David Weisburd

And did it make you more anti-fragile?

Scott, I have to be honest.

I was in the camp.

I thought you were chasing a ghost and out of your mind through this process.

I was watching from the sidelines.

I was rooting for you, but I thought you had lost your mind and now have to make a new rule.

Peter Thiel has this rule.

Don't bet against Elon Musk.

My new rule is don't bet against Kyle Painter.

So congrats on putting it all together.

And thanks so much for sharing your journey.

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So Doug, you're the CIO of a $10 billion multifamily office.

How should large family offices go about investing their wealth?

It's interesting because I just spoke to Jason Pritzker and his grandfather started the Pritzker family and was the gen one in the family.

And at that point, there was 70%, seven zero capital gains.

He was working under that constraint.

So he figured out, I want to invest into companies that I'm not going to flip in three years, like traditional private equity today, but what are the companies that could

compound for many decades, that I wouldn't have to sell that could basically compound tax free.

And then he went upstream of that, what are the kind of decisions that would make if I was investing to companies that want to compound for two, three decades, and essentially came down to the right sector, the right business model, but also the right team, what kind of partner would you want for 2030 years, it seems very simple to think about taxable versus non taxable portfolio, but the downstream consequences of this one different difference in the portfolios changes the portfolio dramatically.