But as an investor, there's always a fear of buying into a roll-up, and sometimes it just doesn't work anymore because you have so many small parts. You always run the risk of needing to centralize a bit. That's why we are considering both AJ Gallagher and Brown & Brown.

Speaking of cycles in the business, you asked how brokerages' earnings are correlated to insurance companies. Brown & Brown and Gallagher have so much business with the carriers that, regardless of whether it's a hard or soft market, they will still perform very well. If you're looking to invest, you want a good return on your investments. Those relationships are solid and won't change based on market conditions.