How to Win in a Private Equity Competition

If I were a different kind of private equity group, if I was a micro private equity group just set up to flip SaaS companies as an example, I've got a lot more levers to pull to make money. We can buy with debt. We can get multiple expansion. We can lay off a bunch of people and get higher margins. It's not like those tools are exclusive to private equity sharks. The difference is we don't have to sell to be really happy with our performance. Everybody's just aligned around long-term hold. Compounding is a great way to build a really healthy portfolio of businesses.