Explain that.

Yeah.

Uh, yeah, over the past few years, we've definitely been closely associated with Elon Musk.

You know, we made some, some bets on him, some investments with him.

Uh, we started investing with him in 2014.

Uh, between 2014 and 2016, we really made our allocation in- into Tesla.

Um, having met him, I think, around three years prior to that.

Toyota, let's go places.

We believe in this, in this vision"?

Sure.

I'll take the first stab at that.

Um, on an individual basis, it's very hard to own a stock.

It's very hard to own a company if you haven't done the first primary res- research.

And that's where we pride ourselves on really understanding the business behind it, not really what's happening on a, on a day-by-day basis or a quarter-by-quarter basis.

Additionally, owning stocks as an individual is very volatile.

[laughs]

So I just wanna give you an opportunity to kind of react to that entire situation before we even get into everything else.

Well, I mean, first off, I think, I mean, yes, the fans reacted and, and I think they understood the fan reaction, but I'm pretty sure that internally someone said, "Guys, what are you doing?" You know? Because, you know, this is...

They have a list of people, the list of numbers that are, quote-unquote, "uncirculated" by the club and the last date, the last time it was issued.

So, like, it is...

I don't even know if it's an oversight.

Like, I don't know how something like this gets screwed up.

I, I genuinely don't know, especially, you know, th- that there are a lot of checks and balances with, you know, a professional sports organization.

Yeah

Tell me about that.

Sure.

We do fundamental research on each and every one of our companies, whether it's a public equity, which is still the vast majority of our assets, and also into the private side of things.

Our reputation has given us great access that I think most are not afforded.

People know us as long-term investors.

Our average holding period, I think, at the firm is around six years.

In the strategies that I'm a portfolio manager on, our focus strategies, it's even longer than that, some greater than eight years.

That's such a big part of the story,