Spencer Rascoff

And as you know, you

the public markets may solve this and providing everybody liquidity for our shareholder base over time.

But even the private markets now have become very liquid and there's a lot more sort of liquidity we had even as a private company.

Well, look, first of all, the U.S.

That's kind of our orientation at Long Lake.

So within the services sector, we're looking for businesses that have

many decades of established customer trust and high customer retention.

We typically on our businesses see 100% plus net dollar retention.

And these are 10, 15, 20 plus year customer relationships typically across our portfolio.

And obviously MXGBT is over 111 year old business at this point, founded in 1915.

And then you can grow much more easily and delivering more operating leverage as you scale, which has historically been what's more associated with software companies.

And that's why software companies historically were so highly valued.

And we see that trend as starting to, you know, now in the services market in the next five to 10 years, we think will start to play out there as well.

Well, I think it is a big advantage to be purpose-built.

We have, our entire focus is on our partner companies and our existing business.

We didn't have any legacy portfolio to have to focus on.

across Applied AI Engineering, which LongLake was founded with.

And our founding team actually was primarily Applied AI engineers and our co-founder and CTO Rasmus Mischmann, who's world-class and has built our whole team from the beginning for this purpose.

And then, of course, M&A, world-class M&A.

And we've got folks that have joined us, just to give you a flavor, folks from Palantir, Ramp, Glean, Robinhood, etc.