Tony James

And if one mistake and you're out of business, because a hundred million of that was ours at the bottom, by the way, which was 40% of our equity or something.

So, so.

It just seemed to me like everything looked great right then, but was unsustainable.

And I tried to push the management.

I was number two, but I tried to push the CEO to kind of like invest in the future a little bit.

But he didn't really want to, honestly, and it would have meant some tough years for earnings.

So we decided to sell the company.

And I'd say, I think in retrospect, a lot of people blame me for that decision, for pulling the rug out for them, because working at DLJ had a little bit of a, you know, kumbaya feel to it that people still talk about.

They still get together twice a year.

That's amazing.

And pine over those days.

Yeah.

Not so much the Swiss bank.

But we sold it for $14 billion of cash, and two or three years later, Morgan Stanley sold for $8 billion.

Oh, wow.

So I would say our timing was, if you're going to exit because you don't have a winning hand, the timing was really good.

Now, it happened to be essentially a merger of equals, but that's never pretty, especially when you have two firms of such different cultures.

Totally.

Well, they walked in, they walked in unknown to me and said, gee, we have, we have what we think is a really interesting opportunity.

There was one unit like that called Price Club that had opened in San Diego.