David Weisburd

rules-based or algorithmic versus this kind of one-off.

Do you see that happening in the taxable space?

And is there a way to construct these portfolios, maybe not to be fully passive, but to have some rules-based approaches to how you process co-investment?

SpaceX is an interesting thing.

It went from a family office trade to an institutional trade.

So some would argue a family office trade again.

The only thing worse than 2 and 20 is 2 and 20 on a 2 and 20, 4 and 40.

Unless, I guess, you're in Citadel or back in the day, Stephen A. Cohen.

And then it might make sense.

You started out as a trader in 1999.

If you could go back and whisper one timeless principle in your ear in 1999 in order to help you either accelerate your career or help you avoid costly mistakes, what would be that one principle?

I think in general, just intellectually being honest with yourself, writing down your priors, seeing how markets evolve.

We humans have such a desire to just revise our investment thesis just in time to kind of hide our mistakes.

It's almost like so inherently human.

One of the things that I've been thinking a lot about, I spent on Sunday with a very well-known investor and he's done deals with Warren Buffett, Bill Ackman, all these top investors.

And one of the things that in retrospect should have been extremely obvious as he was explaining these different legendary investors, also Tony James and people like that, is that

they were all so idiosyncratically different.

And what makes Warren Buffett, Warren Buffett, and what makes Bill Ackman, Bill Ackman, and what makes Tony James, Tony James, is so idiosyncratically different.

And the reason they were successful is because they applied their genius into a very specific vertical.

Said another way, I think Warren Buffett would be a terrible venture capitalist.