Yeah, well, what I like about you guys is you create some of the change too, right? Or at least facilitate it and help, I guess, maybe not create.

Well, as I said, I would be modest with taking too much credit for, let's say, so of course with builders at BMC, right? And BMC, when we accumulated the 22% in the company, I went to Davidson Kemper who owned 28% of the company and suggested that we put somebody on the board.

in that the management and the board owned some stock, but really very little.

And, you know, I said, listen, what's going to happen is tomorrow we're going to wake up and they're going to make an acquisition.

They're going to grow the business 20%.

and issue 40% of the outstanding stock.

And you and I will get diluted in that transaction, and they'll be happy because they'll be running a bigger business.

It was September

I wanna talk about private equity, both what it's doing as we're offering it to more and more retail investors, which comes with all sorts of problems, and then also, as an investor yourself, how you think about private equity in the equation.

So, um, [clears throat] it's a great place to be.

If you've been a private equity investor, uh, uh, if you've been a private equity manager, it's been a phenomenal business, right? And, uh, you know, hard, hard to understand how that could possibly happen if you take a business that started when interest rates were 15%, uh, and they've gone to zero, and you levered things up.

Uh, gee, amazing.

That did well.

Um, uh, of course, what ends up happening to anything that's, uh, that does well, it's overdone, and so the flow...

And, and it's a bit vastly different business today, right? So when it started, LBOs were smart guys who identified a public company trading for far less than what it was worth, who bought control of the company, levered it up, figured out how to extract the value from it, and the returns were all predicated on you made four or five times your money.

[laughs]

I wanna talk about private equity, both what it's doing as we're offering it to more and more retail investors, which comes with all sorts of problems, and then also, as an investor yourself, how you think about private equity in the equation.

So, um, [clears throat] it's a great place to be.

If you've been a private equity investor, uh, uh, if you've been a private equity manager, it's been a phenomenal business, right? And, uh, you know, hard, hard to understand how that could possibly happen if you take a business that started when interest rates were 15%, uh, and they've gone to zero, and you levered things up.

Uh, gee, amazing.

That did well.

Um, uh, of course, what ends up happening to anything that's, uh, that does well, it's overdone, and so the flow...

And, and it's a b- vastly different business today, right? So when it started, LBOs were smart guys who identified a public company trading for far less than what it was worth, who bought control of the company, levered it up, figured out how to extract the value from it, and the returns were all predicated on you made four or five times your money.

[laughs]

[laughs] It required a, you know, being, you're going up against the smartest people in the world with a zillion lawyers and everything else, so.

That's our experience.

Like, the concept of that makes sense.

The execution is you have to have a huge amount of capital.

You have to know what levers to pull, who to do that with.

We are not connected like that.

And so th- that is not something that, you know, I, we toyed with, we wished for, but we can't do.

Anything come to mind we haven't talked about today?