Tracy Alloway

This seems to be, I was surprised.

I remember the last time we talked to you about like roofing and you mentioned how much shingle is still made in the US.

Talk to us about like, why is that?

Why is this a particular type of good that is still largely, what are the economics of it such that it still makes sense to manufacture it in the United States?

It's more about regulations.

So the types of building products, the regulations, the codes are different country to country.

So insulation in Europe is not quite the same as insulation here.

Roofing products in Europe, not quite the same as it is over here.

So waterproofing, same thing.

So slightly different regs, and that makes it better to manufacture closer to where it's being used.

Hmm.

So how did Top Build actually get on your radar?

Did you initially approach them?

Did they approach you?

We approached them.

We approached them first.

Yeah.

Okay.

So now I'm very curious because I know you have a lot of experience in M&A and, you know, a lot of people would describe your business as basically a roll up for building materials.

But I also know from reading your book, and by the way, Joe, I am not yet a billionaire, but I did read the book.