Patrick O'Shaughnessy

Give us a sense of scope of that.

The number of medallions, what's the dollars deployed or something?

How do you think about that now?

So you're X amount of dollars in, you own 4,000 something odd medallions.

Walk us through the current snapshot of the story.

Why take it public instead of sell it to some huge private equity firm or something else?

If you look back on this, relative to everything else you've done in investing, how good of an investment would you say this was?

And why?

Is that an IRR?

Is it a risk-adjusted thing?

How do you measure it?

What are the big investing lessons that you take away from this specific story that you feel are generalizable to what makes great investments of this type possible?

Yeah, it's an incredible story.

One of my favorite investing stories.

Probably no one's ever thought of the New York City medallions as an asset class or something.

Maybe to zoom out a little bit, I'm curious how you would describe the key components, aside from the steak dinners, of interfacing well with banks.

If that's the channel through which you find everything and that they're motivated by regulation, regulation, regulation, what is it like?

What sorts of things do you see?

How do you know what to dig in on?

What makes for good relationships with that key counterpart of yours?