I know the guys behind the deal. SALT OF THE EARTH FELLAS.

The University of Utah (definitely not an Ivy) announced layoffs following its private equity deal and people are surprised?

This is how value creation works, my man (or woman).

For too long we've been treating payroll like it's some sort of sacred obligation instead of what it really is: an expense. People hear "layoffs" and immediately get emotional.

I hear "layoffs" and my toes curl (in the good way).

The wonderful news is many of these former employees will finally have time to focus on their massive families. I assume they are all Mormon.

Honestly, it's a win-win. Utah gets operational improvements and a path toward long-term sustainability. Investors get compensated for providing the capital and expertise to make that happen.

THAT is what private equity is all about.

And occasionally transforming a full-time employee into a former full-time employee.

Beautiful stuff.

Wifey surprised me with a golf trip to Scotland for Father's Day. Unfortunately she won't be joining. She's got an important tennis match coming up and needs to really dial things in with her tennis pro.

They've been spending 6-8 hours a day together recently reviewing film, working on technique and moving through exotic stretches in the sauna. Her commitment has been inspiring.

In her absence, I'll be bringing a few friends, two caddies, a massage therapist, and my Scottish golf mindset coach.

We’ll be flying privately into Edinburgh before making our way across the country to play a handful of decent tracks. St Andrews, Muirfield, Carnoustie.

I’ve already been multiple times. LOVE Scotland. Need help figuring out what to get the Father in your life? Here are my favorites!

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A new report says private equity firms now own roughly 1 in 8 apartment units in America.

Frankly, that's a solid start.

Predictably, a handful of lawmakers (nerds) are now calling for restrictions on private equity ownership of housing. Which I find amusing.

Imagine telling one of the most successful asset classes in modern history that it's no longer allowed to own assets.

What's next? Banning golfers from country clubs? Limiting yacht ownership? Capping the number of vacation homes a family can have in Nantucket?

The critics insist apartments are homes. We prefer to think of them as recurring revenue. Every rent payment is a subscription business. Every maintenance request is a value-creation opportunity. And every resident is a stakeholder in our investment thesis.

People seem upset that private equity has become involved in housing. But if private equity can improve pet food companies, dental practices, HVAC businesses, software firms, and youth sports leagues, why would we stop at where people live?

At the end of the day, Americans need housing.

Our LPs need returns.

One of those constituencies has quarterly reporting requirements.