Aneet Deshpande

We're, by definition, generalists.

Our job is to preserve and grow client capital, not create a bunch of asymmetric wealth.

You know, our client's already done that in real economy.

And so there's a nuance there, too, of making sure that we are able to find those people that we are generally not, but also have the discipline to create a process that can be sustained, repeated, and drive success for clients.

So that's the punchline for being an allocator versus being a bottoms-up investor in a certain asset class, like the Buffetts and the Ekmans.

Absolutely.

I think there's...

It could be not only in investing principles that could show up, but also life principles, how they run their businesses.

It's the entrepreneurial problem.

Entrepreneurs like it their way.

And so it takes a special person to be able to have a point of view on a market, have that expertise, have the willingness to engage a team, be a team player, because they're almost contradictory in some sense, and do it for the benefit of an increasing client base.

And that's a real challenge.

I think challenge number one, and then you overlay on top of that, you got to be a good investor and a good business person.

That's where the, if there's any sort of arising conflict, it's probably first there from a outcomes point of view, instead of, you know, majority managers probably couldn't make it in other asset classes.

I think we all know just they're there for that reason and no other, there are some very exceptional people that can do well, whatever they do.

We've seen those kinds of generalists out there.

The real test, however, is can you not only be a good investor, but run the business effectively?

And that's where we see some differences between the good and the bad.

It's one thing to get through fund one, raise money.

It's a second.