The Evolution of Jeff's Fund

Jeff Smith: Jeff, we met a long, long time ago in a land far, far away when my father was, I believe, your lawyer representing you on some transactions. And you were using large institutional capital at the time as one of your primary sources. So why'd you walk us through that journey, Jeff? That's actually how we started. We had a joint venture with fortress. And then we had a private capital fund that invested side by side with them. It's been an evolution over 20 years. You've got to figure out what your business plan is and what's the right fit for you at that moment.