assets. I was in a unique position where I had a great relationship with the Johnson family who owned Majority Stake at Franklin. I told them that, look, we had grown rapidly. We'd had great success, but I wanted to concentrate on picking stocks and doing it with a few people for a few clients. That's what I truly love. I truly love coming to work and turning on the computer and seeing what's going around the world. I didn't enjoy the 70 people that reported to me nine different locations around the world. I mean, they were fantastic people, but it involved an enormous amount of travel and administrative work. I found my time on research was shrinking and my time on administration was growing. I just love investing. I had an agreement with them that I would start a new subsidiary. I would get 60% of the profits. They would get 40, and we would concentrate on running a global equity long short fund. That was also at a time in 2000 when the markets were, we had the bubble, and there was (16/57)
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