I think that's a good comparison. I have the benefit through my last job of working with many early stage and start up firms. It is truly a surreal experience to get to know a money manager when they first get started with only 2 million bucks and crappy subleased office space, that grows into a multi billion dollar operation within a couple of years.

Many businesses across the board fail inside of their first couple of years. The biggest difference in the ones I've known that make it and those that don't is that when they get knocked down they stand back up every time. Most people will stand back up the first time after they are knocked down, maybe the second, maybe even the third, but after 10 times they throw in the towel.

That's what I see in Treaty. They get knocked down 10 times but get up 11, and that's what it takes to succeed.