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We'll get there. I have some fundamental questions that came to mind as you described your background. First, you mentioned the factoring business is very fragmented in the US. Why is that the case?

For banks, this is attractive because the portfolio cycles every 32 to 34 days. If there's a market downturn, your capital isn't locked up for extended periods. You could exit within a month if needed. Another fascinating aspect is that factoring companies charge a 2% discount on invoices. They pay the trucker 98 cents on the dollar and wait to be paid by companies like Coca-Cola, making a 2% profit. Although it may not sound exciting, this cycle every 34 days results in a 22% annual yield on the same capital. If you have capital to deploy and a strategy to manage fraud and credit risk, it's an attractive investment. Many small factors enter the market, getting to know their clients to manage fraud. They avoid scaling too quickly, which complicates managing all the moving parts. Triumph was able to scale successfully, but it's a fascinating market.

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