Great video. Thanks! I have a feeling that over the next couple decades, we'll see a number of PE firms achieve outsized success by taking longer-term, operational improvement-focused growth strategies. The issues that arise from the more short-term, financial-engineering dependent strategies are going to make competing tougher as the number of PE firms, capital inflows and interest rates grow. The PE firms who will generate outsized returns and who will have a substantial moat against competitors will be those who have a longer time horizon and outperform in terms of operational and strategic improvements. The shifting interest rate environment is a catalyst to this. Overall, I think PE firms can learn a great deal from the long-term, SMB owner mindset that will help them compete in this changing landscape. I'm sure a solid cohort of PE firms are already doing this, and their success will be clear in the decades to come.

I agree, however, it may be tough to find the investors who have a similarly long timeline. Maybe they'll call themselves by a different name PPE, Patient Private Equity perhaps.