Alex Behring

But he was the most involved in creating that operating model.

They're all very complimentary if you put the three things I said together.

Yeah, sure.

Super complimentary.

than achievement-based.

That's when you have issues.

It's simple, but you want to have very talented people, some that you hired from the outside, a lot that groove in the system.

They need to have clarity, first of all, in terms of what is it you're trying to achieve.

And then they need to have freedom to act to achieve that on their respective.

Teams should have that independence to basically decide the how.

And then everybody's tied into the fortunes of the shareholders altogether.

I think that's the system in a nutshell.

And if you have all those components in place, you tend to do well.

But of course, I mean, Patrick, this is the degree of difficulty of doing this increases with company size.

Like to do this in an investment firm with 20 people that we have here, much easier than in a $5 billion company, a little harder.

$10 billion, $30 billion, $50 billion, it just gets harder.

One of the things I've learned from this compensation arena that's tough but it's true is whatever it is that you ultimately do on compensation, you're not going to make everyone happy.

So you shouldn't try to do that because it's quasi-impossible.

You should try to do what you think is fair from a meritocratic standpoint.

And explain it as well as you can.