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And that's where it comes in.

And it's that optimism of there's always something you can do about it.

When there was inflation, you had this huge labor inflation in your employee base, but that means you can raise prices to your customers even more because these are productivity tools.

Same thing if prices go down.

So what happened in private equity and the reason why I say the industry for a while there lost its way is one of the reasons is people forgot to sell.

Our industry is you get the money, you try to transform a company as best you can, and then you sell that company.

There is no permanent hold in our industry.

If you want to do that, go to the public markets.

Form a holding company.

Tell your investors, I'm going to hold these things forever.

Back me and we'll figure out a way to make money that way.

Buy my stock.

Private equity is not that.

The industry levitated too much.

And we always say it's much harder.

Remember when I said how hard it is to buy a company?

It's much harder to sell it.

so our team has to spend more time selling a company than buying a company and that's something that we do rigorously and it's something that really helped us you and i were talking about in super return in the last 18 months we delivered back to our investors 20 billion in cash that really helped our firm now it didn't happen overnight we were working on those deals and on those sales for a while so all these evergreen funds that that are popping up sounds like they're a problem then

It's, if you hold the company too long in private equity and in this transformation world that we live in that is not linear, you will ultimately face a big project, especially in software.

Because it's not just the technology change or AI or how you have to invest, it's that these companies are exhausting to run.