Orlando Bravo

Then when that worked, we did a $5.5 billion deal, which Adina was here yesterday.

That was the business that we sold to NASDAQ, and that worked.

But now we're doing $10 billion deals.

We have to sell those for 25 to make money.

Our alternative here, what we have to underwrite is an IPO at a big discount to the comps when we paid a 30% premium to the comps to buy that company in the first place.

So we kind of start 50% in the hole.

So you have to anyway.

We are.

100%.

It all fits together with having a small team.

We also have a small portfolio.

So in every fund, we'll buy 10 to 12 companies.

We strive for the two core competencies that we try to have.

One is buy the best and operate the best, and just focus on that.

In a three to four year timeframe for our funds, for investing our funds, we cannot say with a straight face that there are 30 of the greatest companies that were available to be bought at that time.

And two, we cannot say with a straight face that we can try to influence management with everything we learned from an incredible mentor if we had a portfolio of 30.

That's as much as we can handle, so we have to go for it.

Now, I do want to add that what I love about the private equity business, one of the items, is those deals.

Because the decisions that you make with your partners an hour before the bid

is really, really important.