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- Can you say more about the
concept of proprietary M&A?

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- I believe strongly in proprietary M&A.

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I've talked several times about people.

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Relationships and trusts are critical.

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People need to feel their company,

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you know, the folks who
are selling their company,

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that they're finding the right home.

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They want culture, they want values.

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I'm interested in transacting,
but you've got to be patient,

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and some things, they just take time.

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And frankly, I'm very untroubled
about how long things take.

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The real point is to be ready.

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You need to know the
companies that you care about,

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and where there might
be shared opportunity.

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And for that,

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you have to build relationships
with their leaders.

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One of the great things
about being Moody's,

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a hundred plus year old company,

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is that we're patient, and we
are focused on the long game,

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which in our case, and
what we say to ourselves,

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is being positioned for
the next hundred years.

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