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Actually, one of our first investments was Wendy's International. Wendy's owned Tim Hortons, the Canadian coffee and
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donut chain. And the value of Tim Hortons was more than the entire value of Wendy's. We had this very simple
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idea. Buy Wendy's spin-off Tim Hortons double our money. And we bought 10% of the company and I called the CEO and he
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didn't return my call. And I called him again. He didn't return my call. I literally couldn't get a return phone
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call. That was the beginning. So, we actually called a friend who worked at Blackstone and Steve Schwarzman agreed
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to write a fairness opinion on what Wendy's would be worth if we spun off Tim Hortons. We kind of mailed it in and
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filed it publicly and six weeks later they spun off to Hortons. >> And then the CEO finally called me back.
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He thanked me. He had gotten fired, but he thanked me because he had a huge exit
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package and and he was very