Now from a shareholder perspective, you can put in a little bit or a lot. If you are a limited partner and a venturer or a private equity firm, you'll also have two choices; you put in a lot or a lot more. Here, you have immediate liquidity; you don’t have to wait several years for a distribution. There is plenty of liquidity. You can get in or out at any time, or in, out and back in again at any time.And remember, this is New York Stock Exchange governance, so all of the transparency that comes with that as opposed to cloaking everything we have with a great deal of secrecy. So lots of differences in the Safeguard model. And our business model is different. When we have an exit, any gain that we’ve had has been sheltered from taxes by our NOLs and the money has been evergreened on our balance sheet, hence with self-funding to a management team, that says that we have a little bit more patience built into our model and we’re not likely to do a forced exit in a few years in order to return capital to limited partners and then raise a big fund every few years. So lots of differences in our model.
Safeguard Scientifics Inc. Analyst Day Conference Call Transcript
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