Transcript

Good morning from Washington, D.C.. There's the Capitol building. Don't worry. I'm not getting involved in politics. I am here for the Hilton board meeting. An incredible company. I've had the good fortune to be affiliated with for more than 17 years as chairman. An amazing leader in Chris Nassetta runs the company. They do a terrific job serving their customers. Huge end market global growth. It is a brand heavy, capital light business. The kind of business we love to invest in. Reminds me a bit of our beloved Blackstone as well. And when you find these kind of businesses that have a lot of opportunity to grow, don't have capital intensity. Have terrific management teams, hold on to the businesses, get the benefit of long term compounding, and of course, keep running.