Orlando Bravo

We really are.

We had to transfer to that because, look, the lucky thing we had was after I personally made a lot of mistakes, 97 to the internet bubble bursting.

Carl Toma was going to fire me, and this is also true.

He talked about it on his 70th birthday, and he gave me another chance.

And I said, okay, I'm not good at what we were doing then.

I'm gonna go for existing management, really established companies, and software in 2000.

You could buy recurring revenue in software cheaper than in all the other categories that private equity liked.

Think about radio, cable, whatever, outdoor advertising, anything.

So the partnership said, sure, let's try it.

Let's try it with something small.

At that time, you could buy cheap.

But what happened is in 2010, after the financial crisis, most of our competitors that were doing those deals, and it was heavily competitive then for these smaller transactions, they left the business because now software became super expensive.

So there's a... But we said, Chamath, but then we said, oh, instead of complaining that we cannot do what we were doing before because everything changes, now we have the wherewithal to buy the best and the number one.

So let's go for the number one player that can grow.

Our investors don't love to hear this because for our investors, especially the large institutions, that's kind of our market.

Those are our people that have backed us for a long time.

Besides good returns, they need consistency and predictability.

They would rather have us do what we were doing in 2002 in these deals.

I'm wondering, why can't you just keep doing the same thing?

And it all changes.