Patrick O'Shaughnessy

And so just say a little bit more about what it feels like to do your style of investing, maybe even lay out a little bit more about MarbleGate and how you prosecute things, because obviously this style

One might be really useful and important in this workout that you're talking about, but also for people that are interested in returns, could also be a source of high returns, especially if there's limited capital chasing it.

So say a bit more about MarbleGate and what you do, and then we'll talk about some fun examples.

Sure.

And you're very much a roll up the sleeves guy.

Like, I think you've had personal security at times because you're dealing with things that are really hard.

This is a full contact situation.

version of distressed investing.

And so I want to talk about all aspects of it, but I want to start with maybe like a story.

So the first story you ever told me, I don't know if it's the best one, but it's the first one you told me.

And I remember it viscerally was you buying some crazy percent of the taxi medallions in New York city.

Can you tell that story just as a representative example of the sort of thing that you do?

Sure.

Didn't you also at some point go into some government office and ask for some data set?

And they're like, yeah, no one's ever asked for this before.

So you get this insight and all of a sudden it goes from the worst idea you've ever heard to like, oh, maybe feasible.

Talk about the transaction or transactions to buy into the space.

So a bank has the loans, your counterparty is the bank, and you get comfort with the value of the medallions.

And so then what do you do?

What are the investing steps?