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The older generation didn't lose 10 years of opportunity.

It's great.

So you see that now.

And now that's accelerating because the added pressure is the S&P with a magnificent seven in the last five years has done great.

It's hard to compete with those stocks.

And yeah, that's where we are.

100%.

Over the last five years, the average private equity firm and venture capital firm has underperformed the S&P 500.

Now, the best of the best always crush it.

They find a way.

And we're talking about losing its way and for, I mean, there's a lot of experience in this room, but for those of you that are younger in starting a firm or building a firm, private equity should be agnostic.

as to what the environment is.

You're not buying a stock, you're buying a company.

It's not what's happening to you.

Well, you buy a stock and the stock price goes down and inflation goes up, or this happens, or there's a tariff war or trade.

You can only sell the stock or keep it, but things are happening to you.

When you own a company, there is so much you can do about it, you just have to adapt to the times.

Look, it's new.

Just like AI or the power of these predictive models is new.

How will it evolve?