David Weisburd

Not all applicants will qualify.

It's not just organizations have different incentives.

It's different levels inside the organization.

Different individuals probably on the same level have different incentives.

And said another way, if everybody had the exact same incentives, then every firm would have beta, not alpha.

Two, also on a hit on LP incentives.

What are their incentives and is there a principal agent issue with LPs themselves and kind of their capitals?

It's kind of like budgeting.

Somebody has a spend and whether you come to them in Q1, Q2, Q3, Q4, the LD doesn't just have this money in the bank account and sitting in cash.

As Elon says, the product is the factory.

It's not the car.

It's actually the factory making the car.

It's the culture and the ability to recruit and retain the very best talent.

Thanks a lot for jumping on.

Look forward to continuing this conversation live.

Appreciate it, Dave.

Thank you for having me.

That's it for today's episode of How I Invest.

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