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The Importance of Playing the Multiples Ramp
It must be very hard for any active investor to refuse to play as the multiples ramp. And people talk more about flips because that's the only warning sign that behaviors are no longer focused on long-term outcomes. Did you meet entrepreneurs and people that were building great businesses who perhaps chose to turn away some unbelievable offers? Or was everybody caught up in that, did take deals on those terms?