how he got through this. There's very few CEOs. In the fog of war, when things speed up, people start to make snap decisions very quickly.

And he was going into enormous detail about this and you could feel the pain. It wasn't on the articles about him. It wasn't even on Billy Did Manage Cuts. It was that he was trying to balance getting through this with making sure that his team felt good about how he got through this. There's very few CEOs. In the fog of war, when things speed up, people start to make snap decisions very quickly.

What impressed me most about Ernie at that moment in time was how he just slowed everything down. I remember at the dinner, the waitress came by and she's like, would you like to use your Marriott gift certificate card? And he's like, oh yeah. He searched 10 minutes to find his gift certificate card.

What impressed me most about Ernie at that moment in time was how he just slowed everything down. I remember at the dinner, the waitress came by and she's like, would you like to use your Marriott gift certificate card? And he's like, oh yeah. He searched 10 minutes to find his gift certificate card.

I was like, wow, you're supposed to be in a hurry, but you really care about this gift certificate. Points off or something like that. When we went through operational step by operational step, it was so clear to me that there was a spread between where the market thought he was. And that happens all the time in our industry.

I was like, wow, you're supposed to be in a hurry, but you really care about this gift certificate. Points off or something like that. When we went through operational step by operational step, it was so clear to me that there was a spread between where the market thought he was. And that happens all the time in our industry.

The spread between perception and reality for private businesses, for public companies, it could be quite significant.

The spread between perception and reality for private businesses, for public companies, it could be quite significant.

I think you have to decide whether you want to be in the Hall of Fame of Returns or the Hall of Fame of AUM. And by the way, Ivory LP has to shut their ears, but that's an okay answer for attending people. The Hall of Fame of AUM is a well-trafficked game with lots of buildings in New York have names of people that have been in the Hall of Fame of AUM, and that's a great way to live life.

I think you have to decide whether you want to be in the Hall of Fame of Returns or the Hall of Fame of AUM. And by the way, Ivory LP has to shut their ears, but that's an okay answer for attending people. The Hall of Fame of AUM is a well-trafficked game with lots of buildings in New York have names of people that have been in the Hall of Fame of AUM, and that's a great way to live life.

Not to take away from that. I think for Benny and I, and maybe it's because we had some success early, we're large investors in our own fund. It's just a more interesting way to try to be in the hall of fame of returns by partnering with the kinds of companies we like to work with. If that's the case, then you want to reach the right limit where you can invest without reducing returns.

Not to take away from that. I think for Benny and I, and maybe it's because we had some success early, we're large investors in our own fund. It's just a more interesting way to try to be in the hall of fame of returns by partnering with the kinds of companies we like to work with. If that's the case, then you want to reach the right limit where you can invest without reducing returns.

And for us... Our largest investments are 500 million to a billion plus in size. And we do that with some regularity. We want the founders we work with to call us and say, we want 500 million to a billion dollars. We are thrilled to get that call. And we want to make sure that we can always answer that call and we can be the partner.

And for us... Our largest investments are 500 million to a billion plus in size. And we do that with some regularity. We want the founders we work with to call us and say, we want 500 million to a billion dollars. We are thrilled to get that call. And we want to make sure that we can always answer that call and we can be the partner.

And that number may move up over time, but that number has served us pretty well. At least a couple of times a year, we'll get a call for, can we get 500 million to a billion from you? And we want to be able to answer that call. So that's kind of determined how we think about our funds have gone from the

And that number may move up over time, but that number has served us pretty well. At least a couple of times a year, we'll get a call for, can we get 500 million to a billion from you? And we want to be able to answer that call. So that's kind of determined how we think about our funds have gone from the

I guess tens of millions to the billions, but it hasn't really been a function of the number of companies. Our funds has not changed at all. In fact, it's gone down. How many is it? 10 to 12. Yeah. That is high as 15 historically, but our numbers actually come down quite a bit. And we only have 55 companies across 15 billion of AUM. Who knows?

I guess tens of millions to the billions, but it hasn't really been a function of the number of companies. Our funds has not changed at all. In fact, it's gone down. How many is it? 10 to 12. Yeah. That is high as 15 historically, but our numbers actually come down quite a bit. And we only have 55 companies across 15 billion of AUM. Who knows?