Should Private Equity Soften Its Image? (Why Investors Say Absolutely Not)

1 00:00:07,049 - > 00:00:09,839 Welcome to the Private Equity Experience Podcast. 2 00:00:10,109 - > 00:00:13,650 Your backstage pass to the strategies, stories, and secrets 3 00:00:13,859 - > 00:00:16,589 that drive value in the PE universe. 4 00:00:16,949 - > 00:00:20,519 No filters, no fluff, just straight talk and expert 5 00:00:20,519 - > 00:00:24,030 insights to help you navigate the private equity world with 6 00:00:24,030 - > 00:00:24,780 confidence. 7 00:00:25,469 - > 00:00:30,600 And now your hosts, ed Barton, Rory Leaphart, and Emily Sander. 8 00:00:34,372 - > 00:00:34,703 eddieshizzle-wahoo_1_06-0: Blue. 9 00:00:34,743 - > 00:00:34,883 It 10 00:00:35,005 - > 00:00:35,564 emily-sander_1_06-03-2026_16: is it blue? 11 00:00:35,564 - > 00:00:36,645 Okay, I thought you were wearing 12 00:00:36,773 - > 00:00:37,253 eddieshizzle-wahoo_1_06-0: Yeah, it's 13 00:00:37,484 - > 00:00:38,954 emily-sander_1_06-03-2026_160: a purple shirt for spring. 14 00:00:40,325 - > 00:00:43,594 Do you do seasonal clothing or are you just like,"If it smells 15 00:00:43,594 - > 00:00:44,875 clean, I wear it"? 16 00:00:45,976 - > 00:00:47,506 eddieshizzle-wahoo_1_06-03-2: Do I do seasonal clothing or does, 17 00:00:47,676 - > 00:00:48,277 does Rory 18 00:00:48,377 - > 00:00:49,746 emily-sander_1_06-03-2026_: You, do you do, like, do you even 19 00:00:49,746 - > 00:00:52,137 th-, do you know what a seasonal color is versus a winter? 20 00:00:53,067 - > 00:00:54,987 eddieshizzle-wahoo_1_06-03-: No, I, fuck, I, I take away, yeah, 21 00:00:55,027 - > 00:00:56,347 I, I ask Alexa in the 22 00:00:56,564 - > 00:00:57,045 rory-liebhart_1_06-03-2026: Fuck no 23 00:00:57,057 - > 00:00:59,546 eddieshizzle-wahoo_1_06-03: the, what's the forecast?" And Alexa 24 00:00:59,546 - > 00:01:01,887 tells me the forecast is blah, blah, blah, blah, blah. 25 00:01:01,887 - > 00:01:05,816 And I go,"Is it sunny?"'Cause my office is all windows, so it's 26 00:01:05,826 - > 00:01:07,206 like all windows in here. 27 00:01:07,287 - > 00:01:08,277 And so 28 00:01:08,290 - > 00:01:09,611 rory-liebhart_1_06-03-202: yeah, magnifying glass 29 00:01:09,656 - > 00:01:10,986 eddieshizzle-wahoo_1_06: degrees warmer than the rest of the 30 00:01:10,986 - > 00:01:11,387 building. 31 00:01:11,977 - > 00:01:18,507 So Alexa says it's gonna be like 70 or 65 and over and sunny, 32 00:01:18,507 - > 00:01:19,427 it's short sleeves. 33 00:01:20,516 - > 00:01:22,677 And if I have to wear a coat in the morning, that's fine, I'll 34 00:01:22,677 - > 00:01:23,057 wear it. 35 00:01:23,087 - > 00:01:26,007 And then if Alexa says it's lower than that, then I go, 36 00:01:26,027 - > 00:01:27,346 "Okay, what do I feel like? 37 00:01:27,417 - > 00:01:30,126 Like, what's on the pile of clean clothes on the bed that I 38 00:01:30,147 - > 00:01:33,477 haven't hung up yet that I might wanna wear?" And that would 39 00:01:33,486 - > 00:01:35,537 happen to have been this shirt this morning, where they said, 40 00:01:35,537 - > 00:01:39,246 no, Alexa said it's gonna be 63 degrees and overcast. 41 00:01:39,246 - > 00:01:41,216 I was like,"Okay, so it's not gonna be ridiculously hot. 42 00:01:41,816 - > 00:01:43,477 emily-sander_1_06-03-2026_16: So Alexa dresses you based on 43 00:01:43,477 - > 00:01:45,246 weather conditions and what's 44 00:01:45,757 - > 00:01:48,147 eddieshizzle-wahoo_1_06-03: Yes, but, but doesn't do like colors 45 00:01:48,147 - > 00:01:49,186 and that horse shit, 46 00:01:49,224 - > 00:01:50,234 emily-sander_1_06-03-2026: Yeah, gotcha. 47 00:01:50,275 - > 00:01:52,625 It's kinda like Kirk Cousins, like he doesn't think about what 48 00:01:52,625 - > 00:01:56,364 he's gonna dr- wear, he just outsources that to his wife, and 49 00:01:56,364 - > 00:02:00,125 he's like,"Pick out my outfits and pack my thing," and God 50 00:02:00,125 - > 00:02:00,924 bless her, she does it. 51 00:02:00,935 - > 00:02:04,694 So that's why he has some of the, like, Kohl's special 52 00:02:04,965 - > 00:02:05,875 sometimes shirts 53 00:02:06,082 - > 00:02:06,802 eddieshizzle-wahoo_1_06-0: Which is fine. 54 00:02:06,805 - > 00:02:07,515 emily-sander_1_06-03-2026_1: and shorts. 55 00:02:08,112 - > 00:02:08,293 eddieshizzle-wahoo_1_06-03-2: I, 56 00:02:08,335 - > 00:02:09,104 emily-sander_1_06-03-2026_1: Dad mode 57 00:02:10,853 - > 00:02:12,763 eddieshizzle-wahoo_1_06-0: I'm - I get, uh, most of my clothes on 58 00:02:12,763 - > 00:02:13,233 Amazon 59 00:02:14,169 - > 00:02:14,449 rory-liebhart_1_06-03-202: Yeah. 60 00:02:14,784 - > 00:02:15,824 emily-sander_1_06-03-202: Amazon basics, baby 61 00:02:15,968 - > 00:02:16,769 rory-liebhart_1_06-03-2026_1: on Amazon too. 62 00:02:16,842 - > 00:02:17,022 eddieshizzle-wahoo_1_06-: Except 63 00:02:17,118 - > 00:02:17,348 rory-liebhart_1_06-03-2026: Yeah 64 00:02:17,652 - > 00:02:19,103 eddieshizzle-wahoo_1_06-0: Suits I've gotten all Bro- I've gotten 65 00:02:19,112 - > 00:02:20,492 new Brooks Brothers suits. 66 00:02:21,092 - > 00:02:23,772 I spent up for suits'cause when I have to go to, into court, I'm 67 00:02:23,772 - > 00:02:24,673 like,"I can't look like a 68 00:02:24,824 - > 00:02:25,245 emily-sander_1_06-03-2026: Yeah. 69 00:02:25,305 - > 00:02:27,705 I do Amazon Basics, but not for clothing. 70 00:02:27,754 - > 00:02:28,294 I don't know. 71 00:02:28,344 - > 00:02:29,555 I do like 72 00:02:30,104 - > 00:02:30,544 rory-liebhart_1_06-03-2026: Yeah 73 00:02:30,574 - > 00:02:32,134 eddieshizzle-wahoo_1_06-03: Like T-shirts and stuff, it's fine. 74 00:02:32,294 - > 00:02:33,504 They actually have good T-shirts. 75 00:02:33,514 - > 00:02:35,025 You could go upscale on the T-shirts. 76 00:02:35,025 - > 00:02:35,414 They're like 77 00:02:35,766 - > 00:02:37,937 emily-sander_1_06-03-2026_1: I'm gonna buy you a Vuori T-shirt 78 00:02:37,967 - > 00:02:40,817 and you will never go back to like cotton, 79 00:02:40,925 - > 00:02:41,895 rory-liebhart_1_06-03-202: Yeah, those are nice. 80 00:02:42,025 - > 00:02:42,335 Yeah. 81 00:02:42,497 - > 00:02:43,187 emily-sander_1_06-03-2026: weird T-shirts. 82 00:02:43,266 - > 00:02:43,616 Yeah. 83 00:02:44,176 - > 00:02:45,847 Um, all right. 84 00:02:46,026 - > 00:02:48,477 Some rapid fire questions to get us into this episode. 85 00:02:48,537 - > 00:02:50,236 Are you ready? 86 00:02:51,308 - > 00:02:51,818 rory-liebhart_1_06-03-202: Let's roll 87 00:02:53,937 - > 00:02:55,787 emily-sander_1_06-03-2026_1: I'm gonna warm my, warm my brain up 88 00:02:55,787 - > 00:02:56,086 here. 89 00:02:58,359 - > 00:02:58,859 rory-liebhart_1_06-03-202: Crank it up. 90 00:03:01,110 - > 00:03:03,570 emily-sander_1_06-03-2026_16: If you could rename one everyday 91 00:03:03,570 - > 00:03:06,290 household item, what would it be and why? 92 00:03:09,251 - > 00:03:13,724 rory-liebhart_1_06-03-2026_: Oof I think I'd go vacuum dust 93 00:03:13,735 - > 00:03:14,314 sucker. 94 00:03:15,784 - > 00:03:16,185 Why? 95 00:03:16,365 - > 00:03:16,564 Obvious 96 00:03:16,616 - > 00:03:18,736 eddieshizzle-wahoo_1_06-03: was, I was, I was thinking of, I was 97 00:03:18,736 - > 00:03:20,157 thinking mops and I would call it a dripper 98 00:03:21,049 - > 00:03:22,058 emily-sander_1_06-03-2026_: Ugh, a dripper? 99 00:03:22,254 - > 00:03:22,824 rory-liebhart_1_06-03-2: Ripper. 100 00:03:23,868 - > 00:03:25,139 emily-sander_1_06-03-2026_1: How do you mop, bro? 101 00:03:25,188 - > 00:03:25,959 You're just letting it drip? 102 00:03:25,959 - > 00:03:26,679 You gotta mop 103 00:03:27,729 - > 00:03:29,579 rory-liebhart_1_06-03-202: Yeah, you gotta suck that water back 104 00:03:29,639 - > 00:03:29,808 up 105 00:03:29,931 - > 00:03:31,441 eddieshizzle-wahoo_1_06-03-2: to s- to say I'm sliding the 106 00:03:31,441 - > 00:03:31,800 dripper 107 00:03:31,905 - > 00:03:32,814 emily-sander_1_06-03-2026_16: Oh my God. 108 00:03:33,002 - > 00:03:33,502 rory-liebhart_1_06-03-202: Okay. 109 00:03:34,402 - > 00:03:34,502 that. 110 00:03:34,594 - > 00:03:34,905 emily-sander_1_06-03-2026_: What 111 00:03:35,133 - > 00:03:35,362 rory-liebhart_1_06-03-20: right. 112 00:03:36,423 - > 00:03:36,832 Yeah. 113 00:03:37,085 - > 00:03:39,104 emily-sander_1_06-03-2026_160: a word that instantly sounds more 114 00:03:39,104 - > 00:03:41,615 expensive if you put the word artisan in front of it? 115 00:03:43,760 - > 00:03:46,161 rory-liebhart_1_06-0: Everything that you find in like Whole 116 00:03:46,161 - > 00:03:48,151 Foods or something like that. 117 00:03:48,191 - > 00:03:48,561 Yeah. 118 00:03:48,621 - > 00:03:49,770 Artisanal bread. 119 00:03:50,191 - > 00:03:51,270 Artisanal, 120 00:03:51,633 - > 00:03:52,562 emily-sander_1_06-03-2026_1: Pay more for that. 121 00:03:52,643 - > 00:03:53,062 Mm-hmm. 122 00:03:53,103 - > 00:03:54,112 You're gonna pay more for that 123 00:03:54,800 - > 00:03:56,540 rory-liebhart_1_06-03-202: yeah, maple syrup. 124 00:03:56,600 - > 00:03:57,040 Yep. 125 00:03:57,520 - > 00:03:59,830 Th- kind of along the same lines as Ed says. 126 00:04:00,501 - > 00:04:07,705 Artisanal, um Clothing, I think, you know, could, um, could, 127 00:04:07,775 - > 00:04:08,444 could like 128 00:04:08,558 - > 00:04:09,229 emily-sander_1_06-03-2026: vegan clothing 129 00:04:10,064 - > 00:04:11,844 rory-liebhart_1_06-03-202: could imply, you know, handmade, 130 00:04:11,865 - > 00:04:13,474 tailored, you know, that kind of thing. 131 00:04:14,056 - > 00:04:14,467 emily-sander_1_06-03-2026: Okay. 132 00:04:14,844 - > 00:04:15,185 rory-liebhart_1_06-03-202: Yeah. 133 00:04:15,514 - > 00:04:16,194 That's a good question. 134 00:04:16,595 - > 00:04:19,615 So much of that I feel like is pervading the world right now, 135 00:04:19,641 - > 00:04:21,771 emily-sander_1_06-03-2026_16: If aliens landed tomorrow and had 136 00:04:21,771 - > 00:04:25,021 to rename Earth based on observing us for a week, what 137 00:04:25,021 - > 00:04:25,730 would they call it? 138 00:04:29,369 - > 00:04:29,728 rory-liebhart_1_06-03-2026_: Boy 139 00:04:31,297 - > 00:04:32,226 eddieshizzle-wahoo_1_06-03-20: I don't know, what do you call an 140 00:04:32,237 - > 00:04:32,706 ant hill? 141 00:04:34,649 - > 00:04:35,788 rory-liebhart_1_06-03-2026_16: I mean, an anthill. 142 00:04:36,512 - > 00:04:37,692 eddieshizzle-wahoo_1_06-03-20: I mean, when, when we're standing 143 00:04:37,692 - > 00:04:39,733 there looking at an anthill, how would we describe it? 144 00:04:40,771 - > 00:04:41,430 rory-liebhart_1_06-03-2026: Hmm. 145 00:04:42,011 - > 00:04:45,141 emily-sander_1_06-03-2026_: Hive mind, puny, 146 00:04:46,072 - > 00:04:46,632 rory-liebhart_1_06-03-2026: Yeah 147 00:04:46,690 - > 00:04:47,321 emily-sander_1_06-03-2026_1: the way 148 00:04:48,322 - > 00:04:48,572 eddieshizzle-wahoo_1_06-03-: I'd be 149 00:04:48,600 - > 00:04:50,980 rory-liebhart_1_06-03-: Frenetic activity, you know, happening on 150 00:04:50,980 - > 00:04:54,550 that little bump of earth or terra firma 151 00:04:54,658 - > 00:04:55,809 eddieshizzle-wahoo_1_06: there's these little yahoos 152 00:04:56,047 - > 00:04:57,237 emily-sander_1_06-03-2026_160: I think they, I think the aliens 153 00:04:57,237 - > 00:05:00,206 would be like,"These humans have a lot of range. 154 00:05:00,237 - > 00:05:03,076 Like, they can do lots of good, cool things, and they can also 155 00:05:03,076 - > 00:05:06,067 do lots of bad, cruel things." 156 00:05:06,105 - > 00:05:07,725 eddieshizzle-wahoo_1_06: You're, you're giving, you're giving us 157 00:05:07,725 - > 00:05:08,774 a lot of credit. 158 00:05:09,444 - > 00:05:11,915 'Cause these aliens, if they've gotten here, they're a hell of a 159 00:05:11,915 - > 00:05:14,095 lot smarter than we are,'cause we have trouble enough just 160 00:05:14,095 - > 00:05:15,245 getting a rocket to launch. 161 00:05:16,024 - > 00:05:16,415 rory-liebhart_1_06-03-2026: Yeah 162 00:05:16,524 - > 00:05:18,685 eddieshizzle-wahoo_1_06-03-: uh, as we saw the last week or so 163 00:05:18,685 - > 00:05:22,964 with, uh, with the one with Jeff Bezos is blowing up down there 164 00:05:22,964 - > 00:05:23,545 in Florida. 165 00:05:23,545 - > 00:05:27,574 So, you know, from my seat, I, I'd look at it, if I was like 166 00:05:27,814 - > 00:05:32,045 one of these super intelligent fly across the, the galaxy alien 167 00:05:32,045 - > 00:05:35,274 things, I'd look at us and go, "These guys just run around 168 00:05:35,285 - > 00:05:37,855 doing a lot of stuff and they don't seem to, to make 169 00:05:38,271 - > 00:05:38,961 emily-sander_1_06-03-2026_1: Mm. 170 00:05:39,144 - > 00:05:41,654 eddieshizzle-wahoo_1: progress." It's kind of like, there's a lot 171 00:05:41,654 - > 00:05:44,334 of activity for not a lot of, for not a lot of results. 172 00:05:44,425 - > 00:05:46,745 I, that's why I'm like, what do you think about like an anthill? 173 00:05:46,745 - > 00:05:48,615 There's a lot of activity going on, but I just, 174 00:05:48,892 - > 00:05:49,173 rory-liebhart_1_06-03-2026: Yeah 175 00:05:49,185 - > 00:05:50,144 eddieshizzle-wahoo_1_06-03-2: of it there's these guys are 176 00:05:50,144 - > 00:05:50,845 running around. 177 00:05:50,845 - > 00:05:51,925 I don't know what the hell they're doing. 178 00:05:51,935 - > 00:05:54,235 They're not carrying food, they're not reproducing, they're 179 00:05:54,235 - > 00:05:55,435 just walking 180 00:05:55,939 - > 00:05:57,009 emily-sander_1_06-03-2026: Well, I think they are doing stuff, 181 00:05:57,019 - > 00:05:58,059 but maybe not to the naked eye 182 00:05:58,096 - > 00:06:00,007 rory-liebhart_1_06-03-2: species that's very good at extracting 183 00:06:00,107 - > 00:06:00,567 things 184 00:06:00,569 - > 00:06:00,959 emily-sander_1_06-03-2026: Yeah. 185 00:06:01,047 - > 00:06:01,326 rory-liebhart_1_06-03-202: other 186 00:06:01,619 - > 00:06:03,228 emily-sander_1_06-03-2026: Okay, just a few more here. 187 00:06:03,557 - > 00:06:04,226 rory-liebhart_1_0: replenishing. 188 00:06:04,228 - > 00:06:05,829 emily-sander_1_06-03-2026_16: If you had to rebrand coffee 189 00:06:05,829 - > 00:06:08,918 without using the words coffee or caffeine or, like, energy, 190 00:06:09,598 - > 00:06:10,908 what is your marketing pitch? 191 00:06:15,670 - > 00:06:16,730 What does coffee do? 192 00:06:16,952 - > 00:06:18,153 rory-liebhart_1_06-03: Essential to survival. 193 00:06:18,153 - > 00:06:19,182 You have to have it. 194 00:06:20,122 - > 00:06:21,833 At least that's how I think about it. 195 00:06:22,322 - > 00:06:22,853 Um- 196 00:06:22,975 - > 00:06:24,004 eddieshizzle-wahoo_1_06-03-: the brow- the brown 197 00:06:24,345 - > 00:06:25,985 emily-sander_1_06-03-2026_1: The brown, ew, gosh. 198 00:06:26,105 - > 00:06:27,024 Brown elixir. 199 00:06:27,144 - > 00:06:29,954 When I was little, when my nephew was little, he used to 200 00:06:29,954 - > 00:06:31,665 call it wake up juice. 201 00:06:31,915 - > 00:06:33,415 'Cause he'd be like,"Oliver, do you like 202 00:06:33,427 - > 00:06:33,617 rory-liebhart_1_06-03-2026: like 203 00:06:33,685 - > 00:06:33,944 emily-sander_1_06-03-202: orange juice? 204 00:06:33,944 - > 00:06:34,904 Do you want apple juice?" 205 00:06:34,927 - > 00:06:35,987 rory-liebhart_1_06-03-2026: have a child brand 206 00:06:36,055 - > 00:06:37,264 emily-sander_1_06-03-202: "Yes." And he goes,"And 207 00:06:37,466 - > 00:06:37,786 rory-liebhart_1_06-03-20: cooler 208 00:06:38,084 - > 00:06:39,685 emily-sander_1_06-03-2026: daddy wants his wake up juice." And I 209 00:06:39,685 - > 00:06:41,535 was like, that is hilarious. 210 00:06:41,615 - > 00:06:42,704 That's exactly what it is. 211 00:06:42,704 - > 00:06:42,785 It's 212 00:06:42,841 - > 00:06:43,151 eddieshizzle-wahoo_1_06: That's, 213 00:06:43,254 - > 00:06:43,995 emily-sander_1_06-03-2026_: wake up juice. 214 00:06:44,214 - > 00:06:44,545 Like, yeah. 215 00:06:44,680 - > 00:06:45,370 rory-liebhart_1_06-03-20: pretty brilliant 216 00:06:45,615 - > 00:06:46,035 emily-sander_1_06-03-2026: Yeah. 217 00:06:46,964 - > 00:06:48,595 If your life was a Netflix series 218 00:06:48,701 - > 00:06:50,000 rory-liebhart_1_06-03-2026_: uh, you know, late afternoon it's 219 00:06:50,000 - > 00:06:50,911 more like stay awake 220 00:06:51,028 - > 00:06:52,149 emily-sander_1_06-03-2026_: Stay righteous. 221 00:06:52,278 - > 00:06:53,149 Yeah, there we go. 222 00:06:53,709 - > 00:06:56,869 If your life were a Netflix series, what would the marketing 223 00:06:56,869 - > 00:06:58,598 team name this season? 224 00:07:03,290 - > 00:07:04,040 rory-liebhart_1_06-03-2026_1: Oh my God. 225 00:07:04,081 - > 00:07:05,740 Inflection point transition. 226 00:07:07,391 - > 00:07:07,800 Yeah. 227 00:07:08,420 - > 00:07:08,771 Yeah. 228 00:07:09,831 - > 00:07:11,360 Midlife transition, 229 00:07:11,466 - > 00:07:12,166 emily-sander_1_06-03-2026_1: 2.0 230 00:07:13,560 - > 00:07:13,880 rory-liebhart_1_06-03-202: Yeah. 231 00:07:14,600 - > 00:07:15,011 Yeah. 232 00:07:15,011 - > 00:07:15,100 eddieshizzle-wahoo_1_06-03-2: I, 233 00:07:15,321 - > 00:07:15,591 rory-liebhart_1_06-03-2026: Yeah 234 00:07:15,821 - > 00:07:17,141 eddieshizzle-wahoo_1_06-03-20: I don't know. 235 00:07:18,471 - > 00:07:19,031 I don't know. 236 00:07:19,031 - > 00:07:19,850 That's a hard one 237 00:07:20,761 - > 00:07:21,180 rory-liebhart_1_06-03-2026: Yeah 238 00:07:22,745 - > 00:07:24,064 eddieshizzle-wahoo_1_06-: 'Cause I'm one of those ants in the 239 00:07:24,064 - > 00:07:26,894 anthill just running around, not accomplishing much, but being 240 00:07:27,045 - > 00:07:27,605 very busy. 241 00:07:28,439 - > 00:07:28,488 rory-liebhart_1_06-03-2026_1: I, uh, yeah 242 00:07:28,584 - > 00:07:32,423 eddieshizzle-wahoo_1_06-03-2: So maybe they'd call it The anthill 243 00:07:32,432 - > 00:07:32,932 season 244 00:07:33,952 - > 00:07:35,302 emily-sander_1_06-03-2026_16: M- m- what, but you're trying to be 245 00:07:35,302 - > 00:07:36,283 more purposeful, aren't you? 246 00:07:36,293 - > 00:07:37,492 Like a purposeful anthill 247 00:07:39,673 - > 00:07:41,382 eddieshizzle-wahoo_1_06-0: Yeah, I am trying to be more pers- 248 00:07:41,656 - > 00:07:42,677 rory-liebhart_1_06-03-2026: This time it's different. 249 00:07:45,783 - > 00:07:47,353 eddieshizzle-wahoo_1_06: That's, that's actually a great one. 250 00:07:47,452 - > 00:07:48,642 This time it's different. 251 00:07:48,942 - > 00:07:51,702 I've only reinvented myself five times, but this time it's 252 00:07:51,702 - > 00:07:52,112 different 253 00:07:53,416 - > 00:07:53,877 emily-sander_1_06-03-2026_1: All right. 254 00:07:54,146 - > 00:07:57,297 So if pri- so private equity has been called everything from, 255 00:07:57,742 - > 00:07:57,992 rory-liebhart_1_06-03-2026_: Boy 256 00:07:58,107 - > 00:07:59,836 emily-sander_1_06-03-2026: like, vulture capital, corporate 257 00:07:59,836 - > 00:08:02,067 raiders, alternative investments. 258 00:08:02,617 - > 00:08:05,387 Does private equity need a rebrand? 259 00:08:05,396 - > 00:08:07,637 Rory, you brought this into our lives with one of your 260 00:08:07,987 - > 00:08:11,596 clickbaity articles, but it's a good one. 261 00:08:11,596 - > 00:08:12,007 Does, 262 00:08:12,129 - > 00:08:12,478 rory-liebhart_1_06-03-2026: Yeah 263 00:08:12,997 - > 00:08:15,687 emily-sander_1_06-03-20: private equity need a little facelift? 264 00:08:17,059 - > 00:08:17,488 rory-liebhart_1_06-03-2026: Hmm. 265 00:08:18,899 - > 00:08:21,559 Well, I, I don't personally think so. 266 00:08:21,658 - > 00:08:24,809 Um, but you know, certainly the author of this article, it was 267 00:08:24,809 - > 00:08:27,209 sort of clickbaity, but it, what it turned into being, and this, 268 00:08:27,238 - > 00:08:30,389 this article was on, I picked it up on Reuters, and it was, uh, 269 00:08:30,428 - > 00:08:34,979 titled"Private Equity Cries Out for a Rebranding." what it was 270 00:08:34,979 - > 00:08:39,188 wasn't like some sort of, some sort of a scathing, know, attack 271 00:08:39,188 - > 00:08:39,818 on private equity. 272 00:08:39,818 - > 00:08:42,538 It's more like, it was almost more like a history lesson of, 273 00:08:42,578 - > 00:08:47,818 of where private equity started, how it's and where it is today. 274 00:08:47,938 - > 00:08:50,658 And some of the factors today are saying,"Hey, this is how 275 00:08:50,708 - > 00:08:55,629 this, this can be identified differently now amidst, you 276 00:08:55,629 - > 00:08:58,739 know, other businesses that have popped up that are almost 277 00:08:58,739 - > 00:09:01,999 adjacent to private equity." We've talked about some of that 278 00:09:01,999 - > 00:09:02,828 with private credit. 279 00:09:03,729 - > 00:09:06,889 so it was more just like a, a way to say,"Hey, it's changed 280 00:09:06,889 - > 00:09:07,558 over time. 281 00:09:07,908 - > 00:09:10,989 Maybe it's time to, maybe it's time to call it something 282 00:09:10,989 - > 00:09:11,798 different," you know? 283 00:09:13,208 - > 00:09:15,249 eddieshizzle-wahoo_1_06-0: Yeah, I think the, the one thing that 284 00:09:15,249 - > 00:09:21,058 struck me in the article was the, the element that the hold 285 00:09:21,099 - > 00:09:24,399 times are much longer now, and the liquidity 286 00:09:24,548 - > 00:09:24,729 rory-liebhart_1_06-03-202: Yeah. 287 00:09:24,788 - > 00:09:25,889 Seven years on average. 288 00:09:26,678 - > 00:09:27,778 That blew me away, actually. 289 00:09:27,979 - > 00:09:28,219 Yeah 290 00:09:28,308 - > 00:09:29,298 eddieshizzle-wahoo_1_06-03: was, I was almost... 291 00:09:29,339 - > 00:09:31,899 And I, and I remember when we would talk to, like, private 292 00:09:31,899 - > 00:09:34,719 equity sponsors, we had a private equity sponsor at one of 293 00:09:34,719 - > 00:09:36,719 the companies both Rory and I were at, and they called 294 00:09:36,719 - > 00:09:40,119 themselves,"We're growth equity." You know, so we're, 295 00:09:40,139 - > 00:09:43,028 we're, you know, we're a growth equity firm as opposed to, like, 296 00:09:43,028 - > 00:09:43,839 just private equity. 297 00:09:43,859 - > 00:09:47,399 Private, private equity, I think, has gotten so large has 298 00:09:47,458 - > 00:09:51,028 encompassed so much that it's actually, like, going,"Well, 299 00:09:51,028 - > 00:09:54,249 it's stock market." Okay, that's nice. 300 00:09:54,298 - > 00:09:56,688 You know, you got like, what part of the stock market? 301 00:09:56,708 - > 00:09:56,989 You know, 302 00:09:57,068 - > 00:09:57,548 rory-liebhart_1_06-03-202: Yeah. 303 00:09:57,698 - > 00:09:57,969 Yeah 304 00:09:58,219 - > 00:09:59,818 eddieshizzle-wahoo_1_06-0: think private equity is due for a 305 00:09:59,818 - > 00:10:03,859 rebrand, but it's not a rebrand like private equity is, is, you 306 00:10:03,859 - > 00:10:08,269 know, the, the name I think has lost its, it's lost its 307 00:10:08,839 - > 00:10:09,769 precision meaning. 308 00:10:09,769 - > 00:10:12,538 It was much more targeted back in the, you know, they talked 309 00:10:12,548 - > 00:10:15,769 about the history lesson talked about, you know, Pinkus and, you 310 00:10:15,769 - > 00:10:20,448 know, kind of the, the, the, you know, KKR early days and, you 311 00:10:20,448 - > 00:10:21,119 know, LBOs and stuff. 312 00:10:21,278 - > 00:10:24,119 And I'm like, yeah, it's, it's moved so far beyond that. 313 00:10:24,149 - > 00:10:26,198 Like, it's not past that, it's beyond that. 314 00:10:26,208 - > 00:10:29,849 It's, it's, it's like broader than that, that I think it's now 315 00:10:29,849 - > 00:10:33,288 become one of those private equity doesn't carry that much 316 00:10:33,308 - > 00:10:34,269 meaning really. 317 00:10:34,269 - > 00:10:36,658 It's really within private equity, what are you, what are 318 00:10:36,658 - > 00:10:37,318 you focused on? 319 00:10:37,318 - > 00:10:40,629 And, and I think the way that with the longer hold times, with 320 00:10:40,629 - > 00:10:46,408 the, kind of different focus, the, the bulk of private equity 321 00:10:46,408 - > 00:10:51,078 now is really, uh, it, it's just not a sexy name, but you guys 322 00:10:51,078 - > 00:10:54,278 figured out already based upon Emily's questions. 323 00:10:54,298 - > 00:10:56,328 I can't, I'm not a marketing guy, 324 00:10:56,697 - > 00:10:57,067 rory-liebhart_1_06-03-2026: Yeah 325 00:10:57,639 - > 00:10:59,769 eddieshizzle-wahoo_1_06-03-: you know, it's basically long-term 326 00:10:59,769 - > 00:11:02,298 semi-liquid growth capital 327 00:11:03,288 - > 00:11:03,688 rory-liebhart_1_06-03-202: Yeah. 328 00:11:04,109 - > 00:11:04,558 Yeah 329 00:11:04,749 - > 00:11:05,879 eddieshizzle-wahoo_1_06-03-: and it, you know, you- That's, 330 00:11:05,969 - > 00:11:07,448 that's not a sexy name, but... 331 00:11:07,528 - > 00:11:09,369 And honest to God, but that's what it is. 332 00:11:09,369 - > 00:11:12,249 I mean, it's really gotten beyond this leverage buyout 333 00:11:12,269 - > 00:11:13,308 vulture capital stuff. 334 00:11:13,308 - > 00:11:16,028 It's really long-term semi-liquid. 335 00:11:16,619 - > 00:11:18,969 So it's not, you can't flip in and out of it like you can in 336 00:11:18,969 - > 00:11:19,719 the stock market. 337 00:11:19,719 - > 00:11:22,928 But your return, because you've got a liquidity premium, is 338 00:11:22,928 - > 00:11:24,028 gonna be built in there. 339 00:11:24,318 - > 00:11:27,048 So you got your risk premium and you add a liquidity premium on 340 00:11:27,048 - > 00:11:29,818 top of it, which should improve your returns over general stock 341 00:11:29,818 - > 00:11:30,558 market returns, 342 00:11:31,139 - > 00:11:32,308 emily-sander_1_06-03-202: What's the liquidity premium? 343 00:11:32,349 - > 00:11:33,288 eddieshizzle-wahoo_1_0: targeted to growth. 344 00:11:33,499 - > 00:11:34,578 Yeah, liquidity premium. 345 00:11:35,999 - > 00:11:40,759 So essentially what happens is you'll take a lower return if 346 00:11:40,759 - > 00:11:41,328 you have 347 00:11:41,732 - > 00:11:42,143 emily-sander_1_06-03-2026_: Okay 348 00:11:43,259 - > 00:11:44,359 eddieshizzle-wahoo_1_06-03-2: on your, on your money. 349 00:11:44,359 - > 00:11:44,619 So 350 00:11:44,706 - > 00:11:46,726 rory-liebhart_1_06-03-2026: Just like a CD basically, you know 351 00:11:47,099 - > 00:11:47,119 eddieshizzle-wahoo_1_06-0: Yeah. 352 00:11:47,129 - > 00:11:47,958 See, brilliance. 353 00:11:48,208 - > 00:11:51,278 CD will pay you a higher interest rate than a savings 354 00:11:51,278 - > 00:11:52,678 account usually 355 00:11:53,369 - > 00:11:54,259 emily-sander_1_06-03-2026_: Your money's locked up 356 00:11:54,558 - > 00:11:56,698 eddieshizzle-wahoo_1_06: account has less liquidity and the bank 357 00:11:56,698 - > 00:11:59,568 is then able to go,"I've got use of that money to loan it for 358 00:11:59,568 - > 00:12:01,979 that period of time, so I don't have to worry about kind of 359 00:12:01,989 - > 00:12:04,778 having to cover off a quick withdrawal." And so as a result, 360 00:12:04,869 - > 00:12:07,389 you know, it reduces their interest, interest 361 00:12:07,576 - > 00:12:09,346 emily-sander_1_06-03-2026_16: So do you think like private equity 362 00:12:09,346 - > 00:12:11,147 could stand as an umbrella and then there could be 363 00:12:11,147 - > 00:12:12,067 subcategories? 364 00:12:12,096 - > 00:12:15,017 Or does the private equity as a whole need a rebrand? 365 00:12:16,355 - > 00:12:16,424 rory-liebhart_1_06-03-2026_16: I 366 00:12:16,541 - > 00:12:16,671 eddieshizzle-wahoo_1_06-03-: But 367 00:12:16,725 - > 00:12:18,605 rory-liebhart_1_06-03-2026_1: so big, uh, that I think there will 368 00:12:18,605 - > 00:12:21,024 always be differentiation within it, for sure. 369 00:12:21,465 - > 00:12:26,054 And maybe like, at this stage, maybe you actually have equity 370 00:12:26,054 - > 00:12:28,825 firms that specialize in like shorter term hold periods. 371 00:12:28,825 - > 00:12:31,264 Like, we only do deals where we can do that. 372 00:12:31,264 - > 00:12:35,914 And, and, and/or you might even have - And I, I've heard of 373 00:12:35,924 - > 00:12:38,644 these, I've seen them that like they, they put themselves out 374 00:12:38,644 - > 00:12:41,304 there explicitly as like,"We're in this for the long term. 375 00:12:41,336 - > 00:12:41,346 emily-sander_1_06-03-20: Mm-hmm. 376 00:12:41,804 - > 00:12:43,865 rory-liebhart_1_06-03-202: we're here to hold a business for, 377 00:12:44,634 - > 00:12:48,154 know, decades even." And, and that's - I've seen that happen 378 00:12:48,154 - > 00:12:53,455 with like family businesses where, an investor comes in and, 379 00:12:53,504 - > 00:12:56,184 you know, partners maybe even takes a majority stake with a, 380 00:12:57,125 - > 00:13:00,075 business and is just along for the ride for the whole, for the 381 00:13:00,075 - > 00:13:00,534 whole period. 382 00:13:00,534 - > 00:13:03,815 And so I do, to answer your question, yes, I think like 383 00:13:03,845 - > 00:13:09,764 under a bigger umbrella, like there is for differentiation in 384 00:13:09,764 - > 00:13:12,115 that category,'cause I think that's one of the pitfalls is 385 00:13:12,115 - > 00:13:15,125 everybody thinks that every private equity group is the 386 00:13:15,125 - > 00:13:15,595 same. 387 00:13:15,875 - > 00:13:19,264 Uh, what I kind of feel like this would take a little bit of 388 00:13:19,264 - > 00:13:25,174 a marketing spin is, yeah, lean into that li- like illiquidity. 389 00:13:25,174 - > 00:13:27,754 Already - Everybody already that's familiar with it 390 00:13:27,804 - > 00:13:33,404 understands that aspect of it, value creation funds comes to 391 00:13:33,404 - > 00:13:34,264 mind, right? 392 00:13:34,294 - > 00:13:36,855 Like that could be something that, you know, if I'm actually 393 00:13:36,855 - > 00:13:39,144 like putting something out there to, to rebrand. 394 00:13:39,154 - > 00:13:42,164 So private equity universe, let me know your thoughts on this, 395 00:13:42,195 - > 00:13:43,105 all of you listeners. 396 00:13:43,105 - > 00:13:48,284 But like a value creation fund, which implies that what private 397 00:13:48,284 - > 00:13:53,105 equity does is to create value through, you know, operational 398 00:13:53,105 - > 00:13:57,215 efficiencies, financial engineering, and being in tune 399 00:13:57,215 - > 00:13:58,495 with the deal markets for M&A. 400 00:13:58,504 - > 00:14:01,024 Like those are - We talk about those ad nauseam in our book. 401 00:14:01,024 - > 00:14:03,784 We've talked about those things many times on our podcast. 402 00:14:04,375 - > 00:14:06,745 That's really all it is, and some people turn that around to 403 00:14:06,745 - > 00:14:11,134 be, use the darker side of that notion of saying,"Oh, it's just, 404 00:14:11,284 - > 00:14:15,455 you know, job slashing, cost-cutting, capital." I heard 405 00:14:15,475 - > 00:14:16,514 locust capital 406 00:14:16,702 - > 00:14:17,232 emily-sander_1_06-03-2026_1: Oh, man 407 00:14:17,284 - > 00:14:19,105 rory-liebhart_1_06-03-2026: this particular article that made me 408 00:14:19,105 - > 00:14:20,154 laugh my ass off. 409 00:14:20,784 - > 00:14:24,625 Um, but like, but you know, just lean into the fact that, yeah, 410 00:14:24,644 - > 00:14:28,764 we are about creating value and we do it tangibly through these 411 00:14:28,784 - > 00:14:29,164 things. 412 00:14:29,174 - > 00:14:32,154 So, know, like I'm looking at that. 413 00:14:32,315 - > 00:14:35,115 I'm looking at like, let's say now that, now, now that, you 414 00:14:35,115 - > 00:14:39,115 know, in the future it's been signed to where people can 415 00:14:39,115 - > 00:14:40,245 invest some of their 401. 416 00:14:40,245 - > 00:14:44,294 I might look along these e- you know, you know, target date 417 00:14:44,294 - > 00:14:47,335 funds and other, you know, kind of index funds. 418 00:14:47,335 - > 00:14:51,274 I might like throw, you know, 10% of my holdings into a value 419 00:14:51,274 - > 00:14:53,975 creation fund, whether it's domestic or international, and 420 00:14:53,975 - > 00:14:56,424 be like,"Hmm, that seems different than this other stuff 421 00:14:56,424 - > 00:15:00,585 that's just traded with liquidity and, and, know, easily 422 00:15:00,585 - > 00:15:02,294 in and out of positions." May- that might be a good 423 00:15:02,304 - > 00:15:04,774 diversification play next to real estate or some shit like 424 00:15:04,774 - > 00:15:05,294 that, you know? 425 00:15:05,312 - > 00:15:06,072 emily-sander_1_06-03-2026_160: I like that. 426 00:15:06,102 - > 00:15:10,442 I like your idea a lot, and it has a cool, uh, like easy to say 427 00:15:10,942 - > 00:15:13,413 name and acronym like VCD. 428 00:15:13,673 - > 00:15:14,293 That's like a, 429 00:15:14,325 - > 00:15:14,585 rory-liebhart_1_06-03-202: there you 430 00:15:14,592 - > 00:15:15,222 emily-sander_1_06-03-202: that's a good 431 00:15:15,235 - > 00:15:15,394 rory-liebhart_1_06-03-202: think 432 00:15:15,552 - > 00:15:16,692 emily-sander_1_06-03-2026: thing to roll off the tongue. 433 00:15:17,033 - > 00:15:21,513 But I mean, there's so many things that can fall under the 434 00:15:21,513 - > 00:15:22,523 private equity umbrella. 435 00:15:22,523 - > 00:15:24,793 It's, it is getting kind of unruly. 436 00:15:24,793 - > 00:15:26,423 Like, I had a client just, uh 437 00:15:26,643 - > 00:15:28,182 rory-liebhart_1_06-03-202: Well, you could do like large cap 438 00:15:28,182 - > 00:15:29,283 private equity, small 439 00:15:29,482 - > 00:15:30,893 emily-sander_1_06-03-2026_: Long term, they're short 440 00:15:31,102 - > 00:15:32,812 rory-liebhart_1_06-03-202: yeah, like, I mean, Blackstone would 441 00:15:32,822 - > 00:15:33,352 be an example. 442 00:15:33,352 - > 00:15:36,883 They're a publicly listed company, and they, they, 443 00:15:36,903 - > 00:15:41,013 they're - I think they have$1.3 trillion under management, which 444 00:15:41,043 - > 00:15:41,582 is insane. 445 00:15:42,113 - > 00:15:47,302 Um, you know, you could invest in a large cap like that, or you 446 00:15:47,302 - > 00:15:51,543 could invest in, you know, a small cap that goes, know, heavy 447 00:15:51,543 - > 00:15:54,082 into high-risk assets, which would be interesting to think 448 00:15:54,092 - > 00:15:54,383 about. 449 00:15:54,403 - > 00:15:56,552 You know, like almost like a venture capital. 450 00:15:56,712 - > 00:15:58,812 It's almost like rebranding some venture capital into private 451 00:15:58,822 - > 00:16:00,743 equity, actually, like a reverse branding. 452 00:16:01,243 - > 00:16:04,633 You know, it's like making a, a, you know, a venture play seem 453 00:16:04,633 - > 00:16:07,082 more mature than it really is, but it's still got maybe the 454 00:16:07,082 - > 00:16:10,442 same risk profile, which you'd assign the same risk premium to 455 00:16:10,472 - > 00:16:11,543 perhaps as a venture 456 00:16:11,633 - > 00:16:13,732 emily-sander_1_06-03-2026_1: and when all three of us were in 457 00:16:14,893 - > 00:16:16,952 private equity land with this one company, it was like 458 00:16:17,102 - > 00:16:20,442 valuation, go, like whole time, like hurry up and go. 459 00:16:20,732 - > 00:16:23,092 And I was talking to this one client and they, they had a... 460 00:16:23,363 - > 00:16:25,822 It's technically a private equity firm, but their whole 461 00:16:25,832 - > 00:16:33,072 model is to find companies with, um, a small TAM where no one 462 00:16:33,072 - > 00:16:36,852 else wants to go in and just ride that puppy for like 15 to 463 00:16:36,852 - > 00:16:37,722 20 years. 464 00:16:37,732 - > 00:16:40,653 It's like div- like growth, but like dividend plays and things 465 00:16:40,653 - > 00:16:40,962 like that. 466 00:16:40,962 - > 00:16:42,643 And I'm like,"That is not private. 467 00:16:42,643 - > 00:16:44,442 That's not the private equity I was part of." 468 00:16:44,514 - > 00:16:46,934 rory-liebhart_1_06-03-202: pitch deck some hapless analyst is 469 00:16:46,934 - > 00:16:50,095 making where they, you know, make up these gigantic fake TAMs 470 00:16:50,105 - > 00:16:51,134 to make it seem really big. 471 00:16:51,345 - > 00:16:54,695 No, you're purposely making it small as hell so you can, like, 472 00:16:54,695 - > 00:16:55,625 fit this niche profile. 473 00:16:56,249 - > 00:16:57,428 emily-sander_1_06-03-202: 'Cause no one else wants to go in. 474 00:16:57,428 - > 00:16:58,058 That's their whole model. 475 00:16:58,058 - > 00:16:59,129 I'm like,"That is crazy. 476 00:16:59,129 - > 00:17:00,099 I've never heard that, 477 00:17:00,105 - > 00:17:00,254 rory-liebhart_1_06-03-2026_1: me 478 00:17:00,379 - > 00:17:02,908 emily-sander_1_06-03: especially under the auspices of private 479 00:17:02,908 - > 00:17:03,408 equity." 480 00:17:04,345 - > 00:17:04,694 rory-liebhart_1_06-03-202: Yeah. 481 00:17:04,898 - > 00:17:05,769 emily-sander_1_06-03-202: Sweet. 482 00:17:06,194 - > 00:17:07,414 rory-liebhart_1_06-03-2026_16: I think the other cool 483 00:17:07,576 - > 00:17:09,196 eddieshizzle-wahoo_1_06-03-: you get outsized return, right? 484 00:17:09,196 - > 00:17:09,616 Because 485 00:17:09,848 - > 00:17:10,159 rory-liebhart_1_06-03-2026: Yeah 486 00:17:10,237 - > 00:17:11,817 eddieshizzle-wahoo_1_: basically you don't have... 487 00:17:12,547 - > 00:17:16,497 now have captured a, a market and are able to kind of spread 488 00:17:16,497 - > 00:17:17,326 your margins. 489 00:17:17,406 - > 00:17:20,626 So that becomes the, you know, a- again, from a private equity 490 00:17:20,626 - > 00:17:23,896 perspective, it's like, okay, and again, look at the business 491 00:17:23,896 - > 00:17:24,277 I'm in. 492 00:17:25,307 - > 00:17:27,326 at 3X EBITDA. 493 00:17:28,277 - > 00:17:31,856 equity is buying these businesses, they allow folks 494 00:17:31,856 - > 00:17:34,067 like me to do the initial roll-ups, and then they go, 495 00:17:34,067 - > 00:17:40,176 "Okay, now we'll buy it at 8X or 9X EBITDA." Where in a 496 00:17:40,176 - > 00:17:44,487 tech-enabled services business like we came out of, they were 497 00:17:44,487 - > 00:17:46,257 buying at 5X revenue. 498 00:17:48,088 - > 00:17:48,358 rory-liebhart_1_06-03-202: Yeah. 499 00:17:48,527 - > 00:17:49,057 eddieshizzle-wahoo_1_06: you're, you're 500 00:17:49,068 - > 00:17:50,808 rory-liebhart_1_06-03-202: Yeah, 15X even though, yeah 501 00:17:50,916 - > 00:17:55,247 eddieshizzle-wahoo_1_06-03-: 80X or 50X EBITDA," and this is like 502 00:17:55,267 - > 00:17:56,106 8X EBITDA. 503 00:17:56,146 - > 00:17:59,436 But, and so they use that cash, they spin it off, and the TAM 504 00:17:59,436 - > 00:18:03,057 isn't, or it's certainly not a growth market, and the TAM is, 505 00:18:03,096 - > 00:18:05,096 you know, in some of these cases, the TAM's gonna be very 506 00:18:05,096 - > 00:18:07,487 small, total addressable market, for those of you that don't know 507 00:18:07,487 - > 00:18:08,017 what TAM is. 508 00:18:08,576 - > 00:18:09,886 But the, the, 509 00:18:10,169 - > 00:18:10,398 rory-liebhart_1_06-03-2026: yeah 510 00:18:10,876 - > 00:18:11,126 eddieshizzle-wahoo_1_06-: the... 511 00:18:11,396 - > 00:18:14,576 If you own that market, and, you know, we've talked about on some 512 00:18:14,576 - > 00:18:17,186 of the, some of these podcasts where you have like the 513 00:18:17,467 - > 00:18:19,326 specialty fishing equipment, you 514 00:18:19,384 - > 00:18:19,884 rory-liebhart_1_06-03-202: Yeah. 515 00:18:19,944 - > 00:18:20,295 Yeah 516 00:18:20,307 - > 00:18:21,707 eddieshizzle-wahoo_1_06-03-: You own that market, you have 517 00:18:21,717 - > 00:18:23,527 ridiculous return on equity. 518 00:18:24,666 - > 00:18:25,196 You, you're, 519 00:18:25,401 - > 00:18:25,411 rory-liebhart_1_06-03-202: Yeah. 520 00:18:25,411 - > 00:18:25,421 Hmm? 521 00:18:25,426 - > 00:18:27,007 eddieshizzle-wahoo_1_06-03-2: a, you're a cash cow, and then you 522 00:18:27,007 - > 00:18:29,656 spin that, you spin that cash off, and it, like you said, 523 00:18:29,666 - > 00:18:30,997 Adam, it becomes a dividend play. 524 00:18:30,997 - > 00:18:33,836 It becomes a leverage buyout play 525 00:18:34,669 - > 00:18:35,538 emily-sander_1_06-03-2026_1: But see, like I always thought the 526 00:18:35,538 - > 00:18:39,219 dividend play was something that PE firms did not want to do. 527 00:18:39,328 - > 00:18:42,638 Like that was, that was almost talked about as a, like,"Oh, you 528 00:18:42,638 - > 00:18:43,499 failed to do 529 00:18:43,522 - > 00:18:44,413 rory-liebhart_1_06-03-2026: Hmm, you're right 530 00:18:44,469 - > 00:18:44,798 emily-sander_1_06-03-2026_: your investment thesis." 531 00:18:44,803 - > 00:18:46,182 eddieshizzle-wahoo_1_06-: that's 'cause we were in a growth equ- 532 00:18:46,182 - > 00:18:46,323 we 533 00:18:46,398 - > 00:18:46,878 emily-sander_1_06-03-2026: Yeah. 534 00:18:46,942 - > 00:18:48,962 eddieshizzle-wahoo_1_06-: equity as the, as the, the 535 00:18:49,176 - > 00:18:49,567 rory-liebhart_1_06-03-2026: Yeah 536 00:18:49,732 - > 00:18:52,512 eddieshizzle-wahoo_1_06-: their, their thesis was we want, 537 00:18:53,330 - > 00:18:54,250 rory-liebhart_1_06-03-2026_: the way we're going with this. 538 00:18:54,351 - > 00:18:54,580 Yeah. 539 00:18:55,711 - > 00:18:56,040 Yeah. 540 00:18:56,143 - > 00:18:58,982 eddieshizzle-wahoo_1_06-0: three to five years, and we're gonna 541 00:18:59,020 - > 00:18:59,161 rory-liebhart_1_06-03-2026: Yeah 542 00:18:59,423 - > 00:19:01,143 eddieshizzle-wahoo_1_06-03-: the equity and managerial 543 00:19:01,163 - > 00:19:03,893 capabilities in order to be able to help your business get there. 544 00:19:04,752 - > 00:19:05,512 other private equity 545 00:19:05,721 - > 00:19:06,201 rory-liebhart_1_06-03-2: Exactly 546 00:19:06,232 - > 00:19:06,982 eddieshizzle-wahoo_1_06-03: what Rory's talking about. 547 00:19:06,982 - > 00:19:09,002 There's other ones that'll go, "No, what we're doing is we're 548 00:19:09,002 - > 00:19:09,573 gonna go... 549 00:19:10,202 - > 00:19:14,212 We're gonna buy this firm for 10 million. 550 00:19:14,212 - > 00:19:18,113 We're gonna borrow 6 million of it or 7 million of it, and 551 00:19:18,163 - > 00:19:22,482 because you, you've got ridiculous like 40% margins, and 552 00:19:22,482 - > 00:19:25,113 we're gonna use the cash flow to pay off that loan, and now we 553 00:19:25,113 - > 00:19:29,413 get a two X or two and a half X, but very low risk associated 554 00:19:29,413 - > 00:19:32,222 with that, and our risk premium, and we were able to lever the, 555 00:19:32,423 - > 00:19:33,113 the equity. 556 00:19:33,553 - > 00:19:36,512 So we've actually got a fairly good, you know, fairly good 557 00:19:36,512 - > 00:19:39,542 return on it, on equity, maybe four X return on equity, three X 558 00:19:39,542 - > 00:19:41,893 return on equity, but it's just addressing it a different way." 559 00:19:43,404 - > 00:19:43,674 rory-liebhart_1_06-03-202: Yeah. 560 00:19:43,702 - > 00:19:44,623 emily-sander_1_06-03-2026_1: And in Rory's name, 561 00:19:44,654 - > 00:19:44,994 rory-liebhart_1_06-03-202: Yeah. 562 00:19:45,073 - > 00:19:46,932 emily-sander_1_06-03-2026: we're still talking about value. 563 00:19:47,282 - > 00:19:50,202 We're still talking about we're creating something that wasn't 564 00:19:50,212 - > 00:19:53,363 there or couldn't be there without us in some sense. 565 00:19:53,413 - > 00:19:55,873 And then it's a fund where it's like there's, there's still the 566 00:19:55,883 - > 00:19:59,093 model and the container of we're raising capital, we have these 567 00:19:59,093 - > 00:19:59,792 different funds 568 00:19:59,913 - > 00:20:01,883 eddieshizzle-wahoo_1_06-0: it's, it's almost becoming more like, 569 00:20:01,923 - > 00:20:02,532 uh, and I... 570 00:20:02,633 - > 00:20:05,772 This just popped in my head, but it's all because of the two of 571 00:20:05,772 - > 00:20:06,653 you talking about it. 572 00:20:07,303 - > 00:20:10,222 Really, private equity is now becoming more like mutual funds. 573 00:20:10,972 - > 00:20:11,313 And 574 00:20:11,608 - > 00:20:11,858 rory-liebhart_1_06-03-202: Yeah. 575 00:20:11,858 - > 00:20:12,618 Oh, for sure. 576 00:20:12,788 - > 00:20:13,078 Yeah. 577 00:20:13,113 - > 00:20:13,863 eddieshizzle-wahoo_1_06-: mutual funds, 578 00:20:14,229 - > 00:20:14,669 rory-liebhart_1_06-03-2026: Yeah 579 00:20:14,673 - > 00:20:18,143 eddieshizzle-wahoo_1_06-03-: are invested in, in public equities 580 00:20:18,553 - > 00:20:19,113 rory-liebhart_1_06-03-: Exactly. 581 00:20:19,202 - > 00:20:19,403 Yeah 582 00:20:20,063 - > 00:20:22,532 eddieshizzle-wahoo_1_06-03: and, but it's, it's portfolios of 583 00:20:22,532 - > 00:20:23,722 that, and they're targeted. 584 00:20:23,742 - > 00:20:25,813 There's general funds that invest in everything. 585 00:20:25,813 - > 00:20:29,292 There's targeted funds, S&P 500 or, you know, small, small cap 586 00:20:29,292 - > 00:20:32,833 technology or, you know, growth, growth gold or whatever. 587 00:20:32,833 - > 00:20:33,853 And then you, you've got... 588 00:20:33,923 - > 00:20:39,472 And, and I think private equity is, is as, as useless a term as 589 00:20:39,472 - > 00:20:40,553 going,"I'm in the stock market." 590 00:20:40,631 - > 00:20:40,651 emily-sander_1_06-03-2026: Yeah. 591 00:20:40,702 - > 00:20:41,873 eddieshizzle-wahoo_1_06-03: what does, what does that mean? 592 00:20:42,442 - > 00:20:43,653 rory-liebhart_1_06-03-2026_1: It really has become that 593 00:20:43,682 - > 00:20:44,942 eddieshizzle-wahoo_1_06-: gotten to the point where,"I'm in 594 00:20:44,942 - > 00:20:46,843 private equity." Well, what, what does that mean? 595 00:20:46,843 - > 00:20:47,383 It, it's... 596 00:20:47,482 - > 00:20:50,173 I think private equity firms are gonna start positioning 597 00:20:50,173 - > 00:20:54,692 themselves and their funds, and have, like mutual funds do, and 598 00:20:54,712 - > 00:20:59,363 go,"No, this is a small cap growth equity fund," you know, 599 00:20:59,363 - > 00:21:01,893 or this, it may be a Blackstone fund, but they've got a 600 00:21:01,893 - > 00:21:05,742 bazillion little funds in there and it's a growth cap, a growth 601 00:21:05,742 - > 00:21:09,692 cap, uh, but it's less liquid, so you got a liquidity premium 602 00:21:09,732 - > 00:21:12,613 and you've got a liquid- You pa- you basically have to, have to 603 00:21:12,903 - > 00:21:14,823 get compensated for that lack of liquidity. 604 00:21:15,192 - > 00:21:15,873 But that's... 605 00:21:16,222 - > 00:21:20,262 And, and they may be smaller investments and you're expecting 606 00:21:20,262 - > 00:21:23,103 a higher return because of the liquidity premium, but it's now 607 00:21:23,103 - > 00:21:25,913 targeted more in those, in those segments like mutual funds 608 00:21:25,977 - > 00:21:27,007 rory-liebhart_1_06-03-202: Yeah, for 609 00:21:27,105 - > 00:21:29,835 emily-sander_1_06-03-2026_1: are there players or movements to 610 00:21:29,835 - > 00:21:34,875 try to define what new PE is? 611 00:21:35,414 - > 00:21:38,365 Or is that, is it the Wild West and it's like kind of 612 00:21:38,375 - > 00:21:41,255 scattershot and it's gonna coalesce to something over time 613 00:21:41,255 - > 00:21:44,035 maybe, probably, but right now it's all over the place? 614 00:21:44,265 - > 00:21:45,015 eddieshizzle-wahoo_1_06-03: it's largely coalesced 615 00:21:45,209 - > 00:21:45,679 rory-liebhart_1_06-03-2026: Yeah 616 00:21:45,865 - > 00:21:47,484 eddieshizzle-wahoo_1_: certainly coalescing if it's... 617 00:21:47,505 - > 00:21:49,775 I don't think it's a scattershot, uh, anymore. 618 00:21:50,452 - > 00:21:50,833 rory-liebhart_1_06-03-2026_1: No 619 00:21:51,154 - > 00:21:52,875 eddieshizzle-wahoo_1_06-03-20: I think that scattershot stuff 620 00:21:52,875 - > 00:21:55,974 went away probably 10 years ago, 15 years ago, if not longer. 621 00:21:56,125 - > 00:21:58,414 I mean, I, we've been, we've been involved in private equity, 622 00:21:58,414 - > 00:22:00,704 Rory and I, about 25 years now. 623 00:22:01,027 - > 00:22:01,497 rory-liebhart_1_06-03-2026_1: Oh man, 624 00:22:01,593 - > 00:22:03,303 emily-sander_1_06-03-2026_16: So everyone is starting to use that 625 00:22:03,303 - > 00:22:05,792 mutual fund language and start, starting to talk about it in the 626 00:22:05,792 - > 00:22:08,423 same way, like within the industry itself 627 00:22:09,848 - > 00:22:12,439 eddieshizzle-wahoo_1_06-03-2: I, i- it was already moving kind of 628 00:22:12,439 - > 00:22:13,469 that direction. 629 00:22:13,888 - > 00:22:15,979 Like I said, uh, the private equity firm the three of us 630 00:22:15,979 - > 00:22:18,538 worked with positioned themselves as growth equity, 631 00:22:19,298 - > 00:22:20,878 weren't huge, and they focused 632 00:22:21,048 - > 00:22:22,058 emily-sander_1_06-03-2026_: They were like boutique, B-E 633 00:22:22,278 - > 00:22:23,689 eddieshizzle-wahoo_1_06-03: four specific verticals. 634 00:22:23,739 - > 00:22:26,409 Yep, four specific verticals, and they said,"We're, we only 635 00:22:26,419 - > 00:22:28,598 invest in these four specific verticals." They have a managing 636 00:22:28,598 - > 00:22:32,038 director for each, and they know that vertical like the back of 637 00:22:32,038 - > 00:22:32,138 their 638 00:22:32,419 - > 00:22:33,798 emily-sander_1_06-03-2026_1: And it wasn't just the vertical, it 639 00:22:33,798 - > 00:22:37,699 was like the characteristics of the firm leadership. 640 00:22:37,939 - > 00:22:38,259 Yeah 641 00:22:38,265 - > 00:22:38,964 eddieshizzle-wahoo_1_06-03: like a mutual fund. 642 00:22:38,964 - > 00:22:40,355 It, we, we invest in this, 643 00:22:40,441 - > 00:22:40,790 rory-liebhart_1_06-03-2026: Yeah 644 00:22:40,954 - > 00:22:42,375 eddieshizzle-wahoo_1_06-03-: and if you want this ki- if you want 645 00:22:42,375 - > 00:22:44,974 exposure to this market, you invest with us. 646 00:22:45,015 - > 00:22:47,515 And if you, you don't invest with us if you don't want 647 00:22:47,515 - > 00:22:49,234 exposure to this market,'cause that's all you're getting. 648 00:22:49,234 - > 00:22:53,644 And we, we should be part of your equity portfolio or your 649 00:22:53,644 - > 00:22:55,704 alternative investment portfolio, not your whole 650 00:22:55,755 - > 00:22:58,025 alternative investment portfolio,'cause we focus on, 651 00:22:58,164 - > 00:22:59,285 you know, things that look like this 652 00:22:59,353 - > 00:22:59,643 rory-liebhart_1_06-03-202: Yeah. 653 00:23:00,070 - > 00:23:01,760 emily-sander_1_06-03-2026_16: is the motivation for a potential 654 00:23:01,760 - > 00:23:07,131 PE rebrand from,"Oh, people, the pub- the general public thinks 655 00:23:07,161 - > 00:23:09,750 we're vultures," versus,"We just want clarity. 656 00:23:09,750 - > 00:23:10,921 Like, we want some distinction 657 00:23:11,000 - > 00:23:11,141 rory-liebhart_1_06-03-2026_: You 658 00:23:11,290 - > 00:23:12,840 emily-sander_1_06-03-2026_16: in this big amorphous nebulous-" 659 00:23:13,050 - > 00:23:15,050 rory-liebhart_1_06-03-20: thing- things like this tend to start 660 00:23:15,500 - > 00:23:18,904 with I don't know, how do I put it? 661 00:23:18,904 - > 00:23:21,934 Like, the biggest needle movers. 662 00:23:21,964 - > 00:23:26,214 This isn't probably something that's come up with, a really 663 00:23:26,214 - > 00:23:28,494 small boutique private equity firm, right? 664 00:23:28,545 - > 00:23:32,654 'Cause they have their, they have their, um, their playing 665 00:23:32,664 - > 00:23:34,724 field for which they operate pretty well defined. 666 00:23:34,795 - > 00:23:38,154 You know, uh, uh, naturally I think about like the Blackstones 667 00:23:38,154 - > 00:23:39,805 and the KKRs and the stuff like that. 668 00:23:39,865 - > 00:23:42,964 And one of the things that I think is driving the thought 669 00:23:42,964 - > 00:23:47,355 around this is the fact that this is now something available 670 00:23:47,365 - > 00:23:49,684 to like pretty much everybody, right? 671 00:23:49,714 - > 00:23:52,285 Like, so as we said, you can, you can invest in some of these 672 00:23:52,285 - > 00:23:57,684 publicly traded massive funds, but also you're trying to get 673 00:23:57,684 - > 00:24:02,125 401k funds and, and individuals to put their money into these 674 00:24:02,125 - > 00:24:04,295 funds from their retirement account, right? 675 00:24:04,325 - > 00:24:07,755 So like, know, accreditation rules, I don't know if those 676 00:24:07,755 - > 00:24:12,115 themselves are going to change, but like if, know, a company 677 00:24:12,125 - > 00:24:17,565 offers a 401k plan to somebody that's new out of college making 678 00:24:17,585 - > 00:24:20,674 40 grand a year or something like that, you know, and they're 679 00:24:20,815 - > 00:24:24,015 socking money away into a 401k, and then every year when you're 680 00:24:24,015 - > 00:24:26,214 doing open enrollment, you get to choose the little funds you 681 00:24:26,214 - > 00:24:27,194 put stuff into. 682 00:24:27,595 - > 00:24:29,894 You know, like they want retail... 683 00:24:29,894 - > 00:24:33,714 The, they characterize that kind of money is retail money, retail 684 00:24:33,714 - > 00:24:34,535 investors, right? 685 00:24:35,335 - > 00:24:38,375 That's, that's maybe in some ways, if you don't have to 686 00:24:38,375 - > 00:24:40,464 manage the day-to-day communications with retail 687 00:24:40,464 - > 00:24:43,154 investors, maybe some of the best money you could take'cause, 688 00:24:44,105 - > 00:24:47,795 you know, uh, bless, bless these folks, but not all the most 689 00:24:47,795 - > 00:24:48,875 sophisticated investors. 690 00:24:48,875 - > 00:24:52,244 So it's just like easy capital to manage. 691 00:24:52,244 - > 00:24:55,575 But like you're trying to demo- I hate to use this term, but it 692 00:24:55,575 - > 00:24:55,884 sounds... 693 00:24:57,634 - > 00:25:02,025 private equity investment to the masses, and there's trillions of 694 00:25:02,025 - > 00:25:02,865 dollars of that on 695 00:25:02,990 - > 00:25:04,721 emily-sander_1_06-03-202: Sounds like opium of the masses. 696 00:25:05,365 - > 00:25:06,095 rory-liebhart_1_06-03-2026_16: I know, right? 697 00:25:06,154 - > 00:25:09,464 Like I, I, I wanted to punch myself as I was saying that. 698 00:25:09,845 - > 00:25:11,704 Um, like it... 699 00:25:11,734 - > 00:25:12,644 But, but that's what it is. 700 00:25:12,644 - > 00:25:15,914 It's like how do you get the most capital into your funds 701 00:25:16,153 - > 00:25:16,482 emily-sander_1_06-03-2026: Yeah. 702 00:25:16,634 - > 00:25:18,325 rory-liebhart_1_06-03-2026_: the most cheaply, right? 703 00:25:18,355 - > 00:25:24,204 Like, so, um, you know, like the average retail investor is 704 00:25:24,255 - > 00:25:29,154 expecting a 5% to 7% return annually, right? 705 00:25:30,015 - > 00:25:36,825 Back in the day, you know, when it, like LPs in these funds were 706 00:25:36,875 - > 00:25:41,555 expecting mid double digits, like 15% plus generally, and 707 00:25:41,555 - > 00:25:42,535 that was being delivered. 708 00:25:42,994 - > 00:25:43,265 I don't know. 709 00:25:43,265 - > 00:25:44,265 So the game has changed. 710 00:25:44,275 - > 00:25:48,825 It's more like we, we want the public to see this as a good 711 00:25:48,825 - > 00:25:56,855 viable value option to invest alongside of, know, um, in, you 712 00:25:56,855 - > 00:26:00,734 know, AI tech stocks let's say, for example, you know? 713 00:26:02,144 - > 00:26:03,825 Uh, so I don't know. 714 00:26:03,855 - > 00:26:04,654 It's very interesting. 715 00:26:04,694 - > 00:26:06,005 I think, you know, who's... 716 00:26:06,025 - > 00:26:08,875 Is, is there anything actually organized orchestrating this? 717 00:26:08,934 - > 00:26:10,265 I don't know that there really is. 718 00:26:10,335 - > 00:26:13,414 I think it was a really clever article and a very interesting 719 00:26:13,424 - > 00:26:16,666 thought That turned kind of a history lesson into like, where 720 00:26:16,666 - > 00:26:17,557 are we at with this today? 721 00:26:17,557 - > 00:26:20,237 Which really results in, you know, we're trying to 722 00:26:20,237 - > 00:26:22,307 differentiate ourselves from private credit. 723 00:26:22,307 - > 00:26:27,217 We're trying to, um, you know, get away from this notion that 724 00:26:27,217 - > 00:26:30,826 we're vultures and we're, you know, yet we still invest in 725 00:26:30,826 - > 00:26:31,487 private companies. 726 00:26:31,497 - > 00:26:32,727 So what do you do with all that? 727 00:26:32,737 - > 00:26:35,606 How do you make that something that people can glom 728 00:26:35,833 - > 00:26:37,553 emily-sander_1_06-03-2026_16: By the way, when people say... 729 00:26:37,563 - > 00:26:40,803 Like, what have people said when you're like,"I am co-authoring 730 00:26:40,803 - > 00:26:44,192 and I co-host a private equity book and podcast"? 731 00:26:44,222 - > 00:26:46,682 What ha- what has like family, friends, colleagues, what, 732 00:26:46,752 - > 00:26:47,883 what's people's reactions? 733 00:26:50,434 - > 00:26:52,545 rory-liebhart_1_06-03-2026_: The f- I, I, I'm being completely 734 00:26:52,545 - > 00:26:53,305 honest about that. 735 00:26:53,345 - > 00:26:58,525 There - I get th-this like,"Wow, that seems incredibly 736 00:26:58,525 - > 00:27:04,684 complicated," or,"That seems really of my league to listen 737 00:27:04,684 - > 00:27:05,875 to." I'm like: No, please listen. 738 00:27:05,934 - > 00:27:06,234 Like, 739 00:27:06,497 - > 00:27:06,737 emily-sander_1_06-03-2026_1: For you 740 00:27:06,875 - > 00:27:08,625 rory-liebhart_1_06-03-2026_1: is made for, this is made for you. 741 00:27:09,075 - > 00:27:11,474 And I also have people that, you know, even just last week, 742 00:27:11,474 - > 00:27:13,684 somebody was like,"I listen to every single episode you guys 743 00:27:13,684 - > 00:27:13,855 put out. 744 00:27:13,855 - > 00:27:15,095 I learn so much." And I was like, 745 00:27:15,214 - > 00:27:15,674 emily-sander_1_06-03-2026: Good. 746 00:27:15,855 - > 00:27:16,404 Oh 747 00:27:16,454 - > 00:27:17,934 rory-liebhart_1_06-03-2026: And, and they were being sincere. 748 00:27:17,934 - > 00:27:19,424 They weren't just saying it to me, you know? 749 00:27:19,424 - > 00:27:23,734 Like, but, you know, I wish I would see, get that feedback on 750 00:27:23,765 - > 00:27:26,194 Amazon through all the, the reviews that we would be 751 00:27:26,232 - > 00:27:27,742 emily-sander_1_06-03-2026_: Drop us some reviews, listeners, 752 00:27:27,813 - > 00:27:28,393 please. 753 00:27:28,525 - > 00:27:28,654 rory-liebhart_1_06-03-2026_1: us 754 00:27:28,972 - > 00:27:29,242 emily-sander_1_06-03-2026_: Yeah 755 00:27:29,904 - > 00:27:30,315 rory-liebhart_1_06-03-: Exactly. 756 00:27:30,325 - > 00:27:32,244 Let's get this great information out to the masses. 757 00:27:32,244 - > 00:27:35,305 But all, all that to be said is I think it still is a 758 00:27:35,345 - > 00:27:38,194 complicated term that intimidates people is my point. 759 00:27:38,946 - > 00:27:39,807 emily-sander_1_06-03-2026_1: And what about you? 760 00:27:42,275 - > 00:27:44,674 eddieshizzle-wahoo_1_06-03-: No, I think I, I'll go with what 761 00:27:44,674 - > 00:27:45,474 Rory just said. 762 00:27:45,474 - > 00:27:48,144 I think it's, there is an intimidation factor associated 763 00:27:48,144 - > 00:27:52,345 with it, and as they move to a more retail kind of attempting 764 00:27:52,345 - > 00:27:54,355 to bring in retail money, it does two things. 765 00:27:54,355 - > 00:27:59,765 One, it, it's, gonna continue to see asset inflow, which... 766 00:27:59,795 - > 00:28:02,815 And it's tough to get big multiples on big assets. 767 00:28:02,845 - > 00:28:03,755 Big numbers are tough to 768 00:28:04,020 - > 00:28:04,861 rory-liebhart_1_06-03-2026_1: It truly is. 769 00:28:04,871 - > 00:28:06,171 Just look at Berkshire Hathaway. 770 00:28:06,171 - > 00:28:09,911 Today I was reading that they have like$313 billion of cash 771 00:28:09,911 - > 00:28:10,280 sitting on their 772 00:28:10,464 - > 00:28:11,015 emily-sander_1_06-03-2026_1: Man 773 00:28:11,381 - > 00:28:13,030 rory-liebhart_1_06-03-2026_: And like they did a couple of$10 774 00:28:13,371 - > 00:28:16,361 billion deals this weekend, and it's like that makes no dent. 775 00:28:16,611 - > 00:28:16,800 You 776 00:28:16,825 - > 00:28:17,585 eddieshizzle-wahoo_1_06-0: Yeah, it does make that. 777 00:28:17,661 - > 00:28:17,941 rory-liebhart_1_06-03-2026: yeah 778 00:28:18,025 - > 00:28:19,994 eddieshizzle-wahoo_1_06-0: it's, I think it's, I think it does 779 00:28:19,994 - > 00:28:22,775 become more of a how do we, how do we... 780 00:28:23,244 - > 00:28:27,275 But again, the private equity firms, they're driven by assets 781 00:28:27,275 - > 00:28:29,204 under management and return, right? 782 00:28:29,204 - > 00:28:31,855 They, we've talked a lot about the, the compensation structure 783 00:28:31,855 - > 00:28:32,755 and the incentive structure. 784 00:28:32,755 - > 00:28:36,994 So it really does become a, we need to simplify to attract that 785 00:28:36,994 - > 00:28:37,525 retail. 786 00:28:38,384 - > 00:28:41,384 also, we need to simplify our branding. 787 00:28:41,384 - > 00:28:43,744 We need to make the branding more intuitive and less 788 00:28:43,744 - > 00:28:44,575 intimidating. 789 00:28:44,944 - > 00:28:48,954 And I also think it is a, uh, and I'll go again, I'll, I, I 790 00:28:49,244 - > 00:28:53,015 now have become a believer in my own Kool-Aid on the, on the 791 00:28:53,073 - > 00:28:54,482 rory-liebhart_1_06-03-2026: It's only a matter of time when that 792 00:28:54,482 - > 00:28:54,883 happens. 793 00:28:54,924 - > 00:28:56,734 eddieshizzle-wahoo_1_06-03-2: a, on a mutual fund thing, which 794 00:28:56,734 - > 00:28:59,964 is, which is, y- you know, I, I do think there, there's gonna 795 00:28:59,964 - > 00:29:02,325 continue to be a downsizing and a specialization 796 00:29:02,520 - > 00:29:02,881 rory-liebhart_1_06-03-2026: Yeah 797 00:29:02,994 - > 00:29:04,934 eddieshizzle-wahoo_1_06: private equity that's going to be part 798 00:29:04,934 - > 00:29:06,575 of that retail positioning. 799 00:29:06,681 - > 00:29:07,030 rory-liebhart_1_06-03-2026: Yeah 800 00:29:07,164 - > 00:29:09,464 eddieshizzle-wahoo_1_06-03-: And it's, and so for retail 801 00:29:09,464 - > 00:29:12,585 investors, which is really where the, the growth opportunities 802 00:29:12,585 - > 00:29:15,184 are for private equity firms today, is that now that, you 803 00:29:15,184 - > 00:29:18,275 know, 401Ks are open to, to pri- to private equity, it's gonna be 804 00:29:18,275 - > 00:29:21,474 the, you know, you can get exposure to tech private 805 00:29:21,542 - > 00:29:21,762 rory-liebhart_1_06-03-2026: Yeah 806 00:29:21,924 - > 00:29:23,194 eddieshizzle-wahoo_1_06-03-: you can get exposure to tech-enabled 807 00:29:23,194 - > 00:29:23,684 services. 808 00:29:23,684 - > 00:29:26,305 You can get value, you value creation private 809 00:29:26,457 - > 00:29:27,027 rory-liebhart_1_06-03-202: Yeah. 810 00:29:27,446 - > 00:29:27,646 Yeah 811 00:29:27,865 - > 00:29:29,105 eddieshizzle-wahoo_1_06-03-: you know, this, we do the balance 812 00:29:29,105 - > 00:29:31,305 sheet thing and we do the operational excellence thing 813 00:29:31,305 - > 00:29:33,224 and, you know, we're not looking for super growth. 814 00:29:33,244 - > 00:29:35,075 We're actually trying to optimize this asset. 815 00:29:35,545 - > 00:29:39,724 And I, you know, again, if you look at someone like me, that 816 00:29:39,974 - > 00:29:40,414 those... 817 00:29:40,494 - > 00:29:43,194 I'm not gonna wanna just dump money into something that says 818 00:29:43,204 - > 00:29:43,974 private equity. 819 00:29:43,974 - > 00:29:44,494 I wanna, 820 00:29:45,080 - > 00:29:45,510 rory-liebhart_1_06-03-202: Yeah. 821 00:29:45,515 - > 00:29:47,144 eddieshizzle-wahoo_1_06-0: wanna go,"Okay, what's the, what's the 822 00:29:47,144 - > 00:29:49,464 focus?" seen private equity 823 00:29:49,471 - > 00:29:51,020 rory-liebhart_1_06-03-2026_: But that's how it was though back in 824 00:29:51,020 - > 00:29:51,361 the day. 825 00:29:51,361 - > 00:29:52,010 It's like, hey, 826 00:29:52,055 - > 00:29:52,384 eddieshizzle-wahoo_1_06-03-2: it was. 827 00:29:52,510 - > 00:29:55,451 rory-liebhart_1_06-03-202: some, some like rich, rich LP was 828 00:29:55,451 - > 00:29:59,381 approached,"Hey, you want in on this private equity deal?""Whoa, 829 00:29:59,471 - > 00:30:00,550 I don't know much about that. 830 00:30:00,560 - > 00:30:04,891 That's sort of like ephemeral." Like,"Yeah, I got a bunch of 831 00:30:04,891 - > 00:30:07,431 cash sitting here." It, it used to be that way, like truly. 832 00:30:08,111 - > 00:30:10,601 know, it's like this, this - Now it's just available, like you 833 00:30:10,601 - > 00:30:11,560 say, you know? 834 00:30:11,911 - > 00:30:13,411 And I think it's funny what you're saying. 835 00:30:13,411 - > 00:30:17,320 What we're talking about here is it's just another, it's just 836 00:30:17,320 - > 00:30:22,461 another node to your, your, your mutual fund, um, you know, 837 00:30:22,540 - > 00:30:25,651 analysis, which is to say like what we're talking about here is 838 00:30:25,651 - > 00:30:28,760 figuring out how to create index funds of private equity for 839 00:30:28,760 - > 00:30:30,010 people to get their flavors. 840 00:30:30,351 - > 00:30:33,340 And it's like, if you really want to think crazy is who could 841 00:30:33,340 - > 00:30:38,480 start up a true equities market for private equity, like a true 842 00:30:38,480 - > 00:30:39,750 secondaries market where 843 00:30:39,974 - > 00:30:40,464 eddieshizzle-wahoo_1_06-03-20: a fund of 844 00:30:40,740 - > 00:30:40,881 rory-liebhart_1_06-03-2: it's... 845 00:30:40,901 - > 00:30:41,590 Yeah. 846 00:30:42,070 - > 00:30:43,171 Yeah, exactly. 847 00:30:43,394 - > 00:30:44,355 eddieshizzle-wahoo_1_06-0: which exists by the way. 848 00:30:44,355 - > 00:30:44,505 There 849 00:30:44,631 - > 00:30:45,480 rory-liebhart_1_06-03-2026_: Oh, there are, 850 00:30:45,575 - > 00:30:46,845 eddieshizzle-wahoo_1_06-03: that are fund of funds 851 00:30:46,871 - > 00:30:49,790 rory-liebhart_1_06-03-2026: like it's not really known to the 852 00:30:49,790 - > 00:30:50,520 masses, right? 853 00:30:50,520 - > 00:30:54,530 Like, you know, what, what if I wanted liquidity and I wanted to 854 00:30:54,530 - > 00:30:57,681 buy secondaries in, in a, you know, bunch of private equity 855 00:30:57,681 - > 00:31:00,820 funds and diversify the same way I would with a basket of public 856 00:31:00,820 - > 00:31:01,181 equities? 857 00:31:01,191 - > 00:31:02,310 You could do the same fucking thing. 858 00:31:02,461 - > 00:31:04,691 It's just somebody needs to create the, the market, you 859 00:31:04,691 - > 00:31:04,921 know? 860 00:31:05,651 - > 00:31:06,090 the market. 861 00:31:06,921 - > 00:31:07,310 I don't know. 862 00:31:08,353 - > 00:31:10,603 emily-sander_1_06-03-2026_1: One of the top reactions I get when 863 00:31:10,603 - > 00:31:14,073 I say,"I'm doing this thing with, you know, former CEO and 864 00:31:14,073 - > 00:31:15,972 CFO, private equity," they go... 865 00:31:16,042 - > 00:31:19,153 They literally make this sound, "Ooh," like that. 866 00:31:19,252 - > 00:31:19,313 I was like,"Ooh." 867 00:31:19,384 - > 00:31:21,994 rory-liebhart_1_06-03-2026: Yes. 868 00:31:21,994 - > 00:31:22,134 Yes 869 00:31:22,173 - > 00:31:24,252 emily-sander_1_06-03-2026_16: if I, like, tossed a, you know, 870 00:31:24,292 - > 00:31:26,942 dirty fish in their face, they would make the same facial re- 871 00:31:26,972 - > 00:31:27,573 reaction. 872 00:31:27,603 - > 00:31:28,303 So it's like,"Ooh." 873 00:31:28,330 - > 00:31:29,250 rory-liebhart_1_06-03-2026_16: I have a lot of people that 874 00:31:29,250 - > 00:31:31,691 promise to listen to it, but they're like, I think still a 875 00:31:31,691 - > 00:31:34,040 little bit intimidated, like, "I'm just not gonna understand 876 00:31:34,050 - > 00:31:38,060 that." what I will say for us, this is worth telling our 877 00:31:38,060 - > 00:31:41,840 listeners, is like, people do listen to it or read the book, 878 00:31:41,871 - > 00:31:43,911 they're like,"Oh, light bulb went off. 879 00:31:43,951 - > 00:31:46,681 Now I get it." And it's like, man, if we could just get people 880 00:31:46,681 - > 00:31:52,371 to take that first bite, take that first hit, so to speak, you 881 00:31:52,371 - > 00:31:52,431 know, um, then they'd be hooked. 882 00:31:52,431 - > 00:31:53,320 You know,'cause it really is, it's 883 00:31:53,426 - > 00:31:54,336 emily-sander_1_06-03-2026_: Just one episode. 884 00:31:54,346 - > 00:31:55,297 Just one episode. 885 00:31:55,297 - > 00:31:55,747 Do you, do 886 00:31:55,750 - > 00:31:55,830 rory-liebhart_1_06-03-20: Right. 887 00:31:56,010 - > 00:31:56,351 Yeah. 888 00:31:56,487 - > 00:31:59,356 emily-sander_1_06-03-2026: think that in the rebrand to become 889 00:31:59,356 - > 00:32:04,707 more attractive and salient for retail investors, they have to 890 00:32:04,846 - > 00:32:05,626 soften? 891 00:32:05,676 - > 00:32:07,886 Does PE need to soften its image? 892 00:32:09,123 - > 00:32:09,462 eddieshizzle-wahoo_1_06-03-: No. 893 00:32:09,707 - > 00:32:10,057 emily-sander_1_06-03-2026_16: No 894 00:32:10,282 - > 00:32:10,742 rory-liebhart_1_06-03-2026_16: I agree. 895 00:32:10,893 - > 00:32:12,333 No, I don't think so 896 00:32:12,452 - > 00:32:14,113 eddieshizzle-wahoo_1_06-0: think most people don't want... 897 00:32:14,563 - > 00:32:17,093 I don't want a fricking soft image of my investment 898 00:32:17,528 - > 00:32:19,078 emily-sander_1_06-03-2026_1: You want a fierce, blood-sucking, 899 00:32:19,828 - > 00:32:20,648 greedy motherfucker 900 00:32:21,042 - > 00:32:22,063 eddieshizzle-wahoo_: recurrence, and I want 901 00:32:22,184 - > 00:32:22,345 rory-liebhart_1_06-03-202: Yeah. 902 00:32:23,073 - > 00:32:24,202 eddieshizzle-wahoo_1_06-03-2: So I think it's, I think it's 903 00:32:24,202 - > 00:32:27,762 actually more a help me understand what I'm actually 904 00:32:27,762 - > 00:32:28,452 investing in. 905 00:32:28,568 - > 00:32:29,048 rory-liebhart_1_06-03-202: Yeah. 906 00:32:29,098 - > 00:32:29,838 Exactly. 907 00:32:29,843 - > 00:32:30,292 eddieshizzle-wahoo_1_06-03-2: me kind of 908 00:32:30,429 - > 00:32:30,808 rory-liebhart_1_06-03-202: Yeah. 909 00:32:30,972 - > 00:32:32,482 eddieshizzle-wahoo_1_06-03: over this it's a 910 00:32:32,648 - > 00:32:33,788 rory-liebhart_1_06-03-20: People don't want soft. 911 00:32:33,818 - > 00:32:34,269 They want - 912 00:32:34,585 - > 00:32:34,984 eddieshizzle-wahoo_1_06-0: Yeah, 913 00:32:35,019 - > 00:32:35,429 rory-liebhart_1_06-03-2026_1: at all 914 00:32:35,515 - > 00:32:35,865 eddieshizzle-wahoo_1_06-0: soft. 915 00:32:35,949 - > 00:32:36,608 rory-liebhart_1_06: investments. 916 00:32:36,608 - > 00:32:37,288 It's not a... 917 00:32:38,348 - > 00:32:38,638 No 918 00:32:38,724 - > 00:32:40,335 eddieshizzle-wahoo_1_06-0: plays well, you know, we talk about 919 00:32:40,335 - > 00:32:43,414 the, the episode a couple episodes ago where, you know, 920 00:32:43,414 - > 00:32:48,894 where like the, the don't mess with our children's sports 921 00:32:49,217 - > 00:32:49,626 rory-liebhart_1_06-03-2026_1: Oh yeah. 922 00:32:50,265 - > 00:32:51,894 eddieshizzle-wahoo_1_06-0: They, they want soft, 923 00:32:52,507 - > 00:32:52,926 rory-liebhart_1_06-03-2026: They do. 924 00:32:52,994 - > 00:32:54,724 eddieshizzle-wahoo_1_06-03-: the investor doesn't want soft. 925 00:32:55,714 - > 00:32:58,694 equity folks, they, they're b- they're riding that balance 926 00:32:58,714 - > 00:33:02,765 between like getting, getting, you know, kind of regulated out 927 00:33:02,765 - > 00:33:08,384 of business and, and the public perception versus like our job 928 00:33:08,384 - > 00:33:11,664 is to maximize return for our, for our limited partners. 929 00:33:11,903 - > 00:33:12,123 rory-liebhart_1_06-03-2026_: No. 930 00:33:12,423 - > 00:33:14,712 People want that discipline, man, I tell you 931 00:33:14,994 - > 00:33:16,325 eddieshizzle-wahoo_1_06-03-2: of a, what's the job of a corporate 932 00:33:16,355 - > 00:33:18,634 management is to maximize value for shareholders. 933 00:33:18,634 - > 00:33:21,285 And then the issue becomes, okay, well what's value? 934 00:33:21,721 - > 00:33:22,151 rory-liebhart_1_06-03-2026: Yeah 935 00:33:22,394 - > 00:33:24,444 eddieshizzle-wahoo_1_06-03-: How much is, how much is, is 936 00:33:24,454 - > 00:33:26,734 quantifiable versus qualitative? 937 00:33:26,755 - > 00:33:29,845 And, you know, what social, how much do you need to have in 938 00:33:29,845 - > 00:33:33,585 social equity versus financial equity and those, and those 939 00:33:33,595 - > 00:33:34,164 elements. 940 00:33:35,115 - > 00:33:38,355 said all that, I don't want soft. 941 00:33:38,365 - > 00:33:39,765 I want someone who's focused. 942 00:33:39,800 - > 00:33:40,141 rory-liebhart_1_06-03-2026: Yeah 943 00:33:40,615 - > 00:33:42,075 eddieshizzle-wahoo_1_06-03-: And that's really, for me, I think 944 00:33:42,075 - > 00:33:45,505 the, the private equity rebrand is more about like, here's the 945 00:33:45,505 - > 00:33:45,825 focus. 946 00:33:45,825 - > 00:33:48,224 H- you can understand what you're getting, what your 947 00:33:48,224 - > 00:33:51,924 investment's doing, we're focused and here's the focus and 948 00:33:51,924 - > 00:33:52,325 here's... 949 00:33:52,365 - > 00:33:52,595 You know? 950 00:33:52,595 - > 00:33:53,805 So I think it, it, it does... 951 00:33:53,855 - > 00:33:57,634 I, I'm becoming more convinced, yes, a rebrand is necessary and 952 00:33:57,634 - > 00:33:58,265 it needs to look 953 00:33:58,404 - > 00:33:58,555 rory-liebhart_1_06-03-2026_: Why not? 954 00:33:58,644 - > 00:33:58,785 You 955 00:33:58,944 - > 00:33:58,994 eddieshizzle-wahoo_1_06-: actual 956 00:33:59,184 - > 00:33:59,674 rory-liebhart_1_06-03-2026: it's time. 957 00:33:59,674 - > 00:34:01,275 emily-sander_1_06-03-2026_: How, how plugged in are like 958 00:34:01,295 - > 00:34:02,785 rory-liebhart_1_06-03-2026: It's like literally been like, let's 959 00:34:02,785 - > 00:34:06,085 call it this, like, I mean, you know, the author of this 960 00:34:06,115 - > 00:34:09,114 particular article put sort of the first private equity deal is 961 00:34:09,135 - > 00:34:13,664 1901 when JP Morgan bought Carnegie Steel for like, what 962 00:34:13,664 - > 00:34:13,974 was it? 963 00:34:13,974 - > 00:34:18,434 Like 400, 300, I have the note here, you know,$480 million, 964 00:34:18,784 - > 00:34:22,724 which actually back then was a crazy amount of money, 1901. 965 00:34:23,465 - > 00:34:26,835 Well, a lot of people put the, like RBJ Nabisco is kind of like 966 00:34:26,835 - > 00:34:29,525 the one, so let's just call it that one'cause it's, it makes it 967 00:34:29,605 - > 00:34:32,224 seem like we could do a 50th year anniversary of private 968 00:34:32,224 - > 00:34:35,985 equity, let's call it, you know, uh, rebrand, right? 969 00:34:35,985 - > 00:34:38,784 So you're in your fifth, sixth decade, like it's been roughly 970 00:34:38,784 - > 00:34:42,034 50 years since the private equity deal one could argue. 971 00:34:42,065 - > 00:34:42,885 So yeah, it's time. 972 00:34:42,934 - > 00:34:43,344 Let's do it. 973 00:34:43,565 - > 00:34:47,355 Let's put, we'll put, you know, put a marketing, uh, program 974 00:34:47,355 - > 00:34:48,155 around it and like, let's 975 00:34:48,280 - > 00:34:50,621 emily-sander_1_06-03-: America's turning 250 years old. 976 00:34:50,940 - > 00:34:52,061 PE is 50. 977 00:34:52,990 - > 00:34:54,320 These are milestones, people. 978 00:34:55,010 - > 00:34:56,161 rory-liebhart_1_06-03-2026_: I'm 47. 979 00:34:56,240 - > 00:34:56,820 You know what? 980 00:34:57,001 - > 00:34:57,371 Fuck. 981 00:34:58,210 - > 00:34:59,721 eddieshizzle-wahoo_1_06-03-: I'm older than private equity. 982 00:34:59,851 - > 00:35:00,481 Yeah, so 983 00:35:01,130 - > 00:35:01,900 rory-liebhart_1_06-03-2026_: You are, Ed. 984 00:35:02,251 - > 00:35:02,960 Ed, Ed 985 00:35:03,201 - > 00:35:04,541 emily-sander_1_06-03-2026_16: We need a T-shirt. 986 00:35:04,731 - > 00:35:06,300 I'm older than private equity. 987 00:35:06,411 - > 00:35:06,751 rory-liebhart_1_06-03-2026: That is 988 00:35:06,911 - > 00:35:07,641 emily-sander_1_06-03-2026_16: We need a T-shirt 989 00:35:07,771 - > 00:35:08,351 rory-liebhart_1_06-03-2026_16: I like that. 990 00:35:09,121 - > 00:35:10,041 That could be some cool... 991 00:35:10,070 - > 00:35:10,510 You know what? 992 00:35:10,521 - > 00:35:13,021 We haven't even begun to talk about the kind of cool merch we 993 00:35:13,021 - > 00:35:13,971 could create, you know? 994 00:35:14,001 - > 00:35:14,690 We could put some 995 00:35:14,777 - > 00:35:14,797 emily-sander_1_06-03-2026_: Some PEC 996 00:35:14,820 - > 00:35:15,521 rory-liebhart_1_06-03-2026: cool shit out there. 997 00:35:16,047 - > 00:35:17,056 emily-sander_1_06-03-20: private equity experience swag 998 00:35:17,088 - > 00:35:18,349 eddieshizzle-wahoo_1_06-03: 1988 would've, 999 00:35:18,610 - > 00:35:18,920 rory-liebhart_1_06-03-202: Yeah. 1000 00:35:19,009 - > 00:35:20,119 eddieshizzle-wahoo_1_06-03-: RJR Nabisco 1001 00:35:20,481 - > 00:35:22,090 rory-liebhart_1_06-03-2026_: Got liquidity, question mark. 1002 00:35:22,130 - > 00:35:23,331 Like, that's like a T-shirt. 1003 00:35:24,170 - > 00:35:25,771 No, we don't actually have liquidity 1004 00:35:25,898 - > 00:35:27,438 eddieshizzle-wahoo_1_06-03-: you guys have not seen, and I, I 1005 00:35:27,588 - > 00:35:28,518 have not been able to find this 1006 00:35:28,539 - > 00:35:28,978 emily-sander_1_06-03-20: Sirens. 1007 00:35:29,492 - > 00:35:30,463 rory-liebhart_1_06-03-2026: Wow, somebody's dying in 1008 00:35:30,659 - > 00:35:31,318 emily-sander_1_06-03-2026_16: Oh my gosh 1009 00:35:32,396 - > 00:35:32,717 eddieshizzle-wahoo_1_06-03: It's a 1010 00:35:33,849 - > 00:35:35,518 emily-sander_1_06-03-2026_1: You wanna, wanna mute yourself 1011 00:35:35,518 - > 00:35:36,068 there, Barton? 1012 00:35:36,079 - > 00:35:37,108 Are you, have you got 1013 00:35:37,518 - > 00:35:38,858 rory-liebhart_1_06-03-2026: it's my place here in Bellevue that's 1014 00:35:38,858 - > 00:35:39,219 doing that 1015 00:35:39,327 - > 00:35:41,126 eddieshizzle-wahoo_1_06-03-2: to understand how - I want them to 1016 00:35:41,126 - > 00:35:42,887 know what kind of a hood this is here. 1017 00:35:43,376 - > 00:35:47,664 Um The, uh, 1018 00:35:47,867 - > 00:35:48,746 rory-liebhart_1_06-03-202: Dude, the mean streets of 1019 00:35:48,784 - > 00:35:49,315 emily-sander_1_06-03-2026_: Talk about soft. 1020 00:35:49,724 - > 00:35:50,125 Yeah. 1021 00:35:50,125 - > 00:35:50,775 Oh my gosh 1022 00:35:51,166 - > 00:35:52,097 rory-liebhart_1_06-03-2026_1: Oh my God. 1023 00:35:52,414 - > 00:35:52,505 eddieshizzle-wahoo_1_06-03-20: I 1024 00:35:52,507 - > 00:35:53,476 rory-liebhart_1_06-03-2026_1: Oh my God. 1025 00:35:54,045 - > 00:35:54,295 eddieshizzle-wahoo_1_06-03: The, 1026 00:35:54,396 - > 00:35:55,036 rory-liebhart_1_06-03-202: Yeah. 1027 00:35:55,125 - > 00:35:55,264 eddieshizzle-wahoo_1_06-: the... 1028 00:35:55,376 - > 00:35:56,447 rory-liebhart_1_06-03-2026_1: Oh man, I love Anacortes. 1029 00:35:56,467 - > 00:35:56,947 Oh God 1030 00:35:57,054 - > 00:35:58,684 eddieshizzle-wahoo_1_06-03-: if, if folks haven't seen it, I have 1031 00:35:58,684 - > 00:36:00,465 not been able to find this movie. 1032 00:36:00,605 - > 00:36:02,474 I had a VCR tape of this 1033 00:36:02,744 - > 00:36:03,114 rory-liebhart_1_06-03-20: Peace. 1034 00:36:03,474 - > 00:36:06,784 eddieshizzle-wahoo_1_06-03-2: I, and, I don't know, I, I don't 1035 00:36:06,784 - > 00:36:07,755 know where it went. 1036 00:36:08,025 - > 00:36:09,054 Well, I do know where it went. 1037 00:36:09,065 - > 00:36:10,704 It's, it was lost in a flood. 1038 00:36:11,054 - > 00:36:13,195 Um, but the, uh, the 1039 00:36:13,474 - > 00:36:13,514 rory-liebhart_1_06-03-2026_: Aw, RIP. 1040 00:36:13,724 - > 00:36:15,144 eddieshizzle-wahoo_1_06-0: movie is Barbarians at the 1041 00:36:15,414 - > 00:36:16,625 rory-liebhart_1_06-03-2026_1: Oh yeah, I've read the book 1042 00:36:17,474 - > 00:36:19,094 eddieshizzle-wahoo_1_06-0: Well, the, the movie was 1043 00:36:19,126 - > 00:36:19,586 rory-liebhart_1_06-03-2026_: Was it? 1044 00:36:19,657 - > 00:36:20,936 Oh, dude, I gotta watch it then. 1045 00:36:21,144 - > 00:36:21,514 eddieshizzle-wahoo_1_06-0: James 1046 00:36:21,597 - > 00:36:22,987 rory-liebhart_1_06-03-: actually a crime that I haven't seen 1047 00:36:22,987 - > 00:36:23,887 that, to be honest with you 1048 00:36:24,204 - > 00:36:26,295 eddieshizzle-wahoo_1_06-0: James Garner was, is Efros Johnson. 1049 00:36:26,315 - > 00:36:26,775 I mean, it 1050 00:36:26,829 - > 00:36:27,119 rory-liebhart_1_06-03-202: Cool. 1051 00:36:28,079 - > 00:36:29,108 Maybe I'll watch that tonight. 1052 00:36:30,804 - > 00:36:31,514 eddieshizzle-wahoo_1_06-03-2: A- a- 1053 00:36:31,628 - > 00:36:31,858 rory-liebhart_1_06-03-202: gonna 1054 00:36:31,934 - > 00:36:32,005 eddieshizzle-wahoo_1_06-03-20: I 1055 00:36:32,188 - > 00:36:32,239 rory-liebhart_1_06-03-2026_1: do that. 1056 00:36:32,264 - > 00:36:33,465 eddieshizzle-wahoo_1_06-03: find it streaming, I can't 1057 00:36:33,599 - > 00:36:34,009 rory-liebhart_1_06-03-2026_: No? 1058 00:36:34,048 - > 00:36:34,739 Oh, man 1059 00:36:34,945 - > 00:36:36,735 eddieshizzle-wahoo_1_06-0: mean, it is, but it is an 1060 00:36:36,985 - > 00:36:37,784 emily-sander_1_06-03-2026_16: Is it on YouTube? 1061 00:36:37,989 - > 00:36:38,188 rory-liebhart_1_06-03-20: You've 1062 00:36:38,215 - > 00:36:39,485 emily-sander_1_06-03-2026_: Like you can buy stuff on YouTube 1063 00:36:39,485 - > 00:36:40,074 sometimes. 1064 00:36:40,954 - > 00:36:41,375 eddieshizzle-wahoo_1_06-0: Yeah, it's 1065 00:36:41,405 - > 00:36:41,855 emily-sander_1_06-03-2026_1: No? 1066 00:36:41,855 - > 00:36:42,224 eddieshizzle-wahoo_1_06: either. 1067 00:36:42,375 - > 00:36:42,985 I, I've 1068 00:36:43,119 - > 00:36:43,318 rory-liebhart_1_06-03-2026_: All right 1069 00:36:43,534 - > 00:36:43,835 eddieshizzle-wahoo_1_06-0: over. 1070 00:36:43,835 - > 00:36:46,784 I, and I'll look again because I would, I would commend to our, I 1071 00:36:46,784 - > 00:36:47,655 would commend to all 1072 00:36:47,713 - > 00:36:49,572 rory-liebhart_1_06-0: Listeners, where can we find Barbarians at 1073 00:36:49,583 - > 00:36:50,052 the Gate 1074 00:36:50,284 - > 00:36:51,724 eddieshizzle-wahoo_1: Barbarians at the Gate, the, the 1075 00:36:51,900 - > 00:36:52,351 emily-sander_1_06-03-2026: Yeah. 1076 00:36:52,440 - > 00:36:53,050 Also, 1077 00:36:53,574 - > 00:36:53,664 eddieshizzle-wahoo_1_06-03-2: it 1078 00:36:53,840 - > 00:36:56,260 emily-sander_1_06-03-2026_: also you'll need to find a VHS player 1079 00:36:56,280 - > 00:36:58,260 'cause I don't have one of those laying around. 1080 00:36:59,840 - > 00:37:00,490 eddieshizzle-wahoo_1_06-03-20: I happen to 1081 00:37:00,731 - > 00:37:02,041 emily-sander_1_06-03-2026_1: No, you do not, Ed. 1082 00:37:02,471 - > 00:37:04,190 Why do you have a VHS player? 1083 00:37:05,251 - > 00:37:10,010 eddieshizzle-wahoo_1_06-03: does maybe sometimes I don't get rid 1084 00:37:10,010 - > 00:37:10,331 of things. 1085 00:37:10,340 - > 00:37:10,981 So 1086 00:37:11,070 - > 00:37:12,610 rory-liebhart_1_06-03-202: Well, people have phonographs still, 1087 00:37:12,681 - > 00:37:12,740 you 1088 00:37:12,860 - > 00:37:13,170 eddieshizzle-wahoo_1_06-03: yeah 1089 00:37:15,045 - > 00:37:16,105 emily-sander_1_06-03-2026_16: We love phonographs. 1090 00:37:16,960 - > 00:37:17,351 rory-liebhart_1_06-03-202: Yeah. 1091 00:37:17,554 - > 00:37:18,594 emily-sander_1_06-03-2026_16: we like the talkies. 1092 00:37:18,844 - > 00:37:20,505 We like sound with our movies. 1093 00:37:20,630 - > 00:37:22,090 rory-liebhart_1_06-03-202: I'll, I'll have to throw my laser disc 1094 00:37:22,090 - > 00:37:22,240 on. 1095 00:37:22,251 - > 00:37:22,740 No, just kidding. 1096 00:37:22,891 - > 00:37:23,911 I don't have a laser disc. 1097 00:37:23,911 - > 00:37:23,931 Never did 1098 00:37:24,699 - > 00:37:26,429 eddieshizzle-wahoo_1_06-03-2: it looks like according to my 1099 00:37:26,438 - > 00:37:30,318 Google machine, it looks like you can currently stream 1100 00:37:30,318 - > 00:37:32,789 Barbarians at the Gate for free on Roku 1101 00:37:33,217 - > 00:37:34,106 emily-sander_1_06-03-2026_1: Oh, Roku. 1102 00:37:34,106 - > 00:37:34,686 All right. 1103 00:37:34,916 - > 00:37:35,637 There you go. 1104 00:37:35,764 - > 00:37:36,335 rory-liebhart_1_06-03-202: Okay. 1105 00:37:36,985 - > 00:37:37,574 girlfriend has 1106 00:37:37,626 - > 00:37:41,996 emily-sander_1_06-03-2026_: Roku and Tubi and f- m- like Freezee 1107 00:37:41,996 - > 00:37:44,097 or free- like all these different fr- 1108 00:37:44,266 - > 00:37:44,617 eddieshizzle-wahoo_1_06-: Hubie. 1109 00:37:45,036 - > 00:37:45,246 Yeah, but 1110 00:37:45,295 - > 00:37:45,324 rory-liebhart_1_06-03-2026: Yeah 1111 00:37:45,396 - > 00:37:46,836 eddieshizzle-wahoo_1_06-03-: got James Garner, you got Jonathan 1112 00:37:46,847 - > 00:37:48,186 Pryce, Peter Riegert, 1113 00:37:48,226 - > 00:37:49,717 rory-liebhart_1_06-03-: Jonathan Pryce, great actor 1114 00:37:49,786 - > 00:37:51,217 eddieshizzle-wahoo_1_06-0: going right back to, you got, you 1115 00:37:51,217 - > 00:37:53,697 know, Jonathan Pryce is, he's badass. 1116 00:37:53,880 - > 00:37:54,291 rory-liebhart_1_06-03-2026: Yeah 1117 00:37:55,027 - > 00:37:56,536 eddieshizzle-wahoo_1_06-03: then he plays Henry Travis. 1118 00:37:57,239 - > 00:37:57,628 rory-liebhart_1_06-03-2026_1: No way. 1119 00:37:57,659 - > 00:37:59,039 I'm totally gonna do that. 1120 00:37:59,237 - > 00:38:00,507 eddieshizzle-wahoo_1_06-03-2: it is, it is 1121 00:38:00,579 - > 00:38:00,938 rory-liebhart_1_06-03-2026_: All right. 1122 00:38:01,007 - > 00:38:01,356 eddieshizzle-wahoo_1_06-0: worth 1123 00:38:01,489 - > 00:38:02,679 rory-liebhart_1_06-03-202: never seen you this excited about 1124 00:38:02,784 - > 00:38:03,655 emily-sander_1_06-03-2026_1: No, this is... 1125 00:38:03,664 - > 00:38:04,235 Yeah. 1126 00:38:04,425 - > 00:38:04,864 Okay 1127 00:38:05,327 - > 00:38:05,487 eddieshizzle-wahoo_1_06-03-2: It 1128 00:38:05,548 - > 00:38:06,858 rory-liebhart_1_06-03-202: other than the two of us eating a 1129 00:38:06,858 - > 00:38:07,789 five-pound burrito 1130 00:38:08,067 - > 00:38:09,376 emily-sander_1_06-03-2026_: What year was this movie made? 1131 00:38:10,849 - > 00:38:13,079 eddieshizzle-wahoo_1_06-03-: Um, 1993, 1994. 1132 00:38:13,275 - > 00:38:16,155 emily-sander_1_06-03-2026: Okay. 1133 00:38:16,155 - > 00:38:16,804 I was 1134 00:38:16,809 - > 00:38:18,018 eddieshizzle-wahoo_1_06-03: time I was graduating from 1135 00:38:18,164 - > 00:38:19,905 rory-liebhart_1_06-03-2026_16: I was barely a teenager. 1136 00:38:21,744 - > 00:38:22,434 My goodness. 1137 00:38:22,778 - > 00:38:23,228 emily-sander_1_06-03-2026_1: All right. 1138 00:38:23,498 - > 00:38:24,289 All right, we're in. 1139 00:38:24,724 - > 00:38:25,085 rory-liebhart_1_06-03-2026_1: go check 1140 00:38:25,188 - > 00:38:25,929 emily-sander_1_06-03-2026_16: Do we wanna try to 1141 00:38:25,974 - > 00:38:26,344 rory-liebhart_1_06-03-2026_: the Gate. 1142 00:38:26,385 - > 00:38:26,804 You'll learn a 1143 00:38:26,998 - > 00:38:28,619 emily-sander_1_06-03-2026_: wrap up the topic or just end with 1144 00:38:28,659 - > 00:38:29,809 Barbarians at the Gate? 1145 00:38:29,889 - > 00:38:30,429 Go watch it 1146 00:38:31,963 - > 00:38:32,813 rory-liebhart_1_06-03-2026_: Oh, man. 1147 00:38:33,612 - > 00:38:37,253 Uh, I think the wrap up here is, yeah, we're right for it, you 1148 00:38:37,253 - > 00:38:37,512 know? 1149 00:38:37,543 - > 00:38:39,733 So get a lobby going. 1150 00:38:39,853 - > 00:38:41,132 Let's get some momentum behind 1151 00:38:41,376 - > 00:38:42,786 emily-sander_1_06-03-2026: Value Creation Fund. 1152 00:38:43,166 - > 00:38:44,097 I really like that 1153 00:38:44,393 - > 00:38:46,932 rory-liebhart_1_06-03-2026: Hey, listeners, let's launch PECS 1154 00:38:46,932 - > 00:38:47,342 itself. 1155 00:38:47,342 - > 00:38:51,023 Let's be the flag bearers for the new private equity 1156 00:38:51,289 - > 00:38:51,778 emily-sander_1_06-03-2026_: Yeah 1157 00:38:52,253 - > 00:38:53,293 rory-liebhart_1_06-03-202: we're doing this. 1158 00:38:53,432 - > 00:38:55,862 The three of us are going to represent the masses in this 1159 00:38:55,862 - > 00:38:56,572 initiative. 1160 00:38:57,043 - > 00:39:00,282 We are, uh, democratizing private equity for everybody. 1161 00:39:00,382 - > 00:39:01,512 Make it understandable. 1162 00:39:01,983 - > 00:39:03,572 Make private equity simple again. 1163 00:39:03,623 - > 00:39:04,902 Let's go the whole thing. 1164 00:39:05,092 - > 00:39:06,842 Value creation funds. 1165 00:39:07,152 - > 00:39:07,472 Yes 1166 00:39:07,663 - > 00:39:11,489 emily-sander_1_06-03-2026_: Boom We're gonna wrap it there. 1167 00:39:12,148 - > 00:39:12,798 rory-liebhart_1_06-03-202: Nice. 1168 00:39:13,159 - > 00:39:13,679 emily-sander_1_06-03-2026_: Bye. 1169 00:39:13,679 - > 00:39:14,179 rory-liebhart_1_06-03-2: Thanks, Sam. 1170 00:39:16,429 - > 00:39:16,768 Cool. 1171 00:39:16,795 - > 00:39:17,284 eddieshizzle-wahoo_1_06-03-: Bye 1172 00:39:22,481 - > 00:39:25,456 If you enjoyed today's episode, please like, share and subscribe 1173 00:39:25,456 - > 00:39:27,137 wherever you get your podcasts.