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How this company lost $2.8M due to three mismatched numbers · Private Equity Data Guy

• 0:00
  Great
• 0:00
  success
• 0:00
  story,
• 0:00
  going
• 0:01
  from
• 0:01
  three
• 0:01
  and
• 0:01
  a
• 0:01
  half
• 0:01
  to
• 0:02
  seven
• 0:02
  to
• 0:02
  14
• 0:02
  to
• 0:03
  21.6.
• 0:04
  But
• 0:04
  what's
• 0:05
  happening
• 0:05
  is
• 0:05
  during
• 0:06
  the
• 0:06
  exit
• 0:06
  process,
• 0:07
  they
• 0:07
  needed
• 0:08
  a
• 0:08
  product
• 0:08
  profitability
• 0:09
  report.
• 0:10
  Well,
• 0:10
  the
• 0:10
  problem
• 0:10
  is
• 0:11
  like
• 0:11
  most
• 0:11
  firms,
• 0:12
  they
• 0:12
  hadn't
• 0:12
  actually
• 0:12
  grown
• 0:13
  the
• 0:13
  back
• 0:13
  office.
• 0:14
  Their
• 0:14
  product
• 0:14
  set
• 0:15
  in
• 0:15
  three
• 0:15
  databases.
• 0:16
  When
• 0:16
  they
• 0:16
  pulled
• 0:16
  that
• 0:16
  together,
• 0:17
  it's
• 0:17
  a
• 0:17
  21.15
• 0:18
  million
• 0:18
  revenue.
• 0:19
  When
• 0:20
  they
• 0:20
  went
• 0:20
  into
• 0:20
  their
• 0:20
  CRM,
• 0:21
  they
• 0:21
  pulled
• 0:21
  $21.3
• 0:22
  million
• 0:22
  of
• 0:22
  sales.
• 0:23
  Well,
• 0:23
  21.15,
• 0:24
  21.3,
• 0:25
  21.6.
• 0:26
  Well,
• 0:26
  when
• 0:27
  you're
• 0:27
  looking
• 0:27
  at
• 0:27
  an
• 0:27
  exit,
• 0:28
  you're
• 0:29
  telling
• 0:29
  a
• 0:29
  story.
• 0:30
  You're
• 0:30
  selling
• 0:30
  your
• 0:30
  story
• 0:31
  and
• 0:31
  the
• 0:31
  numbers.
• 0:32
  So
• 0:32
  it
• 0:32
  creates
• 0:32
  if
• 0:32
  you
• 0:32
  don't
• 0:33
  know
• 0:33
  what
• 0:33
  you
• 0:33
  don't
• 0:33
  know.
• 0:34
  That's
• 0:34
  why
• 0:35
  like
• 0:35
  a
• 0:35
  scale
• 0:35
  path
• 0:36
  makes
• 0:36
  sense.
• 0:36
  Because
• 0:37
  as
• 0:37
  a
• 0:37
  company,
• 0:37
  we've
• 0:38
  been
• 0:38
  through
• 0:38
  about
• 0:39
  15
• 0:39
  to
• 0:39
  20
• 0:39
  different
• 0:40
  scaling
• 0:40
  ups
• 0:40
  so
• 0:40
  far,
• 0:41
  right?
• 0:41
  But
• 0:41
  we
• 0:41
  bring
• 0:42
  in
• 0:42
  the
• 0:42
  expertise
• 0:42
  that
• 0:42
  your
• 0:43
  head
• 0:43
  of
• 0:43
  finance
• 0:43
  just
• 0:43
  may
• 0:44
  not
• 0:44
  know
• 0:44
  or
• 0:44
  your
• 0:44
  head
• 0:44
  of
• 0:44
  data
• 0:45
  may
• 0:45
  not
• 0:45
  know.
• 0:45
  They
• 0:46
  were
• 0:46
  a
• 0:46
  business
• 0:46
  analyst
• 0:46
  five
• 0:47
  years
• 0:47
  ago.
• 0:47
  Now
• 0:47
  they're
• 0:47
  the
• 0:47
  head
• 0:47
  of
• 0:48
  data
• 0:48
  of
• 0:48
  a
• 0:48
  company
• 0:48
  that's
• 0:49
  three
• 0:49
  times
• 0:49
  the
• 0:49
  size,
• 0:49
  right?
• 0:50
  It's
• 0:51
  just
• 0:51
  bringing
• 0:51
  in
• 0:51
  the
• 0:51
  experts
• 0:52
  who
• 0:52
  have
• 0:52
  been
• 0:52
  there
• 0:52
  to
• 0:53
  help
• 0:53
  you,
• 0:53
  not
• 0:53
  to
• 0:53
  replace
• 0:54
  you,
• 0:54
  but
• 0:54
  just
• 0:54
  to
• 0:54
  help
• 0:54
  you
• 0:54
  grow.
• 0:56
  And
• 0:56
  everything
• 0:56
  worked.
• 0:57
  I'm
• 0:58
  like,
• 0:58
  what
• 0:58
  did
• 0:58
  you
• 0:58
  just
• 0:59
  do?
• 0:59
  He
• 0:59
  goes,
• 0:59
  oh,
• 0:59
  this
• 0:59
  is
• 0:59
  SQL.
• 1:01
  The
• 1:01
  pages
• 1:02
  three,
• 1:02
  page
• 1:02
  four
• 1:02
  were
• 1:02
  pulling
• 1:02
  from
• 1:03
  different
• 1:03
  tables.
• 1:03
  I
• 1:03
  was
• 1:04
  like,
• 1:05
  I
• 1:05
  gotta
• 1:05
  learn
• 1:05
  the
• 1:06
  SQL
• 1:06
  thing
• 1:07
  because
• 1:07
  you
• 1:08
  solved
• 1:08
  in
• 1:08
  20
• 1:09
  minutes
• 1:09
  what
• 1:09
  I
• 1:09
  was
• 1:09
  spending
• 1:10
  two
• 1:10
  days
• 1:10
  on.
• 1:11
  That's
• 1:11
  what
• 1:11
  started
• 1:11
  my
• 1:12
  career
• 1:12
  down
• 1:12
  into
• 1:12
  data.
• 1:13
  Behind
• 1:13
  every
• 1:13
  value
• 1:14
  creation
• 1:14
  plan,
• 1:15
  there's
• 1:15
  a
• 1:15
  data
• 1:15
  problem
• 1:16
  nobody
• 1:16
  wants
• 1:16
  to
• 1:16
  talk
• 1:17
  about.
• 1:17
  Fragmented
• 1:18
  systems,
• 1:18
  metrics
• 1:19
  nobody
• 1:19
  trusts.
• 1:20
  And
• 1:20
  decisions
• 1:20
  made
• 1:21
  on
• 1:21
  gut
• 1:21
  feel
• 1:21
  dropped,
• 1:21
  dressed
• 1:22
  up
• 1:22
  as
• 1:22
  analysis.
• 1:23
  Welcome
• 1:23
  to
• 1:23
  the
• 1:23
  PE
• 1:24
  Data
• 1:24
  Guy.
• 1:24
  Each
• 1:25
  week,
• 1:25
  host
• 1:25
  Graham
• 1:26
  Crawford
• 1:26
  talks
• 1:26
  to
• 1:26
  the
• 1:27
  operating
• 1:27
  partners,
• 1:27
  advisors
• 1:28
  and
• 1:28
  practitioners
• 1:29
  who
• 1:29
  are
• 1:29
  doing
• 1:30
  the
• 1:30
  work
• 1:30
  inside
• 1:30
  portfolio
• 1:31
  companies.
• 1:31
  If
• 1:32
  you
• 1:32
  care
• 1:32
  about
• 1:32
  what
• 1:33
  actually
• 1:33
  drives
• 1:33
  returns
• 1:33
  in
• 1:34
  the
• 1:34
  market,
• 1:34
  then
• 1:35
  you're
• 1:35
  in
• 1:35
  the
• 1:35
  right
• 1:35
  place.
• 1:36
  The
• 1:36
  PE
• 1:36
  data
• 1:37
  guy
• 1:37
  starts
• 1:37
  now.
• 1:39
  Greg
• 1:40
  Hood
• 1:40
  is
• 1:40
  a
• 1:40
  CPA
• 1:41
  and
• 1:41
  CMA
• 1:42
  who
• 1:42
  spent
• 1:42
  over
• 1:42
  20
• 1:43
  years
• 1:43
  as
• 1:43
  a
• 1:43
  finance
• 1:43
  executive
• 1:44
  across
• 1:44
  Canadian
• 1:45
  and
• 1:45
  US
• 1:45
  fintechs
• 1:46
  and
• 1:46
  financial
• 1:46
  services,
• 1:46
  including
• 1:47
  roles
• 1:47
  at
• 1:47
  Kunai,
• 1:48
  Paramount
• 1:48
  Commerce
• 1:49
  and
• 1:49
  Qtrade,
• 1:50
  an
• 1:50
  online
• 1:50
  brokerage
• 1:51
  where
• 1:51
  his
• 1:51
  team
• 1:51
  won
• 1:52
  most
• 1:52
  innovative
• 1:53
  finance
• 1:53
  department.
• 1:54
  Greg
• 1:54
  has
• 1:54
  the
• 1:55
  distinction
• 1:55
  of
• 1:55
  being
• 1:56
  one
• 1:56
  of
• 1:56
  the
• 1:56
  first
• 1:56
  CPAs
• 1:57
  to
• 1:57
  hold
• 1:57
  the
• 1:57
  title
• 1:58
  of
• 1:58
  CDO.
• 1:59
  Along
• 2:00
  the
• 2:00
  way,
• 2:00
  he
• 2:00
  left
• 2:01
  the
• 2:01
  exact
• 2:01
  problems
• 2:01
  that
• 2:02
  most
• 2:02
  PE
• 2:02
  backed
• 2:02
  portfolio
• 2:03
  companies
• 2:03
  are
• 2:03
  still
• 2:04
  droning
• 2:04
  in
• 2:05
  fragmented
• 2:05
  data,
• 2:06
  disconnected
• 2:07
  finance
• 2:07
  stacks
• 2:08
  and
• 2:08
  leadership
• 2:08
  teams
• 2:08
  making
• 2:09
  decisions
• 2:09
  on
• 2:09
  gut
• 2:09
  feel
• 2:10
  because
• 2:10
  the
• 2:10
  numbers
• 2:11
  are
• 2:11
  just
• 2:11
  not
• 2:11
  trustworthy
• 2:12
  enough
• 2:12
  to
• 2:12
  act
• 2:13
  on.
• 2:14
  Greg
• 2:14
  took
• 2:14
  that
• 2:14
  experience
• 2:15
  and
• 2:15
  built
• 2:15
  out
• 2:15
  SkySight
• 2:16
  Analytics,
• 2:17
  a
• 2:17
  Toronto
• 2:18
  based
• 2:18
  consultancy
• 2:18
  that
• 2:18
  works
• 2:19
  with
• 2:19
  PE
• 2:19
  firms,
• 2:20
  sell
• 2:20
  side
• 2:20
  M
• 2:20
  and
• 2:20
  A
• 2:21
  advisors
• 2:21
  and
• 2:22
  high
• 2:22
  growth
• 2:22
  companies
• 2:22
  to
• 2:22
  turn
• 2:23
  finance
• 2:23
  and
• 2:23
  data
• 2:23
  infrastructure
• 2:24
  into
• 2:24
  something
• 2:24
  that
• 2:25
  actually
• 2:25
  supports
• 2:25
  value
• 2:26
  creation,
• 2:26
  exit
• 2:27
  readiness
• 2:27
  and
• 2:27
  data
• 2:27
  monetization.
• 2:29
  Greg
• 2:29
  and
• 2:29
  I
• 2:29
  operate
• 2:29
  in
• 2:30
  the
• 2:30
  same
• 2:30
  world.
• 2:30
  We
• 2:30
  see
• 2:31
  the
• 2:31
  same
• 2:31
  problems
• 2:31
  and
• 2:32
  often
• 2:32
  arrive
• 2:32
  at
• 2:32
  the
• 2:32
  same
• 2:32
  conclusion.
• 2:33
  The
• 2:34
  data
• 2:34
  layer
• 2:34
  in
• 2:35
  most
• 2:35
  mid
• 2:35
  market
• 2:35
  PE
• 2:36
  portfolio
• 2:36
  companies
• 2:36
  is
• 2:37
  the
• 2:37
  single
• 2:37
  biggest
• 2:38
  constraint
• 2:38
  that
• 2:38
  nobody
• 2:39
  wants
• 2:39
  to
• 2:39
  budget
• 2:39
  for.
• 2:40
  So
• 2:40
  thanks
• 2:40
  for
• 2:41
  joining
• 2:41
  me
• 2:41
  Greg.
• 2:42
  Great
• 2:42
  to
• 2:42
  have
• 2:42
  you
• 2:43
  on.
• 2:44
  Good
• 2:44
  friend
• 2:44
  and
• 2:45
  thanks
• 2:45
  for
• 2:45
  coming
• 2:45
  on
• 2:45
  the
• 2:46
  show.
• 2:46
  I'm
• 2:46
  super
• 2:47
  excited
• 2:47
  to
• 2:47
  be
• 2:47
  here.
• 2:47
  I
• 2:47
  love
• 2:48
  this
• 2:48
  topic.
• 2:48
  Of
• 2:48
  course,
• 2:48
  you
• 2:49
  know
• 2:49
  this,
• 2:49
  you
• 2:49
  know
• 2:49
  me.
• 2:50
  Yes,
• 2:51
  yes.
• 2:52
  So
• 2:52
  we
• 2:52
  have,
• 2:52
  we
• 2:52
  can
• 2:52
  talk
• 2:53
  for
• 2:53
  hours.
• 2:53
  For
• 2:53
  hours,
• 2:54
  for
• 2:55
  sure.
• 2:55
  Is
• 2:55
  it,
• 2:55
  is
• 2:55
  there
• 2:56
  anything
• 2:56
  you'd
• 2:56
  add
• 2:56
  that's
• 2:57
  quite
• 2:57
  a
• 2:57
  cool
• 2:58
  winding
• 2:58
  road
• 2:59
  of
• 2:59
  a
• 2:59
  career
• 2:59
  that
• 3:00
  you've
• 3:00
  had
• 3:00
  with
• 3:00
  lots
• 3:00
  of
• 3:00
  really
• 3:01
  exciting
• 3:01
  stocks
• 3:02
  along
• 3:02
  the
• 3:02
  way.
• 3:02
  Is
• 3:02
  there
• 3:02
  anything
• 3:03
  you've.
• 3:03
  You'd
• 3:03
  add?
• 3:04
  Any
• 3:04
  favorite
• 3:05
  things
• 3:05
  you've
• 3:05
  worked
• 3:05
  on?
• 3:07
  The
• 3:07
  very
• 3:08
  favorite
• 3:08
  thing
• 3:08
  I've
• 3:08
  worked
• 3:08
  on,
• 3:09
  of
• 3:09
  course,
• 3:09
  is
• 3:09
  all
• 3:09
  the
• 3:09
  finance
• 3:09
  data
• 3:10
  warehouses
• 3:10
  we
• 3:10
  built
• 3:10
  out.
• 3:11
  And
• 3:11
  you
• 3:11
  know,
• 3:11
  we've
• 3:11
  seen
• 3:11
  the
• 3:11
  evolution
• 3:12
  of
• 3:12
  data.
• 3:13
  Like
• 3:13
  when
• 3:13
  I
• 3:13
  first
• 3:14
  did
• 3:14
  my
• 3:14
  first
• 3:14
  data
• 3:14
  warehouse,
• 3:15
  it
• 3:15
  was
• 3:15
  2010,
• 3:17
  it
• 3:17
  was
• 3:17
  on
• 3:17
  prem,
• 3:18
  the
• 3:18
  technology
• 3:18
  was
• 3:18
  completely
• 3:19
  different
• 3:19
  and
• 3:20
  back
• 3:20
  then
• 3:20
  it
• 3:20
  was
• 3:20
  really
• 3:21
  weird
• 3:21
  for
• 3:21
  like
• 3:21
  what's
• 3:21
  this
• 3:22
  finance
• 3:22
  guy
• 3:22
  doing
• 3:22
  with
• 3:23
  the
• 3:23
  data
• 3:23
  stuff?
• 3:24
  Get
• 3:25
  away,
• 3:25
  go
• 3:25
  back
• 3:25
  to
• 3:26
  the
• 3:26
  finance
• 3:26
  team,
• 3:27
  get
• 3:27
  back
• 3:28
  to
• 3:28
  your
• 3:28
  spreadsheet,
• 3:28
  get
• 3:28
  back
• 3:29
  to
• 3:29
  Excel.
• 3:30
  Obviously
• 3:31
  over
• 3:31
  the
• 3:31
  last
• 3:31
  16
• 3:32
  years
• 3:32
  now
• 3:32
  we've
• 3:33
  seen
• 3:33
  quite
• 3:33
  the
• 3:33
  evolution
• 3:34
  of
• 3:34
  where
• 3:34
  data's
• 3:35
  come
• 3:35
  and
• 3:35
  how
• 3:36
  much
• 3:36
  it
• 3:36
  actually
• 3:36
  impacts
• 3:37
  finance.
• 3:37
  And
• 3:38
  it's
• 3:38
  not
• 3:38
  just
• 3:38
  something
• 3:39
  that's
• 3:39
  siloed
• 3:39
  away
• 3:39
  in
• 3:39
  the
• 3:40
  IT
• 3:40
  department
• 3:40
  anymore.
• 3:41
  Yeah.
• 3:42
  And
• 3:42
  finance
• 3:42
  is
• 3:43
  one
• 3:43
  of
• 3:43
  those
• 3:43
  areas
• 3:43
  where
• 3:43
  it's
• 3:44
  critical
• 3:44
  that
• 3:44
  it's
• 3:44
  right
• 3:45
  as
• 3:45
  well.
• 3:45
  Of
• 3:45
  course.
• 3:47
  And
• 3:47
  I
• 3:47
  don't
• 3:48
  want
• 3:48
  to
• 3:48
  date
• 3:48
  myself,
• 3:48
  but
• 3:49
  same
• 3:50
  type
• 3:50
  of
• 3:50
  thing.
• 3:51
  I
• 3:52
  remember
• 3:52
  the
• 3:52
  first
• 3:52
  warehouses
• 3:53
  I
• 3:53
  was
• 3:53
  building
• 3:54
  and
• 3:54
  we
• 3:54
  had
• 3:54
  to
• 3:54
  build
• 3:55
  a
• 3:55
  six
• 3:55
  week
• 3:56
  window
• 3:56
  into
• 3:57
  the
• 3:57
  start
• 3:57
  of
• 3:57
  the
• 3:57
  project
• 3:58
  plan
• 3:58
  to
• 3:58
  allow
• 3:58
  for
• 3:59
  the
• 3:59
  servers
• 3:59
  to
• 3:59
  be
• 3:59
  ordered
• 4:00
  from
• 4:00
  HP
• 4:00
  and
• 4:00
  then
• 4:00
  delivered
• 4:01
  on
• 4:01
  site
• 4:01
  and
• 4:01
  installed
• 4:02
  in
• 4:02
  a
• 4:02
  data
• 4:02
  center.
• 4:03
  So
• 4:03
  those
• 4:03
  were
• 4:04
  the
• 4:04
  days.
• 4:05
  I
• 4:06
  remember
• 4:06
  walking
• 4:06
  into
• 4:06
  the
• 4:06
  room
• 4:06
  and
• 4:07
  we
• 4:07
  had
• 4:07
  to
• 4:07
  make
• 4:07
  sure
• 4:07
  the
• 4:07
  air
• 4:08
  conditioner
• 4:08
  was
• 4:08
  working
• 4:08
  because
• 4:08
  we
• 4:09
  didn't
• 4:09
  want
• 4:09
  it
• 4:09
  to
• 4:09
  overheat
• 4:09
  and
• 4:09
  all
• 4:10
  that
• 4:10
  good
• 4:10
  stuff,
• 4:10
  right?
• 4:11
  Oh
• 4:11
  yeah.
• 4:11
  The
• 4:11
  size
• 4:11
  of
• 4:12
  the
• 4:12
  stacks
• 4:12
  used
• 4:12
  to
• 4:12
  be
• 4:12
  taller
• 4:13
  than
• 4:13
  me,
• 4:13
  Right.
• 4:13
  As
• 4:13
  well.
• 4:14
  It
• 4:14
  was,
• 4:15
  yeah,
• 4:15
  it
• 4:15
  was
• 4:15
  quite
• 4:16
  the,
• 4:17
  it
• 4:17
  was
• 4:17
  quite
• 4:18
  the
• 4:18
  thing.
• 4:18
  What,
• 4:19
  what
• 4:19
  do
• 4:19
  you
• 4:19
  think
• 4:19
  drew
• 4:19
  you
• 4:20
  to
• 4:20
  data?
• 4:20
  I
• 4:20
  mean
• 4:20
  you've
• 4:20
  like.
• 4:21
  I've
• 4:21
  spent
• 4:21
  a
• 4:21
  career
• 4:21
  in
• 4:21
  data
• 4:22
  as
• 4:22
  well
• 4:22
  and
• 4:22
  I
• 4:22
  think
• 4:23
  I
• 4:23
  remember
• 4:24
  when
• 4:24
  I
• 4:24
  was
• 4:24
  a
• 4:24
  kid
• 4:24
  like
• 4:26
  simulating
• 4:26
  soccer
• 4:27
  matches
• 4:27
  with
• 4:27
  my
• 4:28
  stuffed
• 4:28
  toys
• 4:28
  and
• 4:29
  building
• 4:30
  league
• 4:30
  tables
• 4:31
  all
• 4:31
  along
• 4:31
  the
• 4:31
  way.
• 4:31
  Like
• 4:31
  I've
• 4:32
  always
• 4:32
  kind
• 4:32
  of
• 4:32
  been
• 4:33
  drawn
• 4:33
  to
• 4:33
  and
• 4:33
  had
• 4:33
  an
• 4:34
  affinity
• 4:34
  to
• 4:34
  it.
• 4:34
  Like
• 4:35
  what,
• 4:35
  what
• 4:35
  do
• 4:35
  you
• 4:35
  think
• 4:35
  led
• 4:36
  you
• 4:36
  to,
• 4:36
  to
• 4:37
  the
• 4:37
  world
• 4:37
  of
• 4:37
  data?
• 4:38
  Well,
• 4:38
  I
• 4:39
  started
• 4:39
  off
• 4:39
  like,
• 4:39
  I
• 4:40
  actually
• 4:40
  originally
• 4:40
  wanted
• 4:41
  to
• 4:41
  go
• 4:41
  into
• 4:41
  comp
• 4:41
  Sci
• 4:42
  but
• 4:42
  I
• 4:42
  kind
• 4:42
  of
• 4:42
  swapped
• 4:43
  over
• 4:43
  to
• 4:43
  go
• 4:43
  back
• 4:44
  over
• 4:44
  business
• 4:44
  but
• 4:44
  you
• 4:44
  know,
• 4:45
  to
• 4:45
  date
• 4:45
  myself,
• 4:45
  you
• 4:46
  know
• 4:46
  I
• 4:46
  was,
• 4:46
  I
• 4:47
  learned,
• 4:47
  wrote
• 4:47
  my
• 4:47
  first
• 4:47
  piece
• 4:48
  of
• 4:48
  code
• 4:48
  back
• 4:48
  in
• 4:48
  like
• 4:48
  1981
• 4:49
  on
• 4:49
  a
• 4:49
  Commodore
• 4:50
  64.
• 4:51
  So
• 4:51
  I've
• 4:51
  already
• 4:51
  kind
• 4:52
  of
• 4:52
  had
• 4:52
  the
• 4:52
  affiliation
• 4:52
  for
• 4:53
  like
• 4:53
  computers.
• 4:54
  But
• 4:54
  really
• 4:54
  it
• 4:54
  was,
• 4:55
  I
• 4:55
  had
• 4:55
  an
• 4:55
  aha
• 4:56
  moment
• 4:56
  at
• 4:56
  work
• 4:56
  one
• 4:57
  day.
• 4:58
  We
• 4:58
  had
• 4:58
  this
• 4:58
  report,
• 4:59
  10
• 4:59
  page
• 4:59
  report.
• 5:00
  We
• 5:00
  had
• 5:00
  a
• 5:00
  number
• 5:00
  on
• 5:01
  page
• 5:01
  three,
• 5:01
  a
• 5:01
  number
• 5:01
  on
• 5:01
  page
• 5:02
  four,
• 5:02
  number
• 5:02
  on
• 5:02
  page
• 5:03
  five
• 5:03
  and
• 5:03
  the
• 5:04
  third
• 5:04
  decimal
• 5:04
  point
• 5:04
  was
• 5:05
  different
• 5:05
  between
• 5:05
  pages
• 5:06
  three
• 5:06
  and
• 5:06
  four,
• 5:06
  but
• 5:07
  was
• 5:07
  the
• 5:07
  same
• 5:07
  on
• 5:07
  the
• 5:08
  page
• 5:08
  five.
• 5:09
  I
• 5:09
  was
• 5:09
  going
• 5:10
  crazy.
• 5:10
  I
• 5:10
  kept
• 5:10
  on
• 5:11
  trying,
• 5:11
  I'm
• 5:11
  in
• 5:12
  a
• 5:12
  reading
• 5:12
  room,
• 5:12
  I've
• 5:12
  got
• 5:12
  highlighters,
• 5:13
  I've
• 5:13
  got
• 5:13
  stuff
• 5:14
  on
• 5:14
  a
• 5:14
  whiteboard.
• 5:15
  And
• 5:15
  I
• 5:16
  became
• 5:16
  the
• 5:16
  crazy
• 5:16
  mad
• 5:16
  scientist
• 5:17
  in
• 5:17
  this
• 5:18
  room.
• 5:18
  Two
• 5:19
  or
• 5:19
  three
• 5:19
  people
• 5:19
  came
• 5:19
  to
• 5:19
  join
• 5:19
  me.
• 5:20
  We're
• 5:20
  all
• 5:20
  trying,
• 5:20
  doing
• 5:21
  one
• 5:21
  penny
• 5:21
  entries
• 5:22
  into
• 5:22
  the
• 5:22
  accounting
• 5:22
  system
• 5:22
  to
• 5:23
  try
• 5:23
  to
• 5:23
  figure
• 5:23
  out
• 5:23
  why
• 5:23
  is
• 5:24
  this
• 5:24
  report,
• 5:25
  what's
• 5:25
  wrong
• 5:25
  with
• 5:26
  it.
• 5:26
  So
• 5:26
  on
• 5:26
  day
• 5:26
  three,
• 5:27
  some
• 5:27
  other
• 5:27
  guy
• 5:27
  came
• 5:27
  by
• 5:28
  us,
• 5:28
  he's
• 5:28
  like,
• 5:28
  what
• 5:28
  are
• 5:28
  you
• 5:28
  guys
• 5:28
  working
• 5:29
  on?
• 5:29
  So
• 5:29
  we
• 5:30
  explained
• 5:30
  to
• 5:30
  him,
• 5:30
  he
• 5:31
  kind
• 5:31
  of
• 5:31
  did
• 5:31
  one
• 5:31
  of
• 5:31
  these,
• 5:33
  walked
• 5:33
  back
• 5:33
  to
• 5:33
  his
• 5:33
  desk,
• 5:34
  we
• 5:34
  sat
• 5:34
  at
• 5:34
  his
• 5:34
  desk
• 5:34
  for
• 5:34
  20
• 5:35
  minutes.
• 5:35
  He's
• 5:35
  like
• 5:35
  check
• 5:36
  tonight.
• 5:37
  And
• 5:37
  everything
• 5:38
  worked.
• 5:39
  I'm
• 5:39
  like
• 5:39
  what
• 5:40
  did
• 5:40
  you
• 5:40
  just
• 5:40
  do?
• 5:40
  He
• 5:40
  goes
• 5:40
  oh,
• 5:41
  this
• 5:41
  is
• 5:41
  SQL.
• 5:42
  The
• 5:43
  pages
• 5:43
  three
• 5:43
  and
• 5:43
  page
• 5:43
  four
• 5:44
  are
• 5:44
  pulling
• 5:44
  from
• 5:44
  different
• 5:44
  tables.
• 5:45
  I
• 5:45
  was
• 5:45
  like,
• 5:46
  I
• 5:46
  got
• 5:47
  to
• 5:47
  learn
• 5:47
  the
• 5:47
  SQL
• 5:47
  thing.
• 5:49
  You
• 5:49
  solved
• 5:50
  in
• 5:50
  20
• 5:50
  minutes
• 5:50
  what
• 5:50
  I
• 5:51
  was
• 5:51
  spending
• 5:51
  two
• 5:51
  days
• 5:51
  on.
• 5:52
  And
• 5:52
  that's
• 5:52
  what
• 5:52
  started
• 5:53
  my
• 5:53
  career
• 5:53
  down
• 5:53
  into
• 5:54
  data.
• 5:55
  Yeah,
• 5:56
  that
• 5:56
  guy
• 5:56
  knew
• 5:56
  where
• 5:56
  the
• 5:57
  well
• 5:57
  governed
• 5:57
  tables
• 5:57
  were
• 5:59
  for
• 5:59
  sure.
• 6:00
  Yeah,
• 6:01
  I
• 6:01
  love
• 6:01
  it,
• 6:01
  I
• 6:01
  love
• 6:01
  it.
• 6:02
  And
• 6:02
  again
• 6:03
  I
• 6:03
  think
• 6:03
  we
• 6:03
  have
• 6:03
  similar
• 6:03
  answers
• 6:04
  here.
• 6:04
  But
• 6:05
  for
• 6:06
  you,
• 6:06
  what
• 6:06
  led
• 6:07
  you
• 6:07
  into
• 6:07
  the
• 6:07
  world
• 6:07
  of
• 6:08
  working
• 6:08
  with
• 6:09
  PE
• 6:09
  and
• 6:09
  PE
• 6:10
  backed
• 6:10
  companies?
• 6:11
  So
• 6:12
  I
• 6:12
  came
• 6:12
  up
• 6:12
  to
• 6:13
  the
• 6:13
  big
• 6:13
  bank
• 6:13
  world,
• 6:13
  spent
• 6:14
  the
• 6:14
  first
• 6:14
  six,
• 6:15
  eight
• 6:15
  years
• 6:15
  in
• 6:15
  big
• 6:16
  large
• 6:16
  financial
• 6:16
  institutions.
• 6:17
  Great
• 6:18
  trading
• 6:18
  arm.
• 6:18
  Love
• 6:18
  my
• 6:19
  time
• 6:19
  there,
• 6:19
  but
• 6:20
  I
• 6:20
  also
• 6:20
  realized
• 6:20
  it
• 6:20
  wasn't
• 6:21
  me.
• 6:22
  So
• 6:22
  about
• 6:23
  10
• 6:23
  years
• 6:23
  of
• 6:23
  my
• 6:23
  career
• 6:24
  I
• 6:24
  made
• 6:24
  a
• 6:24
  swap
• 6:24
  over
• 6:24
  into
• 6:25
  fintechs.
• 6:26
  Really
• 6:26
  found
• 6:27
  that
• 6:27
  mid
• 6:27
  market
• 6:27
  love
• 6:28
  and
• 6:28
  then
• 6:29
  from
• 6:29
  that
• 6:29
  point
• 6:29
  just
• 6:29
  kept
• 6:29
  on
• 6:30
  realizing
• 6:30
  there's
• 6:30
  a
• 6:31
  lot
• 6:31
  of
• 6:31
  potential
• 6:31
  mid
• 6:32
  market.
• 6:32
  Mid
• 6:33
  market
• 6:33
  is
• 6:34
  traditionally
• 6:35
  dirty
• 6:35
  data.
• 6:35
  The
• 6:36
  processes
• 6:36
  aren't
• 6:36
  quite
• 6:37
  as
• 6:37
  refined
• 6:37
  as
• 6:37
  you
• 6:37
  get
• 6:38
  a
• 6:38
  bank,
• 6:38
  but
• 6:38
  you
• 6:39
  really
• 6:39
  have
• 6:39
  an
• 6:39
  Opportunity
• 6:40
  to
• 6:40
  make
• 6:40
  an
• 6:40
  impact
• 6:40
  in
• 6:40
  the
• 6:40
  lower
• 6:41
  mid
• 6:41
  market.
• 6:41
  The
• 6:41
  mid
• 6:41
  market.
• 6:42
  And
• 6:43
  from
• 6:43
  there
• 6:43
  that
• 6:43
  led
• 6:44
  to
• 6:44
  three
• 6:44
  successful
• 6:45
  exits.
• 6:45
  So
• 6:45
  I
• 6:45
  kind
• 6:45
  of
• 6:45
  got
• 6:46
  bitten
• 6:46
  by
• 6:46
  the
• 6:46
  exit
• 6:46
  bug.
• 6:47
  Ah,
• 6:47
  there
• 6:48
  you
• 6:48
  go.
• 6:48
  Yeah,
• 6:49
  understandable.
• 6:50
  And
• 6:50
  addictive
• 6:51
  stuff
• 6:51
  that
• 6:51
  I'm
• 6:51
  sure.
• 6:52
  Addictive
• 6:53
  stuff.
• 6:53
  I
• 6:53
  mean,
• 6:54
  I.
• 6:54
  You
• 6:54
  and
• 6:54
  I
• 6:54
  talked
• 6:55
  about
• 6:55
  it
• 6:56
  a
• 6:56
  couple
• 6:56
  of
• 6:56
  weeks
• 6:56
  back,
• 6:57
  but
• 6:57
  I
• 6:57
  love
• 6:57
  the
• 6:58
  clarity
• 6:58
  that
• 6:58
  comes
• 6:59
  when
• 6:59
  you're
• 7:00
  approaching
• 7:01
  any
• 7:01
  sort
• 7:01
  of
• 7:01
  liquidity
• 7:02
  event.
• 7:02
  Like
• 7:02
  the
• 7:04
  perceptions.
• 7:05
  The
• 7:05
  importance
• 7:06
  of
• 7:06
  perception
• 7:06
  gets
• 7:06
  swept
• 7:07
  away,
• 7:07
  the
• 7:07
  importance
• 7:07
  of
• 7:07
  politics
• 7:08
  gets
• 7:08
  swept
• 7:08
  away.
• 7:09
  And
• 7:09
  it
• 7:09
  all
• 7:09
  becomes
• 7:10
  like,
• 7:10
  how
• 7:10
  do
• 7:10
  we.
• 7:10
  How
• 7:11
  are
• 7:11
  we
• 7:11
  sure
• 7:11
  that
• 7:11
  these
• 7:11
  are
• 7:11
  the
• 7:11
  right
• 7:12
  numbers?
• 7:12
  And
• 7:13
  how
• 7:13
  can
• 7:13
  we,
• 7:15
  either
• 7:15
  now
• 7:15
  or
• 7:15
  in
• 7:15
  the
• 7:15
  future,
• 7:16
  make
• 7:16
  them
• 7:16
  go
• 7:16
  up
• 7:16
  or
• 7:17
  make
• 7:17
  them
• 7:17
  go
• 7:17
  down?
• 7:17
  If
• 7:17
  that
• 7:17
  cost
• 7:18
  numbers,
• 7:18
  of
• 7:19
  course.
• 7:20
  Yeah.
• 7:20
  So
• 7:21
  I
• 7:21
  love
• 7:21
  the.
• 7:21
  I
• 7:21
  feel
• 7:22
  like
• 7:22
  PE
• 7:22
  gets
• 7:22
  a
• 7:22
  bit
• 7:22
  of
• 7:22
  a
• 7:23
  bad
• 7:23
  rap
• 7:24
  sometimes
• 7:24
  because
• 7:25
  it
• 7:25
  comes
• 7:25
  in
• 7:25
  and
• 7:25
  clears
• 7:26
  away
• 7:26
  some
• 7:26
  of
• 7:26
  the
• 7:26
  safety
• 7:27
  blankets
• 7:27
  that
• 7:27
  organizations
• 7:28
  and
• 7:28
  leaders
• 7:28
  and
• 7:29
  organizations
• 7:29
  hold
• 7:29
  on
• 7:30
  to.
• 7:30
  The
• 7:31
  safety
• 7:31
  blanket
• 7:31
  of
• 7:31
  being
• 7:32
  able
• 7:32
  to
• 7:32
  override
• 7:32
  reality
• 7:33
  with
• 7:33
  perception.
• 7:34
  The
• 7:34
  safety
• 7:34
  blanket
• 7:35
  of
• 7:35
  having
• 7:36
  built
• 7:36
  a
• 7:36
  reputation
• 7:37
  or
• 7:37
  career
• 7:37
  around
• 7:37
  a
• 7:37
  certain
• 7:38
  platform
• 7:38
  or
• 7:38
  a
• 7:38
  certain,
• 7:41
  you
• 7:41
  know,
• 7:41
  urban
• 7:41
  myth
• 7:41
  or
• 7:41
  legend,
• 7:42
  which
• 7:42
  may
• 7:42
  or
• 7:42
  may
• 7:42
  not
• 7:42
  be
• 7:43
  correct
• 7:43
  when
• 7:43
  the
• 7:43
  numbers
• 7:44
  are
• 7:45
  fully
• 7:45
  audited.
• 7:46
  So
• 7:47
  I
• 7:47
  can
• 7:47
  understand
• 7:47
  why
• 7:48
  people
• 7:48
  get.
• 7:49
  Why
• 7:49
  people
• 7:50
  feel
• 7:50
  displaced
• 7:51
  and
• 7:51
  people
• 7:52
  get
• 7:52
  their
• 7:52
  noses
• 7:52
  put
• 7:52
  out
• 7:52
  of
• 7:53
  joint
• 7:53
  when
• 7:53
  PE
• 7:54
  comes
• 7:54
  to
• 7:54
  town,
• 7:54
  but
• 7:55
  there's
• 7:55
  a
• 7:55
  certain
• 7:55
  clarity
• 7:56
  about
• 7:56
  it
• 7:56
  that
• 7:56
  I
• 7:56
  enjoy.
• 7:57
  No,
• 7:57
  absolutely.
• 7:58
  This
• 7:58
  is
• 7:58
  when
• 7:58
  you're
• 7:59
  under
• 7:59
  the
• 7:59
  microscope
• 7:59
  and.
• 8:00
  But,
• 8:00
  you
• 8:00
  know,
• 8:00
  if
• 8:00
  I
• 8:01
  come
• 8:01
  from
• 8:01
  a
• 8:01
  finance
• 8:01
  background,
• 8:02
  we
• 8:02
  go
• 8:02
  through
• 8:02
  an
• 8:03
  audit
• 8:03
  every
• 8:03
  year
• 8:03
  anyways,
• 8:04
  right?
• 8:04
  So
• 8:05
  we're
• 8:05
  used
• 8:05
  to
• 8:05
  being
• 8:05
  put
• 8:05
  on
• 8:05
  the
• 8:06
  microscope.
• 8:06
  But
• 8:07
  when
• 8:07
  you.
• 8:07
  When.
• 8:07
  But
• 8:08
  then
• 8:08
  it's
• 8:08
  not
• 8:08
  now
• 8:08
  just
• 8:08
  the
• 8:09
  numbers,
• 8:09
  it's
• 8:09
  your
• 8:09
  processes
• 8:10
  are
• 8:10
  under.
• 8:10
  Under
• 8:10
  the
• 8:11
  microscope
• 8:11
  as
• 8:11
  well.
• 8:12
  Your
• 8:12
  reputation
• 8:13
  is
• 8:13
  at
• 8:13
  stake.
• 8:14
  And,
• 8:14
  you
• 8:14
  know,
• 8:14
  you
• 8:14
  may
• 8:15
  have,
• 8:15
  as
• 8:15
  you
• 8:15
  mentioned,
• 8:15
  you
• 8:16
  may
• 8:16
  have
• 8:16
  built
• 8:16
  this
• 8:16
  really
• 8:16
  great
• 8:17
  system
• 8:17
  or
• 8:17
  like
• 8:17
  this
• 8:17
  great
• 8:18
  spreadsheet
• 8:18
  that
• 8:18
  you're
• 8:19
  so
• 8:19
  proud
• 8:19
  of,
• 8:19
  and
• 8:19
  it
• 8:19
  runs
• 8:20
  like
• 8:20
  a
• 8:20
  third
• 8:20
  of
• 8:20
  this
• 8:21
  process.
• 8:21
  Well,
• 8:22
  PE
• 8:22
  doesn't
• 8:22
  care
• 8:22
  about
• 8:22
  that.
• 8:22
  PE
• 8:23
  cares.
• 8:23
  That's
• 8:24
  a
• 8:24
  risk.
• 8:25
  That's
• 8:25
  a
• 8:26
  risk.
• 8:26
  How
• 8:26
  do
• 8:26
  we
• 8:26
  get
• 8:27
  rid
• 8:27
  of
• 8:27
  that
• 8:27
  risk?
• 8:27
  How
• 8:28
  do
• 8:28
  we
• 8:28
  actually
• 8:28
  turn
• 8:28
  that
• 8:28
  into
• 8:29
  a
• 8:29
  more
• 8:29
  efficient
• 8:29
  process
• 8:30
  so
• 8:30
  we
• 8:30
  can
• 8:30
  actually
• 8:31
  get
• 8:31
  a
• 8:31
  better
• 8:31
  bottom
• 8:32
  line?
• 8:32
  That's
• 8:32
  what
• 8:32
  everyone
• 8:32
  cares
• 8:33
  about.
• 8:34
  Or
• 8:34
  if
• 8:34
  no
• 8:34
  one
• 8:34
  else
• 8:34
  knows
• 8:34
  how
• 8:35
  that
• 8:35
  spreadsheet
• 8:35
  works,
• 8:35
  then
• 8:36
  you
• 8:36
  are
• 8:36
  the
• 8:36
  risk.
• 8:37
  Exactly.
• 8:39
  You
• 8:39
  are
• 8:39
  absolutely
• 8:39
  the
• 8:39
  risk.
• 8:41
  So
• 8:42
  you
• 8:42
  talked
• 8:42
  about
• 8:42
  the
• 8:42
  path
• 8:43
  from
• 8:43
  finance
• 8:44
  to
• 8:44
  data
• 8:44
  consultancy.
• 8:47
  And
• 8:47
  as
• 8:47
  you
• 8:47
  mentioned
• 8:48
  before,
• 8:48
  there's
• 8:48
  always
• 8:48
  additional
• 8:49
  rigor
• 8:49
  in
• 8:50
  the
• 8:50
  world
• 8:50
  of
• 8:50
  finance.
• 8:51
  And
• 8:52
  I
• 8:52
  have
• 8:52
  a
• 8:52
  background
• 8:52
  in
• 8:52
  financial
• 8:53
  services
• 8:53
  myself,
• 8:53
  so
• 8:54
  I'm
• 8:54
  familiar
• 8:54
  that
• 8:55
  when
• 8:55
  the
• 8:56
  cost
• 8:56
  of
• 8:56
  an
• 8:56
  error
• 8:56
  is
• 8:56
  a
• 8:57
  Eight
• 8:57
  figure
• 8:58
  regulatory
• 8:58
  fine.
• 8:59
  Then
• 8:59
  there
• 8:59
  tends
• 9:00
  to
• 9:00
  be
• 9:00
  a
• 9:00
  bit
• 9:00
  more
• 9:00
  of
• 9:01
  a
• 9:01
  business
• 9:01
  case
• 9:01
  for
• 9:01
  investing
• 9:02
  in
• 9:02
  data
• 9:02
  quality
• 9:02
  and
• 9:02
  governance
• 9:03
  for
• 9:04
  sure.
• 9:05
  What
• 9:05
  else
• 9:05
  did
• 9:06
  you
• 9:06
  learn
• 9:06
  from
• 9:06
  20
• 9:06
  years
• 9:07
  in
• 9:07
  finance
• 9:08
  that
• 9:09
  operating
• 9:09
  partners
• 9:10
  and
• 9:10
  PE
• 9:10
  firms
• 9:10
  and
• 9:10
  PE
• 9:11
  backed
• 9:11
  companies
• 9:11
  are
• 9:11
  still
• 9:11
  missing?
• 9:12
  Well,
• 9:13
  one
• 9:13
  thing
• 9:13
  is,
• 9:13
  what
• 9:14
  I
• 9:14
  really
• 9:15
  find
• 9:15
  interesting
• 9:15
  is
• 9:15
  that
• 9:16
  nobody
• 9:16
  actually
• 9:18
  really
• 9:18
  audits
• 9:20
  the
• 9:20
  thing
• 9:20
  that
• 9:20
  makes
• 9:21
  the
• 9:21
  post
• 9:21
  plans
• 9:22
  work,
• 9:22
  which
• 9:22
  is
• 9:22
  the
• 9:23
  data
• 9:23
  layer.
• 9:24
  People
• 9:25
  look
• 9:25
  at
• 9:25
  the
• 9:25
  system,
• 9:26
  people
• 9:26
  look
• 9:26
  at
• 9:27
  the
• 9:27
  numbers,
• 9:27
  they
• 9:27
  don't
• 9:28
  actually
• 9:28
  look
• 9:28
  at
• 9:28
  that
• 9:29
  semantic
• 9:29
  layer
• 9:29
  that
• 9:30
  actually
• 9:30
  ties
• 9:30
  everything
• 9:31
  together
• 9:31
  that's
• 9:32
  actually
• 9:32
  quite
• 9:32
  often
• 9:32
  missed
• 9:33
  during
• 9:33
  due
• 9:33
  diligence.
• 9:34
  So
• 9:34
  like
• 9:34
  why
• 9:35
  we
• 9:35
  do
• 9:35
  financial
• 9:35
  audits
• 9:36
  and
• 9:36
  financial
• 9:36
  ratios
• 9:37
  and
• 9:37
  we
• 9:37
  look
• 9:37
  at,
• 9:38
  we
• 9:38
  write
• 9:38
  this
• 9:39
  tech
• 9:39
  stacks
• 9:39
  out
• 9:39
  of
• 9:39
  date.
• 9:40
  This
• 9:40
  tech
• 9:40
  stack
• 9:40
  is
• 9:40
  great.
• 9:41
  This
• 9:41
  person
• 9:41
  really
• 9:42
  knows
• 9:42
  their
• 9:42
  stuff.
• 9:43
  We
• 9:43
  don't
• 9:43
  actually
• 9:44
  look
• 9:44
  at
• 9:44
  what
• 9:44
  the
• 9:44
  data
• 9:45
  layer
• 9:45
  looks
• 9:45
  like
• 9:45
  and
• 9:45
  what
• 9:46
  the
• 9:46
  data
• 9:46
  quality,
• 9:46
  data
• 9:47
  governance
• 9:47
  from
• 9:47
  the
• 9:47
  data
• 9:47
  layer
• 9:48
  looks
• 9:48
  like
• 9:48
  because
• 9:48
  that's
• 9:49
  what
• 9:49
  will
• 9:49
  actually
• 9:50
  eventually
• 9:50
  drive
• 9:50
  all
• 9:51
  the
• 9:51
  numbers.
• 9:53
  Yeah,
• 9:53
  there's
• 9:54
  a
• 9:54
  bunch
• 9:54
  of
• 9:54
  opportunity
• 9:54
  and
• 9:54
  risk
• 9:56
  that
• 9:57
  totally
• 9:57
  lives
• 9:57
  in
• 9:57
  there.
• 9:58
  And
• 9:58
  the
• 9:59
  other
• 9:59
  thing
• 9:59
  I
• 9:59
  was
• 9:59
  talking
• 9:59
  with
• 10:00
  a
• 10:00
  friend
• 10:00
  of
• 10:00
  mine
• 10:00
  back
• 10:00
  in
• 10:01
  the
• 10:01
  UK
• 10:01
  about
• 10:01
  this.
• 10:02
  The
• 10:02
  other
• 10:02
  thing
• 10:02
  that
• 10:04
  actually
• 10:04
  automation
• 10:05
  can
• 10:05
  mask
• 10:05
  and
• 10:05
  modern
• 10:05
  data
• 10:06
  warehouses
• 10:06
  can
• 10:06
  mask
• 10:07
  things
• 10:07
  like
• 10:08
  models
• 10:08
  that
• 10:08
  need
• 10:08
  to
• 10:08
  be
• 10:08
  regulated,
• 10:09
  like
• 10:09
  credit
• 10:09
  risk
• 10:09
  models
• 10:10
  or
• 10:10
  financial
• 10:10
  models
• 10:11
  or
• 10:12
  any
• 10:12
  sort
• 10:12
  of.
• 10:12
  And
• 10:12
  in
• 10:13
  the
• 10:13
  case
• 10:13
  of
• 10:13
  pe,
• 10:13
  like
• 10:14
  decision
• 10:14
  models,
• 10:14
  like
• 10:14
  how
• 10:14
  are
• 10:15
  you
• 10:15
  deciding
• 10:15
  what
• 10:15
  customers
• 10:16
  to
• 10:16
  go
• 10:16
  after?
• 10:16
  How
• 10:16
  are
• 10:17
  you
• 10:17
  deriving
• 10:19
  lifetime
• 10:19
  value
• 10:20
  or
• 10:20
  acquisition
• 10:20
  cost
• 10:20
  of
• 10:21
  customers,
• 10:21
  all
• 10:21
  of
• 10:22
  these
• 10:22
  critical
• 10:22
  numbers
• 10:23
  to
• 10:23
  pe.
• 10:25
  And
• 10:25
  as
• 10:25
  warehouses
• 10:25
  become
• 10:26
  increasingly
• 10:26
  automated
• 10:27
  and
• 10:28
  our
• 10:28
  friend
• 10:28
  AI,
• 10:29
  and
• 10:29
  how
• 10:29
  long
• 10:29
  has
• 10:29
  it
• 10:29
  taken
• 10:29
  nine
• 10:30
  minutes
• 10:30
  for
• 10:30
  AI
• 10:30
  to
• 10:30
  come
• 10:30
  up
• 10:31
  in
• 10:31
  a
• 10:31
  podcast?
• 10:33
  It's
• 10:33
  a
• 10:33
  new
• 10:33
  record.
• 10:35
  Historical
• 10:35
  tracking
• 10:36
  of
• 10:36
  that
• 10:36
  stuff
• 10:37
  is
• 10:38
  just
• 10:38
  not
• 10:38
  there.
• 10:38
  And
• 10:39
  I
• 10:39
  think
• 10:39
  I
• 10:40
  have
• 10:40
  friends
• 10:40
  who
• 10:40
  work
• 10:41
  in
• 10:41
  the
• 10:41
  reg
• 10:41
  space
• 10:42
  and
• 10:42
  being
• 10:43
  able
• 10:43
  to
• 10:43
  understand
• 10:44
  exactly
• 10:45
  what
• 10:45
  decision
• 10:46
  you
• 10:46
  made
• 10:46
  and
• 10:46
  what
• 10:46
  the
• 10:46
  logic
• 10:47
  was
• 10:47
  behind
• 10:47
  it
• 10:47
  and
• 10:47
  what
• 10:48
  calculations
• 10:48
  happened
• 10:49
  under
• 10:49
  that.
• 10:50
  I've
• 10:50
  heard
• 10:51
  people
• 10:51
  say
• 10:51
  layer
• 10:51
  of
• 10:51
  that's
• 10:52
  kind
• 10:52
  of
• 10:52
  being
• 10:52
  swept
• 10:52
  away
• 10:53
  with
• 10:53
  technology.
• 10:54
  Technology
• 10:54
  can
• 10:54
  bring
• 10:54
  a
• 10:55
  lot
• 10:55
  of
• 10:55
  automation
• 10:55
  and
• 10:55
  governance
• 10:56
  and
• 10:56
  correctness
• 10:56
  to
• 10:57
  data.
• 10:57
  But
• 10:58
  do
• 10:58
  you
• 10:58
  feel
• 10:58
  that
• 10:58
  there's
• 10:59
  also
• 10:59
  a
• 10:59
  risk
• 10:59
  of
• 11:01
  history
• 11:02
  and
• 11:02
  temporal
• 11:02
  views
• 11:03
  and
• 11:03
  other
• 11:03
  important
• 11:03
  things
• 11:03
  that
• 11:04
  are
• 11:04
  important
• 11:04
  being
• 11:04
  swept
• 11:05
  away?
• 11:06
  There
• 11:06
  is
• 11:06
  that
• 11:06
  risk.
• 11:07
  Absolutely.
• 11:08
  There
• 11:08
  is
• 11:08
  at
• 11:08
  risk.
• 11:09
  We're
• 11:09
  working
• 11:10
  at
• 11:10
  a
• 11:10
  regulated
• 11:11
  firm
• 11:12
  and
• 11:12
  we
• 11:12
  were
• 11:12
  seeing,
• 11:13
  it
• 11:13
  was
• 11:13
  seeing
• 11:14
  more
• 11:14
  fraudulent
• 11:15
  transactions
• 11:15
  come
• 11:15
  through
• 11:16
  and
• 11:16
  we
• 11:16
  were
• 11:16
  like,
• 11:16
  oh
• 11:17
  great,
• 11:17
  our
• 11:17
  system's
• 11:18
  working.
• 11:18
  It's
• 11:18
  getting
• 11:18
  more,
• 11:18
  it's
• 11:19
  picking
• 11:19
  up
• 11:19
  more
• 11:19
  and
• 11:19
  more
• 11:19
  fraudulent
• 11:20
  transactions.
• 11:21
  They
• 11:21
  were
• 11:21
  false
• 11:21
  positives.
• 11:22
  Right.
• 11:24
  So
• 11:24
  we
• 11:24
  were
• 11:24
  actually
• 11:24
  costing
• 11:25
  the
• 11:25
  company
• 11:25
  1%
• 11:26
  of
• 11:26
  their
• 11:26
  revenue
• 11:27
  because
• 11:27
  we
• 11:27
  had
• 11:28
  1%
• 11:28
  drift
• 11:28
  towards,
• 11:29
  oh,
• 11:29
  this
• 11:29
  is
• 11:29
  fraudulent
• 11:30
  transaction.
• 11:30
  So
• 11:30
  we're
• 11:30
  rejecting
• 11:31
  it.
• 11:32
  So
• 11:32
  we
• 11:32
  still
• 11:32
  need
• 11:33
  to
• 11:33
  have
• 11:33
  that,
• 11:33
  you
• 11:33
  know,
• 11:33
  the
• 11:33
  human
• 11:34
  in
• 11:34
  the
• 11:34
  loop.
• 11:34
  Like,
• 11:34
  do
• 11:35
  these
• 11:35
  numbers
• 11:35
  still
• 11:36
  actually
• 11:36
  make
• 11:36
  sense?
• 11:37
  Yes.
• 11:37
  Now
• 11:37
  we
• 11:37
  can
• 11:38
  process
• 11:38
  17
• 11:38
  fraudulent
• 11:39
  rules
• 11:40
  in
• 11:40
  under
• 11:40
  one
• 11:40
  second.
• 11:41
  Right.
• 11:42
  But
• 11:43
  is
• 11:43
  it
• 11:43
  the
• 11:43
  output
• 11:44
  actually?
• 11:44
  Right,
• 11:44
  yeah.
• 11:44
  Is
• 11:45
  it
• 11:45
  right,
• 11:45
  though?
• 11:46
  Yeah.
• 11:47
  And
• 11:47
  how
• 11:47
  are
• 11:47
  you
• 11:47
  deciding?
• 11:48
  Yeah,
• 11:48
  because
• 11:48
  you're
• 11:48
  right,
• 11:48
  those
• 11:49
  false
• 11:49
  positives
• 11:49
  turn
• 11:49
  into
• 11:50
  operational
• 11:50
  friction.
• 11:50
  Right.
• 11:50
  Because
• 11:51
  someone
• 11:51
  has
• 11:51
  to
• 11:51
  then
• 11:51
  manually
• 11:52
  deal
• 11:52
  with
• 11:52
  each
• 11:52
  and
• 11:52
  every
• 11:53
  one
• 11:53
  of
• 11:53
  them.
• 11:55
  And
• 11:55
  then
• 11:55
  the
• 11:55
  client
• 11:56
  side,
• 11:56
  like,
• 11:56
  well,
• 11:56
  why
• 11:56
  am
• 11:57
  I
• 11:57
  getting
• 11:57
  like,
• 11:58
  your
• 11:58
  system
• 11:59
  is
• 11:59
  rejecting
• 11:59
  some
• 11:59
  of
• 11:59
  my
• 12:00
  revenues?
• 12:00
  Right.
• 12:01
  So
• 12:01
  the
• 12:01
  client's
• 12:01
  not
• 12:01
  happy
• 12:02
  because
• 12:02
  they're
• 12:02
  seeing
• 12:02
  their
• 12:02
  revenue
• 12:03
  go
• 12:03
  down,
• 12:03
  because
• 12:04
  they're
• 12:04
  seeing
• 12:04
  less
• 12:04
  transactions
• 12:05
  go
• 12:05
  through
• 12:05
  that
• 12:05
  were
• 12:05
  actually
• 12:06
  legitimate
• 12:06
  transactions.
• 12:06
  But
• 12:07
  we
• 12:07
  had
• 12:07
  some
• 12:07
  model
• 12:08
  drift
• 12:08
  that
• 12:08
  was
• 12:08
  saying,
• 12:08
  this
• 12:09
  looks
• 12:09
  like
• 12:09
  a
• 12:09
  fraudulent
• 12:09
  transaction
• 12:10
  that
• 12:10
  we
• 12:10
  weren't
• 12:11
  monitoring
• 12:11
  properly
• 12:11
  at
• 12:11
  the
• 12:11
  time.
• 12:12
  Yeah.
• 12:13
  And
• 12:13
  then
• 12:13
  the
• 12:14
  consumer
• 12:14
  trust
• 12:14
  comes
• 12:15
  into
• 12:15
  it,
• 12:15
  et
• 12:15
  cetera,
• 12:16
  et
• 12:16
  cetera.
• 12:16
  And
• 12:18
  it's
• 12:19
  interesting.
• 12:19
  And
• 12:19
  having
• 12:19
  dealt
• 12:20
  with,
• 12:20
  again,
• 12:20
  lived
• 12:21
  very
• 12:21
  similar
• 12:22
  worlds
• 12:22
  to
• 12:22
  you.
• 12:22
  That's
• 12:23
  a
• 12:23
  really
• 12:23
  tricky
• 12:24
  line
• 12:24
  to
• 12:24
  walk,
• 12:24
  that.
• 12:24
  Because
• 12:25
  obviously
• 12:26
  you
• 12:26
  want
• 12:26
  to
• 12:26
  err
• 12:26
  on
• 12:26
  the
• 12:27
  side
• 12:27
  of
• 12:27
  false
• 12:27
  positives
• 12:28
  rather
• 12:28
  than
• 12:30
  missing
• 12:30
  the
• 12:31
  ones
• 12:31
  that
• 12:31
  are
• 12:31
  actually
• 12:31
  fraud
• 12:32
  because
• 12:32
  that,
• 12:32
  as
• 12:33
  a
• 12:33
  customer
• 12:33
  experience
• 12:34
  is
• 12:34
  far
• 12:34
  more
• 12:35
  damaging
• 12:36
  than
• 12:36
  a
• 12:37
  false
• 12:37
  positive
• 12:37
  one.
• 12:37
  But
• 12:38
  it's
• 12:39
  a
• 12:39
  tricky
• 12:39
  line
• 12:39
  to
• 12:39
  walk
• 12:40
  and
• 12:40
  as
• 12:41
  we
• 12:41
  said,
• 12:41
  maintaining
• 12:42
  the
• 12:42
  logic
• 12:43
  and
• 12:43
  all
• 12:43
  the
• 12:43
  changes
• 12:43
  you
• 12:44
  make
• 12:44
  to
• 12:44
  that
• 12:44
  logic
• 12:46
  are
• 12:46
  really
• 12:46
  important
• 12:46
  is
• 12:47
  insufficient.
• 12:47
  Right.
• 12:48
  In
• 12:48
  a
• 12:48
  regulated
• 12:49
  world
• 12:49
  to
• 12:50
  just
• 12:50
  have
• 12:50
  a
• 12:50
  GitHub
• 12:51
  style
• 12:51
  log
• 12:51
  of.
• 12:52
  Oh,
• 12:52
  we
• 12:53
  changed
• 12:53
  it
• 12:53
  because
• 12:53
  we
• 12:53
  were
• 12:53
  getting
• 12:54
  too
• 12:54
  many
• 12:54
  false
• 12:54
  positives.
• 12:55
  And
• 12:55
  then
• 12:55
  here's
• 12:56
  the
• 12:56
  new
• 12:56
  version.
• 12:56
  You
• 12:56
  need
• 12:56
  to
• 12:57
  understand
• 12:57
  what
• 12:57
  that
• 12:57
  old
• 12:57
  version
• 12:58
  is,
• 12:58
  what
• 12:58
  you
• 12:58
  were
• 12:58
  doing,
• 12:59
  what
• 12:59
  calculation,
• 12:59
  you
• 12:59
  changed
• 13:00
  all
• 13:00
  of
• 13:00
  that
• 13:00
  sort
• 13:00
  of
• 13:00
  stuff.
• 13:01
  And
• 13:01
  I
• 13:02
  think
• 13:02
  there's
• 13:02
  a
• 13:02
  lot
• 13:02
  of
• 13:03
  SaaS
• 13:04
  platforms,
• 13:04
  including
• 13:04
  those
• 13:05
  trying
• 13:05
  to
• 13:05
  get
• 13:05
  into
• 13:06
  kind
• 13:06
  of
• 13:06
  financial
• 13:07
  services
• 13:07
  space,
• 13:07
  getting
• 13:08
  spun
• 13:08
  up
• 13:08
  very
• 13:08
  quickly
• 13:09
  at
• 13:09
  the
• 13:09
  minute
• 13:09
  in
• 13:09
  AI
• 13:09
  that
• 13:09
  are
• 13:10
  taking
• 13:10
  no
• 13:10
  care
• 13:10
  whatsoever.
• 13:12
  You
• 13:12
  definitely.
• 13:12
  Like,
• 13:13
  that
• 13:13
  was
• 13:13
  a
• 13:13
  perfect
• 13:13
  example,
• 13:14
  like
• 13:14
  how
• 13:15
  a
• 13:15
  data
• 13:15
  mistake,
• 13:16
  which
• 13:16
  is.
• 13:16
  No,
• 13:16
  it
• 13:17
  wasn't.
• 13:17
  It
• 13:17
  was
• 13:17
  the
• 13:17
  better
• 13:18
  mistake
• 13:18
  because
• 13:18
  we
• 13:18
  weren't
• 13:19
  letting
• 13:19
  you
• 13:19
  know
• 13:19
  a
• 13:19
  fraudulent
• 13:19
  transaction
• 13:20
  go
• 13:20
  through,
• 13:20
  but
• 13:21
  it
• 13:21
  was
• 13:21
  costing
• 13:22
  over
• 13:22
  a
• 13:22
  million
• 13:22
  dollars
• 13:23
  a
• 13:23
  year
• 13:23
  to
• 13:23
  the
• 13:23
  company.
• 13:25
  So
• 13:25
  data
• 13:25
  and
• 13:25
  finance
• 13:26
  tied
• 13:26
  at
• 13:26
  the
• 13:26
  hip,
• 13:26
  right?
• 13:27
  Absolutely.
• 13:28
  And
• 13:29
  yeah,
• 13:29
  another
• 13:29
  thing
• 13:29
  I'm
• 13:30
  familiar
• 13:30
  with,
• 13:30
  like,
• 13:30
  1%
• 13:30
  might
• 13:31
  not
• 13:31
  sound
• 13:32
  a
• 13:32
  lot
• 13:32
  to
• 13:32
  some
• 13:32
  companies,
• 13:33
  but
• 13:33
  if
• 13:33
  it's
• 13:34
  1%
• 13:34
  of
• 13:35
  10
• 13:35
  million
• 13:36
  transactions,
• 13:36
  then
• 13:36
  suddenly
• 13:37
  you've
• 13:37
  got
• 13:37
  some
• 13:37
  major
• 13:38
  operational
• 13:38
  issues
• 13:39
  to
• 13:39
  deal
• 13:39
  with.
• 13:40
  Tell
• 13:40
  me
• 13:41
  more
• 13:41
  about
• 13:41
  the
• 13:41
  award.
• 13:41
  The
• 13:42
  most
• 13:42
  innovative
• 13:42
  finance
• 13:43
  department.
• 13:43
  Aw.
• 13:44
  What
• 13:44
  does
• 13:44
  one
• 13:44
  have
• 13:44
  to
• 13:44
  do
• 13:45
  to
• 13:46
  win
• 13:46
  that?
• 13:46
  What
• 13:47
  was
• 13:47
  the
• 13:47
  dinner
• 13:47
  like
• 13:47
  at
• 13:47
  the
• 13:48
  awards
• 13:48
  ceremony?
• 13:50
  Tell
• 13:50
  me
• 13:50
  more.
• 13:51
  Yeah,
• 13:51
  so
• 13:52
  that
• 13:52
  was,
• 13:52
  that's
• 13:52
  going
• 13:53
  back
• 13:53
  a
• 13:53
  little
• 13:53
  big
• 13:53
  time
• 13:55
  finance
• 13:55
  people
• 13:56
  are
• 13:56
  running
• 13:56
  their
• 13:56
  whole
• 13:57
  entire.
• 13:57
  Like
• 13:57
  I
• 13:57
  was
• 13:57
  acting
• 13:58
  chief
• 13:58
  data
• 13:58
  officer
• 13:58
  at
• 13:58
  the
• 13:59
  time
• 13:59
  for
• 13:59
  Qtrade
• 14:00
  and
• 14:00
  we
• 14:00
  had
• 14:00
  actually
• 14:01
  built
• 14:01
  a
• 14:01
  full
• 14:03
  multi
• 14:03
  dimensional,
• 14:04
  multi
• 14:04
  line
• 14:04
  of
• 14:04
  business
• 14:06
  finance
• 14:07
  data
• 14:07
  warehouse
• 14:07
  that
• 14:08
  was
• 14:08
  actually
• 14:08
  expanded
• 14:08
  and
• 14:09
  eventually
• 14:09
  expanded
• 14:09
  into
• 14:09
  an
• 14:09
  enterprise
• 14:10
  data
• 14:10
  warehouse.
• 14:11
  But
• 14:11
  the
• 14:11
  fact
• 14:12
  that
• 14:12
  no,
• 14:12
  we
• 14:12
  could
• 14:12
  pull
• 14:13
  analytics
• 14:14
  to
• 14:14
  10
• 14:14
  different
• 14:14
  ways
• 14:15
  on
• 14:15
  9am
• 14:16
  on
• 14:16
  the
• 14:16
  first
• 14:16
  business
• 14:16
  day
• 14:17
  of
• 14:17
  the
• 14:17
  month
• 14:17
  was
• 14:18
  absolutely
• 14:18
  crazy
• 14:19
  awesome.
• 14:19
  Right?
• 14:20
  Like
• 14:21
  we
• 14:21
  took
• 14:21
  a
• 14:21
  two
• 14:22
  and
• 14:22
  a
• 14:22
  half
• 14:22
  day
• 14:22
  process
• 14:22
  and
• 14:22
  turned
• 14:23
  it
• 14:23
  down
• 14:23
  to
• 14:23
  under
• 14:23
  two
• 14:23
  hours
• 14:24
  where
• 14:24
  our
• 14:25
  competitors
• 14:25
  were
• 14:25
  still
• 14:25
  copying
• 14:26
  and
• 14:26
  pasting
• 14:26
  spreadsheets
• 14:27
  to
• 14:27
  do
• 14:27
  commission
• 14:27
  reporting.
• 14:28
  We
• 14:28
  had
• 14:28
  a
• 14:28
  fully
• 14:29
  vetted,
• 14:29
  double,
• 14:29
  double
• 14:30
  checked
• 14:30
  two
• 14:31
  and
• 14:31
  a
• 14:31
  half
• 14:31
  hour
• 14:31
  process
• 14:32
  and
• 14:32
  that
• 14:32
  in
• 14:32
  the
• 14:32
  last
• 14:33
  hour
• 14:33
  and
• 14:33
  a
• 14:33
  half
• 14:34
  it
• 14:34
  was
• 14:34
  just
• 14:34
  a
• 14:34
  manual
• 14:34
  intervention
• 14:35
  of
• 14:35
  just
• 14:35
  a
• 14:35
  human
• 14:35
  actually
• 14:36
  take
• 14:36
  a
• 14:36
  look
• 14:36
  at
• 14:36
  everything,
• 14:36
  make
• 14:37
  sure
• 14:37
  that
• 14:37
  the
• 14:37
  output
• 14:37
  was
• 14:37
  right.
• 14:38
  So
• 14:39
  like
• 14:39
  we
• 14:39
  had
• 14:39
  five
• 14:39
  lines
• 14:40
  of
• 14:40
  businesses,
• 14:40
  we
• 14:40
  had
• 14:40
  three
• 14:40
  different
• 14:41
  presidents
• 14:41
  involved
• 14:41
  in
• 14:41
  this.
• 14:42
  It
• 14:42
  was
• 14:43
  $100
• 14:43
  million
• 14:43
  company,
• 14:44
  all
• 14:44
  running
• 14:45
  right
• 14:45
  through
• 14:45
  this
• 14:45
  one
• 14:45
  little
• 14:45
  finance
• 14:46
  data
• 14:46
  warehouse.
• 14:47
  We
• 14:47
  went
• 14:47
  no,
• 14:48
  we
• 14:48
  had
• 14:48
  90%
• 14:48
  of
• 14:48
  our
• 14:49
  revenues
• 14:49
  booked
• 14:49
  at
• 14:49
  9am
• 14:50
  on
• 14:50
  business
• 14:50
  day
• 14:50
  one.
• 14:51
  I
• 14:51
  love
• 14:51
  that,
• 14:52
  I
• 14:52
  love
• 14:52
  that.
• 14:52
  And
• 14:53
  actually
• 14:53
  that
• 14:53
  metric
• 14:54
  you
• 14:54
  mentioned,
• 14:55
  if
• 14:55
  you're
• 14:56
  looking
• 14:56
  for
• 14:56
  hidden
• 14:56
  indicators
• 14:56
  of
• 14:57
  how
• 14:57
  good
• 14:57
  a
• 14:57
  company's
• 14:57
  data
• 14:58
  is,
• 14:58
  like
• 14:58
  how
• 14:58
  long
• 14:58
  it
• 14:58
  takes
• 14:58
  them
• 14:59
  to
• 14:59
  close
• 14:59
  month,
• 14:59
  close
• 14:59
  quarter,
• 15:00
  close
• 15:00
  year
• 15:01
  from
• 15:01
  a
• 15:01
  financial
• 15:01
  perspective,
• 15:02
  is
• 15:02
  usually
• 15:02
  a
• 15:02
  pretty
• 15:02
  good
• 15:02
  barometer
• 15:03
  of
• 15:04
  what
• 15:04
  you're
• 15:04
  going
• 15:04
  to
• 15:04
  find
• 15:04
  in
• 15:04
  the
• 15:05
  other
• 15:05
  areas
• 15:05
  of
• 15:05
  the
• 15:05
  company.
• 15:06
  And
• 15:07
  that
• 15:07
  was
• 15:07
  exactly
• 15:07
  why
• 15:07
  we
• 15:08
  actually
• 15:08
  wrote
• 15:08
  our
• 15:08
  first
• 15:08
  finance
• 15:09
  data
• 15:09
  warehouse
• 15:10
  was
• 15:10
  that
• 15:10
  we
• 15:10
  were
• 15:12
  subsidiary
• 15:12
  of
• 15:12
  a
• 15:12
  larger
• 15:13
  organization
• 15:14
  and
• 15:14
  they
• 15:14
  were
• 15:14
  giving
• 15:14
  us
• 15:15
  reports
• 15:15
  on
• 15:15
  the
• 15:16
  morning
• 15:16
  of
• 15:16
  business
• 15:16
  day
• 15:16
  six
• 15:17
  if
• 15:17
  we
• 15:17
  were
• 15:17
  lucky.
• 15:18
  And
• 15:18
  we
• 15:18
  were
• 15:18
  also
• 15:19
  paying
• 15:19
  $100,000
• 15:20
  per
• 15:20
  year
• 15:20
  for
• 15:20
  these
• 15:20
  reports
• 15:21
  and
• 15:21
  paying
• 15:21
  $385
• 15:23
  per
• 15:23
  hour
• 15:23
  for
• 15:23
  data
• 15:23
  mining.
• 15:24
  So
• 15:25
  we
• 15:25
  built
• 15:25
  one
• 15:26
  internally.
• 15:26
  Well,
• 15:27
  instead
• 15:27
  of
• 15:27
  having
• 15:27
  to
• 15:27
  wait
• 15:27
  on
• 15:27
  business
• 15:28
  day
• 15:28
  six
• 15:28
  now
• 15:28
  we
• 15:28
  have
• 15:28
  everything
• 15:29
  available
• 15:29
  at
• 15:29
  9am
• 15:29
  on
• 15:30
  business
• 15:30
  day
• 15:30
  one.
• 15:30
  We
• 15:30
  have
• 15:31
  a
• 15:31
  three
• 15:31
  business
• 15:31
  day
• 15:31
  close
• 15:31
  now
• 15:32
  instead
• 15:32
  of
• 15:32
  having
• 15:32
  to
• 15:32
  close
• 15:33
  on
• 15:33
  business
• 15:33
  day
• 15:33
  eight.
• 15:34
  And
• 15:35
  that
• 15:35
  makes
• 15:35
  all
• 15:35
  the
• 15:35
  difference
• 15:35
  as
• 15:36
  well,
• 15:36
  like
• 15:36
  in
• 15:36
  terms
• 15:36
  of
• 15:37
  any
• 15:37
  decisions
• 15:37
  that
• 15:37
  hang
• 15:38
  off
• 15:38
  the
• 15:38
  back
• 15:38
  of
• 15:38
  IT
• 15:39
  management
• 15:39
  reporting.
• 15:39
  So
• 15:40
  everyone
• 15:40
  understands
• 15:40
  how
• 15:40
  the
• 15:41
  company's
• 15:41
  going,
• 15:41
  especially
• 15:41
  in
• 15:41
  the
• 15:42
  PE
• 15:42
  backed
• 15:42
  space
• 15:42
  as
• 15:42
  well,
• 15:43
  like
• 15:43
  investors
• 15:44
  are
• 15:44
  always
• 15:44
  keen
• 15:44
  to
• 15:44
  see.
• 15:46
  Yeah,
• 15:46
  fantastic.
• 15:48
  Bring
• 15:48
  it
• 15:49
  more
• 15:49
  into
• 15:50
  the
• 15:50
  recent
• 15:51
  past.
• 15:51
  So
• 15:52
  SkySight
• 15:53
  built
• 15:53
  something
• 15:53
  called
• 15:54
  ScalePath,
• 15:55
  right.
• 15:55
  Specifically
• 15:56
  to
• 15:56
  help
• 15:56
  PE
• 15:56
  backed
• 15:57
  companies
• 15:57
  get
• 15:57
  their
• 15:57
  finance
• 15:58
  and
• 15:58
  data
• 15:58
  stacks
• 15:59
  in
• 15:59
  order.
• 16:00
  What
• 16:00
  do
• 16:00
  you
• 16:00
  typically
• 16:01
  find
• 16:01
  in
• 16:01
  one
• 16:01
  of
• 16:01
  these
• 16:02
  companies
• 16:02
  when
• 16:02
  you
• 16:02
  run
• 16:03
  them
• 16:03
  through
• 16:04
  Skillpath?
• 16:05
  And
• 16:05
  what
• 16:05
  does
• 16:05
  a
• 16:05
  typical
• 16:06
  finance
• 16:06
  data
• 16:07
  stack
• 16:07
  look
• 16:07
  like?
• 16:07
  Mid
• 16:08
  market
• 16:08
  company.
• 16:09
  So
• 16:09
  what
• 16:09
  Kafnu
• 16:10
  find.
• 16:10
  We
• 16:10
  find
• 16:10
  a
• 16:11
  lot
• 16:11
  of
• 16:11
  QuickBooks.
• 16:12
  People
• 16:12
  are
• 16:12
  very
• 16:13
  heavy
• 16:13
  in
• 16:13
  QuickBooks
• 16:13
  and
• 16:13
  people
• 16:14
  are
• 16:14
  very
• 16:14
  heavy
• 16:14
  in
• 16:15
  spreadsheets.
• 16:16
  We
• 16:16
  usually
• 16:17
  find
• 16:17
  that
• 16:17
  80
• 16:17
  to
• 16:18
  90%
• 16:18
  of
• 16:18
  the
• 16:19
  journal
• 16:19
  entries
• 16:19
  are
• 16:19
  being
• 16:19
  done
• 16:20
  manually.
• 16:21
  And
• 16:21
  it's
• 16:21
  a
• 16:21
  bunch
• 16:21
  of
• 16:21
  accountants
• 16:22
  in
• 16:22
  there
• 16:22
  getting
• 16:23
  reports
• 16:23
  from
• 16:23
  here,
• 16:23
  getting
• 16:23
  reports
• 16:24
  from
• 16:24
  there,
• 16:24
  copying
• 16:24
  and
• 16:25
  pasting.
• 16:25
  Like
• 16:25
  we
• 16:26
  saw
• 16:26
  people
• 16:26
  creating
• 16:27
  a
• 16:27
  pivot
• 16:27
  table
• 16:27
  that
• 16:28
  would
• 16:28
  then
• 16:28
  be
• 16:28
  created
• 16:28
  to
• 16:29
  create
• 16:29
  another
• 16:29
  pivot
• 16:29
  table.
• 16:30
  So
• 16:31
  a
• 16:31
  lot
• 16:31
  of
• 16:31
  macros
• 16:32
  like
• 16:33
  no,
• 16:33
  you
• 16:34
  take
• 16:34
  three
• 16:34
  spreadsheets,
• 16:34
  turn
• 16:34
  to
• 16:35
  a
• 16:35
  spreadsheet,
• 16:35
  turn
• 16:35
  to
• 16:35
  a
• 16:35
  pivot
• 16:36
  table,
• 16:36
  take
• 16:36
  that
• 16:36
  pivot
• 16:36
  table,
• 16:36
  turn
• 16:37
  it
• 16:37
  to
• 16:37
  another
• 16:37
  format
• 16:37
  to
• 16:38
  upload
• 16:38
  into
• 16:38
  an
• 16:38
  accounting
• 16:39
  system,
• 16:39
  then
• 16:39
  reconcile
• 16:40
  the
• 16:40
  accounting
• 16:40
  system
• 16:40
  to
• 16:40
  get
• 16:41
  back
• 16:41
  to
• 16:41
  the
• 16:41
  forces
• 16:42
  source
• 16:42
  system
• 16:43
  again.
• 16:43
  What
• 16:44
  could
• 16:44
  possibly
• 16:44
  go
• 16:44
  wrong?
• 16:45
  So
• 16:46
  that's
• 16:46
  what
• 16:46
  we
• 16:46
  typically
• 16:47
  see
• 16:47
  is
• 16:47
  QuickBooks,
• 16:47
  a
• 16:48
  lot
• 16:48
  of,
• 16:48
  a
• 16:49
  lot
• 16:49
  of
• 16:49
  Excel
• 16:49
  spreadsheets.
• 16:50
  So
• 16:50
  what
• 16:50
  we
• 16:50
  typically
• 16:50
  do
• 16:50
  is
• 16:50
  say,
• 16:51
  well,
• 16:51
  let's
• 16:51
  get
• 16:51
  out
• 16:51
  of
• 16:51
  QuickBooks,
• 16:52
  especially
• 16:52
  if
• 16:52
  you're
• 16:52
  a
• 16:53
  multi
• 16:53
  entity
• 16:53
  because
• 16:53
  usually
• 16:54
  in
• 16:54
  the
• 16:54
  mid
• 16:54
  market
• 16:54
  pe
• 16:54
  back,
• 16:55
  you're
• 16:55
  going
• 16:55
  to
• 16:55
  become
• 16:55
  multi
• 16:56
  entity,
• 16:56
  multi
• 16:57
  currency.
• 16:57
  Let's
• 16:58
  get
• 16:58
  into
• 16:58
  a
• 16:58
  proper
• 16:58
  ERP
• 16:59
  now.
• 16:59
  Let's
• 16:59
  actually
• 17:00
  create
• 17:00
  a
• 17:00
  finance
• 17:00
  data
• 17:00
  warehouse.
• 17:01
  And
• 17:01
  you
• 17:01
  know,
• 17:01
  it
• 17:01
  can
• 17:01
  live
• 17:02
  anywhere.
• 17:02
  It
• 17:02
  can
• 17:02
  live
• 17:02
  in
• 17:02
  aws,
• 17:03
  Azure,
• 17:03
  Snowflake,
• 17:04
  databricks.
• 17:05
  You
• 17:05
  know,
• 17:05
  they
• 17:05
  all
• 17:05
  work
• 17:05
  for
• 17:06
  us.
• 17:07
  And
• 17:07
  let's
• 17:07
  automate
• 17:08
  this.
• 17:09
  This
• 17:09
  is
• 17:09
  magical
• 17:09
  things
• 17:10
  called
• 17:10
  APIs
• 17:10
  that
• 17:11
  a
• 17:11
  lot
• 17:11
  of
• 17:11
  accountants
• 17:11
  don't
• 17:11
  know
• 17:12
  about.
• 17:13
  And
• 17:14
  kudos
• 17:14
  to
• 17:14
  them
• 17:14
  like
• 17:14
  Campfire.
• 17:15
  Campfire
• 17:15
  is
• 17:15
  like
• 17:15
  an
• 17:16
  AI
• 17:16
  first
• 17:16
  erp.
• 17:17
  They're
• 17:17
  actually
• 17:18
  helping
• 17:18
  automate
• 17:19
  the
• 17:19
  actual
• 17:19
  journal
• 17:19
  entry
• 17:20
  process
• 17:20
  within
• 17:20
  the
• 17:20
  whole
• 17:20
  entire
• 17:21
  system
• 17:21
  now.
• 17:22
  So
• 17:22
  we
• 17:22
  come
• 17:22
  in,
• 17:23
  we
• 17:23
  basically
• 17:23
  say
• 17:24
  you
• 17:24
  can
• 17:25
  basically
• 17:25
  double
• 17:25
  your
• 17:25
  work
• 17:26
  and
• 17:26
  double
• 17:27
  your
• 17:27
  revenues
• 17:27
  and
• 17:27
  have
• 17:28
  no
• 17:28
  additional
• 17:28
  people
• 17:28
  need
• 17:29
  to
• 17:29
  be
• 17:29
  hired
• 17:29
  because
• 17:29
  you're
• 17:30
  just
• 17:30
  inefficient.
• 17:31
  Yeah,
• 17:32
  I
• 17:33
  want
• 17:33
  to
• 17:33
  come
• 17:33
  back
• 17:33
  to
• 17:33
  a
• 17:33
  point
• 17:33
  you
• 17:34
  made
• 17:34
  in
• 17:34
  the
• 17:34
  middle
• 17:34
  of
• 17:34
  that
• 17:34
  there
• 17:34
  about
• 17:36
  Databricks,
• 17:36
  S3,
• 17:37
  Snowflake,
• 17:37
  etc.
• 17:39
  I
• 17:39
  often
• 17:39
  find
• 17:40
  when
• 17:40
  I
• 17:40
  start
• 17:40
  with
• 17:40
  clients,
• 17:41
  they
• 17:41
  think
• 17:41
  that
• 17:42
  folks
• 17:42
  like
• 17:42
  you
• 17:42
  and
• 17:42
  I
• 17:42
  have
• 17:42
  a
• 17:43
  magical
• 17:43
  secret
• 17:43
  menu
• 17:44
  of
• 17:44
  bi
• 17:45
  tools
• 17:45
  that
• 17:45
  we
• 17:45
  can
• 17:45
  stitch
• 17:46
  together
• 17:46
  that
• 17:47
  will
• 17:47
  solve
• 17:47
  Everybody's
• 17:47
  problems.
• 17:49
  And
• 17:50
  99%
• 17:51
  of
• 17:51
  the
• 17:51
  time
• 17:51
  my
• 17:52
  answer
• 17:52
  to
• 17:52
  that
• 17:52
  question
• 17:53
  is
• 17:54
  like,
• 17:54
  it
• 17:55
  really
• 17:55
  doesn't
• 17:55
  matter.
• 17:56
  Actually,
• 17:57
  what
• 17:57
  matters
• 17:57
  more
• 17:57
  is
• 17:58
  getting
• 17:58
  a
• 17:58
  clear
• 17:58
  definition
• 17:58
  of
• 17:59
  what
• 17:59
  you're
• 17:59
  trying
• 17:59
  to
• 17:59
  do
• 18:00
  with
• 18:01
  the
• 18:01
  warehouse,
• 18:01
  what
• 18:02
  reports
• 18:02
  you
• 18:02
  want
• 18:02
  out
• 18:02
  of
• 18:02
  it,
• 18:02
  what
• 18:03
  decisions
• 18:03
  you're
• 18:03
  trying
• 18:03
  to
• 18:03
  make
• 18:03
  out
• 18:03
  of
• 18:04
  it.
• 18:04
  Once
• 18:04
  we've
• 18:04
  got
• 18:04
  that
• 18:04
  sorted,
• 18:05
  unless
• 18:06
  there's
• 18:06
  some
• 18:06
  really
• 18:06
  complex
• 18:08
  ML
• 18:08
  that's
• 18:08
  going
• 18:08
  to
• 18:08
  take
• 18:09
  advantage
• 18:09
  of
• 18:09
  a
• 18:09
  cutting
• 18:09
  edge
• 18:10
  databricks
• 18:10
  feature,
• 18:11
  or
• 18:11
  unless
• 18:11
  there's
• 18:12
  some
• 18:13
  real
• 18:14
  Some
• 18:14
  huge
• 18:14
  amount
• 18:14
  of
• 18:15
  storage
• 18:15
  that's
• 18:15
  going
• 18:15
  to
• 18:15
  take
• 18:16
  advantage
• 18:16
  of
• 18:16
  snow
• 18:16
  flexibility
• 18:17
  to
• 18:17
  transition
• 18:18
  stuff
• 18:18
  across
• 18:19
  for
• 18:19
  cheaper
• 18:19
  compute.
• 18:20
  It
• 18:20
  doesn't
• 18:21
  matter.
• 18:21
  Right.
• 18:22
  And
• 18:22
  usually
• 18:22
  none
• 18:23
  of
• 18:23
  those
• 18:23
  things
• 18:23
  are
• 18:23
  the
• 18:23
  case.
• 18:26
  None
• 18:26
  of
• 18:26
  the
• 18:26
  things
• 18:26
  are
• 18:27
  the
• 18:27
  case
• 18:27
  in
• 18:27
  the
• 18:27
  mid
• 18:27
  market.
• 18:31
  It's
• 18:32
  not
• 18:32
  a
• 18:32
  technology
• 18:33
  tool
• 18:33
  issue,
• 18:34
  it's
• 18:34
  a
• 18:34
  process
• 18:35
  issue
• 18:35
  is
• 18:35
  what
• 18:35
  most
• 18:36
  people
• 18:36
  don't
• 18:36
  realize.
• 18:37
  Technology
• 18:37
  is
• 18:37
  not
• 18:37
  the
• 18:37
  silver
• 18:38
  bullet,
• 18:38
  it's
• 18:39
  the
• 18:39
  process
• 18:39
  that
• 18:39
  derives
• 18:40
  everything
• 18:40
  behind
• 18:40
  there
• 18:41
  and
• 18:41
  how
• 18:41
  you
• 18:41
  deliver
• 18:41
  it.
• 18:42
  Yeah,
• 18:43
  no,
• 18:44
  absolutely
• 18:45
  the
• 18:45
  case.
• 18:46
  A
• 18:46
  lot
• 18:46
  of
• 18:46
  things
• 18:46
  being
• 18:47
  held
• 18:47
  together
• 18:47
  with
• 18:47
  tape
• 18:48
  or
• 18:48
  as
• 18:48
  you
• 18:48
  say,
• 18:49
  maybe
• 18:49
  QuickBooks
• 18:50
  can
• 18:51
  be
• 18:51
  one
• 18:51
  of
• 18:51
  the
• 18:51
  better
• 18:51
  examples
• 18:52
  rather
• 18:52
  than
• 18:53
  some
• 18:53
  of
• 18:53
  the
• 18:53
  stuff's
• 18:54
  on
• 18:54
  QuickBooks,
• 18:54
  some
• 18:54
  of
• 18:54
  the
• 18:54
  stuff's
• 18:55
  over
• 18:55
  here
• 18:55
  on
• 18:55
  this
• 18:55
  one,
• 18:56
  some
• 18:56
  of
• 18:56
  the
• 18:56
  stuff's
• 18:57
  over
• 18:57
  here.
• 18:59
  All
• 18:59
  things
• 19:00
  that
• 19:00
  are
• 19:00
  normal
• 19:00
  to
• 19:00
  find.
• 19:01
  And
• 19:02
  you
• 19:02
  know,
• 19:04
  I
• 19:04
  think
• 19:04
  we
• 19:04
  should
• 19:05
  stop
• 19:05
  to
• 19:05
  say
• 19:06
  from
• 19:07
  our
• 19:07
  position
• 19:07
  of
• 19:07
  privilege
• 19:08
  here,
• 19:08
  like
• 19:08
  having
• 19:09
  worked
• 19:09
  at
• 19:09
  big
• 19:10
  companies,
• 19:11
  this
• 19:11
  is
• 19:11
  a
• 19:12
  normal
• 19:12
  part
• 19:12
  of
• 19:12
  evolutionary
• 19:13
  growth
• 19:13
  in
• 19:14
  mid
• 19:14
  market.
• 19:14
  Right.
• 19:15
  This
• 19:15
  isn't
• 19:16
  mid
• 19:16
  market
• 19:16
  people
• 19:16
  don't
• 19:17
  know
• 19:17
  what
• 19:17
  they're
• 19:17
  doing
• 19:17
  or
• 19:17
  mid
• 19:18
  market
• 19:18
  people
• 19:19
  don't
• 19:19
  have
• 19:19
  the
• 19:19
  right
• 19:19
  idea.
• 19:20
  It's
• 19:20
  just
• 19:20
  the
• 19:21
  company
• 19:21
  starts
• 19:21
  from
• 19:21
  nothing
• 19:22
  often
• 19:22
  and
• 19:23
  has
• 19:23
  kind
• 19:23
  of
• 19:23
  built
• 19:23
  up
• 19:24
  and
• 19:24
  scaled
• 19:24
  because
• 19:24
  it's
• 19:25
  so
• 19:25
  damn
• 19:26
  successful.
• 19:28
  And
• 19:28
  it's
• 19:29
  more
• 19:29
  often
• 19:29
  a
• 19:29
  case
• 19:29
  I've
• 19:30
  found
• 19:30
  of
• 19:30
  like,
• 19:30
  okay,
• 19:31
  this
• 19:31
  used
• 19:31
  to
• 19:31
  work
• 19:31
  three
• 19:32
  years
• 19:32
  ago
• 19:32
  or
• 19:32
  this
• 19:32
  used
• 19:32
  to
• 19:32
  work
• 19:33
  five
• 19:33
  years
• 19:33
  ago.
• 19:33
  This
• 19:33
  was
• 19:34
  perfectly
• 19:34
  acceptable.
• 19:35
  Right.
• 19:36
  My
• 19:37
  business
• 19:37
  runs
• 19:37
  on
• 19:37
  QuickBooks.
• 19:38
  That's
• 19:38
  okay.
• 19:38
  I'm
• 19:39
  not
• 19:39
  dealing
• 19:39
  with
• 19:39
  100
• 19:40
  million
• 19:40
  transactions
• 19:41
  a
• 19:41
  month.
• 19:41
  So
• 19:42
  it's
• 19:42
  okay
• 19:43
  for
• 19:43
  me
• 19:43
  to
• 19:43
  be
• 19:43
  on
• 19:43
  QuickBooks
• 19:44
  in
• 19:44
  the
• 19:45
  future
• 19:45
  when
• 19:45
  I've
• 19:45
  got
• 19:46
  the
• 19:46
  world's
• 19:46
  biggest
• 19:46
  data
• 19:46
  consultancy
• 19:47
  in
• 19:47
  two
• 19:47
  years,
• 19:47
  Greg,
• 19:48
  then
• 19:48
  yeah,
• 19:48
  sure,
• 19:48
  maybe
• 19:48
  QuickBooks
• 19:49
  isn't
• 19:49
  going
• 19:49
  to
• 19:49
  cut
• 19:49
  it
• 19:50
  anymore.
• 19:50
  But
• 19:53
  it's
• 19:54
  very
• 19:54
  often
• 19:54
  nobody's
• 19:55
  at
• 19:55
  fault
• 19:55
  here.
• 19:55
  It's
• 19:56
  just
• 19:56
  that
• 19:56
  time
• 19:57
  and
• 19:57
  scale
• 19:57
  have
• 19:58
  overtaken
• 19:59
  data
• 19:59
  architecture
• 20:00
  and
• 20:00
  it
• 20:00
  no
• 20:00
  longer
• 20:00
  meets
• 20:01
  the
• 20:01
  needs
• 20:01
  is
• 20:01
  typically
• 20:03
  what
• 20:03
  I'm
• 20:03
  seeing.
• 20:03
  No,
• 20:04
  absolutely.
• 20:04
  We
• 20:04
  quite
• 20:05
  often
• 20:05
  see
• 20:05
  that
• 20:05
  the
• 20:06
  finance
• 20:06
  and
• 20:06
  data
• 20:06
  departments
• 20:07
  are
• 20:07
  one
• 20:07
  of
• 20:07
  the
• 20:07
  last
• 20:07
  ones
• 20:07
  to
• 20:08
  get
• 20:08
  addressed.
• 20:09
  Sales
• 20:09
  is
• 20:09
  the
• 20:09
  first
• 20:09
  one
• 20:10
  that
• 20:10
  gets
• 20:10
  addressed
• 20:10
  because
• 20:10
  they're
• 20:10
  the
• 20:10
  ones
• 20:11
  that
• 20:11
  are
• 20:11
  scaling
• 20:11
  up.
• 20:11
  Then
• 20:12
  you
• 20:12
  have
• 20:12
  the
• 20:12
  product
• 20:12
  that's
• 20:12
  going
• 20:13
  along
• 20:13
  with
• 20:13
  sales
• 20:13
  because
• 20:13
  the
• 20:13
  product.
• 20:14
  Sales
• 20:14
  needs
• 20:14
  a
• 20:14
  product
• 20:15
  and
• 20:15
  all
• 20:15
  that
• 20:15
  happens
• 20:15
  up
• 20:15
  there.
• 20:16
  Well,
• 20:17
  the
• 20:17
  back
• 20:17
  office,
• 20:18
  behind
• 20:18
  the
• 20:18
  scenes,
• 20:18
  they're
• 20:19
  the
• 20:19
  last
• 20:19
  ones
• 20:19
  to
• 20:19
  get
• 20:19
  addressed
• 20:21
  and
• 20:21
  it's
• 20:21
  not.
• 20:21
  And
• 20:21
  it's
• 20:21
  just
• 20:21
  an
• 20:22
  evolution.
• 20:22
  It's
• 20:22
  just
• 20:22
  like
• 20:22
  you
• 20:23
  have,
• 20:23
  it's
• 20:23
  a
• 20:24
  small
• 20:24
  pie,
• 20:24
  limited
• 20:24
  pie,
• 20:25
  like
• 20:25
  how
• 20:25
  much
• 20:25
  money
• 20:25
  you're
• 20:26
  going
• 20:26
  to
• 20:26
  spend
• 20:26
  eventually
• 20:27
  it
• 20:27
  catches
• 20:27
  up
• 20:28
  though,
• 20:28
  right?
• 20:28
  Because
• 20:28
  a
• 20:28
  lot
• 20:28
  of
• 20:29
  People
• 20:29
  say,
• 20:29
  oh,
• 20:29
  we're
• 20:29
  just
• 20:29
  going
• 20:29
  to
• 20:29
  fake
• 20:30
  it
• 20:30
  till
• 20:30
  you
• 20:30
  make
• 20:30
  it.
• 20:30
  Right?
• 20:31
  Well
• 20:31
  I
• 20:32
  always
• 20:32
  say
• 20:32
  that
• 20:32
  it's
• 20:32
  fake
• 20:33
  it
• 20:33
  till
• 20:33
  you
• 20:33
  break
• 20:33
  it.
• 20:34
  And
• 20:34
  if
• 20:34
  you
• 20:34
  break
• 20:34
  it,
• 20:34
  that's
• 20:35
  a
• 20:35
  lot
• 20:35
  more
• 20:35
  expensive,
• 20:36
  right?
• 20:36
  Like
• 20:36
  you
• 20:36
  can,
• 20:36
  you
• 20:37
  can
• 20:37
  drop
• 20:37
  a
• 20:37
  netsuite
• 20:38
  or
• 20:38
  you
• 20:38
  can
• 20:38
  drop
• 20:38
  Snowflake
• 20:39
  into
• 20:39
  a
• 20:40
  broken
• 20:40
  process
• 20:40
  and
• 20:41
  all
• 20:41
  you
• 20:41
  get
• 20:41
  is
• 20:41
  more
• 20:41
  expensive
• 20:41
  broken
• 20:42
  process.
• 20:43
  Totally
• 20:43
  agree,
• 20:44
  totally
• 20:44
  agree.
• 20:44
  And
• 20:46
  I've
• 20:46
  seen
• 20:46
  that
• 20:46
  a
• 20:46
  lot
• 20:47
  of
• 20:47
  times.
• 20:47
  So
• 20:47
  yeah,
• 20:47
  that's
• 20:47
  the
• 20:48
  key,
• 20:48
  deciding
• 20:49
  the
• 20:49
  right
• 20:49
  time
• 20:49
  to
• 20:49
  make
• 20:49
  the
• 20:49
  decision.
• 20:50
  And
• 20:51
  again,
• 20:52
  the
• 20:52
  decisions
• 20:52
  to
• 20:53
  prioritize
• 20:54
  sales,
• 20:55
  marketing,
• 20:55
  product
• 20:56
  are
• 20:56
  completely
• 20:57
  rational
• 20:57
  and
• 20:58
  understandable
• 20:58
  and
• 20:59
  correct.
• 20:59
  Right.
• 20:59
  Because
• 21:00
  those
• 21:00
  things
• 21:00
  go
• 21:00
  straight
• 21:01
  to
• 21:01
  the
• 21:01
  bottom
• 21:01
  line
• 21:01
  and
• 21:01
  that's
• 21:02
  what
• 21:02
  gets
• 21:02
  companies
• 21:03
  on
• 21:03
  the
• 21:03
  radar
• 21:03
  PE
• 21:04
  in
• 21:04
  the
• 21:04
  first
• 21:04
  place,
• 21:04
  that
• 21:05
  they've
• 21:05
  grown
• 21:05
  and
• 21:05
  grown
• 21:06
  and
• 21:06
  scaled
• 21:07
  so
• 21:07
  successfully.
• 21:07
  It
• 21:08
  was
• 21:08
  just
• 21:08
  that
• 21:10
  data
• 21:10
  and
• 21:10
  as
• 21:10
  you
• 21:11
  say,
• 21:11
  finance
• 21:11
  are
• 21:11
  more
• 21:11
  kind
• 21:11
  of
• 21:12
  horizontal
• 21:12
  enterprise
• 21:13
  investments
• 21:13
  that
• 21:14
  are
• 21:14
  the
• 21:14
  kind
• 21:14
  of
• 21:14
  rising
• 21:15
  tide
• 21:15
  that
• 21:15
  silently
• 21:16
  lift
• 21:16
  all
• 21:16
  the
• 21:16
  boats
• 21:18
  behind
• 21:18
  the
• 21:18
  scenes
• 21:19
  without
• 21:19
  saying
• 21:21
  spend
• 21:21
  whatever
• 21:21
  5,000
• 21:22
  on
• 21:22
  Snowflake
• 21:23
  this
• 21:23
  year
• 21:23
  and
• 21:23
  your
• 21:23
  revenue
• 21:23
  is
• 21:23
  going
• 21:24
  to
• 21:24
  go
• 21:24
  up
• 21:24
  10%.
• 21:25
  It
• 21:25
  doesn't
• 21:26
  necessarily
• 21:26
  work
• 21:26
  like
• 21:26
  that.
• 21:27
  There's
• 21:27
  a
• 21:27
  lot
• 21:27
  of
• 21:27
  risk
• 21:27
  mitigation
• 21:28
  that
• 21:28
  it
• 21:28
  offers
• 21:28
  and
• 21:29
  a
• 21:29
  lot
• 21:29
  of
• 21:29
  defense
• 21:30
  that
• 21:31
  comes
• 21:31
  from
• 21:31
  having
• 21:31
  a
• 21:32
  well
• 21:32
  governed
• 21:33
  data
• 21:33
  as
• 21:33
  well
• 21:33
  as
• 21:33
  all
• 21:33
  the
• 21:33
  opportunities
• 21:34
  that
• 21:34
  it
• 21:34
  unlocks.
• 21:35
  No,
• 21:35
  absolutely.
• 21:35
  As
• 21:36
  you
• 21:36
  mentioned,
• 21:36
  it's
• 21:36
  no
• 21:36
  one's
• 21:36
  fault.
• 21:37
  And
• 21:37
  quite
• 21:37
  often
• 21:38
  we're
• 21:39
  talking
• 21:39
  portfolio
• 21:40
  companies
• 21:40
  of
• 21:40
  private
• 21:42
  firms,
• 21:42
  quite
• 21:43
  often
• 21:43
  series
• 21:43
  A
• 21:43
  or
• 21:43
  series
• 21:44
  B
• 21:44
  companies,
• 21:45
  usually
• 21:45
  the
• 21:45
  VP
• 21:45
  of
• 21:45
  finance,
• 21:46
  or
• 21:46
  sometimes
• 21:47
  it's
• 21:47
  a
• 21:47
  head
• 21:47
  of
• 21:47
  analytics
• 21:48
  or
• 21:48
  a
• 21:48
  head
• 21:48
  of
• 21:48
  finance.
• 21:50
  You
• 21:50
  know,
• 21:50
  they've
• 21:50
  been
• 21:50
  in
• 21:50
  the
• 21:50
  company
• 21:50
  for
• 21:51
  two,
• 21:51
  three,
• 21:52
  four
• 21:52
  years,
• 21:52
  even
• 21:53
  the
• 21:53
  company
• 21:53
  go
• 21:53
  from
• 21:53
  like
• 21:54
  four
• 21:54
  to
• 21:54
  five
• 21:54
  to
• 21:55
  $10
• 21:55
  million.
• 21:56
  They've
• 21:56
  never
• 21:56
  been
• 21:56
  for
• 21:56
  that
• 21:57
  process
• 21:57
  of
• 21:57
  going
• 21:57
  from
• 21:57
  10
• 21:57
  to
• 21:58
  $100
• 21:58
  million.
• 21:58
  It's
• 21:59
  a
• 21:59
  case
• 21:59
  of
• 21:59
  you
• 21:59
  don't
• 21:59
  know
• 22:00
  what
• 22:00
  you
• 22:00
  don't
• 22:00
  know.
• 22:01
  That's
• 22:01
  why
• 22:02
  like
• 22:02
  a
• 22:02
  scale
• 22:02
  path
• 22:02
  makes
• 22:03
  sense.
• 22:03
  Because
• 22:03
  though
• 22:04
  as
• 22:04
  a
• 22:04
  company
• 22:04
  we've
• 22:04
  been
• 22:05
  through
• 22:05
  about
• 22:05
  15
• 22:06
  to
• 22:06
  20
• 22:06
  different
• 22:06
  scaling
• 22:07
  ups
• 22:07
  so
• 22:07
  far.
• 22:07
  Right.
• 22:08
  But
• 22:08
  we
• 22:08
  bring
• 22:09
  in
• 22:09
  the
• 22:09
  expertise
• 22:09
  that
• 22:09
  your
• 22:09
  head
• 22:10
  of
• 22:10
  finance
• 22:10
  just
• 22:10
  may
• 22:10
  not
• 22:10
  know
• 22:11
  or
• 22:11
  your
• 22:11
  head
• 22:11
  of
• 22:11
  data
• 22:11
  may
• 22:12
  not
• 22:12
  know.
• 22:12
  They
• 22:12
  were
• 22:12
  a
• 22:13
  business
• 22:13
  analyst
• 22:13
  five
• 22:13
  years
• 22:14
  ago,
• 22:14
  now
• 22:14
  they're
• 22:14
  the
• 22:14
  head
• 22:14
  of
• 22:14
  data
• 22:15
  three
• 22:16
  times
• 22:16
  the
• 22:16
  size,
• 22:16
  right?
• 22:16
  Yes.
• 22:17
  It's
• 22:17
  just,
• 22:17
  it's
• 22:17
  just
• 22:18
  bringing
• 22:18
  in
• 22:18
  the
• 22:18
  experts
• 22:19
  who
• 22:19
  have
• 22:19
  been
• 22:19
  there
• 22:19
  to
• 22:19
  help
• 22:19
  you,
• 22:20
  not
• 22:20
  to
• 22:20
  replace
• 22:20
  you,
• 22:21
  but
• 22:21
  just
• 22:21
  to
• 22:21
  help.
• 22:21
  Zero.
• 22:22
  Yeah.
• 22:23
  And
• 22:24
  in
• 22:25
  terms
• 22:25
  of
• 22:25
  actual
• 22:25
  impacts
• 22:26
  and
• 22:26
  again
• 22:26
  we
• 22:27
  can
• 22:27
  only
• 22:27
  ever
• 22:27
  guess
• 22:27
  because
• 22:28
  there's
• 22:28
  so
• 22:28
  many
• 22:28
  variables
• 22:28
  that
• 22:28
  go
• 22:29
  into
• 22:29
  the
• 22:29
  equation.
• 22:29
  But
• 22:31
  how
• 22:31
  much
• 22:31
  difference
• 22:32
  might
• 22:32
  a
• 22:32
  really
• 22:33
  good
• 22:33
  finance
• 22:33
  data
• 22:33
  stack
• 22:34
  versus
• 22:34
  A
• 22:34
  really
• 22:35
  kind
• 22:35
  of
• 22:35
  manual
• 22:36
  and
• 22:37
  lower
• 22:37
  quality
• 22:37
  one
• 22:38
  actually
• 22:38
  make
• 22:38
  to
• 22:39
  an
• 22:39
  exit
• 22:39
  multiple.
• 22:40
  So
• 22:41
  we
• 22:42
  have
• 22:42
  something
• 22:42
  we
• 22:42
  call
• 22:42
  the
• 22:42
  dirty
• 22:42
  data
• 22:43
  discount.
• 22:44
  It's
• 22:44
  usually
• 22:45
  worth
• 22:45
  about
• 22:45
  10%
• 22:45
  of
• 22:46
  the
• 22:46
  valuation.
• 22:48
  We
• 22:48
  did
• 22:48
  a
• 22:48
  survey
• 22:48
  about
• 22:48
  120,
• 22:49
  122
• 22:50
  different
• 22:50
  advisors
• 22:51
  and
• 22:51
  kind
• 22:51
  of
• 22:51
  basically
• 22:52
  said,
• 22:52
  if
• 22:53
  we
• 22:53
  gave
• 22:53
  you
• 22:53
  this
• 22:54
  data,
• 22:54
  we
• 22:54
  gave
• 22:54
  you
• 22:54
  this
• 22:54
  data,
• 22:55
  what
• 22:55
  would
• 22:55
  your
• 22:55
  valuation
• 22:56
  be?
• 22:56
  And
• 22:56
  you
• 22:57
  know,
• 22:57
  we
• 22:57
  got
• 22:57
  anywhere
• 22:57
  between
• 22:58
  a
• 22:58
  1%
• 22:58
  discount
• 22:58
  and
• 22:59
  a
• 22:59
  22%
• 22:59
  discount.
• 23:00
  And
• 23:00
  actually
• 23:00
  about
• 23:01
  12
• 23:01
  or
• 23:01
  13%
• 23:02
  actually
• 23:02
  said,
• 23:02
  we're
• 23:02
  just
• 23:03
  walking
• 23:03
  away,
• 23:03
  we
• 23:03
  won't
• 23:04
  even
• 23:04
  touch
• 23:04
  that
• 23:04
  deal.
• 23:04
  It's
• 23:05
  just
• 23:05
  a
• 23:05
  no.
• 23:05
  Yeah,
• 23:06
  yeah.
• 23:06
  So
• 23:06
  like,
• 23:07
  you
• 23:07
  know,
• 23:07
  if
• 23:07
  you
• 23:07
  think
• 23:07
  about
• 23:07
  it,
• 23:07
  you
• 23:07
  know,
• 23:08
  in
• 23:08
  a
• 23:08
  mid,
• 23:08
  lower,
• 23:08
  mid
• 23:09
  market,
• 23:09
  that's
• 23:09
  40
• 23:09
  to
• 23:09
  50
• 23:10
  million
• 23:10
  dollars
• 23:10
  deals,
• 23:11
  10%
• 23:11
  discount,
• 23:12
  that's
• 23:12
  4
• 23:12
  odd
• 23:13
  million
• 23:13
  dollars
• 23:13
  you're
• 23:13
  leaving
• 23:14
  on
• 23:14
  the
• 23:14
  table
• 23:14
  because
• 23:15
  you
• 23:15
  have
• 23:15
  this
• 23:15
  dirty
• 23:15
  data.
• 23:16
  Now
• 23:16
  if
• 23:16
  you
• 23:16
  give
• 23:17
  me
• 23:17
  a
• 23:17
  minute,
• 23:17
  I'll
• 23:17
  explain
• 23:17
  what
• 23:17
  we
• 23:18
  mean
• 23:18
  by
• 23:18
  dirty
• 23:18
  data.
• 23:19
  Yeah,
• 23:19
  go
• 23:19
  ahead.
• 23:19
  A
• 23:20
  prime
• 23:20
  example
• 23:20
  was
• 23:21
  a
• 23:21
  SaaS
• 23:21
  company
• 23:21
  we're
• 23:22
  working
• 23:22
  with.
• 23:22
  No,
• 23:23
  they
• 23:23
  were
• 23:23
  on
• 23:23
  QuickBooks,
• 23:24
  $21.6
• 23:25
  million
• 23:26
  of
• 23:26
  revenue.
• 23:26
  Great,
• 23:27
  great
• 23:27
  success
• 23:27
  story,
• 23:28
  going
• 23:28
  from
• 23:28
  three
• 23:28
  and
• 23:28
  a
• 23:29
  half
• 23:29
  to
• 23:29
  seven
• 23:29
  to
• 23:29
  14
• 23:30
  to
• 23:30
  21.6.
• 23:31
  But
• 23:32
  what's
• 23:32
  happening
• 23:32
  is
• 23:33
  during
• 23:33
  the
• 23:33
  exit
• 23:34
  process,
• 23:34
  they
• 23:35
  needed
• 23:35
  a
• 23:35
  product
• 23:36
  profitability
• 23:36
  report.
• 23:37
  Well,
• 23:37
  the
• 23:38
  problem
• 23:38
  is
• 23:38
  like
• 23:39
  most
• 23:39
  firms,
• 23:39
  they
• 23:39
  hadn't
• 23:40
  actually
• 23:40
  grown
• 23:40
  the
• 23:40
  back
• 23:40
  office,
• 23:41
  their
• 23:41
  product
• 23:42
  set
• 23:42
  in
• 23:42
  three
• 23:42
  databases.
• 23:43
  When
• 23:43
  they
• 23:43
  pulled
• 23:44
  that
• 23:44
  together,
• 23:44
  it's
• 23:45
  a
• 23:45
  21.15
• 23:46
  million
• 23:46
  revenue.
• 23:47
  When
• 23:47
  they
• 23:47
  went
• 23:47
  into
• 23:47
  their
• 23:47
  CRM,
• 23:48
  they
• 23:48
  pulled
• 23:48
  $21.3
• 23:49
  million
• 23:50
  of
• 23:50
  sales,
• 23:51
  21.15,
• 23:52
  21.3,
• 23:52
  21.6.
• 23:53
  Well,
• 23:54
  when
• 23:54
  you're
• 23:54
  looking
• 23:54
  at
• 23:54
  exit,
• 23:55
  you're
• 23:56
  telling
• 23:56
  a
• 23:57
  story,
• 23:57
  you're
• 23:57
  selling
• 23:57
  your
• 23:58
  story
• 23:58
  and
• 23:58
  the
• 23:58
  numbers.
• 23:59
  Well,
• 23:59
  now
• 24:00
  the
• 24:00
  buyer
• 24:00
  side's
• 24:00
  like,
• 24:01
  what's
• 24:01
  going
• 24:01
  on
• 24:02
  here?
• 24:02
  We
• 24:02
  don't
• 24:02
  believe
• 24:02
  your
• 24:03
  numbers.
• 24:03
  And
• 24:04
  soon
• 24:04
  as
• 24:04
  you
• 24:04
  start
• 24:04
  losing
• 24:05
  that
• 24:05
  belief
• 24:05
  in
• 24:05
  the
• 24:06
  trust,
• 24:07
  down
• 24:07
  goes
• 24:07
  your
• 24:07
  valuation.
• 24:08
  Right?
• 24:09
  So
• 24:09
  they,
• 24:09
  they
• 24:09
  came
• 24:10
  out
• 24:10
  and
• 24:10
  said,
• 24:10
  okay,
• 24:10
  we're
• 24:11
  going
• 24:11
  to
• 24:11
  actually
• 24:11
  give
• 24:11
  you
• 24:12
  21.1.
• 24:13
  There's
• 24:13
  a
• 24:14
  half
• 24:14
  million
• 24:14
  dollar
• 24:14
  discount,
• 24:15
  but
• 24:15
  it's
• 24:15
  not
• 24:15
  really
• 24:15
  half
• 24:16
  a
• 24:16
  million
• 24:16
  dollars
• 24:16
  because
• 24:17
  it's
• 24:17
  a
• 24:17
  5.8x
• 24:18
  on
• 24:18
  multiple.
• 24:19
  So
• 24:19
  you're
• 24:19
  talking
• 24:19
  about
• 24:20
  $2.8
• 24:20
  million
• 24:21
  of
• 24:21
  lost
• 24:22
  revenue
• 24:22
  of
• 24:22
  lost
• 24:23
  valuation
• 24:23
  because
• 24:24
  you
• 24:24
  didn't
• 24:24
  have
• 24:24
  the
• 24:24
  correct
• 24:25
  reports
• 24:25
  in
• 24:25
  place
• 24:25
  and
• 24:26
  you
• 24:26
  couldn't
• 24:26
  prove
• 24:26
  your
• 24:26
  21.6
• 24:27
  million
• 24:27
  of
• 24:27
  revenue.
• 24:28
  And
• 24:28
  even
• 24:29
  that's,
• 24:29
  I
• 24:29
  would
• 24:29
  say
• 24:29
  that's
• 24:30
  generous.
• 24:30
  They
• 24:30
  were
• 24:30
  lucky
• 24:31
  to
• 24:31
  get
• 24:31
  the
• 24:31
  21.1
• 24:32
  because
• 24:32
  as
• 24:33
  you
• 24:33
  say,
• 24:33
  trust
• 24:33
  is
• 24:34
  more
• 24:34
  important
• 24:34
  than
• 24:38
  any
• 24:38
  of
• 24:39
  the
• 24:39
  three
• 24:39
  numbers.
• 24:39
  And
• 24:40
  it
• 24:40
  Captures
• 24:41
  perfectly
• 24:41
  what
• 24:41
  I
• 24:41
  describe
• 24:42
  as
• 24:42
  the
• 24:42
  difference
• 24:42
  between
• 24:42
  management
• 24:43
  grade
• 24:43
  reporting
• 24:43
  and
• 24:43
  investor
• 24:44
  grid
• 24:44
  reporting.
• 24:44
  So
• 24:44
  for
• 24:45
  management
• 24:45
  grade,
• 24:45
  like
• 24:46
  okay,
• 24:46
  year
• 24:46
  to
• 24:47
  date,
• 24:47
  we're
• 24:47
  on
• 24:47
  21.3,
• 24:48
  21.1,
• 24:49
  21.6.
• 24:49
  Either
• 24:50
  way,
• 24:50
  that's
• 24:51
  7
• 24:51
  million
• 24:51
  higher
• 24:51
  than
• 24:52
  it
• 24:52
  was
• 24:52
  last
• 24:52
  year.
• 24:52
  So
• 24:52
  I
• 24:52
  feel
• 24:53
  really
• 24:53
  good
• 24:53
  about
• 24:53
  it.
• 24:53
  And
• 24:54
  we
• 24:54
  can
• 24:54
  all
• 24:55
  go
• 24:55
  about
• 24:55
  our
• 24:55
  jobs
• 24:56
  leading
• 24:56
  this
• 24:56
  company
• 24:57
  and
• 24:57
  feel
• 24:57
  good
• 24:58
  about
• 24:58
  ourselves.
• 24:59
  But
• 24:59
  with
• 24:59
  investors
• 25:00
  it
• 25:00
  raises,
• 25:00
  as
• 25:00
  you
• 25:00
  say,
• 25:01
  that
• 25:01
  important
• 25:01
  question
• 25:02
  of
• 25:02
  trust.
• 25:03
  And
• 25:03
  that's
• 25:04
  why
• 25:04
  I
• 25:04
  think
• 25:04
  the
• 25:04
  21.1
• 25:05
  is
• 25:05
  generous.
• 25:06
  Because
• 25:06
  the
• 25:07
  other
• 25:07
  approach
• 25:07
  they
• 25:07
  could
• 25:07
  take
• 25:07
  is
• 25:07
  like,
• 25:08
  well,
• 25:08
  rather
• 25:08
  than
• 25:08
  believe
• 25:08
  the
• 25:09
  lowest
• 25:09
  number,
• 25:09
  we
• 25:09
  could
• 25:09
  just
• 25:09
  choose
• 25:10
  to
• 25:10
  not
• 25:10
  believe
• 25:10
  any
• 25:10
  of
• 25:10
  the
• 25:11
  numbers.
• 25:12
  Right.
• 25:12
  And
• 25:13
  rather
• 25:13
  than
• 25:13
  giving
• 25:14
  you
• 25:14
  a
• 25:14
  pass
• 25:14
  and
• 25:14
  giving
• 25:15
  you
• 25:15
  three
• 25:15
  minutes
• 25:15
  to
• 25:15
  work,
• 25:16
  three
• 25:16
  months
• 25:16
  to
• 25:16
  work
• 25:16
  out
• 25:16
  what's
• 25:17
  going
• 25:17
  on,
• 25:17
  as
• 25:17
  you
• 25:18
  say,
• 25:18
  the
• 25:18
  outcome
• 25:18
  might
• 25:19
  actually
• 25:19
  be
• 25:19
  more
• 25:20
  than
• 25:21
  the
• 25:21
  multi
• 25:21
  million
• 25:22
  discount.
• 25:22
  It
• 25:22
  might
• 25:22
  just
• 25:23
  be,
• 25:23
  okay,
• 25:23
  well
• 25:23
  we'll
• 25:24
  go
• 25:24
  find
• 25:24
  another
• 25:24
  company.
• 25:24
  Because
• 25:25
  people
• 25:26
  are
• 25:26
  getting
• 25:26
  more
• 25:26
  and
• 25:26
  more
• 25:26
  selective
• 25:27
  with
• 25:27
  the
• 25:27
  whole
• 25:27
  period's
• 25:28
  lengthening.
• 25:29
  There's
• 25:29
  competition
• 25:30
  for
• 25:30
  deals
• 25:30
  around
• 25:30
  as
• 25:31
  well,
• 25:31
  of
• 25:31
  course,
• 25:31
  but
• 25:32
  people
• 25:32
  are
• 25:32
  getting
• 25:32
  more
• 25:32
  and
• 25:33
  more
• 25:33
  selective
• 25:33
  with
• 25:33
  the
• 25:33
  whole
• 25:33
  periods
• 25:34
  lengthening
• 25:34
  and
• 25:34
  it's
• 25:35
  easier
• 25:35
  to
• 25:35
  to
• 25:36
  walk
• 25:36
  away
• 25:36
  and
• 25:36
  find
• 25:36
  a
• 25:36
  company
• 25:37
  that
• 25:37
  has
• 25:38
  got
• 25:38
  numbers
• 25:38
  you
• 25:38
  can
• 25:38
  trust.
• 25:39
  Now
• 25:40
  the
• 25:40
  good
• 25:40
  news
• 25:41
  story
• 25:41
  about
• 25:41
  all
• 25:41
  that
• 25:42
  was
• 25:42
  that
• 25:42
  we
• 25:42
  came
• 25:42
  in,
• 25:43
  we
• 25:43
  actually
• 25:43
  wrote
• 25:43
  the
• 25:43
  finance
• 25:44
  data
• 25:44
  warehouse
• 25:44
  and
• 25:44
  applied
• 25:45
  our
• 25:45
  scale
• 25:45
  path
• 25:45
  methodology
• 25:46
  and
• 25:46
  the
• 25:46
  actual
• 25:46
  number
• 25:47
  was
• 25:47
  21.52
• 25:48
  million.
• 25:49
  So
• 25:49
  we
• 25:49
  went
• 25:49
  back
• 25:49
  and
• 25:50
  we
• 25:50
  restated
• 25:50
  QuickBooks
• 25:51
  to
• 25:51
  be
• 25:51
  21.52
• 25:52
  and
• 25:52
  we
• 25:53
  gave
• 25:53
  the
• 25:53
  buy
• 25:54
  side
• 25:54
  six
• 25:54
  different
• 25:55
  reports.
• 25:55
  Slice
• 25:55
  and
• 25:55
  dice
• 25:56
  by
• 25:56
  any
• 25:56
  different
• 25:57
  views
• 25:57
  of
• 25:57
  the
• 25:57
  world
• 25:58
  that
• 25:58
  all
• 25:58
  tied
• 25:58
  back
• 25:58
  to
• 25:59
  21.52.
• 26:00
  So
• 26:01
  we
• 26:01
  actually
• 26:01
  ended
• 26:01
  up
• 26:01
  adding
• 26:02
  back
• 26:02
  over
• 26:02
  $2
• 26:02
  million
• 26:03
  at
• 26:03
  valuation.
• 26:04
  No,
• 26:04
  this
• 26:04
  company
• 26:04
  was
• 26:05
  real
• 26:05
  lucky
• 26:05
  that
• 26:05
  the
• 26:05
  buy
• 26:06
  side
• 26:06
  was
• 26:06
  given
• 26:06
  the
• 26:07
  couple
• 26:07
  of
• 26:07
  months
• 26:07
  to
• 26:07
  come
• 26:07
  back
• 26:08
  in
• 26:08
  here
• 26:08
  and
• 26:08
  fix
• 26:08
  everything.
• 26:09
  It
• 26:10
  could
• 26:10
  have
• 26:10
  either
• 26:10
  been
• 26:10
  a
• 26:11
  dead
• 26:11
  deal
• 26:11
  in
• 26:11
  that
• 26:12
  moment.
• 26:12
  Yeah,
• 26:14
  that's
• 26:14
  rare.
• 26:14
  Patience.
• 26:15
  Well,
• 26:15
  I
• 26:15
  hope
• 26:15
  they
• 26:15
  bought
• 26:15
  you
• 26:15
  a
• 26:15
  nice
• 26:16
  dinner.
• 26:17
  That
• 26:17
  they
• 26:18
  did.
• 26:20
  Yeah,
• 26:21
  that
• 26:21
  was.
• 26:22
  They're
• 26:22
  very
• 26:22
  nice.
• 26:24
  I
• 26:24
  love
• 26:25
  it.
• 26:26
  My
• 26:27
  guest
• 26:27
  last
• 26:27
  week
• 26:27
  was
• 26:28
  talking
• 26:28
  a
• 26:28
  lot
• 26:28
  about
• 26:28
  how
• 26:28
  the
• 26:28
  old
• 26:29
  playbooks
• 26:29
  are
• 26:29
  not
• 26:29
  working
• 26:29
  anymore
• 26:31
  in
• 26:31
  private
• 26:31
  equity
• 26:32
  and
• 26:33
  how
• 26:33
  data
• 26:33
  is
• 26:33
  an
• 26:33
  increasingly
• 26:34
  important
• 26:34
  layer
• 26:35
  because,
• 26:35
  you
• 26:35
  know,
• 26:35
  I
• 26:36
  think
• 26:36
  some
• 26:36
  of
• 26:36
  the
• 26:37
  cliched
• 26:37
  old
• 26:38
  patterns
• 26:38
  of
• 26:38
  like
• 26:39
  I'm
• 26:39
  going
• 26:39
  to
• 26:39
  buy
• 26:39
  10
• 26:39
  chiropractors
• 26:40
  and
• 26:41
  the
• 26:41
  operational
• 26:42
  efficiency
• 26:42
  will
• 26:42
  be
• 26:43
  inevitable
• 26:43
  because
• 26:44
  I'm
• 26:44
  rolling
• 26:44
  them
• 26:44
  up
• 26:45
  and
• 26:45
  then
• 26:45
  because
• 26:46
  me
• 26:46
  and
• 26:46
  my
• 26:46
  buddies
• 26:47
  are
• 26:47
  smart
• 26:47
  and
• 26:47
  we'll
• 26:48
  dispense
• 26:48
  some
• 26:48
  executive
• 26:49
  wisdom
• 26:50
  every
• 26:50
  quarter
• 26:51
  of
• 26:51
  the
• 26:51
  board
• 26:51
  meeting,
• 26:52
  our
• 26:52
  success
• 26:53
  is
• 26:53
  all
• 26:53
  but
• 26:53
  assured.
• 26:54
  Right.
• 26:55
  And
• 26:56
  playbooks
• 26:56
  like
• 26:56
  that
• 26:56
  aren't
• 26:57
  working
• 26:57
  anymore
• 26:58
  like
• 26:58
  we
• 26:58
  talked
• 26:59
  about,
• 26:59
  hold
• 26:59
  times
• 27:00
  are
• 27:01
  lengthening.
• 27:02
  And
• 27:03
  I'm
• 27:03
  certainly
• 27:03
  seeing
• 27:03
  data
• 27:04
  become
• 27:04
  a
• 27:04
  more
• 27:04
  and
• 27:04
  more
• 27:05
  important
• 27:05
  factor
• 27:05
  in
• 27:06
  not
• 27:06
  only
• 27:07
  monitoring
• 27:08
  value
• 27:08
  creation,
• 27:08
  but
• 27:09
  diligence
• 27:10
  in
• 27:10
  the
• 27:10
  first
• 27:10
  place.
• 27:11
  They
• 27:11
  want
• 27:11
  that
• 27:11
  extra
• 27:12
  layer
• 27:12
  of
• 27:13
  knowledge
• 27:14
  to
• 27:14
  make
• 27:15
  the
• 27:15
  right
• 27:15
  choices
• 27:16
  when
• 27:16
  they're
• 27:16
  buying.
• 27:17
  Absolutely.
• 27:18
  We're
• 27:18
  seeing
• 27:18
  the
• 27:18
  same
• 27:18
  thing.
• 27:19
  The
• 27:19
  data
• 27:19
  rooms
• 27:20
  have
• 27:20
  gone
• 27:20
  from
• 27:21
  25
• 27:21
  to
• 27:22
  30
• 27:22
  documents
• 27:22
  now.
• 27:22
  Like,
• 27:23
  last
• 27:23
  data
• 27:23
  room
• 27:23
  I
• 27:23
  worked
• 27:24
  on
• 27:24
  was
• 27:24
  306
• 27:24
  items.
• 27:26
  So
• 27:26
  they're
• 27:26
  becoming
• 27:27
  more
• 27:27
  and
• 27:27
  more
• 27:27
  diligent
• 27:28
  and
• 27:28
  they're
• 27:28
  wanting
• 27:29
  more.
• 27:29
  Now
• 27:29
  you
• 27:30
  need
• 27:30
  your
• 27:30
  cohort
• 27:30
  analysis,
• 27:31
  but
• 27:31
  not
• 27:31
  just
• 27:31
  know
• 27:32
  by
• 27:32
  time
• 27:32
  period.
• 27:33
  You
• 27:33
  need
• 27:33
  it
• 27:33
  by,
• 27:34
  by
• 27:34
  region,
• 27:34
  by
• 27:35
  client
• 27:35
  type,
• 27:36
  by
• 27:36
  client
• 27:36
  size.
• 27:37
  Like
• 27:37
  you
• 27:37
  need
• 27:38
  four
• 27:38
  or
• 27:38
  five
• 27:38
  different
• 27:38
  chords
• 27:39
  to
• 27:39
  now
• 27:39
  analyze
• 27:40
  by
• 27:41
  segment,
• 27:41
  by
• 27:42
  country
• 27:42
  like
• 27:43
  it's
• 27:43
  acquisition
• 27:44
  channel.
• 27:44
  There's
• 27:44
  another
• 27:46
  endless.
• 27:47
  It
• 27:47
  is
• 27:47
  absolutely
• 27:48
  endless.
• 27:48
  Like,
• 27:48
  no,
• 27:49
  the.
• 27:49
  And
• 27:49
  then
• 27:50
  the,
• 27:50
  the.
• 27:50
  If
• 27:50
  there's
• 27:51
  gaps
• 27:51
  in
• 27:51
  there,
• 27:51
  the
• 27:51
  inconsistencies
• 27:52
  of
• 27:52
  data,
• 27:52
  it
• 27:53
  becomes
• 27:53
  a
• 27:54
  really
• 27:54
  big
• 27:54
  thing
• 27:54
  now
• 27:55
  because
• 27:55
  it's
• 27:55
  not
• 27:55
  like,
• 27:56
  hey,
• 27:57
  we
• 27:57
  don't
• 27:57
  and
• 27:58
  don't
• 27:58
  get
• 27:58
  a
• 27:58
  week
• 27:59
  to
• 27:59
  produce
• 28:00
  report
• 28:00
  anymore.
• 28:01
  The
• 28:01
  buyers
• 28:02
  are
• 28:02
  expecting
• 28:02
  to
• 28:02
  see
• 28:02
  that
• 28:03
  in
• 28:03
  the
• 28:03
  data
• 28:03
  room.
• 28:04
  Not
• 28:04
  like
• 28:05
  they
• 28:05
  don't
• 28:05
  want
• 28:05
  to
• 28:05
  have
• 28:05
  to
• 28:05
  ask
• 28:06
  for
• 28:06
  it
• 28:06
  two
• 28:06
  months
• 28:07
  later
• 28:07
  and
• 28:07
  then
• 28:07
  wait
• 28:07
  a
• 28:07
  week
• 28:08
  or
• 28:08
  two
• 28:08
  to
• 28:08
  get
• 28:08
  into
• 28:08
  there.
• 28:09
  You
• 28:09
  need
• 28:09
  to
• 28:09
  have
• 28:09
  that
• 28:09
  ready.
• 28:10
  So
• 28:10
  data
• 28:10
  room
• 28:10
  prep
• 28:11
  before
• 28:11
  you
• 28:11
  actually
• 28:11
  even
• 28:12
  get
• 28:12
  into
• 28:13
  the
• 28:13
  deal.
• 28:13
  Jones.
• 28:14
  And
• 28:14
  now
• 28:14
  we're
• 28:14
  actually
• 28:14
  even
• 28:14
  seeing
• 28:15
  some
• 28:15
  really
• 28:15
  interesting
• 28:15
  things
• 28:16
  where
• 28:16
  you
• 28:16
  can
• 28:17
  actually
• 28:17
  have
• 28:17
  start
• 28:18
  to
• 28:18
  query
• 28:18
  against
• 28:18
  the
• 28:19
  data
• 28:19
  room
• 28:19
  itself.
• 28:20
  Oh,
• 28:20
  right,
• 28:21
  okay.
• 28:21
  And
• 28:21
  how
• 28:22
  do
• 28:22
  you
• 28:22
  set
• 28:22
  that
• 28:22
  up?
• 28:22
  Do
• 28:22
  you,
• 28:22
  do
• 28:23
  you
• 28:23
  push
• 28:23
  that
• 28:23
  into
• 28:23
  a
• 28:24
  model
• 28:24
  and
• 28:24
  then,
• 28:24
  and
• 28:25
  then
• 28:25
  run
• 28:25
  NLP
• 28:26
  queries
• 28:26
  on
• 28:26
  the
• 28:26
  model
• 28:26
  or
• 28:27
  are
• 28:27
  you
• 28:27
  creating
• 28:28
  some
• 28:28
  sort
• 28:28
  of
• 28:28
  structure
• 28:28
  and
• 28:28
  structuring
• 28:29
  it?
• 28:29
  Yeah,
• 28:30
  so
• 28:30
  there's,
• 28:30
  there's
• 28:30
  some
• 28:31
  data
• 28:31
  rooms
• 28:31
  out
• 28:31
  there
• 28:31
  that
• 28:31
  are.
• 28:32
  It's
• 28:32
  not
• 28:32
  our
• 28:33
  data
• 28:33
  room.
• 28:33
  It's
• 28:33
  like
• 28:33
  it's
• 28:33
  someone
• 28:33
  else's
• 28:34
  data
• 28:34
  room.
• 28:34
  But
• 28:34
  you
• 28:34
  know,
• 28:34
  they're
• 28:34
  basically
• 28:35
  creating
• 28:35
  like
• 28:36
  MLP
• 28:36
  models
• 28:36
  that
• 28:37
  sit
• 28:37
  on
• 28:37
  top
• 28:37
  of
• 28:39
  their
• 28:39
  data
• 28:39
  room.
• 28:39
  So
• 28:39
  when
• 28:40
  you
• 28:40
  upload
• 28:40
  the
• 28:40
  documents,
• 28:41
  it
• 28:41
  says,
• 28:41
  oh,
• 28:41
  okay,
• 28:41
  I
• 28:41
  understand
• 28:41
  what
• 28:42
  this
• 28:42
  document
• 28:42
  is.
• 28:42
  I
• 28:42
  understand
• 28:42
  this
• 28:42
  document
• 28:43
  is.
• 28:43
  And
• 28:43
  so
• 28:43
  if
• 28:44
  you
• 28:44
  ask
• 28:44
  them
• 28:44
  what
• 28:44
  is,
• 28:46
  can
• 28:46
  you
• 28:46
  show
• 28:46
  me
• 28:46
  what
• 28:46
  the
• 28:47
  revenue
• 28:47
  is
• 28:47
  across
• 28:47
  C3
• 28:48
  documents?
• 28:49
  And
• 28:49
  it
• 28:49
  would
• 28:49
  actually
• 28:49
  tell
• 28:50
  you
• 28:50
  whether
• 28:50
  or
• 28:50
  not
• 28:50
  it's
• 28:50
  consistent
• 28:51
  or
• 28:51
  not.
• 28:51
  And
• 28:52
  the
• 28:52
  buy
• 28:52
  side
• 28:52
  is
• 28:52
  using
• 28:53
  that
• 28:53
  against
• 28:53
  the
• 28:53
  sell
• 28:54
  side.
• 28:54
  Oh,
• 28:55
  I
• 28:55
  love
• 28:55
  that.
• 28:55
  I
• 28:56
  love
• 28:56
  that.
• 28:57
  So
• 28:57
  AI
• 28:58
  is
• 28:58
  hitting
• 28:58
  the
• 28:58
  data
• 28:58
  rooms
• 28:58
  now
• 28:59
  as
• 28:59
  well?
• 29:00
  Well,
• 29:00
  no,
• 29:01
  it's
• 29:02
  no
• 29:02
  surprise
• 29:02
  to
• 29:03
  me
• 29:04
  to
• 29:04
  see
• 29:04
  it
• 29:04
  continue
• 29:05
  its
• 29:05
  conquest
• 29:06
  of
• 29:06
  the
• 29:06
  world.
• 29:07
  Used
• 29:07
  in
• 29:08
  the
• 29:08
  right
• 29:08
  places
• 29:09
  and
• 29:09
  in
• 29:09
  the
• 29:09
  right
• 29:09
  way.
• 29:10
  Finance
• 29:10
  is
• 29:10
  an
• 29:10
  interesting
• 29:11
  place,
• 29:11
  right?
• 29:12
  It's
• 29:13
  great
• 29:13
  for
• 29:13
  assessing
• 29:13
  things
• 29:14
  or
• 29:14
  comparing
• 29:14
  things.
• 29:16
  I
• 29:16
  think
• 29:16
  the
• 29:17
  risk
• 29:17
  that
• 29:17
  people
• 29:17
  need
• 29:17
  to
• 29:17
  watch
• 29:18
  out
• 29:18
  for,
• 29:18
  of
• 29:18
  course,
• 29:18
  is
• 29:19
  like
• 29:20
  if
• 29:20
  an
• 29:20
  AI
• 29:21
  model
• 29:21
  feels
• 29:21
  like
• 29:21
  it's
• 29:21
  got
• 29:21
  permission
• 29:22
  to
• 29:22
  fill
• 29:22
  in
• 29:22
  the
• 29:22
  gaps,
• 29:23
  right?
• 29:23
  For
• 29:24
  example,
• 29:24
  if
• 29:24
  it
• 29:24
  sees
• 29:24
  the
• 29:24
  21.1,
• 29:25
  21.3215,
• 29:27
  is
• 29:27
  it
• 29:27
  going
• 29:27
  to
• 29:27
  say,
• 29:27
  oh,
• 29:28
  I'll
• 29:28
  just
• 29:28
  take
• 29:29
  an
• 29:29
  average
• 29:29
  and
• 29:29
  we'll
• 29:30
  call
• 29:30
  it
• 29:30
  21.3
• 29:30
  and
• 29:31
  we'll
• 29:31
  talk
• 29:31
  authoritatively
• 29:32
  on
• 29:32
  it
• 29:33
  in
• 29:33
  my
• 29:33
  response,
• 29:34
  because
• 29:34
  I
• 29:34
  haven't
• 29:34
  been
• 29:35
  told
• 29:35
  specifically
• 29:35
  to
• 29:36
  call
• 29:36
  it
• 29:36
  out,
• 29:37
  so
• 29:38
  there's
• 29:38
  a
• 29:38
  bit
• 29:38
  of
• 29:38
  model
• 29:39
  management
• 29:39
  needs
• 29:39
  to
• 29:39
  happen,
• 29:39
  but
• 29:40
  no
• 29:40
  surprise
• 29:41
  to
• 29:41
  me
• 29:41
  to
• 29:41
  see
• 29:42
  AI
• 29:43
  coming
• 29:43
  in.
• 29:43
  And
• 29:44
  I
• 29:44
  talked
• 29:45
  to
• 29:45
  a
• 29:45
  few
• 29:45
  people
• 29:45
  about
• 29:45
  this
• 29:45
  week
• 29:46
  as,
• 29:47
  as
• 29:47
  with
• 29:47
  anything
• 29:47
  in
• 29:48
  the
• 29:48
  news,
• 29:48
  right,
• 29:49
  Everything
• 29:49
  goes
• 29:49
  to
• 29:50
  the
• 29:50
  ends
• 29:50
  of
• 29:50
  the
• 29:50
  spectrum,
• 29:51
  right?
• 29:52
  So
• 29:52
  you
• 29:52
  hear
• 29:53
  people
• 29:53
  say,
• 29:55
  I
• 29:55
  don't
• 29:55
  know
• 29:55
  if
• 29:55
  you
• 29:56
  saw
• 29:56
  the
• 29:56
  Matt
• 29:56
  Schumer
• 29:57
  essay
• 29:57
  last
• 29:58
  week
• 29:58
  called
• 29:59
  Something
• 29:59
  Big
• 29:59
  is
• 29:59
  Happening.
• 30:01
  I'll
• 30:01
  link
• 30:02
  it
• 30:02
  in
• 30:02
  the
• 30:02
  comments,
• 30:02
  but
• 30:02
  look
• 30:02
  it
• 30:03
  up.
• 30:03
  But
• 30:03
  it's,
• 30:03
  it's
• 30:03
  a
• 30:03
  very.
• 30:06
  It
• 30:06
  did
• 30:06
  well
• 30:06
  because
• 30:08
  places
• 30:08
  fear
• 30:08
  uncertainty
• 30:09
  and
• 30:09
  doubt
• 30:09
  in
• 30:09
  people.
• 30:09
  And
• 30:10
  basically
• 30:10
  he
• 30:10
  was
• 30:10
  saying
• 30:10
  we
• 30:11
  are
• 30:11
  at
• 30:11
  a
• 30:11
  moment
• 30:11
  with
• 30:11
  AI
• 30:12
  that's
• 30:12
  basically
• 30:14
  like
• 30:14
  we
• 30:14
  were
• 30:14
  when
• 30:15
  we
• 30:15
  first
• 30:15
  heard
• 30:15
  about
• 30:15
  COVID
• 30:16
  of
• 30:16
  like,
• 30:17
  oh,
• 30:17
  it's
• 30:17
  no
• 30:17
  big
• 30:17
  deal
• 30:17
  whatever,
• 30:18
  a
• 30:18
  new
• 30:18
  virus,
• 30:19
  just
• 30:19
  like
• 30:19
  bird
• 30:19
  flu
• 30:19
  that
• 30:19
  we
• 30:20
  had
• 30:20
  before,
• 30:20
  it'll
• 30:20
  blow
• 30:21
  over.
• 30:21
  And
• 30:21
  then
• 30:21
  three
• 30:21
  weeks
• 30:21
  later
• 30:22
  our
• 30:22
  entire
• 30:22
  lives
• 30:22
  had
• 30:22
  changed
• 30:23
  and
• 30:24
  turned
• 30:24
  upside
• 30:24
  down
• 30:24
  in
• 30:24
  a
• 30:24
  way
• 30:25
  that
• 30:25
  we
• 30:25
  as
• 30:26
  human
• 30:26
  beings
• 30:26
  are
• 30:26
  incapable
• 30:27
  of
• 30:27
  fathoming
• 30:28
  that
• 30:28
  amount
• 30:29
  of
• 30:29
  change
• 30:29
  on
• 30:29
  that
• 30:29
  amount
• 30:30
  of
• 30:30
  time.
• 30:30
  So
• 30:30
  he
• 30:30
  was
• 30:30
  arguing
• 30:31
  that
• 30:31
  we're
• 30:31
  at
• 30:31
  that
• 30:31
  tipping
• 30:31
  point
• 30:32
  now.
• 30:34
  So
• 30:34
  that's
• 30:34
  on
• 30:34
  one
• 30:34
  end
• 30:34
  and
• 30:35
  then
• 30:35
  on
• 30:35
  the
• 30:35
  other
• 30:35
  end
• 30:35
  you
• 30:36
  get
• 30:36
  this
• 30:38
  AI
• 30:39
  is
• 30:39
  useless.
• 30:39
  I
• 30:39
  have
• 30:39
  to
• 30:40
  spell
• 30:40
  strawberry
• 30:41
  or
• 30:41
  cut
• 30:41
  the
• 30:41
  oz
• 30:41
  and
• 30:42
  strawberry.
• 30:42
  And
• 30:42
  it
• 30:43
  got
• 30:43
  one
• 30:43
  thing
• 30:43
  wrong.
• 30:44
  I
• 30:44
  set
• 30:44
  a
• 30:44
  trap
• 30:45
  for
• 30:45
  it
• 30:45
  and
• 30:45
  failed.
• 30:45
  Therefore
• 30:46
  the
• 30:46
  entire
• 30:46
  technology
• 30:47
  is
• 30:47
  useless,
• 30:48
  right?
• 30:48
  And
• 30:48
  you
• 30:49
  hear
• 30:49
  these
• 30:49
  two
• 30:50
  camps
• 30:50
  at
• 30:50
  the
• 30:50
  opposite
• 30:51
  end
• 30:51
  of
• 30:51
  the
• 30:51
  spectrum
• 30:52
  arguing
• 30:52
  with
• 30:52
  each
• 30:52
  other,
• 30:53
  but
• 30:53
  the
• 30:54
  truth
• 30:54
  is
• 30:54
  somewhere
• 30:54
  in
• 30:54
  the
• 30:54
  middle.
• 30:55
  And
• 30:55
  you've
• 30:56
  seen
• 30:56
  AI
• 30:56
  in
• 30:56
  high
• 30:57
  stakes
• 30:57
  scenario.
• 30:58
  Like
• 30:58
  a
• 30:58
  data
• 30:58
  room
• 30:58
  on
• 30:58
  an
• 30:58
  acquisition
• 30:59
  is
• 30:59
  a
• 30:59
  high
• 30:59
  stakes
• 31:00
  scenario
• 31:00
  I
• 31:00
  would
• 31:00
  say
• 31:00
  from
• 31:01
  a
• 31:01
  business
• 31:01
  perspective.
• 31:03
  And
• 31:03
  of
• 31:03
  course
• 31:04
  there's
• 31:04
  been
• 31:04
  loads
• 31:04
  in
• 31:04
  the
• 31:04
  news
• 31:05
  this
• 31:05
  week
• 31:05
  about
• 31:05
  the
• 31:06
  anthropic
• 31:07
  stopping
• 31:07
  the
• 31:08
  Pentagon
• 31:08
  from
• 31:08
  using
• 31:09
  Claude
• 31:10
  for
• 31:10
  some
• 31:10
  things
• 31:10
  that
• 31:10
  they'd
• 31:11
  like
• 31:11
  to
• 31:11
  use
• 31:11
  it
• 31:11
  for.
• 31:12
  Definitely
• 31:12
  a
• 31:12
  high
• 31:12
  stakes
• 31:13
  scenarios
• 31:13
  going
• 31:13
  on
• 31:14
  there.
• 31:15
  Where
• 31:15
  do
• 31:15
  you
• 31:15
  think
• 31:15
  the
• 31:16
  truth
• 31:16
  lies,
• 31:16
  Greg,
• 31:17
  in
• 31:17
  terms
• 31:17
  of
• 31:17
  where
• 31:18
  are
• 31:18
  we
• 31:18
  at
• 31:18
  now?
• 31:18
  If
• 31:18
  it's
• 31:19
  zero,
• 31:19
  AI
• 31:20
  is
• 31:20
  useless.
• 31:20
  10
• 31:21
  the
• 31:21
  robots
• 31:21
  are
• 31:21
  going
• 31:21
  to
• 31:21
  take
• 31:22
  over
• 31:22
  the
• 31:22
  world
• 31:22
  and
• 31:22
  nobody
• 31:22
  has
• 31:22
  to
• 31:23
  work
• 31:23
  tomorrow.
• 31:23
  Where
• 31:23
  do
• 31:24
  you
• 31:24
  think
• 31:24
  we're
• 31:24
  at.
• 31:25
  We
• 31:25
  are
• 31:26
  at
• 31:26
  Skysat.
• 31:27
  We
• 31:27
  firmly
• 31:27
  believe
• 31:27
  we're
• 31:28
  in
• 31:28
  the
• 31:28
  7
• 31:28
  range,
• 31:29
  like
• 31:29
  we're
• 31:30
  actually
• 31:30
  calling
• 31:30
  AI,
• 31:30
  just
• 31:31
  like
• 31:31
  our
• 31:31
  business
• 31:31
  partner
• 31:32
  now.
• 31:32
  So
• 31:33
  Claude
• 31:34
  released
• 31:34
  their
• 31:34
  Excel
• 31:35
  module
• 31:36
  a
• 31:36
  week
• 31:37
  or
• 31:37
  two
• 31:37
  ago
• 31:37
  and
• 31:38
  it's
• 31:38
  changing
• 31:38
  the
• 31:38
  FPA
• 31:39
  world.
• 31:40
  I
• 31:40
  played
• 31:41
  around
• 31:41
  with
• 31:41
  it
• 31:41
  and
• 31:41
  built
• 31:42
  three
• 31:42
  different
• 31:42
  models
• 31:42
  out
• 31:43
  of
• 31:43
  it
• 31:43
  so
• 31:43
  far.
• 31:44
  Another
• 31:44
  one,
• 31:44
  my
• 31:44
  colleague
• 31:45
  Paul
• 31:45
  Bernhurst,
• 31:46
  FP,
• 31:46
  and
• 31:46
  a
• 31:46
  guy,
• 31:47
  LinkedIn,
• 31:47
  really
• 31:47
  great
• 31:47
  guy
• 31:48
  to
• 31:48
  follow.
• 31:49
  He's
• 31:50
  done
• 31:50
  a
• 31:50
  bit
• 31:50
  full
• 31:50
  on
• 31:50
  tests
• 31:50
  on
• 31:51
  it
• 31:51
  as
• 31:51
  well.
• 31:51
  And
• 31:52
  it's
• 31:52
  gone
• 31:52
  from
• 31:52
  a
• 31:53
  year
• 31:53
  and
• 31:53
  a
• 31:53
  half
• 31:53
  ago,
• 31:54
  its
• 31:54
  models
• 31:54
  were
• 31:55
  crap.
• 31:56
  Now
• 31:56
  it's
• 31:57
  intermediate
• 31:58
  to
• 31:58
  senior
• 31:58
  analyst
• 31:59
  level.
• 31:59
  It
• 32:00
  still
• 32:00
  needs
• 32:00
  review,
• 32:00
  it
• 32:01
  still
• 32:01
  makes
• 32:01
  a
• 32:01
  couple
• 32:01
  of
• 32:01
  small
• 32:01
  mistakes,
• 32:02
  but
• 32:02
  it
• 32:02
  can
• 32:02
  actually
• 32:02
  explain
• 32:03
  to
• 32:03
  you
• 32:03
  what
• 32:03
  its
• 32:03
  logic
• 32:04
  is
• 32:04
  and
• 32:04
  why
• 32:04
  it's
• 32:04
  building
• 32:04
  it
• 32:05
  that
• 32:05
  way.
• 32:06
  So
• 32:06
  what
• 32:07
  used
• 32:07
  to
• 32:07
  take
• 32:07
  two
• 32:07
  days
• 32:07
  now
• 32:08
  is
• 32:08
  two
• 32:08
  hours
• 32:08
  in
• 32:08
  Excel
• 32:09
  using
• 32:09
  Claude.
• 32:10
  It's
• 32:11
  definitely
• 32:11
  what
• 32:12
  we
• 32:12
  call
• 32:12
  the
• 32:12
  business
• 32:12
  partner
• 32:13
  now.
• 32:14
  And
• 32:14
  if
• 32:14
  anyone
• 32:15
  is
• 32:15
  still
• 32:15
  sitting
• 32:15
  there
• 32:15
  coding
• 32:16
  line
• 32:16
  by
• 32:16
  line
• 32:17
  by
• 32:17
  line
• 32:17
  by
• 32:17
  line,
• 32:17
  they're
• 32:18
  getting
• 32:18
  behind
• 32:18
  the
• 32:18
  times.
• 32:19
  Yeah,
• 32:19
  they're
• 32:20
  getting
• 32:20
  left
• 32:20
  behind
• 32:20
  for
• 32:20
  sure.
• 32:22
  I
• 32:22
  know
• 32:22
  a
• 32:23
  couple
• 32:23
  examples.
• 32:24
  A
• 32:24
  friend
• 32:25
  of
• 32:25
  mine,
• 32:25
  his
• 32:26
  son
• 32:27
  just
• 32:27
  left
• 32:28
  X.
• 32:28
  He'd
• 32:29
  been
• 32:29
  working
• 32:29
  on
• 32:30
  Grok
• 32:30
  as
• 32:31
  a
• 32:31
  software
• 32:31
  engineer
• 32:32
  and
• 32:34
  he
• 32:34
  basically
• 32:34
  said
• 32:35
  that
• 32:35
  he
• 32:35
  told
• 32:35
  his
• 32:35
  dad
• 32:36
  that
• 32:36
  he
• 32:36
  was
• 32:36
  bored
• 32:37
  because
• 32:37
  he
• 32:37
  was
• 32:37
  no
• 32:37
  longer
• 32:38
  writing
• 32:38
  any
• 32:38
  code.
• 32:38
  He
• 32:38
  was
• 32:39
  mainly
• 32:39
  just
• 32:39
  reviewing
• 32:39
  code
• 32:40
  because
• 32:40
  the
• 32:40
  recursive
• 32:41
  loops
• 32:41
  had
• 32:41
  got
• 32:41
  so
• 32:41
  good
• 32:42
  that
• 32:42
  the
• 32:42
  model
• 32:42
  is
• 32:43
  basically
• 32:43
  writing
• 32:43
  its
• 32:43
  next
• 32:43
  version
• 32:44
  by
• 32:44
  itself,
• 32:45
  largely.
• 32:46
  So
• 32:47
  I
• 32:47
  think
• 32:47
  a
• 32:47
  lot
• 32:47
  of
• 32:48
  effort
• 32:48
  has
• 32:48
  gone
• 32:48
  in
• 32:49
  the
• 32:49
  software
• 32:49
  engineering
• 32:49
  space
• 32:50
  as
• 32:50
  well,
• 32:52
  for
• 32:52
  sure.
• 32:53
  Another
• 32:54
  example
• 32:54
  I've
• 32:54
  got,
• 32:55
  I've
• 32:55
  had
• 32:55
  this
• 32:56
  battle
• 32:56
  with
• 32:56
  like
• 32:56
  creating
• 32:57
  a
• 32:57
  personal
• 32:57
  CRM.
• 32:58
  Like
• 32:58
  Facebook
• 32:59
  used
• 32:59
  to
• 32:59
  be
• 32:59
  amazing
• 32:59
  for
• 33:00
  reminding
• 33:00
  me
• 33:00
  of
• 33:00
  when
• 33:01
  my
• 33:01
  friends
• 33:01
  and
• 33:01
  family's
• 33:01
  birthdays
• 33:02
  were.
• 33:03
  But
• 33:03
  they
• 33:03
  put
• 33:03
  so
• 33:03
  many
• 33:04
  layers
• 33:04
  in
• 33:04
  the
• 33:04
  way
• 33:04
  and
• 33:04
  then
• 33:05
  like
• 33:05
  they
• 33:05
  want
• 33:05
  to
• 33:05
  turn
• 33:05
  on
• 33:06
  notifications
• 33:06
  and
• 33:06
  send
• 33:07
  adverts
• 33:07
  to
• 33:07
  me
• 33:07
  and
• 33:08
  it
• 33:08
  just
• 33:08
  became
• 33:08
  a
• 33:08
  nightmare.
• 33:09
  Personal
• 33:10
  CRM
• 33:10
  products
• 33:10
  were
• 33:10
  running
• 33:11
  like
• 33:11
  50
• 33:11
  bucks
• 33:11
  a
• 33:11
  month
• 33:12
  as
• 33:12
  a
• 33:12
  SaaS
• 33:12
  platform.
• 33:14
  I
• 33:14
  was
• 33:15
  like,
• 33:15
  ugh.
• 33:15
  So
• 33:15
  I
• 33:15
  sat
• 33:16
  with
• 33:16
  cloud
• 33:16
  coding
• 33:16
  in
• 33:16
  an
• 33:16
  hour.
• 33:18
  It
• 33:18
  took
• 33:18
  my
• 33:18
  Excel
• 33:19
  spreadsheet
• 33:19
  that
• 33:19
  I
• 33:19
  exported
• 33:21
  from
• 33:21
  one
• 33:21
  of
• 33:21
  the
• 33:21
  SAS
• 33:21
  products
• 33:22
  and
• 33:22
  made
• 33:22
  like
• 33:22
  a
• 33:22
  personal
• 33:22
  CRM
• 33:23
  for
• 33:23
  me
• 33:23
  that
• 33:23
  I
• 33:24
  just
• 33:24
  kick
• 33:24
  up
• 33:24
  once
• 33:24
  a.
• 33:25
  Once
• 33:25
  a
• 33:25
  month,
• 33:25
  a
• 33:26
  week,
• 33:27
  check
• 33:27
  for
• 33:27
  birthdays.
• 33:28
  It
• 33:28
  reminds
• 33:29
  me
• 33:29
  I've
• 33:29
  got
• 33:29
  personalized
• 33:30
  settings
• 33:30
  where
• 33:30
  I
• 33:31
  can
• 33:31
  like
• 33:31
  snooze
• 33:31
  reminders
• 33:32
  for
• 33:32
  a
• 33:32
  custom
• 33:32
  number
• 33:33
  of
• 33:33
  days
• 33:33
  and
• 33:33
  whatever
• 33:34
  else.
• 33:34
  It's
• 33:35
  like
• 33:35
  having
• 33:36
  seen
• 33:36
  it
• 33:36
  in
• 33:36
  action
• 33:37
  at
• 33:37
  its
• 33:37
  best.
• 33:39
  It's
• 33:39
  scary.
• 33:40
  And
• 33:42
  as
• 33:42
  my
• 33:42
  friend
• 33:42
  reminded
• 33:43
  me
• 33:43
  whose
• 33:43
  son
• 33:44
  worked
• 33:44
  on
• 33:44
  Grok,
• 33:45
  what
• 33:45
  we've
• 33:46
  got
• 33:46
  is
• 33:46
  six
• 33:47
  to
• 33:47
  12
• 33:47
  months
• 33:47
  behind
• 33:48
  what
• 33:48
  those
• 33:48
  guys
• 33:48
  have
• 33:48
  got.
• 33:50
  So
• 33:52
  yeah,
• 33:54
  the
• 33:54
  progress
• 33:54
  is
• 33:54
  exponential
• 33:55
  for
• 33:55
  sure.
• 33:56
  Having
• 33:56
  said
• 33:56
  that,
• 33:57
  here's
• 33:58
  a
• 33:58
  negative
• 33:58
  side
• 33:58
  of
• 33:58
  it.
• 33:58
  Right?
• 33:59
  So
• 33:59
  just
• 34:00
  we
• 34:00
  were
• 34:00
  working
• 34:00
  on
• 34:00
  a
• 34:00
  scale
• 34:01
  path
• 34:01
  client
• 34:01
  and
• 34:01
  we,
• 34:02
  out
• 34:02
  of
• 34:02
  curiosity,
• 34:03
  we,
• 34:03
  you
• 34:03
  know,
• 34:03
  we
• 34:03
  automize
• 34:04
  the
• 34:04
  data
• 34:04
  and
• 34:04
  put
• 34:04
  no,
• 34:05
  ask
• 34:05
  Claude,
• 34:06
  ask
• 34:06
  ChatGPT,
• 34:08
  ask
• 34:08
  Gemini,
• 34:08
  what,
• 34:09
  what
• 34:09
  would
• 34:09
  your
• 34:09
  recommendation
• 34:10
  on
• 34:10
  this
• 34:10
  scenario
• 34:11
  be?
• 34:11
  And
• 34:11
  so
• 34:11
  we
• 34:12
  fed
• 34:12
  something.
• 34:12
  We
• 34:12
  fed
• 34:12
  a
• 34:13
  P
• 34:13
  and
• 34:13
  L
• 34:13
  balance
• 34:14
  sheet
• 34:14
  in
• 34:15
  and
• 34:15
  they
• 34:15
  came
• 34:15
  back
• 34:15
  and
• 34:15
  said,
• 34:16
  oh,
• 34:16
  you
• 34:16
  know,
• 34:16
  this
• 34:16
  client
• 34:16
  needs
• 34:17
  to
• 34:17
  go
• 34:17
  to
• 34:17
  like
• 34:17
  a
• 34:17
  NetSuite.
• 34:18
  They
• 34:18
  have
• 34:18
  17
• 34:18
  legal
• 34:19
  entities.
• 34:21
  No,
• 34:22
  they
• 34:22
  didn't.
• 34:22
  The
• 34:22
  actual
• 34:23
  client,
• 34:23
  it
• 34:23
  was
• 34:23
  actually
• 34:23
  a
• 34:23
  single
• 34:24
  legal
• 34:24
  entity,
• 34:24
  single
• 34:25
  currency.
• 34:26
  They
• 34:26
  had
• 34:26
  17
• 34:26
  related
• 34:27
  party
• 34:27
  transactions,
• 34:28
  which
• 34:28
  was
• 34:28
  the
• 34:28
  shareholders.
• 34:31
  It
• 34:31
  misread
• 34:31
  the
• 34:31
  chart
• 34:32
  of
• 34:32
  accounts
• 34:32
  as
• 34:33
  each
• 34:33
  payable
• 34:34
  as
• 34:34
  a
• 34:34
  separate
• 34:35
  legal
• 34:35
  entity.
• 34:35
  So
• 34:36
  I
• 34:36
  thought
• 34:36
  it
• 34:36
  was
• 34:36
  a
• 34:36
  17
• 34:36
  legal
• 34:37
  entity.
• 34:37
  So
• 34:37
  they
• 34:37
  was
• 34:38
  recommending
• 34:38
  spending
• 34:38
  80,
• 34:39
  $90,000
• 34:39
  on
• 34:39
  NetSuite
• 34:40
  when
• 34:40
  the
• 34:40
  problem
• 34:41
  wasn't
• 34:42
  QuickBooks.
• 34:42
  The
• 34:42
  problem
• 34:43
  was
• 34:43
  all
• 34:43
  the
• 34:43
  information
• 34:44
  going
• 34:44
  into
• 34:44
  QuickBooks,
• 34:45
  not
• 34:45
  QuickBooks
• 34:46
  itself.
• 34:46
  The
• 34:47
  $225
• 34:48
  per
• 34:48
  month
• 34:49
  subscription
• 34:49
  to
• 34:49
  NetSuite,
• 34:50
  to
• 34:50
  QuickBooks
• 34:51
  was
• 34:51
  all
• 34:51
  they
• 34:51
  needed,
• 34:52
  not
• 34:52
  a
• 34:52
  $90,000.
• 34:53
  But
• 34:53
  if
• 34:53
  you
• 34:54
  listen
• 34:54
  to
• 34:54
  Claude,
• 34:54
  he
• 34:54
  would
• 34:54
  have
• 34:55
  said,
• 34:55
  hey,
• 34:55
  you
• 34:55
  need
• 34:55
  to
• 34:55
  spend
• 34:55
  $90,000
• 34:56
  on
• 34:56
  NetSuite.
• 34:57
  Yeah,
• 34:58
  that's
• 34:58
  interesting.
• 34:58
  And
• 34:59
  it
• 34:59
  helps
• 34:59
  catch
• 34:59
  it
• 34:59
  when
• 34:59
  it
• 35:00
  explains
• 35:00
  its
• 35:00
  logic
• 35:01
  for
• 35:01
  sure.
• 35:01
  And
• 35:01
  I've
• 35:01
  seen,
• 35:02
  I've
• 35:02
  been
• 35:02
  playing
• 35:02
  a
• 35:02
  lot
• 35:02
  with
• 35:02
  Cortex
• 35:03
  code
• 35:03
  on
• 35:03
  Snowflake
• 35:06
  and
• 35:06
  that's
• 35:06
  very
• 35:07
  good
• 35:07
  and
• 35:07
  I
• 35:07
  think
• 35:07
  notably
• 35:07
  better
• 35:08
  than
• 35:08
  Claude
• 35:08
  and
• 35:08
  GPT
• 35:10
  at
• 35:10
  explaining
• 35:10
  what
• 35:11
  it's
• 35:11
  doing
• 35:11
  along
• 35:11
  the
• 35:11
  way.
• 35:12
  So
• 35:13
  Cortex
• 35:13
  basically
• 35:14
  gives
• 35:14
  you
• 35:14
  an
• 35:14
  NLP
• 35:15
  front
• 35:15
  end
• 35:15
  interface.
• 35:15
  I
• 35:16
  think
• 35:16
  it's
• 35:16
  powered
• 35:16
  by
• 35:16
  anthropic,
• 35:17
  actually.
• 35:17
  I
• 35:17
  think
• 35:18
  it's
• 35:18
  got
• 35:18
  Opus
• 35:18
  4.
• 35:19
  6
• 35:19
  sitting
• 35:19
  under
• 35:20
  it.
• 35:22
  But
• 35:23
  it
• 35:23
  actually
• 35:23
  says,
• 35:23
  oh,
• 35:24
  the
• 35:24
  user
• 35:24
  asked
• 35:24
  an
• 35:24
  ambiguous
• 35:25
  question.
• 35:26
  So
• 35:26
  sometimes
• 35:27
  it
• 35:27
  will
• 35:27
  come
• 35:27
  back
• 35:27
  and
• 35:27
  ask
• 35:27
  you,
• 35:28
  but
• 35:28
  other
• 35:28
  times
• 35:28
  it
• 35:28
  will
• 35:28
  say,
• 35:28
  I'm
• 35:29
  making
• 35:29
  this
• 35:29
  assumption
• 35:29
  because
• 35:30
  XYZ
• 35:30
  and
• 35:30
  I
• 35:30
  looked
• 35:31
  at
• 35:31
  the
• 35:31
  data
• 35:31
  and
• 35:31
  I
• 35:31
  think
• 35:31
  they
• 35:32
  mean
• 35:32
  this.
• 35:32
  And
• 35:33
  it's
• 35:33
  line
• 35:33
  by
• 35:34
  line
• 35:34
  will
• 35:34
  explain
• 35:34
  to
• 35:34
  you
• 35:35
  every
• 35:35
  assumption
• 35:35
  that's
• 35:35
  made
• 35:36
  along
• 35:36
  the
• 35:36
  way.
• 35:36
  And
• 35:36
  I
• 35:36
  think
• 35:36
  increasingly
• 35:37
  that's
• 35:38
  especially
• 35:38
  for
• 35:38
  higher
• 35:39
  stakes
• 35:39
  things
• 35:39
  like
• 35:39
  we've
• 35:40
  talked
• 35:40
  about.
• 35:40
  That's
• 35:41
  an
• 35:42
  important
• 35:42
  feature
• 35:42
  for
• 35:42
  a
• 35:43
  model
• 35:43
  to
• 35:43
  have.
• 35:44
  The
• 35:44
  one
• 35:44
  thing
• 35:44
  that
• 35:44
  we're
• 35:45
  seeing
• 35:45
  as
• 35:45
  you
• 35:45
  kind
• 35:45
  of
• 35:46
  get
• 35:46
  into
• 35:46
  some
• 35:46
  of
• 35:46
  these
• 35:46
  M
• 35:46
  and
• 35:46
  A
• 35:46
  discussions
• 35:47
  now,
• 35:47
  is
• 35:47
  that
• 35:48
  we're
• 35:48
  seeing
• 35:49
  boards
• 35:50
  ask,
• 35:50
  is
• 35:51
  our
• 35:51
  data
• 35:51
  clean
• 35:51
  enough
• 35:51
  to
• 35:52
  use.
• 35:54
  There's
• 35:54
  not
• 35:54
  a
• 35:55
  board
• 35:55
  meeting
• 35:55
  I've
• 35:55
  been
• 35:55
  to
• 35:55
  as
• 35:56
  an
• 35:56
  observer
• 35:56
  or
• 35:56
  as
• 35:56
  a
• 35:57
  member.
• 35:58
  No
• 35:58
  one's
• 35:58
  asked
• 35:59
  that
• 35:59
  Question.
• 35:59
  Right.
• 36:00
  Well
• 36:00
  that's
• 36:00
  kind
• 36:00
  of.
• 36:00
  You're
• 36:01
  in
• 36:01
  now
• 36:01
  to
• 36:02
  get
• 36:02
  a
• 36:02
  budget
• 36:02
  for
• 36:02
  conversation
• 36:03
  that
• 36:03
  you
• 36:03
  would
• 36:03
  never
• 36:03
  had
• 36:04
  before.
• 36:05
  Yeah,
• 36:06
  it's
• 36:06
  critical.
• 36:06
  And
• 36:07
  that's
• 36:07
  where
• 36:07
  the
• 36:07
  competitive
• 36:08
  advantage
• 36:08
  lies
• 36:08
  because
• 36:09
  in
• 36:09
  the
• 36:09
  tool
• 36:09
  itself,
• 36:10
  like
• 36:10
  as
• 36:11
  it
• 36:11
  ships
• 36:11
  or
• 36:11
  as
• 36:11
  it's
• 36:11
  available
• 36:12
  on
• 36:12
  the
• 36:12
  web,
• 36:12
  it's
• 36:13
  no
• 36:13
  competitive
• 36:13
  end
• 36:13
  because
• 36:13
  everyone
• 36:14
  else
• 36:14
  has
• 36:14
  got
• 36:14
  it.
• 36:14
  Right.
• 36:15
  If
• 36:15
  you
• 36:15
  don't
• 36:16
  have
• 36:16
  first
• 36:16
  party
• 36:16
  data
• 36:16
  or
• 36:17
  high
• 36:17
  quality
• 36:17
  data
• 36:17
  about
• 36:18
  your
• 36:18
  business
• 36:18
  or
• 36:18
  your
• 36:18
  customers,
• 36:19
  then
• 36:20
  there's
• 36:20
  no
• 36:21
  competitive
• 36:21
  advantage
• 36:21
  there
• 36:22
  for
• 36:22
  you
• 36:22
  to
• 36:22
  eke
• 36:22
  out
• 36:23
  because
• 36:23
  everyone
• 36:23
  else
• 36:23
  can
• 36:23
  use
• 36:23
  it
• 36:24
  to
• 36:24
  write
• 36:24
  marketing
• 36:24
  copy
• 36:25
  and
• 36:25
  all
• 36:26
  the
• 36:26
  other
• 36:26
  things
• 36:26
  that
• 36:27
  you
• 36:27
  might
• 36:27
  do
• 36:27
  as
• 36:27
  a
• 36:27
  business.
• 36:29
  There's
• 36:29
  SaaS
• 36:30
  and
• 36:30
  FinTech
• 36:30
  are
• 36:31
  under
• 36:31
  extreme
• 36:31
  pressure
• 36:32
  right
• 36:32
  now.
• 36:33
  And
• 36:33
  then
• 36:33
  you
• 36:33
  have
• 36:33
  to
• 36:33
  be
• 36:33
  very
• 36:34
  careful
• 36:34
  that
• 36:35
  the
• 36:35
  Vibe
• 36:35
  code
• 36:36
  you
• 36:36
  do,
• 36:36
  that's
• 36:36
  not
• 36:36
  a
• 36:37
  production
• 36:37
  ready
• 36:37
  product.
• 36:37
  Right.
• 36:38
  That's
• 36:38
  just
• 36:38
  Vibe
• 36:38
  coding
• 36:39
  that
• 36:39
  gets
• 36:39
  you,
• 36:39
  it's
• 36:39
  an
• 36:39
  mvp,
• 36:40
  it's
• 36:41
  a
• 36:41
  great
• 36:41
  thing.
• 36:41
  Works
• 36:42
  for
• 36:42
  my
• 36:42
  personal
• 36:42
  CRM,
• 36:43
  doesn't
• 36:43
  work
• 36:43
  for
• 36:44
  a
• 36:44
  bank.
• 36:46
  You're
• 36:47
  not
• 36:47
  going
• 36:47
  to
• 36:47
  run
• 36:47
  a
• 36:47
  $100
• 36:47
  million
• 36:48
  company
• 36:48
  off
• 36:48
  of
• 36:49
  Vibe
• 36:49
  coding
• 36:49
  and
• 36:49
  pass
• 36:50
  regulatory
• 36:50
  examinations.
• 36:51
  No,
• 36:52
  absolutely
• 36:53
  not.
• 36:53
  And
• 36:53
  ultimately
• 36:54
  and
• 36:55
  correctly
• 36:55
  as
• 36:55
  well.
• 36:56
  I
• 36:56
  would
• 36:56
  say
• 36:56
  with
• 36:56
  reg
• 36:56
  exams
• 36:58
  you
• 36:58
  could
• 36:59
  vicode
• 36:59
  an
• 36:59
  AI
• 37:00
  substitute
• 37:00
  as
• 37:01
  much
• 37:01
  as
• 37:01
  you
• 37:01
  like,
• 37:01
  but
• 37:01
  there
• 37:01
  still
• 37:02
  needs
• 37:02
  to
• 37:02
  be
• 37:02
  a
• 37:02
  person
• 37:02
  whose
• 37:03
  name
• 37:03
  is
• 37:03
  on
• 37:03
  the
• 37:04
  block
• 37:04
  for
• 37:04
  a
• 37:05
  reg
• 37:05
  submission.
• 37:06
  Right.
• 37:07
  And
• 37:07
  if
• 37:07
  that
• 37:07
  person's
• 37:08
  smart,
• 37:08
  they're
• 37:08
  not
• 37:08
  going
• 37:08
  to
• 37:09
  outsource
• 37:09
  that
• 37:09
  to
• 37:09
  a
• 37:10
  model,
• 37:11
  especially
• 37:11
  one
• 37:11
  that
• 37:11
  they
• 37:11
  don't
• 37:12
  know
• 37:12
  they
• 37:12
  can't
• 37:12
  track
• 37:12
  and
• 37:13
  have
• 37:13
  full
• 37:13
  history
• 37:13
  of
• 37:13
  what
• 37:13
  it's
• 37:14
  doing.
• 37:14
  Like
• 37:15
  at
• 37:15
  the
• 37:15
  bottom
• 37:15
  of
• 37:15
  the
• 37:15
  balance
• 37:16
  sheet,
• 37:16
  the
• 37:16
  audit
• 37:17
  financial
• 37:17
  statements,
• 37:17
  there's
• 37:18
  a
• 37:18
  signature
• 37:18
  on
• 37:18
  the
• 37:18
  bottom
• 37:18
  of
• 37:18
  the
• 37:19
  audited
• 37:19
  financial
• 37:19
  statement
• 37:20
  saying
• 37:20
  this
• 37:20
  was
• 37:20
  reviewed
• 37:21
  by
• 37:21
  person
• 37:21
  X.
• 37:22
  Right.
• 37:22
  And
• 37:22
  if
• 37:22
  that,
• 37:25
  if
• 37:25
  that's
• 37:25
  wrong,
• 37:26
  there's
• 37:26
  fiduciary
• 37:27
  duties
• 37:27
  and
• 37:28
  criminal
• 37:28
  charges
• 37:29
  can
• 37:29
  be
• 37:29
  brought
• 37:29
  against
• 37:29
  you
• 37:30
  against
• 37:30
  all
• 37:31
  this
• 37:31
  stuff
• 37:31
  now.
• 37:31
  So
• 37:32
  you
• 37:32
  can't
• 37:32
  just
• 37:33
  go
• 37:33
  blindly.
• 37:34
  Yeah,
• 37:34
  peeps
• 37:35
  gotta
• 37:35
  be
• 37:35
  careful.
• 37:37
  Speaking
• 37:37
  of
• 37:37
  opportunities,
• 37:39
  you
• 37:39
  offer
• 37:40
  data
• 37:40
  monetization
• 37:41
  as
• 37:41
  a
• 37:41
  service,
• 37:41
  and
• 37:41
  this
• 37:41
  is
• 37:43
  no
• 37:43
  stranger
• 37:44
  to
• 37:44
  me,
• 37:44
  this
• 37:45
  idea
• 37:45
  that
• 37:46
  first
• 37:46
  party
• 37:46
  data
• 37:47
  becomes
• 37:47
  valuable
• 37:47
  and
• 37:47
  potentially
• 37:48
  even
• 37:48
  more
• 37:48
  so
• 37:48
  actually
• 37:49
  given
• 37:49
  what
• 37:49
  we
• 37:49
  just
• 37:49
  talked
• 37:50
  about
• 37:50
  with,
• 37:50
  with
• 37:52
  AI,
• 37:52
  that
• 37:53
  proprietary
• 37:53
  data
• 37:53
  could
• 37:53
  be
• 37:54
  more
• 37:54
  important.
• 37:55
  So
• 37:56
  you
• 37:56
  help
• 37:56
  companies
• 37:56
  figure
• 37:56
  out
• 37:57
  whether
• 37:57
  the
• 37:57
  data
• 37:57
  actually
• 37:58
  could
• 37:58
  be
• 37:58
  an
• 37:58
  asset
• 37:58
  that
• 37:59
  they
• 37:59
  could
• 38:00
  sell,
• 38:01
  which
• 38:01
  I'm
• 38:02
  sure
• 38:02
  is
• 38:02
  a
• 38:03
  novel
• 38:03
  thing
• 38:03
  to
• 38:03
  most
• 38:04
  mid
• 38:04
  market
• 38:04
  companies.
• 38:05
  What
• 38:06
  sort
• 38:06
  of
• 38:07
  situations
• 38:08
  does
• 38:08
  that
• 38:08
  make
• 38:09
  sense
• 38:09
  in?
• 38:10
  So
• 38:10
  what
• 38:11
  it
• 38:11
  comes
• 38:11
  down
• 38:11
  to
• 38:11
  is
• 38:12
  the
• 38:12
  two
• 38:13
  biggest
• 38:13
  buyers
• 38:13
  of
• 38:14
  data
• 38:14
  are
• 38:15
  academia,
• 38:17
  npe,
• 38:18
  they're
• 38:18
  the
• 38:18
  ones
• 38:19
  who
• 38:19
  buy
• 38:19
  the
• 38:19
  data.
• 38:20
  How
• 38:20
  many
• 38:21
  universities
• 38:22
  out
• 38:22
  there,
• 38:22
  how
• 38:22
  much
• 38:22
  research
• 38:23
  are
• 38:23
  universities
• 38:23
  always
• 38:24
  doing?
• 38:25
  There's
• 38:25
  data
• 38:25
  libraries,
• 38:26
  data
• 38:26
  monetization
• 38:26
  libraries,
• 38:27
  just
• 38:27
  on
• 38:28
  marketplaces,
• 38:28
  just
• 38:28
  for
• 38:29
  academia.
• 38:30
  What
• 38:31
  makes
• 38:31
  your
• 38:32
  data
• 38:32
  more.
• 38:35
  The
• 38:35
  more
• 38:35
  unique
• 38:35
  it
• 38:35
  is,
• 38:35
  the
• 38:36
  more
• 38:36
  it's
• 38:36
  worth.
• 38:37
  But
• 38:37
  if
• 38:38
  it's
• 38:38
  more
• 38:38
  unique,
• 38:38
  it's
• 38:39
  less
• 38:39
  tested.
• 38:39
  So
• 38:39
  less
• 38:39
  tested
• 38:40
  makes
• 38:40
  it
• 38:40
  worth
• 38:40
  less.
• 38:41
  So
• 38:41
  there's
• 38:41
  kind
• 38:41
  of
• 38:41
  the
• 38:41
  dynamic
• 38:42
  pull
• 38:42
  that
• 38:42
  everybody
• 38:43
  wants
• 38:43
  to
• 38:43
  have.
• 38:43
  The,
• 38:44
  the
• 38:44
  different
• 38:44
  data
• 38:45
  points,
• 38:45
  especially
• 38:45
  in
• 38:45
  pe
• 38:46
  and
• 38:46
  like
• 38:46
  hedge
• 38:46
  funds,
• 38:47
  the
• 38:47
  analysts,
• 38:47
  they
• 38:47
  want
• 38:48
  this
• 38:48
  unique
• 38:48
  data
• 38:48
  point,
• 38:49
  but
• 38:49
  they
• 38:49
  need
• 38:49
  to
• 38:49
  be
• 38:49
  able
• 38:49
  to
• 38:49
  trust
• 38:50
  it.
• 38:50
  Right.
• 38:51
  So
• 38:51
  it
• 38:51
  comes
• 38:52
  back
• 38:52
  down
• 38:52
  to
• 38:52
  what's
• 38:53
  your
• 38:53
  internal
• 38:53
  data
• 38:53
  quality?
• 38:54
  Like,
• 38:55
  what
• 38:55
  if
• 38:55
  you
• 38:56
  don't
• 38:56
  have
• 38:56
  a
• 38:56
  good
• 38:56
  data
• 38:56
  quality
• 38:57
  to
• 38:57
  go
• 38:57
  publish
• 38:57
  it?
• 38:58
  Don't
• 38:58
  even
• 38:58
  bother,
• 38:59
  because
• 38:59
  you
• 38:59
  are
• 39:00
  the
• 39:00
  hook
• 39:00
  for
• 39:01
  the
• 39:01
  quality
• 39:02
  of
• 39:02
  this
• 39:02
  data.
• 39:02
  There
• 39:03
  are
• 39:03
  ramifications
• 39:03
  having
• 39:04
  wrong
• 39:04
  data.
• 39:04
  But
• 39:04
  you
• 39:04
  know,
• 39:05
  some
• 39:05
  things
• 39:05
  that
• 39:05
  we
• 39:06
  had
• 39:06
  one
• 39:06
  company
• 39:06
  come
• 39:06
  to
• 39:06
  us,
• 39:07
  like,
• 39:07
  oh,
• 39:07
  I
• 39:07
  think
• 39:07
  we
• 39:07
  can
• 39:07
  make,
• 39:08
  we
• 39:08
  make
• 39:08
  probably
• 39:08
  a
• 39:08
  million
• 39:09
  dollars
• 39:10
  a
• 39:10
  year
• 39:10
  off
• 39:10
  our
• 39:10
  data.
• 39:11
  We
• 39:11
  looked
• 39:11
  at
• 39:11
  it,
• 39:12
  I'm
• 39:12
  like,
• 39:12
  so
• 39:12
  you
• 39:13
  are
• 39:13
  13th
• 39:14
  in
• 39:14
  your
• 39:14
  marketplace.
• 39:17
  You
• 39:17
  are
• 39:18
  one
• 39:18
  tenth
• 39:19
  the
• 39:19
  size
• 39:19
  of
• 39:19
  your
• 39:19
  largest
• 39:20
  competitor,
• 39:21
  and
• 39:21
  your
• 39:22
  data
• 39:22
  is
• 39:22
  no
• 39:22
  different
• 39:22
  than
• 39:22
  your
• 39:23
  competitors.
• 39:24
  What
• 39:24
  would
• 39:24
  make
• 39:24
  yours
• 39:25
  worth
• 39:25
  a
• 39:25
  million
• 39:25
  dollars
• 39:26
  and
• 39:26
  not
• 39:26
  theirs?
• 39:28
  Good
• 39:29
  questions,
• 39:30
  no
• 39:30
  answer.
• 39:31
  So
• 39:31
  that's
• 39:32
  the
• 39:32
  case.
• 39:32
  Like,
• 39:32
  no,
• 39:32
  you
• 39:33
  don't
• 39:33
  want
• 39:33
  to,
• 39:33
  like
• 39:33
  you're
• 39:33
  going
• 39:34
  to
• 39:34
  spend
• 39:34
  50,
• 39:34
  70,
• 39:35
  80,
• 39:35
  $100,000
• 39:36
  doing
• 39:36
  all
• 39:36
  this.
• 39:37
  Your
• 39:37
  return
• 39:38
  is
• 39:38
  probably
• 39:38
  going
• 39:38
  to
• 39:38
  be
• 39:38
  50
• 39:39
  to
• 39:39
  80,
• 39:40
  $100,000.
• 39:42
  Another
• 39:42
  one
• 39:42
  was
• 39:42
  like
• 39:43
  we
• 39:43
  had
• 39:43
  from
• 39:43
  pharma
• 39:44
  data.
• 39:44
  So
• 39:44
  we
• 39:45
  able
• 39:45
  to
• 39:45
  mask
• 39:45
  from
• 39:45
  pharma
• 39:46
  data
• 39:46
  that
• 39:46
  pharma
• 39:47
  data
• 39:47
  was
• 39:47
  worth
• 39:47
  a
• 39:47
  lot
• 39:48
  of
• 39:48
  money.
• 39:48
  It
• 39:48
  was
• 39:49
  an
• 39:49
  $800,000
• 39:49
  data
• 39:49
  set.
• 39:50
  Is
• 39:50
  this
• 39:51
  like
• 39:51
  who's
• 39:51
  using
• 39:52
  pharmaceutical
• 39:52
  products
• 39:53
  or
• 39:53
  how
• 39:53
  they're
• 39:53
  performing
• 39:54
  in
• 39:54
  testing
• 39:54
  or
• 39:55
  it
• 39:56
  was
• 39:56
  who's
• 39:56
  using
• 39:57
  pharma
• 39:57
  products.
• 39:57
  So
• 39:57
  it
• 39:58
  was
• 39:58
  basically
• 39:58
  like
• 39:59
  a
• 39:59
  lot
• 39:59
  of
• 39:59
  drugstore
• 40:00
  data
• 40:02
  across
• 40:03
  Canada.
• 40:04
  Right.
• 40:04
  So
• 40:05
  we
• 40:05
  could
• 40:05
  tell
• 40:05
  you
• 40:05
  then,
• 40:05
  like
• 40:05
  by
• 40:06
  very,
• 40:06
  very
• 40:06
  high
• 40:07
  level
• 40:07
  that,
• 40:07
  you
• 40:08
  know,
• 40:08
  in
• 40:08
  this,
• 40:08
  you
• 40:09
  know,
• 40:09
  in
• 40:09
  this,
• 40:10
  in
• 40:10
  this
• 40:10
  city,
• 40:11
  here
• 40:11
  are
• 40:11
  the
• 40:11
  top
• 40:12
  five
• 40:12
  drugs
• 40:13
  in
• 40:13
  the
• 40:13
  20
• 40:13
  to
• 40:13
  50
• 40:14
  being
• 40:14
  sold
• 40:14
  at
• 40:15
  these
• 40:15
  drugstores
• 40:16
  between
• 40:16
  the
• 40:16
  ages
• 40:16
  of
• 40:16
  20
• 40:16
  and
• 40:17
  30.
• 40:17
  Between
• 40:17
  30
• 40:17
  and
• 40:18
  40
• 40:19
  does.
• 40:20
  My
• 40:21
  mind
• 40:21
  jumps
• 40:21
  immediately
• 40:22
  to
• 40:22
  GLP1s
• 40:23
  and
• 40:23
  the
• 40:23
  huge
• 40:24
  demand
• 40:24
  there
• 40:24
  must
• 40:24
  be
• 40:24
  for
• 40:24
  that
• 40:24
  data
• 40:25
  right
• 40:25
  now,
• 40:25
  because
• 40:25
  there's
• 40:26
  a
• 40:26
  big
• 40:26
  market
• 40:26
  out
• 40:26
  there
• 40:26
  and
• 40:27
  I
• 40:27
  think
• 40:27
  they've
• 40:27
  got
• 40:28
  pills
• 40:28
  now,
• 40:28
  haven't
• 40:28
  they?
• 40:28
  As
• 40:28
  well
• 40:29
  as
• 40:29
  the
• 40:29
  having
• 40:29
  to
• 40:29
  inject
• 40:30
  yourself
• 40:30
  in
• 40:30
  the
• 40:30
  stomach
• 40:30
  things.
• 40:31
  Yeah.
• 40:32
  So
• 40:33
  it's
• 40:33
  all
• 40:33
  about
• 40:33
  like,
• 40:33
  nose,
• 40:34
  like
• 40:34
  how,
• 40:34
  how
• 40:35
  unique
• 40:35
  is
• 40:35
  your
• 40:36
  data
• 40:36
  set
• 40:36
  and
• 40:36
  how
• 40:37
  trustworthy
• 40:37
  your
• 40:37
  data
• 40:38
  set.
• 40:38
  Those
• 40:39
  are
• 40:39
  two
• 40:39
  things
• 40:39
  that
• 40:39
  will
• 40:40
  drive
• 40:40
  your
• 40:40
  value.
• 40:41
  Yeah,
• 40:42
  no,
• 40:42
  absolutely.
• 40:42
  And
• 40:43
  I,
• 40:45
  to
• 40:45
  clarify,
• 40:46
  I'm
• 40:46
  Not
• 40:46
  a
• 40:46
  user
• 40:46
  of
• 40:46
  ozempic.
• 40:47
  The.
• 40:48
  I'm
• 40:48
  just
• 40:49
  aware
• 40:49
  of
• 40:49
  what
• 40:49
  a
• 40:49
  hot
• 40:49
  market
• 40:50
  is
• 40:50
  now
• 40:50
  and
• 40:50
  what
• 40:50
  a
• 40:50
  big
• 40:50
  margins
• 40:51
  are
• 40:51
  available
• 40:51
  in
• 40:52
  there.
• 40:52
  So
• 40:52
  if,
• 40:52
  you
• 40:53
  know,
• 40:53
  if
• 40:53
  I
• 40:53
  think
• 40:53
  about
• 40:53
  those
• 40:55
  new
• 40:55
  to
• 40:56
  market
• 40:56
  folks
• 40:56
  who've
• 40:56
  got
• 40:57
  the
• 40:57
  GLP1
• 40:57
  pills,
• 40:58
  for
• 40:58
  example,
• 40:59
  like
• 40:59
  to
• 40:59
  them
• 41:00
  knowing
• 41:00
  the
• 41:01
  regions
• 41:01
  of
• 41:02
  Canada
• 41:02
  and
• 41:02
  the
• 41:02
  type
• 41:03
  of
• 41:03
  people
• 41:03
  who
• 41:03
  are
• 41:03
  buying
• 41:04
  GLP1s
• 41:05
  is
• 41:05
  incredibly
• 41:06
  valuable.
• 41:07
  Yeah.
• 41:07
  So
• 41:07
  there,
• 41:08
  so
• 41:08
  there's
• 41:09
  of
• 41:09
  course
• 41:09
  when
• 41:09
  you're
• 41:10
  also
• 41:10
  going
• 41:10
  through
• 41:10
  the
• 41:10
  whole
• 41:10
  entire
• 41:11
  data
• 41:11
  monetization,
• 41:11
  you
• 41:11
  have
• 41:11
  to
• 41:12
  look
• 41:12
  at
• 41:12
  hashing
• 41:13
  and
• 41:13
  anonymizing
• 41:13
  your
• 41:14
  data
• 41:14
  because
• 41:14
  there's
• 41:14
  some
• 41:14
  data
• 41:14
  you
• 41:15
  cannot
• 41:15
  sell.
• 41:15
  Right.
• 41:16
  There's
• 41:16
  all
• 41:16
  sorts
• 41:16
  of
• 41:17
  pii,
• 41:17
  gdpr,
• 41:18
  hipaa,
• 41:19
  like
• 41:19
  where.
• 41:19
  But
• 41:19
  depending
• 41:20
  which
• 41:20
  region
• 41:20
  you're
• 41:20
  in,
• 41:21
  you
• 41:21
  have
• 41:21
  to
• 41:21
  really
• 41:21
  follow
• 41:22
  all
• 41:22
  these,
• 41:22
  you
• 41:22
  know,
• 41:22
  privacy
• 41:23
  regulations.
• 41:23
  You
• 41:23
  have
• 41:23
  to
• 41:24
  make
• 41:24
  sure
• 41:24
  that
• 41:24
  you
• 41:25
  nothing
• 41:25
  that
• 41:25
  you
• 41:25
  sell
• 41:26
  can
• 41:26
  come
• 41:26
  back
• 41:26
  to
• 41:27
  the
• 41:27
  user.
• 41:28
  Yeah.
• 41:28
  There
• 41:29
  was
• 41:29
  an
• 41:29
  example
• 41:29
  last
• 41:29
  year
• 41:30
  of
• 41:31
  location
• 41:31
  data.
• 41:32
  I
• 41:32
  think
• 41:32
  people
• 41:32
  who
• 41:33
  were
• 41:33
  able
• 41:33
  to
• 41:35
  through
• 41:35
  not
• 41:35
  always
• 41:36
  100%
• 41:36
  ethical
• 41:36
  means,
• 41:37
  like
• 41:37
  get
• 41:37
  apps
• 41:37
  installed
• 41:38
  on
• 41:38
  people's
• 41:38
  phones
• 41:38
  or
• 41:39
  whatever
• 41:39
  so
• 41:39
  they
• 41:39
  could
• 41:39
  track
• 41:40
  their
• 41:40
  location
• 41:41
  and
• 41:41
  they
• 41:41
  had
• 41:41
  some
• 41:42
  demographic
• 41:42
  information.
• 41:43
  So
• 41:43
  they
• 41:43
  had
• 41:44
  basically
• 41:46
  geo
• 41:46
  information
• 41:47
  down
• 41:47
  to
• 41:47
  the
• 41:47
  level
• 41:47
  of
• 41:48
  like
• 41:49
  a
• 41:50
  block
• 41:50
  or
• 41:50
  a
• 41:50
  building,
• 41:51
  even
• 41:51
  like
• 41:52
  where
• 41:52
  people
• 41:52
  were
• 41:52
  going,
• 41:53
  which
• 41:53
  includes
• 41:54
  of
• 41:54
  course
• 41:54
  people
• 41:55
  who
• 41:55
  are
• 41:55
  going
• 41:55
  to
• 41:56
  jails,
• 41:56
  people
• 41:57
  who
• 41:57
  are
• 41:57
  going
• 41:57
  to
• 41:59
  doctor
• 41:59
  surgeries,
• 42:00
  people
• 42:00
  who
• 42:00
  are
• 42:00
  going
• 42:00
  to
• 42:00
  abortion
• 42:01
  clinics
• 42:02
  and
• 42:02
  other
• 42:03
  such
• 42:03
  like
• 42:03
  sensitive
• 42:04
  subjects.
• 42:05
  And
• 42:05
  it
• 42:05
  was.
• 42:06
  The
• 42:06
  government
• 42:06
  always
• 42:07
  interests
• 42:07
  me
• 42:08
  because
• 42:09
  the
• 42:09
  government
• 42:10
  like
• 42:10
  clamped
• 42:11
  down
• 42:11
  on
• 42:11
  this
• 42:11
  obviously,
• 42:11
  like
• 42:12
  you
• 42:12
  can't
• 42:12
  sell
• 42:12
  this
• 42:12
  stuff.
• 42:13
  Like
• 42:13
  this
• 42:13
  is
• 42:13
  not
• 42:14
  okay.
• 42:14
  Like
• 42:14
  you
• 42:14
  can't,
• 42:15
  you
• 42:15
  can't
• 42:15
  sell
• 42:15
  it.
• 42:15
  And
• 42:16
  then
• 42:16
  they
• 42:16
  actually
• 42:17
  gave
• 42:17
  out
• 42:18
  a
• 42:18
  huge
• 42:18
  fine,
• 42:19
  but
• 42:19
  tempo'd
• 42:19
  the
• 42:19
  fine
• 42:20
  and
• 42:20
  said
• 42:21
  this
• 42:21
  is
• 42:22
  only
• 42:22
  allowed
• 42:22
  if
• 42:23
  you're
• 42:23
  giving
• 42:23
  the
• 42:23
  data
• 42:24
  to
• 42:24
  us.
• 42:28
  But
• 42:29
  this
• 42:29
  also
• 42:29
  leads
• 42:29
  to
• 42:29
  another
• 42:29
  interesting
• 42:30
  discussion
• 42:30
  about,
• 42:31
  interesting.
• 42:31
  Depending
• 42:32
  if
• 42:32
  you're
• 42:32
  a
• 42:32
  CPA
• 42:33
  or
• 42:33
  not,
• 42:33
  but
• 42:34
  right
• 42:35
  now,
• 42:35
  from
• 42:36
  a
• 42:36
  balance
• 42:36
  sheet
• 42:36
  finance
• 42:37
  perspective,
• 42:37
  Data
• 42:37
  is
• 42:38
  worth
• 42:38
  $0
• 42:39
  on
• 42:39
  your
• 42:39
  balance
• 42:39
  sheet.
• 42:40
  Data
• 42:41
  is
• 42:41
  not
• 42:41
  considered
• 42:42
  technically
• 42:43
  an
• 42:43
  asset
• 42:43
  under
• 42:44
  accounting
• 42:44
  rules.
• 42:45
  Right.
• 42:45
  You
• 42:46
  know,
• 42:46
  I
• 42:46
  am
• 42:46
  the
• 42:46
  personal
• 42:47
  opinion,
• 42:47
  I've
• 42:47
  been
• 42:47
  our
• 42:47
  regulate,
• 42:48
  I've
• 42:48
  been
• 42:48
  trying
• 42:48
  to
• 42:48
  argue
• 42:49
  with
• 42:49
  the
• 42:49
  regulators
• 42:49
  on
• 42:49
  this,
• 42:50
  the
• 42:50
  accounting
• 42:50
  standards
• 42:51
  that
• 42:52
  it
• 42:52
  falls
• 42:53
  under
• 42:53
  an
• 42:53
  intangible
• 42:53
  asset.
• 42:54
  Like
• 42:55
  if
• 42:55
  you
• 42:55
  have,
• 42:55
  if
• 42:55
  you
• 42:55
  have
• 42:56
  such
• 42:56
  things
• 42:56
  as
• 42:56
  goodwill,
• 42:57
  which
• 42:57
  is
• 42:57
  the
• 42:58
  amount
• 42:58
  you
• 42:58
  pay
• 42:58
  over
• 42:59
  for
• 42:59
  a
• 42:59
  company,
• 43:00
  if
• 43:00
  that's
• 43:00
  an
• 43:01
  intangible
• 43:01
  asset,
• 43:02
  why
• 43:02
  can
• 43:02
  data
• 43:02
  not
• 43:03
  be
• 43:03
  considered
• 43:03
  an
• 43:04
  actual.
• 43:05
  How
• 43:05
  do
• 43:05
  you
• 43:05
  value
• 43:05
  it?
• 43:06
  There's
• 43:06
  like
• 43:07
  a
• 43:07
  lot
• 43:07
  of
• 43:07
  people
• 43:08
  have
• 43:08
  done
• 43:08
  some
• 43:08
  work
• 43:08
  on
• 43:08
  like
• 43:09
  how
• 43:09
  do
• 43:09
  you
• 43:10
  value
• 43:10
  it?
• 43:10
  Is
• 43:10
  it
• 43:10
  if
• 43:11
  you
• 43:11
  sell
• 43:11
  it
• 43:11
  for
• 43:11
  $800,000,
• 43:12
  isn't
• 43:13
  it
• 43:13
  worth
• 43:13
  $800,000
• 43:13
  on
• 43:14
  your
• 43:14
  balance
• 43:14
  sheet.
• 43:14
  Now,
• 43:15
  if
• 43:15
  you
• 43:15
  have
• 43:16
  a
• 43:16
  data
• 43:16
  breach,
• 43:16
  what
• 43:16
  happens
• 43:17
  to
• 43:17
  the
• 43:17
  data
• 43:17
  breach?
• 43:17
  You
• 43:17
  get
• 43:17
  sued
• 43:18
  for
• 43:18
  millions
• 43:19
  and
• 43:19
  millions
• 43:20
  of
• 43:20
  dollars.
• 43:20
  Yeah,
• 43:21
  yeah.
• 43:21
  How
• 43:21
  do
• 43:21
  you
• 43:22
  sue
• 43:22
  on
• 43:22
  a
• 43:22
  worthless
• 43:22
  asset?
• 43:24
  Yeah,
• 43:24
  that's
• 43:25
  interesting.
• 43:25
  But
• 43:25
  you
• 43:25
  know,
• 43:26
  and
• 43:26
  people
• 43:26
  say
• 43:27
  you're
• 43:27
  getting
• 43:27
  sued
• 43:27
  because
• 43:28
  of
• 43:28
  damages,
• 43:28
  but
• 43:29
  damages
• 43:29
  mean
• 43:30
  that
• 43:30
  it
• 43:30
  was
• 43:30
  valuable
• 43:31
  in
• 43:31
  the
• 43:31
  first
• 43:31
  place.
• 43:31
  How
• 43:31
  can
• 43:32
  something
• 43:32
  go
• 43:32
  otherwise
• 43:33
  it
• 43:33
  wouldn't
• 43:33
  have
• 43:33
  been
• 43:33
  damaging
• 43:33
  to
• 43:33
  get
• 43:33
  it
• 43:34
  out?
• 43:34
  Yeah,
• 43:34
  yeah.
• 43:34
  So
• 43:34
  the.
• 43:35
  So
• 43:35
  you
• 43:35
  know,
• 43:35
  by
• 43:35
  trade
• 43:36
  accountants
• 43:36
  are
• 43:36
  very
• 43:37
  slow
• 43:37
  moving,
• 43:38
  hence
• 43:38
  why
• 43:38
  they're
• 43:39
  the
• 43:39
  last
• 43:39
  ones
• 43:39
  to
• 43:39
  adopt
• 43:40
  the
• 43:40
  AI,
• 43:40
  one
• 43:40
  of
• 43:40
  the
• 43:40
  last
• 43:40
  ones
• 43:41
  to
• 43:41
  get
• 43:41
  off
• 43:41
  Excel
• 43:41
  spreadsheets.
• 43:42
  But
• 43:42
  it's
• 43:42
  just
• 43:42
  an
• 43:43
  interesting
• 43:43
  dynamic,
• 43:44
  technically
• 43:44
  speaking,
• 43:45
  from
• 43:45
  a
• 43:45
  corporate
• 43:46
  perspective,
• 43:46
  Data
• 43:47
  is
• 43:47
  worth
• 43:47
  $0
• 43:47
  on
• 43:48
  a
• 43:48
  balance
• 43:48
  sheet.
• 43:49
  So
• 43:49
  pulling
• 43:50
  from
• 43:50
  your
• 43:51
  CPA
• 43:51
  knowledge,
• 43:52
  which
• 43:52
  far
• 43:52
  outstrips
• 43:52
  mine,
• 43:55
  what
• 43:55
  other
• 43:55
  sorts
• 43:56
  of
• 43:56
  assets
• 43:56
  are
• 43:56
  intangible
• 43:57
  assets,
• 43:57
  like
• 43:57
  intellectual
• 43:57
  property,
• 43:58
  for
• 43:58
  example?
• 43:58
  Is
• 43:58
  that
• 43:59
  one?
• 43:59
  Yeah,
• 43:59
  so
• 44:00
  it's
• 44:00
  all
• 44:00
  under
• 44:01
  the
• 44:01
  IP
• 44:01
  rules.
• 44:02
  So
• 44:02
  you
• 44:02
  have
• 44:02
  a
• 44:03
  patent.
• 44:03
  A
• 44:03
  patent
• 44:03
  can
• 44:03
  actually
• 44:04
  be
• 44:04
  considered
• 44:04
  a
• 44:04
  valuable
• 44:05
  asset.
• 44:05
  Right.
• 44:05
  People
• 44:06
  sell
• 44:06
  patents
• 44:06
  for
• 44:06
  millions
• 44:07
  and
• 44:07
  millions
• 44:07
  of
• 44:07
  dollars.
• 44:08
  People
• 44:08
  sell
• 44:09
  data.
• 44:09
  So
• 44:09
  like,
• 44:10
  no,
• 44:10
  it's
• 44:10
  anything
• 44:11
  that
• 44:11
  it's
• 44:11
  an
• 44:11
  intangible
• 44:12
  asset.
• 44:12
  Like
• 44:12
  there
• 44:13
  are,
• 44:14
  there
• 44:15
  are
• 44:15
  many
• 44:15
  things
• 44:15
  out
• 44:15
  there,
• 44:16
  but
• 44:16
  data's
• 44:16
  just
• 44:17
  not
• 44:17
  one
• 44:17
  of
• 44:17
  them.
• 44:17
  So
• 44:17
  it's
• 44:17
  an
• 44:18
  interesting
• 44:18
  conversation
• 44:18
  that's
• 44:19
  been
• 44:19
  going
• 44:19
  on
• 44:19
  for
• 44:19
  I'd
• 44:19
  say
• 44:20
  about
• 44:20
  eight
• 44:20
  years
• 44:21
  now
• 44:21
  that
• 44:22
  we
• 44:22
  have
• 44:22
  made
• 44:22
  absolutely
• 44:24
  naturally
• 44:25
  say
• 44:25
  about
• 44:25
  10%
• 44:25
  gain
• 44:26
  on
• 44:26
  the
• 44:26
  accounting
• 44:26
  society
• 44:27
  on
• 44:27
  this
• 44:27
  argument
• 44:28
  so
• 44:28
  far.
• 44:28
  But
• 44:28
  you
• 44:29
  know,
• 44:29
  because
• 44:29
  now
• 44:30
  you
• 44:30
  can't
• 44:30
  run
• 44:30
  AI
• 44:30
  without
• 44:30
  your
• 44:31
  data.
• 44:31
  So
• 44:31
  like,
• 44:31
  once
• 44:31
  again,
• 44:32
  how
• 44:32
  is
• 44:32
  data
• 44:33
  not
• 44:33
  valuable?
• 44:34
  We
• 44:34
  just
• 44:34
  spoke
• 44:35
  about
• 44:35
  how
• 44:35
  data
• 44:36
  is
• 44:36
  the
• 44:36
  thing
• 44:36
  which
• 44:37
  turns
• 44:37
  AI
• 44:37
  from
• 44:38
  a
• 44:38
  tool
• 44:38
  that
• 44:38
  everyone
• 44:38
  has
• 44:39
  into
• 44:39
  a
• 44:39
  competitive
• 44:39
  advantage.
• 44:40
  Right.
• 44:40
  So
• 44:40
  how
• 44:40
  can
• 44:40
  we
• 44:41
  say
• 44:41
  that's
• 44:41
  not
• 44:41
  valuable?
• 44:42
  So
• 44:42
  I'm
• 44:43
  really,
• 44:44
  I
• 44:44
  would
• 44:44
  say
• 44:44
  excited,
• 44:45
  but
• 44:45
  I
• 44:45
  don't
• 44:46
  want
• 44:46
  to
• 44:46
  use
• 44:46
  the
• 44:46
  word
• 44:46
  accounting
• 44:46
  and
• 44:46
  exciting
• 44:47
  in
• 44:47
  the
• 44:47
  same
• 44:48
  sentence
• 44:48
  here,
• 44:48
  but
• 44:49
  really
• 44:49
  interested
• 44:50
  to
• 44:50
  see
• 44:50
  how
• 44:51
  the
• 44:51
  accounting
• 44:51
  societies
• 44:52
  start
• 44:52
  to
• 44:52
  value
• 44:52
  data
• 44:53
  in
• 44:53
  the
• 44:53
  future.
• 44:53
  Well,
• 44:54
  I'm
• 44:54
  down
• 44:54
  for
• 44:54
  it.
• 44:54
  And
• 44:54
  if
• 44:55
  you
• 44:55
  ever
• 44:55
  want
• 44:55
  an
• 44:55
  objective
• 44:55
  witness
• 44:56
  statement,
• 44:57
  Greg,
• 44:57
  I'm
• 44:57
  here
• 44:57
  for
• 44:58
  you.
• 44:58
  I'll
• 44:58
  take
• 44:58
  the
• 44:58
  stand
• 44:59
  for
• 44:59
  you,
• 44:59
  don't
• 44:59
  worry.
• 45:02
  Say
• 45:02
  the
• 45:02
  word.
• 45:02
  Say
• 45:03
  the
• 45:03
  word.
• 45:04
  So,
• 45:05
  one
• 45:05
  last
• 45:05
  thing,
• 45:05
  I
• 45:05
  just
• 45:05
  want
• 45:06
  to
• 45:06
  get
• 45:06
  into
• 45:06
  patterns,
• 45:07
  particularly
• 45:07
  patterns
• 45:08
  that
• 45:08
  you
• 45:08
  might
• 45:08
  see
• 45:08
  repeat
• 45:09
  across
• 45:09
  PE
• 45:09
  backed
• 45:10
  companies
• 45:10
  and
• 45:10
  PE
• 45:11
  portfolios.
• 45:13
  We're
• 45:13
  looking
• 45:13
  at
• 45:14
  largely
• 45:14
  the
• 45:14
  same
• 45:14
  companies
• 45:14
  from
• 45:15
  slightly
• 45:15
  different
• 45:15
  angles.
• 45:16
  What
• 45:17
  are
• 45:17
  some
• 45:17
  of
• 45:17
  the
• 45:17
  patterns
• 45:17
  that
• 45:18
  keep
• 45:18
  showing
• 45:18
  up,
• 45:18
  regardless
• 45:19
  of
• 45:19
  vertical,
• 45:20
  regardless
• 45:20
  of
• 45:20
  the
• 45:20
  size
• 45:21
  of
• 45:21
  the
• 45:21
  fund
• 45:22
  or
• 45:23
  the
• 45:23
  company?
• 45:24
  What
• 45:24
  do
• 45:24
  you
• 45:24
  keep
• 45:24
  seeing?
• 45:25
  Well,
• 45:25
  I'll
• 45:25
  see
• 45:26
  something
• 45:26
  like,
• 45:26
  well,
• 45:26
  we
• 45:26
  quite
• 45:27
  refer
• 45:27
  to
• 45:27
  the
• 45:27
  100
• 45:28
  day
• 45:28
  tech
• 45:28
  mistake
• 45:29
  where
• 45:29
  operating
• 45:30
  partners
• 45:30
  scope
• 45:31
  systems
• 45:31
  work
• 45:32
  before
• 45:32
  they
• 45:32
  actually
• 45:33
  understand
• 45:33
  the
• 45:33
  process
• 45:33
  underneath.
• 45:35
  It's
• 45:36
  the
• 45:36
  hey,
• 45:36
  oh,
• 45:37
  we
• 45:37
  need
• 45:37
  a
• 45:37
  snowflake.
• 45:38
  We
• 45:38
  need
• 45:38
  a
• 45:38
  databricks
• 45:39
  to
• 45:39
  fix
• 45:40
  this.
• 45:41
  Once
• 45:42
  again,
• 45:42
  we
• 45:42
  talked
• 45:42
  about
• 45:42
  this
• 45:42
  earlier.
• 45:43
  You
• 45:43
  can
• 45:43
  drop
• 45:43
  netsuite
• 45:44
  into
• 45:45
  a
• 45:45
  broken
• 45:45
  process.
• 45:45
  You
• 45:45
  need
• 45:45
  to
• 45:46
  get
• 45:46
  a
• 45:46
  more
• 45:46
  expensive
• 45:46
  broken
• 45:47
  process.
• 45:47
  Right?
• 45:47
  Yeah.
• 45:48
  Why
• 45:48
  not
• 45:48
  get
• 45:48
  them
• 45:48
  Palantir,
• 45:49
  let's
• 45:49
  go
• 45:50
  all
• 45:50
  the
• 45:50
  way.
• 45:53
  They're
• 45:53
  not
• 45:53
  paying
• 45:53
  attention
• 45:54
  to
• 45:54
  the
• 45:54
  data
• 45:54
  layer.
• 45:54
  Like
• 45:55
  hey,
• 45:55
  21.6,
• 45:56
  21.1.
• 45:57
  Everyone's
• 45:57
  like,
• 45:58
  oh,
• 45:58
  it's
• 45:58
  close
• 45:59
  enough.
• 45:59
  But
• 46:00
  close
• 46:00
  enough
• 46:00
  is
• 46:01
  good
• 46:01
  enough
• 46:01
  for
• 46:01
  now
• 46:01
  until
• 46:02
  it's
• 46:02
  not.
• 46:02
  Right.
• 46:03
  Like
• 46:03
  you
• 46:04
  don't
• 46:04
  want
• 46:04
  to
• 46:04
  be
• 46:04
  in
• 46:04
  a
• 46:04
  position
• 46:05
  where
• 46:05
  you're
• 46:05
  starting
• 46:05
  to
• 46:06
  do
• 46:06
  this,
• 46:06
  like
• 46:06
  trying
• 46:06
  to
• 46:07
  cleanse
• 46:07
  all
• 46:07
  this
• 46:07
  stuff
• 46:08
  three
• 46:08
  months
• 46:09
  before
• 46:09
  an
• 46:09
  exit.
• 46:10
  This
• 46:10
  is
• 46:11
  a
• 46:11
  12,
• 46:11
  18,
• 46:12
  24
• 46:13
  month
• 46:13
  time
• 46:13
  frame.
• 46:14
  Like
• 46:14
  you
• 46:14
  want
• 46:15
  to
• 46:15
  get
• 46:15
  in
• 46:15
  front
• 46:15
  of
• 46:15
  it
• 46:15
  that
• 46:16
  way
• 46:16
  when
• 46:16
  you
• 46:16
  go
• 46:16
  into
• 46:16
  diligence
• 46:17
  and
• 46:17
  go
• 46:17
  into
• 46:17
  it
• 46:17
  because
• 46:18
  you
• 46:18
  know,
• 46:18
  as
• 46:18
  pe,
• 46:19
  we
• 46:19
  don't
• 46:19
  want
• 46:19
  to
• 46:19
  have
• 46:20
  seven
• 46:20
  and
• 46:20
  ten
• 46:20
  year
• 46:20
  old
• 46:20
  periods.
• 46:21
  You
• 46:21
  want
• 46:21
  to
• 46:21
  get
• 46:21
  out
• 46:21
  for
• 46:22
  it
• 46:22
  faster.
• 46:24
  Doing
• 46:24
  it
• 46:24
  at
• 46:24
  the
• 46:24
  last
• 46:24
  11th
• 46:25
  hour
• 46:25
  doesn't
• 46:26
  do
• 46:26
  anyone
• 46:26
  any
• 46:26
  favors.
• 46:27
  So
• 46:27
  these
• 46:27
  are
• 46:27
  the
• 46:27
  kind
• 46:27
  of
• 46:28
  mistakes
• 46:28
  that
• 46:28
  we
• 46:28
  keep
• 46:29
  seeing
• 46:29
  is
• 46:29
  that
• 46:29
  people
• 46:29
  put
• 46:29
  it
• 46:29
  off
• 46:30
  to
• 46:30
  the
• 46:30
  end.
• 46:30
  People
• 46:31
  start
• 46:31
  just
• 46:31
  replacing
• 46:31
  tech
• 46:32
  with
• 46:32
  understanding
• 46:32
  the
• 46:32
  process,
• 46:33
  not
• 46:33
  realizing
• 46:33
  it's
• 46:33
  a
• 46:34
  process
• 46:34
  that's
• 46:34
  broken,
• 46:35
  not
• 46:35
  necessarily
• 46:35
  the
• 46:35
  tech.
• 46:36
  Yeah.
• 46:36
  And
• 46:37
  it
• 46:37
  can
• 46:37
  be
• 46:37
  even
• 46:37
  more
• 46:38
  dangerous,
• 46:38
  I
• 46:38
  found
• 46:38
  because
• 46:40
  if
• 46:40
  you
• 46:40
  fix
• 46:40
  SWORD
• 46:41
  like
• 46:41
  that,
• 46:41
  then
• 46:42
  even
• 46:42
  if
• 46:42
  you
• 46:42
  put
• 46:42
  a
• 46:42
  great
• 46:43
  model
• 46:43
  in
• 46:43
  or
• 46:44
  great
• 46:44
  traceability
• 46:45
  and
• 46:45
  governance
• 46:46
  in
• 46:47
  going
• 46:47
  forward,
• 46:47
  you
• 46:48
  still
• 46:48
  have
• 46:48
  to
• 46:48
  fix
• 46:48
  all
• 46:48
  the
• 46:49
  historicals.
• 46:50
  You
• 46:50
  can't
• 46:51
  just
• 46:51
  say
• 46:51
  oh,
• 46:51
  our
• 46:51
  data
• 46:52
  is
• 46:52
  wonderful
• 46:52
  since
• 46:52
  the
• 46:53
  day
• 46:53
  that
• 46:53
  we
• 46:53
  put
• 46:54
  snowflake
• 46:54
  or
• 46:54
  databricks
• 46:55
  in.
• 46:57
  These
• 46:57
  are
• 46:57
  not
• 46:57
  the
• 46:57
  droids
• 46:58
  you're
• 46:58
  looking
• 46:58
  for.
• 46:58
  For
• 46:58
  everything
• 46:59
  up
• 46:59
  until
• 46:59
  that
• 46:59
  point
• 47:00
  that
• 47:00
  doesn't
• 47:00
  work,
• 47:00
  does
• 47:01
  it?
• 47:02
  Say
• 47:02
  no.
• 47:03
  And
• 47:04
  you
• 47:04
  do
• 47:04
  some
• 47:04
  of
• 47:04
  the
• 47:04
  same
• 47:04
  work
• 47:04
  that
• 47:05
  we
• 47:05
  do.
• 47:05
  We
• 47:05
  basically
• 47:06
  come
• 47:06
  in
• 47:06
  as
• 47:06
  data
• 47:06
  consultants.
• 47:07
  Right.
• 47:07
  But
• 47:07
  it
• 47:08
  becomes
• 47:08
  what
• 47:08
  we
• 47:09
  call
• 47:09
  the
• 47:09
  adversarial
• 47:10
  consultant
• 47:10
  problem.
• 47:10
  It's
• 47:11
  how
• 47:11
  you
• 47:11
  frame
• 47:12
  the
• 47:12
  engagement.
• 47:12
  It's
• 47:13
  like
• 47:13
  we're
• 47:13
  not
• 47:13
  here
• 47:14
  to
• 47:15
  point
• 47:15
  fingers
• 47:15
  or
• 47:17
  auditors.
• 47:18
  We're
• 47:18
  actually
• 47:18
  trying
• 47:19
  to
• 47:19
  make
• 47:19
  your
• 47:19
  life
• 47:19
  easier
• 47:19
  and
• 47:20
  better
• 47:20
  and
• 47:20
  make
• 47:20
  us
• 47:20
  all
• 47:20
  more
• 47:21
  money
• 47:21
  here.
• 47:21
  Yes.
• 47:22
  The
• 47:22
  way
• 47:22
  the
• 47:22
  engagement
• 47:23
  model
• 47:23
  and
• 47:23
  the
• 47:23
  way
• 47:23
  the
• 47:23
  operating
• 47:24
  partners
• 47:25
  present
• 47:25
  a
• 47:25
  data
• 47:26
  consultancy
• 47:26
  firm
• 47:27
  matters
• 47:27
  as
• 47:27
  well.
• 47:29
  Yeah.
• 47:29
  Is
• 47:29
  that
• 47:30
  part
• 47:30
  of
• 47:30
  the
• 47:30
  old
• 47:31
  playbook
• 47:31
  not
• 47:31
  working
• 47:31
  anymore?
• 47:33
  Yeah.
• 47:35
  You
• 47:35
  can't
• 47:36
  just
• 47:36
  say
• 47:36
  we're
• 47:36
  bringing
• 47:36
  this
• 47:37
  person
• 47:37
  in
• 47:37
  and
• 47:37
  they're
• 47:37
  going
• 47:37
  to
• 47:37
  fix
• 47:38
  it.
• 47:39
  That
• 47:39
  hard
• 47:40
  approach
• 47:40
  isn't
• 47:40
  working
• 47:40
  anymore
• 47:41
  because
• 47:41
  what's
• 47:41
  going
• 47:41
  to
• 47:41
  happen
• 47:41
  is
• 47:41
  people
• 47:42
  get
• 47:42
  their
• 47:42
  backs
• 47:42
  up
• 47:42
  against
• 47:42
  a
• 47:43
  wall
• 47:43
  and
• 47:44
  finance
• 47:44
  teams
• 47:44
  like
• 47:45
  otters
• 47:45
  are
• 47:45
  going
• 47:45
  to
• 47:45
  try
• 47:45
  to
• 47:45
  hide
• 47:46
  things.
• 47:46
  If
• 47:47
  they
• 47:47
  try
• 47:47
  to
• 47:47
  hide
• 47:47
  it,
• 47:47
  then
• 47:47
  it's
• 47:48
  never
• 47:48
  going
• 47:48
  to
• 47:48
  get
• 47:48
  fixed.
• 47:49
  Yeah,
• 47:51
  we're
• 47:51
  playing
• 47:52
  a
• 47:52
  largely
• 47:52
  similar
• 47:52
  game.
• 47:53
  And
• 47:53
  for
• 47:53
  me,
• 47:54
  it's
• 47:55
  so
• 47:55
  important
• 47:55
  that
• 47:55
  that
• 47:55
  psychological
• 47:56
  safety
• 47:56
  is
• 47:56
  in
• 47:56
  there
• 47:57
  going
• 47:57
  in
• 47:57
  for
• 47:58
  the
• 47:58
  existing
• 47:59
  employees
• 47:59
  of
• 47:59
  the
• 47:59
  Portco,
• 48:00
  because
• 48:00
  if
• 48:00
  it's
• 48:00
  not,
• 48:01
  you
• 48:01
  don't
• 48:01
  get
• 48:02
  the
• 48:02
  quality
• 48:02
  information
• 48:03
  that
• 48:03
  you
• 48:03
  need
• 48:03
  to
• 48:03
  be
• 48:03
  able
• 48:03
  to
• 48:04
  make
• 48:04
  good
• 48:04
  recommendations.
• 48:06
  No,
• 48:06
  what
• 48:07
  we're
• 48:07
  seeing
• 48:07
  there
• 48:08
  is
• 48:08
  a
• 48:08
  real
• 48:09
  gap
• 48:09
  in
• 48:09
  the
• 48:09
  market
• 48:10
  between
• 48:10
  financial
• 48:11
  diligence
• 48:11
  rigor
• 48:12
  and
• 48:12
  data
• 48:13
  diligence
• 48:13
  rigor.
• 48:15
  And
• 48:15
  we're
• 48:15
  starting
• 48:15
  to
• 48:15
  feel
• 48:15
  it.
• 48:16
  We're
• 48:16
  really
• 48:16
  starting
• 48:16
  to
• 48:16
  feel
• 48:16
  it.
• 48:17
  Yep.
• 48:17
  Well,
• 48:19
  we're
• 48:19
  both
• 48:20
  going
• 48:20
  to
• 48:20
  be
• 48:20
  busy.
• 48:22
  That's
• 48:22
  the
• 48:23
  actual
• 48:23
  conclusion
• 48:23
  to
• 48:23
  draw
• 48:24
  from
• 48:24
  that.
• 48:25
  And
• 48:26
  with
• 48:26
  that,
• 48:27
  like
• 48:27
  time
• 48:27
  has
• 48:27
  flown
• 48:27
  by
• 48:28
  so
• 48:28
  fast.
• 48:29
  So
• 48:30
  fast.
• 48:30
  Greg,
• 48:30
  like,
• 48:31
  I've
• 48:32
  already
• 48:32
  enjoyed
• 48:32
  our
• 48:33
  previous
• 48:33
  conversation
• 48:33
  so
• 48:33
  much
• 48:34
  and
• 48:34
  we'll
• 48:35
  continue
• 48:35
  to
• 48:35
  enjoy
• 48:35
  more
• 48:36
  in
• 48:36
  the
• 48:36
  future,
• 48:36
  I
• 48:36
  am
• 48:36
  sure.
• 48:38
  But
• 48:39
  for
• 48:39
  now,
• 48:40
  thanks
• 48:40
  for
• 48:40
  coming
• 48:41
  on.
• 48:41
  For
• 48:41
  those
• 48:41
  listening
• 48:42
  who
• 48:42
  want
• 48:42
  to
• 48:42
  find
• 48:42
  you
• 48:43
  want
• 48:43
  to
• 48:43
  find
• 48:43
  skysight
• 48:44
  and
• 48:44
  dig
• 48:44
  a
• 48:44
  bit
• 48:44
  more
• 48:45
  into
• 48:45
  the
• 48:45
  type
• 48:45
  of
• 48:45
  things
• 48:46
  that
• 48:46
  you've
• 48:46
  been
• 48:46
  talking
• 48:46
  about.
• 48:47
  Where
• 48:47
  are
• 48:47
  the
• 48:47
  right
• 48:47
  places
• 48:48
  on
• 48:48
  the
• 48:48
  Internet
• 48:48
  to
• 48:48
  go
• 48:48
  and
• 48:48
  find
• 48:49
  that
• 48:49
  stuff?
• 48:50
  Greghood
• 48:51
  CPACMA
• 48:52
  on
• 48:52
  LinkedIn
• 48:52
  or
• 48:53
  www.skysiteanalytics.com
• 48:56
  Perfect.
• 48:56
  Great
• 48:57
  domain
• 48:57
  name.
• 48:57
  Great
• 48:58
  podcast
• 48:58
  episode.
• 48:58
  Thanks
• 48:59
  so
• 48:59
  much
• 48:59
  for
• 48:59
  coming
• 48:59
  on,
• 48:59
  Greg.
• 49:00
  I
• 49:00
  appreciate
• 49:00
  you.
• 49:00
  Thank
• 49:01
  you
• 49:01
  so
• 49:01
  much.
• 49:01
  It's
• 49:01
  great
• 49:01
  to
• 49:02
  be
• 49:02
  here.
• 49:02
  All
• 49:02
  right,
• 49:02
  take
• 49:03
  care.
• 49:03
  Bye.
• 49:04
  Thanks
• 49:04
  for
• 49:04
  listening
• 49:05
  to
• 49:05
  the
• 49:05
  PE
• 49:05
  Data
• 49:06
  guy.
• 49:06
  The
• 49:07
  place
• 49:07
  where
• 49:07
  private
• 49:07
  equity
• 49:08
  meets
• 49:08
  data.
• 49:09
  Please
• 49:09
  forward
• 49:10
  this
• 49:10
  episode
• 49:10
  to
• 49:10
  your
• 49:10
  favorite
• 49:11
  private
• 49:11
  equity
• 49:12
  friend.
• 49:12
  Thanks
• 49:13
  for
• 49:13
  listening.
• 49:14
  See
• 49:14
  you
• 49:14
  next
• 49:14
  time.