Jens Grede

And they seem really unfazed by a new cycle, a month, a quarter.

They tend to have really long-term views on everything.

And they invest into that worldview.

And I think that's ultimately going to make them, they're already incredibly successful.

I'm scared for how successful those two are going to be.

They're young too.

Given 20 years of compounding into this worldview, most people are overly optimistic, don't have the stomach for the long term.

I find that a lot of investors I come across are very influenced by market trends.

When something is good, there's no end to how good it can get.

When something is bad, there's no end to how bad it can get.

In 21, you couldn't give away retail, real estate.

Now it's the hottest part of the market.

Years ago, you couldn't give away offices.

Now, occupancy in the right places are at capacity.

There's no end to demand.

Very few people dare to have their own long-term view, and I think both of them do.

Honestly, I've learned from that.

I don't know where the world is going within the next year, but I think we can be relatively confident where the world is going in five years.

I think we can be very confident where the world is going in five or even 10 years.

It shouldn't be impossible to, if you have the stomach for it, if you invest with that perspective, you're going to be right more times than you're wrong.