Alpine Investors

“The reason you can make that playbook consistent is because you're putting your own people in to run it. This took me 10 years to figure out, but we would back founders and then say, Hey, we have all these great ideas and the founders would just smile and writ…”

“We put in a total of 50 in the first deal. We might have put in like that first year, like another maybe nine or so that first year, and then that was it. Then we never put in any more.”

“Each company has a superpower, but after, let's just say, 10 deals, you've got all the superpowers, you know, and now your next deal, your 11th deal has 10 superpowers. Often you can improve that business dramatically, really fast, just because you take that p…”

“Three billion of revenue, five hundred million of earnings. And we, I think importantly that, that happened without us putting in any additional money.”

“We've bought 800 companies. I've been doing, I've been in private equity, 31 years.”

“And then with Alpine, I mean, our first fund lost money, drained my savings account. Then we started calling our way back, got smacked by the Great Recession, drained my savings account again.”

“Once we get it going, we can usually finance all the acquisitions with cashflow and debt. So we don't have to put in any more equity.”

“The Navy seal is actually the, a very common background of our leaders in, in these businesses.”

“We were 14 years in. I want to say managing maybe two or three, three or four hundred million dollars, something like that.”

“And they'll have two million of revenue and a five hundred million dollar valuation, and they're gonna go to zero. Like, they're gonna be worth absolutely zero.”

“I think the technology in many, many industries is going to be commoditized... I think ultimately, I think most people are gonna have access to the same technology. So it'll be a tool and it'll help everybody, but it's not gonna be the thing, you know, it's no…”

“The, I think the average deal we did is like, thirty million dollars. So the company might have 15 to twenty million of revenue, something like that.”

“So I'll say a million dollars in the bank because I think that's the, that's when I actually felt like I had a million dollars. And that was the, that was year 14. That was one week. No shit. That was year 14 of start, so I'm, I was 29 plus four, so yeah, I'm …”

“About 15 years ago, we set an objective to become the number one performing private equity fund in the world as measured by net MOIC, you know, the return on capital and our last since we set that goal, the four funds we invested after that have all done five …”

“First of all, fund one generated no carry at all. And then fund two, we needed to sell. It was really the very last business in that fund that we sold until, until we got paid.”

“You know, at one point that fund was marked at. 40 cents. We ended up returning like 95 cents.”

“If you look at our companies that we have in our portfolio, there is a pretty much a 100% correlation between how much of the playbooks they're running and how successful their businesses are.”