Hard, verifiable numbers in a one-liner make investors lean forward more than claims of being big.

[14:43]

"One thing I found is that when helping people put together these oneliners, if you can say things that nobody else is saying or nobody else can say, and if you use tangible numbers that can be verified and are credible numbers"

[01:21]

"Uh my name is Rob Beers. Uh I am a general partner for two uh midsize real estate companies based in the Washington DC and greater Baltimore area. Uh I'm a fourth generation. Both companies are over a 100red years old."

[06:00]

"And the the last thing we do is we help high netw worth people uh put together a lot of our family office strategies. We teach them and uh we have about 10 families now that piggy back with us on on most of our investment deals."

Full transcript

Thank you, Vince. I'd like to invite up our panelists now to the stage. This next panel is going to be different than any other panel here at the event uh today or tomorrow. It's probably different than most panels you've seen at other conferences. Uh each panelist has a scorecard and what we're going to do is we took things from the audience oneliners and brand names from the audience and we're going to read them off and then the panelists are going to rate each of the oneliners based on how articulate unique compelling it sounds not specifically based on whether they would invest in it or not but what is the first impression this is because many times whether it's um somebody from the Intel corporate venture capital division or 100 million us net worth family.

Many times people who get a lot of deal flow, they say, "You have 15 seconds. You have the first line of your email, the first sentence of your voicemail, and if you don't connect to make me lean forward, you know, I just don't have time to read everybody's long emails or long messages." So, getting down your value and relevance to one sentence is really important. So, that's the point of this panel.

And to start out, we're just going to have each panelist uh introduce themselves. And let's just try to u make it a quick one or two minute introduction and start on down the line if you want. I'll make it 30 seconds. Uh my name is Rob Beers. Uh I am a general partner for two uh midsize real estate companies based in the Washington DC and greater Baltimore area.

Uh I'm a fourth generation. Both companies are over a 100red years old. Uh our holdings include office, retail, uh multifamily, uh two golf courses, which are too too many at this point. Um a handful of marinas and uh again I'm I'm the lead on the fourth generation there. Uh my other day job is I'm a regional developer for a large franchise called Hand and Stone.

I don't know if anybody's ever heard of Hand and Stone before. Um so as a regional developer, I've developed 36 locations here in the state of Florida. I've been doing that for about 12 years. And lastly, I am a biotech investor. I have one under my belt right now, a company called Telesite focused on Alzheimer's research. Great.

Duel Dual Glass with the Glass Family Office. Hi, my name's Dual Glass with the Glass Family Office. And our family has its origins with the discovery of oil in the with the Daisy Bradford number three in the East Texas oil field. And we um look for diverse opportunities in uh energy. We're active in oil and gas. We're active in real estate, agriculture, uh distress debt.

I formed a broker dealer back in the 80s and uh we did specialize in distressed debt. We look uh we look for peers to connect with to share ideas and best practices and uh glad to be here. Thank you. Great. Thank you. Yeah.

Hi Hi, you said push it one time. Uh, hi. My name is Pratik Chararma. I'm a managing partner at Bridge Tower Partners. We are a uh owner and manager and developer of single family rental real estate. We have 1,700 homes uh across Texas and Charlotte, North Carolina.

Um we um prior to this I was uh in the hedge fund space uh raising equity capital from large uh university endowments and pension funds. Great. Thank you. Good morning everybody. Jason Port here uh local here from Miami. I'm a serial entrepreneur and angel investor.

Uh I've been invested in about three dozen early stage disruptor businesses, one of the first investors in Twitter and a company called smaller company called Uber uh and about two dozen others. And then I spend my day job taking care of three kids and giving back to music therapists here locally. And uh also I'm a partner at a firm in New York and Santa Barbara called Lead Edge Capital Partners. We're a growth equity firm that focuses on software and SAS and internet businesses.

We're on our fourth fund which is a $520 million platform and our average ARR uh size check. We write 50 to $150 million checks. Appreciate having me. Great. Thank you, Nick. Good morning everybody.

My name is Nick Nazerof. I am the managing partner of New York Equity Management. We are a groundup and commercial development firm in New York City focusing on the five burrows. Uh we develop residential, condo, multif family. Um anything that actually uh makes money in this market. We um also um angel investors in the fintech, [clears throat] excuse me, in propt tech space.

Uh active in that in in the New York City area as well as in the CBD markets. Uh we're also involved in uh uh litigation finance uh specifically focused in real estate. If you push it one time it should turn green there. Um my name is Peter Hhabib. I spoke a little bit earlier. First generation family office.

Uh we've owned healthc care business uh for the last 20 years. We still do. Uh that's our fundamentals. We also own uh and we look for real estate, income producing real estate. Uh we do like uh multif family apartments. Uh we like to deal with owners that are vertically integrated that been around for a couple cycles.

Uh that will put skin in the game and they're transparent. So uh we also invest in senior living facilities and uh self storage and the same situation with the owner and operators uh for those two facilities as well. And the the last thing we do is we help high netw worth people uh put together a lot of our family office strategies. We teach them and uh we have about 10 families now that piggy back with us on on most of our investment deals.

Great. And uh Peter, why don't we start with you and just in two to three words, what is the number one type of deal or opportunity you would want to source by speaking here on stage today? And then we can just come down the line with those two or three words each. At this moment, uh we're looking at senior living facilities, apartments, and storage.

And I mentioned already exactly uh what your credentials needs to be. And it's going to take some time to build that relationship. Uh please don't come up to us and say, "Hey, I got a deal I want you to take a look at right away." It's not going to happen. It will take us some time to do due diligence, but uh we look to build relationships for a long period of time, which is a great point.

I think a lot of people come to events and they say, "I've got this deal with great irr." And then an investor will kind of go back on their heels and say, "Well, what's the context of this? Who who are you? What's your team? What's your strategy?" And they'll want to get to know you first in every case.

Uh, Nick, uh, what's your focus right now? Uh, I'm going to echo what Peter said over here because, um, I think it it makes a lot of sense when someone presents a deal, uh, from the get-go, but, there's a lot of due diligence involved. Uh, we're primarily looking for, um, ground up opportunities in the East Coast, uh, specifically in the opportunity zone areas. We've been active outside of New York in the last 12 months uh in New Jersey in Pennsylvania and um we get deals all the time but just has there's a lot of due diligence involved and um we we besides that we're active in the CBD space and looking for farms, warehouses where we can convert them into green houses all around the area.

Sounds good. Uh Jason, just like in two or three words, um deal agnostic. I usually bet the jockey, not the horse. So I'm a gut instinct investor. So whether it's real estate, I primarily like to focus on software and technology, but for the most part I'm agnostic. So I just look for the opportunity.

Okay, great. Pratique. Yeah, we're um basically constantly expanding our portfolio. So we're looking to do bul portfolio purchases in high growth markets. Okay. Duel, what we're looking for are um deals that have uh multiple layers of value or hidden values.

Okay. Um, for the the two real estate companies that I'm I represent, it's multifamily is what we're mostly focused on in the Mid-Atlantic. Uh, me personally, it's biotech and I'm I'm very big in the longevity space. I think that uh it's going to have over the next 10 to 20 years some of the biggest returns that we've seen in a long time.

So, have a high interest in that. Uh, so [clears throat] Duel, I'm sure some a lot of people in the room think their deal has value on multiple levels. So we can tighten that up so you don't get 500 emails. Uh you know what what would be uh a couple more descriptors to that to make sure you get the right type of dual layer of value deals.

Okay. Well, we really like to uh to buy assets where you're looking at one one layer of value and what we're really looking at is something other people don't see. For instance, in oil and gas, it may be uh buying an asset based upon the production of one zone where actually what our real target is is is deeper layers of uh uh potential value. Great.

Great. I'd like to uh roll into the uh oneliners now. If we can get those uh pulled up here on the PowerPoint, we'll just go into the first one just as a reminder to the panelists. Uh, I'm going to read these off, but then we need to have it so that it's not about whether you would personally invest because you might be focused on oil and gas or real estate.

It's really about from the investor perspective when you hear the oneliner, does it sound unique, compelling, is it well articulated, uh, or is it something that sounds like, you know, you've heard it 500 times before and it's just going to get lost in an inbox. And the earlier comments about the due diligence of having to get to know each other over several months perhaps. You know, there was a billion-dollar family office that sat on stage at our super summit a few years ago. He said, "I've never done a deal with somebody I haven't known for a couple of years."

And it's not that every family office needs to get to know you for a couple of years before doing anything, but if you want to raise $10,000, you can go on crowdfunding websites and get someone that will allocate and just reviewing the opportunity for 30 minutes. If you want to raise a h 100,000 or $500,000 or a million dollars, it's going to take more due diligence, more relationship development, etc. So, some people come to our events and they say, "Well, maybe the family office space isn't right for me cuz our deals close relatively quickly." But the truth is, if you want to start raising capital and larger ticket sizes and get more uh dollars in per investor, then that's a requirement is to invest in relationships.

And that's what, you know, the family office club is really, you know, all about in the end. Um, we have 25 different uh oneliners we're going to be going through. Um, so we're just going to bring those up on the projector screen here and start running through them in one second. We're good. We're going to have to have really long necks here.

Just I have one actually from a pitchex.com client. I know off the top of my head it's uh over 13 years we've closed 457 distress note deals and that's what he uses for his oneliner. So over the last 13 years we've closed 437 distressed note deals. They're only targeting distressed or credited investors that are looking for that asset category.

It might make sense, but for the novice probably not. Sure. And uh do you guys want to hold up a rating real quick of just how clear and compelling it sounded? That's not too great. So, you liked it, Peter? I put a five.

[laughter] I couldn't say I liked it. Five. It was okay. Okay. I I I don't know what that means. Sure.

Sure. And uh I didn't I didn't know what to say. It means it had a pulse. What? It had a pulse. Oh.

Anyone else want to comment before I move on to the next one? I liked it. Um I like distressed uh uh paper and that's something that's worked for us in the past. So I rate it a little bit higher. Great. Great.

I understood it quickly. Great. Yes. Go ahead. Yeah, the the the message is concise. That's great.

But what's missing is a um sense of perspective like is that a lot? Is that a little uh are you a big player, small player? How have these deals turned out and so on? Right. Yeah. Yeah.

And one of the first comments we had, I think, is really important to note, is that uh if you're only pitching to real estate families and you're raising capital for a real estate deal, then you can use very sophisticated terms, especially if they have a full family office team. If it's a high net worth individual or an angel investor club you're presenting to, then you have to totally change the terminology. Uh so we're going to go through these next uh 25 27 of these really quick. Uh just a minute each and whoever has a really strong opinion they want to share, you know, just uh you know, be somewhat polite because the person is probably here in the room.

If you're if you give them a really bad rating and you want to comment, let's do it like in a constructive helpful way. But uh here's the first one. Their oneliner is the first diamond commodity. What would you guys all rate that? Do you know what they do? Does it sound compelling?

All right. So, we have a a full spectrum here. Uh one through eight. Anyone want to make a quick comment on that one on why maybe you gave it a one, for example? Uh, I think it's kind of vague and you're it's a oneliner. It's great, but it really doesn't give you much context, right, on what it is.

Yeah. No, I'd agree. I think as we go through the 25, even just looking at 25 of these, you get insights through that are intuitive. We almost don't need to comment on some of them. When you see a lot of them in a row, the truth is most billion-dollar plus investment firms don't have a oneliner that's really compelling and it doesn't cost anything to have one.

So, why doesn't everybody be having these put together? That's one of the things that we we teach at our workshops and we find family offices really want everybody to do because their inboxes have hundreds of emails coming in per day. Here's the next one. The home of precision tool and parts manufacturing, engineering of new solutions, and the development of the revolutionary PMEG.

That was one line, one runon sentence. [laughter] So, I'll make a quick comment on this one. One thing I found is that when helping people put together these oneliners, if you can say things that nobody else is saying or nobody else can say, and if you use tangible numbers that can be verified and are credible numbers and that can make people lean forward, if you say you have a 72 person team or you've been in business for 33 years and in the same investment strategy or you have 400 million in aum, these hard numbers versus saying we're big or we're best-in-class uh or we're modern, etc., I think can really help. Um, let's jump to the next one here.

Healthy soul. Stop giving a free ride to infection-causing germs. Kill up to 99.99% of the pathogens on the soles of your shoes with healthy soul. Anyone want to comment on that? I guess am I the only 10 here? I guess that was pretty descriptive.

So, I kind of got it right from I know it was it was not a short oneliner, not a long one, but I mean I I understood exactly what they're doing. So, right. Yeah. It's better to have a one a long oneliner than no oneliner at all. Many times people have a pitch deck and then on the front page it just says the brand name and the second page is disclosure.

The next page is table of contents. The next page is overview of an industry. You don't even know what they're doing until you get to to slide five sometimes. So, that's the whole point of this. Put on the front page of the pitch deck. Leave it in your voicemails, top of your emails, etc.

Institutional Advisory Group, a process-driven approach to real estate acquisitions. And for each of these, if anyone wants to comment, just go ahead and put the mic up to your mouth and start commenting, and then we'll just uh be rolling through these faster. So, a lot of uh moderate to low scores on that one. I gave I gave him an eight.

It's pretty direct. If you're a real estate investor, it's very uh pointed. You you know what you're getting. There's no secret there. Sure. I get it.

So, I think sometimes it's better to be more direct, especially if you think about it when you're opening an email, how many times you just put click to to your spam box. You know, the key to opening up a message has to be attention getting and drive someone's interest. So, I think that would probably work for a real estate focused investor. Sure.

I I know uh Ben was on stage uh I think last year and there was one similar to this, but Ben all day long just thinks about commercial real estate and sees commercial real estate deals, you know, 40 times a day. Uh so he saw something like this and he's like, "Well, everyone runs on a process." Uh you know, and so for the different types of people, I think the message needs to completely change as we talked about. Peter, Richard, I agree with you.

I mean, we do a lot of real estate. I have no idea what that means. Right. Right. Right. It's very very very vague to me.

I would need a lot more than that. Okay. And Richard, the thing that I think we've seen through the first few is that the answer it doesn't answer the question. So what? Like what do you want me to do with this? Like everybody says this.

So right, good point. I mean, if somebody says we're a long short hedge fund, uh, this absolute return and we make money in up and down markets, but especially when the market goes down, that's every hedge fund on planet Earth that's long short has been saying that for the last 15 years. So you want to avoid whatever that one liner is, whether it's we buy, you know, C-class apartment buildings and renovate at 10K a door and then raise rents and bring it up scale a little bit. Uh, as a multif family group is another common one.

Practis Capital, a vertically integrated real estate investment firm covering the top 50 MSAs, bringing investors more than 100,000 units of multifamily value ad experience over multiple cycles. Uh, anyone want to comment on that one? What you liked about it? Well, it was concise. It was clear. And there's a so what there.

And it's like, okay, if you're interested in this sector, you will probably read about it. How many people in here do not know what an MSA is? Is there a good amount? At least some that aren't aren't too shy. I know a lot of people might not. Um, the only comment I would have is 100,000 units of multif family experience sounds like one of those things that um it's not, you know, maybe not within that exact team.

And then if you take from everybody's experience, you know, we have 900 years of experience. It means less if it's not done within the same firm. Um, but I know this particular group and know that they're they're doing uh great things in the market. Uh, it's a little bit long. Another thing I would say that if anybody's putting together their oneliner as a investor, so you can share with a consumer products company what your strategic value is.

Like we are a first generation family office that made our money in consumer products and we look to buy 500,000 to 1 million IBIDA companies that can be driven forward by social media or something like that. You'll get more responses from company CEOs who would maybe sell their company to you as an investor. But when you're putting that together, if you already have your brand name, Praxis Capital, I wouldn't put Prais Capital within the oneliner because the only time people see your oneliner is on your business card, the top of your one pager, your pitch deck, or in your email. They're already going to see your brand name within the email signature.

It's already in the context of it all. So, that can help shorten it up. Yeah, Jason. Richard, our firm sends out about uh 100,000 emails to portfolio companies soliciting to put capital to work. And one of the oneliners that one of my partners in Santa Barbara, a serial investor named Mitchell Green writes, and the subject line is, "Are you alive?"

Question mark. So if you would think that a CEO of a uh fast growing software company doing 50 million in ARR gets solicited by private equity firms, venture capitalists and family offices to put money into their company, nobody answers of the the email. So when you write an email that says, "Are you alive?" Question mark. You know, they get some pretty candid responses very quickly.

Yeah, I think having a personal message has really uh helped us a lot. I emailed my friend Peter in New York and I literally said Monday at the Ritz in the subject line. I said, "Are you going to be at the Super Summit on Monday at the Ritz?" And he replied back saying, "Haha, you know, good good nine-word marketing email."

Uh, and he thought it was a mass email, but it really was a personal email to him, but he thought I was trying to be smart doing a personal email. So, we ended up using that for our email blast a few days ago because of your exact point because people who write essays and have graphics inside of their email and that takes more than just a minute or two to read. Nobody reads them. No one has time to reply to them and those are the ones that just get snoozed or archived over time.

You know, we found Morgan Hill Partners is an operating partner service model designed for private equity firms, family offices, and growth stage companies. Any quick comments on this one? It's uh I think it it's it serves the point of what they're trying to come across, but it's very very generic. Should it be more specific uh with specific tactics what they're doing?

Sure. I think I think uh private equity firms that manage over hund00 million would know exactly what an operating partner service model is. I think family offices might not or they might not get how that would work or how the economics would work has been been my experience would be my only comment on that one. Uh but with every one of these, you know, in my opinion, you should always have tangible numbers that can be verified.

I don't know if you don't have tangible numbers, I don't know if you started this company yesterday or have you been around since 1981. I don't know if you've done two deals or 457 deals. I don't know your AUM, team size, etc. So, I think having those tangible numbers in a really concise statement uh is really helpful.

Like on our our invest our investor advisory division where we help families get direct investments, you know, we put four $4.2 million a year in overhead, you know, means deal access uh and best practices. And so it's it's a tangible number that can be verifi verified. All right. Uh a unique hybrid fund providing venture capital access to an overs subscribed equity round in a leading global healthcare blockchain company plus generating real alpha by algorithmic trading of associated tokens.

All right, so Pritique, uh that one was that one was a bit long and I think lost a percentage of the room halfway through. So I want to hear your comments first of the high rating on it. Well, it was it was long, right? But it actually gave us real benefits. It did a good job of creating a visual uh vision in my mind as to what these folks are actually doing.

I personally don't I'm not that interested in blockchain, but this is something I would go probably like look at if I was interested. Great. Thank you. One more quick comment. Go ahead. I thought it was a little lengthy and a little confusing.

There's there's a lot going on in that message is the best part I can put it. Right. I remember last year at Super Summit, one lady used some uh swear words and said just, you know, land the effing plane because it was just a very long oneliner. And one of those people actually submitted their oneliner again for today and has made it shorter because of those types of comments.

Uh JMG, our value ad approach over 13 years of acquiring apartment buildings with 4,000 plus units provides investors with consistent returns. Great. So, I think um most people rate it pretty highly. Uh anyone want to comment on that one engaging uh enough to open up the message and hear more about their returns. There's no there's no guarantee or percentage is quoted there, but at least there's enough.

Sure. Uh okay. I think it was straight to the point and uh gives you a clear picture of what they're looking for. Not too many buzzwords. I think the previous one had way too many buzzwords, right? It just dilutes the message.

Yeah, same for me. And I think if you say the word, you know, guaranteed to your point, Jason, or you say it has no risk, then a bunch of red alarms go off and people just kind of go dark. They say, "I'm not even going to read this because this person either is uh amateur, you know, hour and they've never raised capital. They've never been involved in the investment industry.

So, um or you know, they are not going to lose your money. They're going to steal it. You know, one of the two perhaps. Uh local grown salads. We are creating a new standard for the $4 billion ready to eat salad market by introducing 25 culinary class salads to achieve outstanding returns for investors who we locate in opportunity zones and vertically integrate from seed to finished ready to eat salad.

There's technically two sentences. So that's one problem you know right off the bat. Great. And um on this one, I'll make a quick comment is that anytime that you write one of these is going to be bad until you write it 20 or 30 times and then show the best one to a team member or spouse or business partner.

Get their feedback and then write another five or 10 and then write another couple three and then revisit it after a month and get it until it's really dialed in and you'll get responses to emails and in meetings and people will lean forward more once you really have it nailed. Uh we have found all right Shannon uh Walr Neighborhood Centers is a commercial real estate investment fund focused on delivering core plus returns and stable cash flow distributions by acquiring neighborhood retail centers and carefully selected affluent communities emphasizing internet proof serviceoriented tenants such as nail salons, dentists and restaurants. Any comments? Any strong opinions on this one?

It's definitely more lengthy than a lot of them. Again, a a bit too lengthy. I mean, they were trying to be direct as far as showing what they do, but just too many too much going into it to kind of describe that. So, Right. Right. Too much going on.

Sure. You know what? I'm going to make a comment because um some of us I think all of us are different. Sometimes I like the longer ones that are more detailed. So, uh, I think it's a thing that's very important that you you keep trying to that person, short or long, because, as you can see, we all have different opinions up here.

And, of course, they're just opinions. So, it's important you get to know those people, right? Some things I think no investors like is uh, super long-winded, confusing, no transparency. It's not clear how you add value, use a bunch of buzzwords or, you know, abbreviations for things so a lot of people don't understand it. Uh or you follow up too much too aggressively in multiple forms the same day or the next day and you haven't had a chance to even read their first email yet.

Um and I think it's completely different if you're raising capital from plastic surgeons versus uh our next standalone speaker is from a $7.5 billion multif family office with a 42 person team. It's completely different. You can't use the same words. The words that will totally confuse one are not sophisticated enough for the other. So, I think uh we're all individuals and then if you can hone in on the one type of investor you're really working with most often or the one type of company you're trying to acquire, then you can get a much better response rate and more business done, you know, I found.

So, I appreciate you saying that. All right. Well, let's do uh one last one here. Exit exit experts. I know uh Ray is here in the audience uh with us today. So, my team members met with him last night.

Uh exit your business successfully. Anyone want to comment on uh you know duel you you loved it. You gave it a 10. So I did like it. Um you know it's clear, concise. I get it.

So when I'm looking to exit, I may want to give them a call. I want to know more information. I like it. Yeah. It's uh what they've done well is in a very concise manner. They've done the how with the what, how, and so what all in one sentence.

It's good, right? I mean, uh, if if it was me, one thing I would maybe tweak because it's exit experts, I would maybe not use exit within the oneliner and have, you know, sell uh or the sale of a business. And then uh I know that they've had a lot of success traction. So, there's some way to fit in the number of deals they've actually sold.

I think it would make people say, "Okay, this is a they must have a real team and a solid operation." Um, so if there's any last comments uh from the investors on stage, you all get a lot of emails. The the last comment I wanted to make is that the more volume and competition there is in a niche, the more the oneliner is important. Everybody gets more than 100 emails a day.

Most people only get 5, 10, 15 voicemails in a day. That's a huge difference, but people don't want to pick up the phone. Like we talked about earlier today. Also, the number of text messages that are actually legitimate from someone you know that's not spam trying to sell you sunglasses and it's not some auto update from the dentist, etc.

Is very, very low. Videos sent via text message, very low. Also, sending a um piece of direct mail that's actually adding value and it's not selling them. It's not your tear sheet. It's just pure value that you send somebody in old school direct mail. Almost nobody does.

Most of us get less than three pieces of direct mail per month as investors, I think, that are just adding pure value to you and not selling you anything. And think about how many emails you get per day. So, you don't have to be as good on the oneliner if you're using direct mail and adding genuine value. If you're trying to compete in the email world, you know, you're in big trouble unless you're really sharp on this.

And the best way to use any database of family offices or or your own database is just to set up facetoface meetings, build real relationships, and just add value first. Does anyone else have like a a quick comment before we round out the panel? Yeah, Jason. Uh, I'm not a marketing expert, Richard, but uh, Family Office club oneliner.

Show me the money. [laughter] Not show me the money. I think we say, uh, over 13 years, we have uh,750 registered family offices and offer 32 live events per year. That's about it. I want to thank you for having us today. Yeah.

Thank you for being here. Thank you. So, what what what we look what I look for is I look for passion. I look for connection. And I want to know how it's going to make the world a better place. And if there's no passion and no connection, then I'm definitely not interested.

Great Pratique. Yeah. So, I I do I am a marketing person. I've raised several hundred million dollars from US institutions. Um, one thing that's worked really well along the direct mail line is a one-page letter sent by a FedEx overnight. Everybody loves a FedEx package.

That's it's a surprise. Yeah. Great. Yeah, I appreciate that that comment. We had a family a billion dollar plus family office reach out uh two years after we stopped sending them a red flat letter each month with our newsletter and they reached out and said, "Oh yeah, you always used to send me that red envelope newsletter." It was just one page of insight and uh we found that that paid off over time.

Great. Well, uh thank you for all your comments. Hope the audience uh you know enjoyed that panel. Let's give them a round of applause.