I’m All In…

“Forty million, five hundred thousand,” Bond says. “All in.” And he pushes his pile of chips into the centre of the table.

It’s the climax of the poker game in Casino Royale: the moment when there are only two options for Bond: he wins, or he loses.


Throughout this year I’ve compared the entrepreneur’s journey to the classical story structure used in literature. The ‘inciting incident’ when Harry Potter discovers he’s a wizard – and the moment our potential entrepreneur pushes his breakfast round his plate and realises something has to change.

Then there’s the importance of a mentor figure – Dumbledore or Gandalf or – hopefully for some of you – the Alternative Board.

And then comes the climax. The moment when there are only two possible outcomes, success or failure or – in stories and in the movies – a heroic triumph or certain death. Harry Potter goes through the trapdoor to confront Voldemort: he can succeed, or he can die. There is no other option.

Literally and metaphorically, he’s all in.

There’s a moment when the entrepreneur realises he’s all in as well. But this time it’s not the climax of the movie. Instead, it’s a staging post on the journey.

There are millions of words written about the decision to start your own business. There are virtually none written about this equally important moment. Let’s try and put that right.

I’m talking about the moment you realise that you’ve found your niche: that you’re doing what you were put on the Earth to do – and that you’ve become unemployable.

This is the moment when the entrepreneur realises there is no going back. He turns around – and the bridge behind him is burning.

For me this ‘realisation moment’ was triggered by a client. It was early in my TAB York journey and I was just finishing a 1 to 1 with a client. “Thanks, Ed,” he said. “I simply couldn’t have made these changes without you or my TAB board.”

A day later I was in a taxi, travelling home – relatively late at night – after an event. There was a sudden moment of quiet and I thought: ‘I like these people. They’re great people to work with. And I’m building a community of people like this.’

And then I spoke to one of my old friends from the corporate world. Five minutes on office politics, five minutes on the changes the new MD was bringing in and five minutes on why he was bringing them in – essentially to prove he was different to the old MD.

At that moment I realised I was all in. I couldn’t go back to my old life.

I liked my new life too much: I loved the fact that success or failure was entirely down to me. And I knew I could never go back to the office politics, to dancing to someone else’s tune.

I’ve talked to any number of entrepreneurs over the years and they can all recognise the moment. Suddenly you know you’re creating something worthwhile: suddenly the business community recognises that you’re in it for the long term: suddenly aware that you’re building a network of people around you that add something new to your life every day.

That’s when you turn around, see that the bridge is burning – and punch the air in celebration. You’re all in – and you couldn’t be happier.

Twenty years ago I went all in as well. And as this week draws to a close Dav and I will be in Whitby for our 20th wedding anniversary. Whatever I’m achieving with TAB, whatever I’m helping to build, I couldn’t have done without her at my side. “All in…”; the best decision I ever made. On the off-chance you read this, thank you.

You’re Never Too Big for TAB

Hmmm… Vladimir Putin is effectively President for life. Xi Jinping President for life as well. With the annual congress of the People’s Alternative Board being held this week a chap could get ideas

Sadly there is a rather more serious idea that I want to discuss this week: the idea that you are too big to fail – which all too often starts with the idea that you are too big to learn anything new. This year has already seen the administrators called in to once sound businesses: Carillion, Toys-R-Us and Maplin.


I’ve already discussed Carillion and the impact that collapse will have on up to 30,000 SMEs. More recently we’ve also seen Toys-R-Us and Maplin close the doors and – especially in the case of the now renamed Toys-Were-Us – it seems that arrogance and complacency and a ‘too big to fail/nothing to learn’ attitude were largely to blame. As the Greeks used to remind us, hubris leads inexorably to nemesis.

I often use the question ‘why not?’ on this blog, referencing the well-known quote from Robert Kennedy: “There are those that look at things the way they are and ask ‘why?’ I dream of things that never were and ask, ‘why not?’”

But in business today ‘why not’ – to borrow from SWOT – isn’t just about strengths and opportunities, it’s also about weaknesses and threats.

Could this business start-up I’ve just read about disrupt our industry so much that our whole business model is outdated? Why not?

Could our customers decide that sitting in a traffic jam for thirty minutes to drag children round a toy warehouse isn’t how they want to spend a Sunday morning? Why not?

Today you have to think the previously unthinkable. Not doing that and believing your business model is inviolate – and Toys-R-Us seems to have been the perfect example – is to signpost your own downfall.

With the company having closed its doors there are plenty of anecdotal stories – from former employees and executives – emerging about the decline of Toys-R-Us. Was it simply competition from Amazon? Or did it go deeper than that?

Of course having Amazon as an alternative didn’t help. But all the stories point to Toys-R-Us seeing themselves as ‘king of the toy jungle’ and simply not giving their competitors enough respect. Add in a failure to lock-in the loyalty of their customers, a determination to open new stores whatever the cost and tales of wholesale fall-outs with their suppliers and the story only had one possible ending.

And when the inevitable happened, whose fault was it?

Everyone else’s.

Right now the directors of every failing company seem to have an instant explanation. ‘Picking the low hanging fruit’ might well mean reaching for the most easily available excuse. Competition from Amazon – uncertainty caused by Brexit – fall in the value of the pound – and (my personal favourite) customers changed their shopping/buying/spending habits.

What no-one ever seems to say is that it was rank bad management. Customers and clients are always changing their shopping/buying/spending habits: with the greatest possible respect that’s why you get paid so much – to anticipate those changes and do something about it.

It is my privilege to work with some very talented and very successful people: that includes members of TAB boards up and down the UK, and franchisees both here and overseas. Without exception they have one thing in common: they know that they don’t know everything. They’re willing to learn and they’re willing to listen. They accept that ‘why not’ could overtake their business – as it can overtake any business today.

You are never too big to learn and – bluntly – you are never too big to sit round the table with your colleagues from TAB. If we’d had a director of Toys-R-Us as a member then very quickly – in his first meeting would be my guess – someone would have said, “You know, last Christmas, we bought all the kids’ present on this thing called the internet. From a site called Amazon. Took half an hour, delivered them the next day…”

The loyalty of your customers, not opening stores for the sake of opening stores and working with your suppliers might well have been mentioned as well…

Nothing stays the same for ever and nowhere is that more true than in business. I floated the idea of a TAB for young entrepreneurs recently: maybe we should have one specifically for directors of ‘too big to fail/nothing to learn’ PLCs as well. The blunt common sense of their new colleagues round the table would be the best investment they ever made.

Lessons from the Maybot

Consider these two newspaper headlines:

South Milford FC win Champions League

Labour win Kensington & Chelsea

Well, you think. A Chinese conglomerate. Don’t see the value in spending £3bn on Manchester United. Decided to do it the romantic way. Small local team – but a million people within 30 minutes. 20 year plan, work their way up the football pyramid. Suppose it could happen…

What was the other one? Labour win Kensington & Chelsea? Have a word with yourself. And don’t forget your medication…

Except last Friday afternoon it did happen. With a majority of just 20, Emma Dent Coad captured Kensington and Chelsea for Labour. And if you want a measure of how completely inept the Conservative election campaign was, there you have it.

‘I didn’t fail. I learned,’ is one the great aphorisms of the positive-thinking industry. Well, Theresa May certainly learned how to take a working majority and turn it into – dare I use the phrase – a coalition of chaos. As everyone knows, she is now dependent on the DUP, whose ten MPs shuffled into the limelight last Friday afternoon like a factory syndicate who had won the lottery.

But this is a business blog, not a politics one. Are there any lessons we as business owners can learn from the election, the Conservative ‘strategy’ and the Maybot? Oh yes…


First and foremost, don’t ever take success for granted. I hope Ian Hislop doesn’t mind: I photographed the Private Eye cover from May 18th as my illustration this week. At the time it exactly summed up the mood in Conservative Central Office: it wasn’t a General Election, it was a coronation.

…Did the Conservatives underestimate Corbyn? Only by a factor of 300 – in much the same way that the Clinton camp underestimated Trump. In both cases the overwhelming favourite said, ‘You can’t possibly vote for my opponent:’ to which the electorate replied, ‘Watch us.’

Whatever you’re doing – whether you’re pitching for a contract, tendering for some work, making a presentation to potential clients – you must show up, give your best every single time and never, ever underestimate your opponents. No-one – clients, customers or the electorate – likes to be taken for granted.

Yes, show up. Sounds obvious doesn’t it? You need to show up, even if it’s going to be tough. Say what you like about Corbyn – he turned up, he was prepared to speak, his events were free and he connected with people. Theresa May hunkered in her bunker muttering “strong and stable.” I am sorry, Prime Minister, when the going gets tough, the tough do not send Amber Rudd.

What’s next? Ah yes, the personality cult. They weren’t Conservative candidates were they? They were ‘Theresa May’s local candidate.’ The cabinet? Never heard of them: are you talking about ‘Theresa May’s team?’ If you want to make it all about your personality – whether it’s your business or the General Election – just make sure you have one.

Have a vision. How many times have we said that the leader’s job is to lead? To have a vision and communicate that vision. End tuition fees, raise in the minimum wage, a hand-up for the many… Whether you agree with it or not, that was a vision.

Trust your team. When she became PM Theresa May shuffled her team. Whatever your view of Messrs Hammond, Johnson and Davis – and Ms Rudd – they are experienced politicians. They’re used to campaigning. If you’ve handpicked your team, you have to trust them. No business grows or succeeds by the boss micro-managing every single decision himself.

Lastly, don’t always rely on the same people for advice. The apocryphal story is that the only person Mrs May would take a phone call from during the campaign was the Queen (yep, probably asking for her coach back…) Clearly the PM’s advice came from her two, now-departed, special advisers and her husband, all of whom were telling her what she wanted to hear. Maybe she should have joined a TAB Board for the duration of the campaign: she’d certainly have received advice at odds with her thinking but – as it so often does for so many business owners – it would have saved her from some disastrous mistakes.

So did Theresa May get anything right? Well, certainly not the Mexican wave on Tuesday night but – as one of my team in Harrogate pointed out – she always wore nice shoes…

I could go on and on – but enough’s enough. The Conservative campaign was easily the most inept in my lifetime. And yes, I know she is still Prime Minster but go back to the end of April. Record approval ratings and a 20 point lead in the polls. It’s the equivalent of a team leading 6-0 at half-time, scoring six own goals and scraping home 7-6. A win is a win, but at what price in the long term? What will it cost the country, the economy and our businesses?

Dealing with the Dark Side

A great half term, a brilliant family holiday and – like my trip to Australia – absolute confirmation of why I run my own business.

But as I wrote two weeks ago, it’s time to consider the darker side of being an entrepreneur. How to cope when it’s all going wrong.

So my Google search was fairly straightforward – and back came the regulation 26.7m results. Almost without exception they failed to address my query.

Coping with failure is the key for entrepreneurial success. Don’t see it as a failure; see it as a learning experience.

That’s all very fine. It’s easy to trot out the old clichés, and all successful entrepreneurs have had their share of failure. Equally, you’d expect the vast majority of articles about entrepreneurship to be unremittingly positive.

But this blog has always sought to address the real world. Entrepreneurs are by nature optimistic people, but everyone running a business will – sooner or later – go through tough times.


We’ll go through times when we wonder if we’ve made the right decision, we’ll go through times when the old security of the corporate world seems remarkably seductive – and we’ll go through times when we wonder if the price is worth paying, both for us and the family we’ve dragged along on the journey.

And once or twice in our entrepreneurial careers, we’ll go through times when the ship seems to be heading for the rocks.

So the question is, how do you cope? I’m not talking about the practical here – solving the immediate problems, keeping everyone informed, stringent cost control – I’m talking about you.

How does the entrepreneur cope when the easiest decision might be to wave the white flag? How do you stop yourself going mad? How do you put on a brave face and focus on sports day, not on what is – or isn’t – happening back at the office?

If that’s what you’re going through right now, here are five strategies that work. These themes are remarkably common in talking to entrepreneurs who’ve ‘been there, done that’ – and eventually steered the ship away from rocks.

Remind yourself why you started

…And remind yourself that if it was easy, everyone would be doing it. You started because you wanted to build something and you wanted to define your own future. Creating anything that worthwhile will involve some pain – and remember the old adage: ‘the only thing harder than carrying on is giving up.’

Take the opportunity to make changes

Tough times can be an opportunity as well: take the chance to make some hard decisions about what’s really working and what’s not working. That might be parts of the business – or it might be people. Sometimes difficult times force you to make the decisions you’ve been putting off for far too long.

Keep the end in mind

This is self-explanatory. Remind yourself why you started this journey – and remind yourself where it’s going to end. That can be incredibly difficult when you’re fire-fighting, but force yourself to do it. Lift your eyes up and look at the eventual destination. Trust me, when the fires are out, you’ll be more determined than ever to reach it.


Do some exercise, release some endorphins. No problem was ever solved by eating junk food and gaining half a stone. Get out there in the fresh air, walk up a hill and somehow it puts problems into perspective – and often presents a solution.

…And talk

You’re not the only parent whose teenage daughter has just slammed the door and walked off into the night – and you’re not the only entrepreneur who’s ever had this problem. There is an absolute wealth of experience around any TAB boardroom table, and I’d be amazed if one of the members hasn’t experienced – and solved – whatever problem is facing you right now.

And next week I’ll take a look at one of those problems – one that everyone building a business faces sooner or later. Until then, have a great weekend.


The Freaky Side of Things

Sorry, the headline’s a week late for Hallowe’en…

Many of you will have read Freakonomics, the hugely successful ‘rogue economist’ look at everything by Stephen Dubner and Steven Levitt. Now they’ve a new book out – Think Like a Freak – and I was reading it on holiday.

This book tends much more towards self-help than it does towards economics, and there were a couple of points in it that really struck a chord with me.

‘Don’t be too proud to quit’ was the first one. At first glance this flies right in the face of the traditional business view that nothing can replace persistence and too many people quit when they’re just around the corner from succeeding.

But there are times when quitting makes sense: when you’ve tried an idea and it simply hasn’t worked. When your startlingly brilliant insight about what the market really, really wants has – astonishingly – proved to be somewhat wide of the mark. There’s no shame in saying, ‘Fine, that didn’t work. Let’s try something new.’ And in the days of the internet and ready-fire-aim start-ups, abandoning an idea is no longer as expensive as it once was.

One of the hallmarks of the most successful entrepreneurs is the number of failures they’ve had – which they then saw as a learning experience.

But the story that’s really stayed with me from Think Like a Freak is the one about the Chinese children and their eyesight problems…

The book makes a simple point: ‘tackle small problems, not vast ones.’ Again, that seems to be directly at odds with most business advice: surely you can’t ‘keep the main thing the main thing’ if you’re off fighting small fires?

…And you can’t get a much bigger problem to tackle than the Chinese education system. Children in the poor, rural province of Gansu were underperforming at school. The cause was eventually pinpointed: their diets were deficient in iron, which was affecting their eyesight. They were performing badly at school because they simply couldn’t see the blackboard.

Two Western economists launched a programme to give the children free glasses – and their performance in school improved dramatically.

The point is very similar to one I made a few weeks ago in Small Gains, Big Profits, where I looked at the lessons business could take from the success of GB Cycling. Some problems – improving the Chinese education system; achieving Olympic success – are so huge that the only way you can tackle them is through a series of small initiatives.

I’m always pleased at TAB meetings when a member comes in and says, “We’ve saved 5% on our heating costs” or “On average we’re getting paid six days quicker than we were this time last year.” It’s pleasing for two reasons: first of all I know that if they’re making small gains in one area they’ll be making small gains in several others – and the sum of those small gains is significant. Secondly I know that someone who’s paying that much attention to detail is going to succeed.

Business is becoming ever more competitive and knowing exactly what’s going on in your company is vital – as is knowing it at the right time. TAB members will be aware of the absolute importance I attach to KPIs (Key Performance Indicators if you’re new to the blog) – but once you’ve identified your key numbers, you have to stay on top of them. It’s no use finding out in January why you missed your targets in October.

That takes me back to the beginning of this post: deciding that something isn’t working and abandoning it is nothing to be ashamed of: realising that you didn’t know the numbers and you’ve been on the wrong path for a year emphatically is.

Next week I’ll be in a more relaxed mood. I’ll be considering one of the most crucial business questions: should you treat yourself to a couple of days in a five star hotel?

The Price of Failure

What’s the price of failure? This week, about ten billion dollars.

Or more correctly, that’s the value of success, after plenty of failures.

In many ways I’ve wanted to write this post for a long time. In part it’s about Dropbox, and I couldn’t live my life or run my business without Dropbox.

The wheel is good: electricity is useful – but they’re not Dropbox.

The other week Dropbox (it’s an online storage company if you’ve been living in a cave) secured some additional funding – just the $250m of petty cash. That funding put a value of $10bn on Dropbox and opened the door of the billionaire’s club to the company’s 31 year old co-founder, Drew Houston.

Let me quote from a recent BBC article on Dropbox and Drew Houston.

While studying computer science at MIT he happened on the idea of an automated gambling bot for playing poker. But it kept malfunctioning. “It kept folding my hand. It was an automated way of losing money.” Three years of work on [his next project] also proved fruitless. Then:

“I was on the bus from Boston to New York. I fished around in my pocket and found I’d forgotten my thumb drive. I never wanted that to happen again.”

So with four hours to kill and no USB flash drive Drew Houston started to write some code…

Initially potential investors were lukewarm – and after the money-losing bot and the three loss-making years on the previous project it would have been easy to give up. After all, why should investors want to back someone who’s already failed at least twice?

I’ve written about failure before on the blog. Failure isn’t failure it’s just another step closer to success. Failure isn’t failure, it’s just a learning experience. Every time you fail you’re one step closer to succeeding.

It’s very easy to trot out the well-worn business clichés, most of them written by people who have never been anywhere near running a business in the real world.

Everyone reading this blog will have failed at some point. Something they thought was an absolute certainty – the business idea that would catapult them to fame and fortune – will have gone hideously, painfully, expensively wrong.

It’s probably gone publicly wrong as well. And there’ll be no shortage of wise-after-the-event experts lining up to tell you where you went wrong. Plus an equal number celebrating that well known German defender Schadenfreude…

So coming back from failure is tough. It’s not just another step on the road to success, it’s a real blow – emotionally, financially and quite possibly physically. When you’re running your own business and you have so much capital – emotional and financial – tied up in it, failure can’t be anything else.

But we’re entrepreneurs: sooner or later we bounce back – and come up with the Next Great Idea that will catapult us etc etc.

Sometimes, though, it’s a good idea to subject the NGI to a little outside scrutiny – and this, I think, is one of the key strengths of the Alternative Board.

It was an absolute winner. It would transform my business. Move my retirement ten years closer. And add at least another nought to the value I’d get when I sold out. But by the time it had been round the TAB table I could see all the flaws in my idea. That Board meeting saved me tens of thousands of pounds and I will be eternally grateful.

I’ll obviously keep the identity of that Board member to myself – but it’s far from the only time I’ve had that said to me in a 1:1 conversation.

But just as importantly I’ve seen several boards have a ‘Dropbox moment’ when a member has put his Next Great Idea to them and as one they’ve said, ‘Yes. That’s obvious. And simple. And it’ll work.’

At that point there’s only one piece of advice the Board needs to give. Three words. The old Nike advert. Just do it…

You Don’t Have to Get it Right…

One of the constant themes running through the past 70 or more of these blogs has been planning. The need to make plans, monitor them regularly, make sure you stay on track and if and when you get blown off course, guarantee that there’s a network of peer support available to get you back on track.

The trouble is, it might all have been completely wrong.

Because there’s a growing school of business thought which says you don’t have to get it right. You just have to get it going.

The reasoning is simple. If you’re starting a business – and in particular an online business – then you can do it for next to nothing. Register a domain name, grab a year’s hosting, design a simple website, sign up with Paypal – and you’re open for business. All done from the comfort of your own home and paid for with your credit card.

Business plan? Not required. Cash flow forecast? Waste of time. Interview with your bank manager? You must be joking. And if you’ve made a mistake? So what. Adapt as you go along – after all, it didn’t cost anything to get the business going in the first place.

Did Alan Sugar have a detailed business plan when he started selling car aerials out of the back of van he’d bought for £100? Did Richard Branson worry about his cash flow forecast when he began selling records in a church crypt?

The answer in both cases is no. Neither Sugar nor Branson would have agonised over the decision for more than ten seconds. Failure? So what if it fails? I’ll start again…

The trouble is that most of us are not Alan Sugar or Richard Branson. Most of us have had more than the occasional moment of self-doubt. And much as we’re told it ignore it – to see it as a learning experience – most of us are affected by failure.

And that’s where plans come into their own. That’s when it’s worth researching your market, checking what the competition are doing and making sure the numbers add up. For most of us, good, well-researched plans give us the confidence to press ‘play.’ And they dramatically reduce the risk of it all going horribly wrong.

So I’ll stick by my advice on planning – but keep the plans in proportion to the risk involved. And then? Go for it. To quote Goethe:

Knowing is not enough: we must apply
Willing is not enough: we must do

One of the big differences I see between really successful people and everyone else is that they take action. It comes back to Messrs Sugar and Branson: they had an idea and they acted on it.

Knowledge is power? Maybe. But I tell you what knowledge most certainly isn’t – money in the bank. In business, taking action is the only thing that will swell your bank balance. So for the vast majority of us, the equation is simple: plans + action = success.

And now on to next week, which is the last ‘proper’ blog of the year – and with the help of several interesting predictions from you, I’ll be taking a look ahead to 2012. And here’s one early prediction for you: one of the trends I see for next year – and for plenty of years to come – is the rise and rise of the business angel. So one of the first blogs of next year will discuss the pros and cons of outside investment in your business, and another one will look at the best ways to secure outside funding if you decide that’s a route you want to go down. If anyone has any specific questions on these subjects, then send me an e-mail and I’ll make sure the points are answered in the blog.

Failure? What failure?

On April 7th 2011, Rory McIlroy of Northern Ireland shot a 7-under-par 65 to take the lead in the first round of the US Masters golf tournament. Two days later he shot 70, giving him a 4 stroke lead for the final day. At the age of 21 he was on the brink of greatness. The sporting world stood ready to acclaim a new champion.

But it didn’t happen. On Sunday McIlroy took 80 for his round – the worst round in history for any golfer leading after the third round of the Masters. He eventually finished tied for 15th place and instead of wearing the famous green jacket, he “couldn’t get to the airport fast enough.”

In his next few events McIlroy’s form dipped further. The doubters nodded their heads. He’d been mentally broken by his collapse at Augusta. He’d never be the same player again. And now his next tournament was another ‘major’ – the US Open on the notoriously difficult Congressional course at Bethesda.

On June 16th McIlroy stepped onto the tee at Bethesda and shot 65 to take the first round lead. On Friday he became the first player ever to hold a score of 13 under par at any point in the tournament. On Saturday he shot 68 for a three round total of 199 – a record for the tournament, giving him an eight shot lead going into the final day. And a final round of 69 gave him the title – and beat Tiger Woods’ lowest ever aggregate score.

I’m constantly fascinated by the parallels between sport and business. In sport it doesn’t matter who you are – Ed Moses, Roger Federer, Tiger Woods or Rory McIlroy – no-one wins all the time. Business is the same – even the most successful entrepreneurs will tell you that they only get 50% of their decisions right. In fact, one of the key traits that defines a successful entrepreneur is the ability to overcome a wrong decision – what the outside world sees as ‘failure.’

Richard Branson has probably lost more money in failed ventures than everyone reading this blog will earn in a lifetime. But he’s had a few successes along the way and in any survey he’s just about the most admired entrepreneur in the country. So what’s his definition of failure? Simple: “not trying something new.”

Successful entrepreneurs don’t see failure as failure. They tried something. It didn’t work. So what? It was a learning experience. Let’s move on – there’ll be another opportunity along tomorrow. They’re playing the long game – and that keeps what other people label ‘failure’ in perspective.

Back to Rory McIlroy. The New York Times reported a conversation between McIlroy and his manager Andrew ‘Chubby’ Chandler. “Honestly,” said McIlroy. “I don’t know what all the fuss is about, Chub, because at the end of the day, it’s just a golf tournament and I’m 21.” McIlroy kept it in perspective. He knew there’d be plenty of other golf tournaments. The entrepreneur knows that there’ll be plenty of other opportunities.

We all have setbacks – whether they’re in sport, life or business. But that’s all they are – setbacks, not failures. After all, if you’re driving from Leeds to Manchester and the M62’s blocked at Huddersfield, it doesn’t mean you can’t get there. You’re just going by the scenic route…

I sometimes worry that Board members are afraid to admit when things go wrong. I love it when someone comes in and says “Tried this. Didn’t work. Disaster. Lost some money.” Because I know – even in my short experience, but more importantly, colleagues in the US bear it out – that next time they’ll be saying. “Tried this. Worked brilliantly. Taken the business to a whole new level.”

So here’s a commitment. Next time someone at a Board meeting says, “Didn’t work. Disaster. Lost some money,” the rest of us will start applauding. And afterwards we might quietly ask if you have any shares for sale…