John Arnold

And I started to push on this a little bit about what was happening.

Part of it was when China was starting to develop and trying to copy the West.

One of the ways to do that was to bring over Western expats, teach it Western business practices and all the aspects about how to run businesses and capital formation and allocation.

Those roles, those learnings have now been domesticated.

So instead of firms paying multiples of the cost to bring over a Western professional to do it, those learnings are now domestic, right?

It's cheaper and they have those skills.

And so they don't need the West anymore.

And that was one of the big senses I got is this confidence that's building there of we used to try to just copy the West.

Now we're all leaders in many of these things.

We don't need the West coming to teach us things.

We're going to teach the West.

I might step back and think about my kids and what I want my kids to do.

One of the big components is do something that you're really passionate about, that you want to do, that is not a job that you do for income.

But if you can have a profession that you love, that you have this real deep passion for,

And that's what I found with trading.

I just loved the battle, the puzzle, the game of it.

I would sit there from six in the morning to six at night at the desk and either staring at the computer screen or doing some analysis and then go out with people from the industry that night and then dream about the industry in the shower in the morning.

I'd be thinking about it and just being so locked in

There were negatives associated with it.

Not sure I was a great person, a great friend, a great partner for those times.