Will Thorndyke

What does that teach you about that trope that like that kind of return

should and does come from the world of like power law technology investing versus ho-hum search fund private equity.

Yeah.

If you think about everything you've learned across those 30 years watching the business get built and expand, aside from just the pure power of duration, which I know is one of the key things that you personally care about and focus on, I don't mean to make light of that amazing lesson and advantage, but

What other things did Asurion teach you that were distinct to it, maybe that you wouldn't have or didn't learn from other companies that you've been involved with?

All of those decisions and actions were unusual.

What did it teach you about business moats and sustainable competitive advantage and the cultivation of those things?

Any company that earns that kind of return, the world's a smart place.

It knows where there's money being made.

That doesn't seem to have affected Asurion's ability to compound free cash flow per share.

What is it about its moat that has been so powerful?

Again, going back to Kevin's focus on that from early days.

Can you say two words each about Irv and Kevin and both what kind of people they are and what they've taught you?

So there's a relationship that predates actually the Asurion company acquisition.

Final question before we get to the episode, which everyone's going to love.

What is your personal favorite part about the entire Asurion story?

Highly countercultural.

Well, I've listened to this twice now.

I think it's one of the most interesting business case studies anyone will ever encounter and has the added benefit of being one that's not widely known because the sort of access and depth that you and your team have created are what make that possible.

So thank you for doing this for all of us.