(gentle music)
- Can you say more about the concept of proprietary M&A?
- I believe strongly in proprietary M&A.
I've talked several times about people.
Relationships and trusts are critical.
People need to feel their company,
you know, the folks who are selling their company,
that they're finding the right home.
They want culture, they want values.
I'm interested in transacting, but you've got to be patient,
and some things, they just take time.
And frankly, I'm very untroubled about how long things take.
The real point is to be ready.
You need to know the companies that you care about,
and where there might be shared opportunity.
And for that,
you have to build relationships with their leaders.
One of the great things about being Moody's,
a hundred plus year old company,
is that we're patient, and we are focused on the long game,
which in our case, and what we say to ourselves,
is being positioned for the next hundred years.
(gentle music)