Ric Elias

Carlos's question in mind is, what is the big dream?

My big dream is to live in a state of wellbeing most of the time and to have a sense of lifelong satisfaction when the end comes.

So it's really very internal versus something that gets accomplished or left behind.

We're going to pick that apart in detail, but go down one level.

Sure.

What is the Red Ventures big dream?

We've been on this journey for 24 years.

And in one sense, it feels like we're about to go on another 10-year journey of reinventing ourselves.

Red Ventures, over time, hopefully becomes a place where a lot of this...

Whatever success we've had gets put back into the system.

So more of a full circle versus a full line to the right or to the left or down.

But I still think that we're years or decades away from that.

Can you tell us what it is?

I ask that in the stupidest, simplest way I can for a reason, because it's pretty hard to figure out what it is from the outside.

On purpose.

I know on purpose, but I have to ask.

Maybe the best way to ask is, how did it begin?

The easiest way to understand it at a high level, you can think of ourselves as a operating private equity platform with permanent capital, hyper-focused on the digital world with different business models.

under the belief that culture really matters and that if you use that as the connective tissue inside of the portfolio companies, you can get some level of alpha vis-a-vis these companies being separate.

And today we, depends on how you want to count, have about 15 different companies inside of the portfolio all over the place between Europe, Brazil, Puerto Rico, and then our core businesses here, inclusive of a big joint venture with UnitedHealthcare and so forth.