The Importance of Having a Management Company

The management company is owned by the founders or something like that. It's important because basically, as we talked about being able to operate in Emily, as an organization, this allows us to do that. Every fund is a separate company. Like, literally restart red point over every time we raise a fund. The economics are reallocated. And it means we can hire people in and they're not paying a tax. But also, it allows us to kind of change in a dime. We have every fund we raise. One of the first things we do is we sit down and say, okay, what do we want to do differently this time? In fact, we bring people on

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