Because the next buyer can't buy and continue on the buy and build strategy. Right. So we're talking about taking something like a decade-long view of consolidation of an industry and how that actually would play out assuming there are multiple people consolidating the industry. Yes. So we've

always taken a decade or a 15-year view. Certainly a decade is going to mean, can the next buyer execute that strategy during their hold period? Fifteen years would suggest when they go to sell it, the buyer that they sell it could execute on that strategy or not. They're going to have to figure out what is their exit multiple going to be.

We're talking about an original platform value. What kind of multiple of that am I generally looking to add on over my five-year holding period before I sell? Is there a rule of thumb on that or does it

vary? So it varies and varies a lot and it's maybe a little bit counterintuitive. If I'm an industrial company, I might only have to buy my platform for nine or ten times.

Nine or ten times EBITDA. Nine or ten

times EBITDA. And maybe I make my accretive tuck-ins at six or seven times. And then hopefully there's some synergies and that can become three or four times or something like that. If I'm a retail health asset, the platform values have been bid up from 15 times to as much as 20 times. But you still might have as much as 12, 13 turns of multiple arbitrage. And I think success begets success. You have some of the smartest people in the world that are monitoring all the trends that are out there. And what they see is an industry after industry, the ability to overpay for a platform but make very accretive tuck-in acquisitions has been a proven strategy to create equity value.