"we've always said that duration is our single biggest Advantage but it's never felt more prominent and powerful than it is in today's market structure I love to compete I love a scorecard there's a ve..."

"fun place to begin is the playing field of investing as you see it I'm especially curious about how it feels the most different not in terms of AI and like where the opportunities are but just like th..."

"addition to that the tools with which we used to do our jobs were pretty different you would meet with companies you would read filings you would go to conferences you would try to do some proprietary..."

"job right um in in addition obviously what I mentioned earlier we do now have as portfolio managers a lot of tools to help us think through risk differently portfolio construction differently and then..."

"discreet moments like in a quarterly calendar like is that a good thing for markets is it is that even the right way to think about it like how do you think about meing efficiency right is it a good t..."

"we can not have to play defense at the wrong time and it can actually lean in when everyone's leaning out and vice versa people that really love investing and I know you're one of them seem to get the..."

"where will the profit pools evolve and that's an ongoing live conversation inside of our firm and everyone's got different opinions and over what time frame and where is their fake Ai and where is the..."

"high level you know obviously we have been um of the view or questioning of the view from the beginning I would say just stepping back that llms would not be where the value was ultimately probably la..."

"not public yet and so our positioning has been more really around picks and shovels with the view that like let's see how the ecosystem evolves let's see where profit pools are going to be created ove..."

"thought process I'm curious about it just the literal Machinery of the firm so like how many analysts are there uh what do they do how does that feed into something else what do you do on top of it ho..."

"when you start to get into 20s and 30s then you have a very siloed research team we don't that's not sort of how we're oriented and culturally not how we work um how it works is um and maybe the best ..."

"see how we work at that point obviously they have an appreciation for our process how we approach companies how we talk to companies how we conduct research I maybe segueing to that part of the how ho..."

"three-person data team and the data team's role is a is is a couple different things they are our interface with third party vendors on the outside and internally with our research team they sit in on..."

"to be a supportive arm for fundamental research and answering key questions that's just sort of how the ideas get generated researched process we as an organization meet um two days a week Mondays and..."

"actually beginning to transact in it and we want to kind of surface it to the group and debate it so that's the Thursday meeting so again all of this conversation is meant to Foster dialogue debate li..."

"know balance in the book and where returns are coming from and how how the composition is evolving as you approach this whole thing I'm curious if there is a fixed or fixed is investment philosophy th..."

"challenge another way to think about it is there are certain investors that I would argue are playing a different game and there are certain investors that are playing the popular game best right like..."

"you maybe the cariff is a perfect excuse cuz it sort of like happened and then unhappened you know very quickly may unen maybe unhappened who knows U but it's like a live thing just bring us into the ..."

"it's a conversation that's live right and so I don't want to like all of this you know all the AI stuff these are all very live conversations that you know live inside of meetings but are constantly b..."

"exciting to us it is is something like Starbucks like the perfect example of the first thing you said where you know it's sort of this story that people are worried about skeptical about you know ther..."

"you know with the benefit of hindsight never should have sold I mean they would have gone to very large positions over time so of course they would have trimmed but um look that's why a portfolio is s..."

"the beginning you know what we have been doing with you know him officially stepping back to really just kind of a chairman type of role and Dave and I taking over as co-cio was to really transition w..."

"organization Dave and I are very focused now on kind of the Next Generation right you know I'm 50 Dave's I believe 54 maybe he's 55 I'm not sure if I'm in this seat in 10 years that's probably not the..."

"love to hear the very first time you remember feeling your competitive Instinct in your life like going back as early in your life as possible um my sister will laugh at this if she listens to this so..."

"made me feel very energized and excited and I feeling that I wanted to replicate what has it always been excited has it ever been nerves sure of course so what what when was it first nerves oh when wh..."

"experience and then allowing it to become something else for me I love that moment with your mom what was the kind of the same question more investing Centric what was the first formative experience y..."

"attracted to the same types of Industries and companies um when I got to alone Pont I worked a lot with him and Steve was obviously sort of this super impressive you know figure who loomed large over ..."

"sense and he turns around and just writes to and I was like okay maybe I actually know something because he knows more about this whole space than body on the planet in our world you know who's living..."

"are wrong meta um it's having knowing when to be bold and when to be humble attracting challenging you know motivating a really talented organization um and vulnerability and when you think about all ..."

"to figure out if there's a fit how this person Works um how they think so for me I look for a couple things um it won't surprise you to hear that I love hiring competitive athletes um who have compete..."

"thinking that um often can position us really well to to make money so who do you view as your competition is it firms is it just the whole Market is it it's so funny because the firms that we're alwa..."

"wall of XYZ firm or someone's numbers that I'm tracking to say oh we did better than that person um it's it's actually sort of the opposite which might be counterintuitive is that I root for a lot of ..."

"interesting and maybe not really well understood outside in I'm curious how much more or less you feel like leadership matters than early on in your career like a couple of the examp you've given is t..."

"think strong leadership great teams you know a lot of um collaboration across those teams and a lot of like ups and downs that everyone experiences together that is creates so much resilience um I jus..."

"still making airplanes Uber's still driving people around lift is too so so what is what are yeah list those things like what are the winners doing in a in a real cost of capital environment that the ..."

"two are able to communicate to the market you know a a a consistent level of execution right we we joke a lot internally that and I say this a lot to management teams every time you open your mouth to..."

"and has helped me make better decisions versus like an input that was one of 10 that didn't actually change anything for me right what has been the worst period of returns that you've experienced at L..."

"respond quickly enough to a conversation we were having as well as the market was having at the same time around sort of a different a different regime from a macro perspective an interest rate perspe..."

"years without being disrupted if we're doing our jobs right and in terms of the management team of the company that's running it and and maybe like an adjacent question is the perfect investment becau..."

"time so I think those that's another big area those are two I mean consumer is harder I would say most businesses were more active there on the short side than the long side at this point just because..."

"businesses that we love if you think about the whole industry what do you think is the biggest problem facing the investing world I mean certainly the funds flows of the last bunch of years would tell..."

"what the Market's missing so say one more click about how the pods work from your perspective and the weird the weird incentives in there I mean you have inside of these shops 20 30 40 desks or pads a..."

"amazing story I always ask the same traditional closing question what is the kindest thing that anyone's ever done for you so the summer after my freshman year of college I taught tennis at a camp in ..."