00:53:56 · James Bohannon, Mikk
And so it's a great partnership that can look in that case, that could be fifteen, twenty years easily into a fund relationship, etcetera. And even if that family is not a fund investor, it's pretty likely that they'll be like, look, we'll be supportive. We'll be supportive of you because you've made us a lot of money and we've been in business together for fifteen years and it would probably be a negative look on the market if we didn't write some check and so we'll take some of the proceeds that we've made with you and of course, make it as a fund commitment. So they can be long long relate... Long and fruitful relationships. The power dynamics change, funnily enough, because on day one, they need you a lot more than you need them. And then fast forward that fifteen or twenty years, now that sponsor is like way richer than anyone that works at the family office. So anyway. [00:54:52] S0: Okay, James, this has been an hour well spent. Great to get to know you, first of all, how you think and how you view the market. And thanks a lot for sharing those insights and more than happy to do part two in the near future. [00:55:06] S1: Thank you, Mikk. Hopefully, something I said was helpful to somebody. Pleasure to to meet you.