The Importance of Fragmentation in Platform Investments

The right amount of fragmentation, it's never core to our thesis that the initial plan platform investment doesn't need to hang together on a consolidation story where we can accretively consolidate. That's interesting to us. And we will use that the rest of the 99 targets to sort of think strategically about that. But the core thesis, there needs to be growth. There needs to be sort of the raw materials of a platform and that initial acquisition for us to get excited about it. We don't want monkeys. We'll look at a chimp. Monkey maker too small. Or too so nichey with an niche that they're just limited to the size it could ever be based on.