Jeff Horing

Because the outputs are so long coming and there's so much luck.

Let's not kid ourselves.

There's a lot of luck in what we do.

And I start with, well, if I took you out, what would have happened?

Would the deal have still been sourced?

Would we have won the deal?

Would we have decided to do the deal?

How much of those decisions did you play in that process?

X is the removal of you.

Are you adding X to that equation?

It's not easy to review somebody that

has great inputs, but the outputs are long and coming.

And one of my best partners had a really slow start, made a lot of mistakes, but I saw his inputs were great.

I thought the way he was thinking about things was great.

And he was like a sponge to get better.

And now he's probably the best investor in the firm.

People learn, people get better.

It's a marathon.

Obviously, at some point, the marathon ends, but that's generally how I try to approach it.

My style is similar to what we do with the analysts is really to give people an environment where they could be creative, take risk.