I

mean, it just makes no sense.

I look at what's going on in the public markets now and it's just like deja vu, you know, makes no sense.

It's manic or depressive.

And, and anyhow, so I wanted something and I'm looking across the street, I'm looking at an apartment complex and thinking, oh, here's the end of the great financial crisis.

Well, maybe those investors got wiped out.

But that building, did it vaporize? No, it's still there.

Why those four? What was your analysis, your thought process when you decided on those four assets?

The entertainment, the show that Clay puts on, how do you describe it, Bob? It's

really hard to describe it.

It's second to none.

I mean, he's a fabulous entertainer.

He's a fabulous musician.

Humor, jokes.

You know, he had the room, everybody having such a great time.

How did you and Clay meet?

And then when you moved to programming, what did they, where'd they start you on?

Um, you know, it's a long time ago.

Um, so I can't remember the first projects, but the, the, the, the two big projects I worked on when I was there was the Atari light pen, um, that they came out with, or they never came out with it.

They just built two prototypes and, uh, I still have one in my basement.

I'll send it to, if you want it.

Um, but, but, uh, So they were testing a light pin, and I wrote the application for it, kind of a painting application.

And then I also worked on the Atari database manager, which was kind of a joke.

Yeah.

Sure.

Yeah.

Well, I'm a complete nerd.

UC Berkeley, computer science graduate.

OK, top of my class.

And I worked as a computer programmer for 15 years.

And that's all.

And that's why when you daisy chain those investments and just turn around and recast it, like you would have done better off just staying in the deal.

So what structural advantages do everyday investors often overlook?

Right.

Great question, Alan.

As I pointed out, most people are in the public stock market.

The public stock market pretty much is correlated to everything else in the public stock market.

I have a chart in the book that shows that value stocks are correlated to large cap growth 97%.

that even REITs, real estate investment trusts, which is apartment complexes and cell towers, are correlated 75% to Amazon and the stock market.

So how do you distinguish between asset risk and operator risk, which I think in private markets, that's a very important question, and you really need to understand that.

Right.

For sure.

So a lot of people, you know, maybe some of our listeners here, they get into DIY real estate, which I would not call private alternatives.

So DIY, you know, you go in with your son or your daughter or your partner or whatever, and you have You know, buy a little apartment complex or a duplex or something, rent it out.

No, that's not what we're talking about.

And maybe you've invested with your brother-in-law and his startup, right? You know, those kind of things.

That's, again, not what we're talking about.

That's exactly