Patrick O'Shaughnessy

You've done a lot of negotiation in interesting, unique circumstances, often, as you point out, in very hard circumstances for people around the table.

Any other ironclad principles of negotiation apart from the one that you just laid out that you sort of live by?

Time kills deals.

Time kills deals.

Yeah.

I'd love to talk about other types of transactions that MarbleGate will engage with.

We were talking earlier about an example with the federal government of some credits that you were buying up.

And the reason I like this example, which you could tell briefly...

is understanding why the opportunity can exist.

Very often when something sounds too good to be true, you start wondering, why am I so lucky that I can get such a great risk-adjusted return?

So maybe use that example as one where there is an incredible risk-adjusted return that you can walk through, but also very keenly the reasons why it's possible in the first place when usually there's smart people like you looking for places to earn a great return and yet it's still available.

And I know it's a similar order of magnitude of capital deployed is what we talked about with the taxis.

That's a big amount of capital to go in to get a minimum return-ish of 12%, a lot higher if everything goes as you think it's going to go.

Counterparties of the U.S.

government.

This is very different than taxi medallions.

Taxi medallions at the time, of course, you tell this narrative was like, oh, God.

Whereas the U.S.

government, I don't know, probably going to pay.

Why was this available?