Peter Lacaillade

doing consensus trades.

By the way, they can make money.

They're various friends of yours, probably in Greenwich here, who are going to be very successful financially by buying businesses that lower middle market firms professionalize.

And then they generate somewhere between a two to two and a half gross and maybe high teens that gets down to net.

And that's okay.

That's okay for a certain pool of capital.

And that's fine.

I don't want that to go away because I want to have those people be willing to pay 12 or 15 times EBITDA for a business that our managers create at seven times.

And so I'm rooting for it.

And by the way, for those pension money, if we go all the way up to the Apollos, the KKRs, the Blacksons of the world, their major clients are the US pensions that have to deliver

alpha to these various plans.

And that could be doing double digits.

And so there's an opportunity across the spectrum.

One thing that frustrated me a lot, I haven't had the vindication as much as I would have hoped, but was in 2018 to like 2021 was just how silly the numbers were across everything and how everyone looked good.

And I have confidence that with the right set of partners in time, things will play out.

Being with the people that are actually truly adding value will deliver differentiated returns.

I mean, that's a wonderful compliment.

Thank you.

Wow.

That's just being compared to Thrive.