Jay Hoag

And to maximize the public value, they would go from being a buyout shop to a smorgasbord of financial services offerings, offer that in a very compelling way to the large LPs in the world.

And so credit and fund to funds and they have a growth vehicle, et cetera.

And that seems to have worked out superbly for them.

For me, that level of scrutiny and visibility is not appealing.

So it's not something we've really ever contemplated.

The alternative, too, is sometimes people sell a piece of the GP, but that's mostly my casual analysis of it, front-loading economics that you would otherwise get.

Success in planning is John Dorn.

He's 20 years younger than I am, which is a lot.

I plan on having an active role, but he's running the day-to-day.

He's actually moving to the Valley.

He lives in London with his family in July.

And so if I get hit by a bus, that's one level of succession planning.

I'm very careful around buses.

We talked about stunning colleagues earlier.

Well, okay, then the next question is, how do you identify?

Not just being brilliant, it's just, are they a good investor?

To be a good investor, somewhere in your 20s, you're maybe trying to figure things out, and then you invest in a certain number of companies when you're 30, and then I mentioned when we started TCVS, 36.

It's a long-term business.

Again, disasters can be very short-term measured, but it's really hard to know if somebody's a great investor, except for the passage of time.

In a strange way, I wish the AI enthusiasm hadn't distracted everybody, meaning this may be a bit of a dinosaur approach.