Josh Kushner

And I think that has forced us to be incredibly disciplined around every single person that we bring onto the team, irrespective if they're two years out of school or 10 years out of school. They should raise the bar for us. And I think that's enabled us to do as much as we've done with as few people as we've done. Going back to the only way to have a team is to have a small team.

And I think that has forced us to be incredibly disciplined around every single person that we bring onto the team, irrespective if they're two years out of school or 10 years out of school. They should raise the bar for us. And I think that's enabled us to do as much as we've done with as few people as we've done. Going back to the only way to have a team is to have a small team.

We've taken, I think, a pretty unconventional point of view, which is that We don't believe in consensus. We don't believe in complete autonomy. We believe in the team. I think a lot of firms have a point of view that everyone needs to agree in order for a decision to be made.

We've taken, I think, a pretty unconventional point of view, which is that We don't believe in consensus. We don't believe in complete autonomy. We believe in the team. I think a lot of firms have a point of view that everyone needs to agree in order for a decision to be made.

A lot of firms believe that if you have the right people within the organization, they should have the capacity to just make whatever decision is that they want. I don't convince the team that we should do a deal. We don't do a deal because I believe in the team. And I think that's a very, very, very powerful thing

A lot of firms believe that if you have the right people within the organization, they should have the capacity to just make whatever decision is that they want. I don't convince the team that we should do a deal. We don't do a deal because I believe in the team. And I think that's a very, very, very powerful thing

The only way to actually do that is if you have a group of people that respects each other, respects each other's points of views, respects each other's perspectives.

The only way to actually do that is if you have a group of people that respects each other, respects each other's points of views, respects each other's perspectives.

As we've talked about, we have a core belief that as a firm, we should be concentrated in exceptional companies and exceptional people. And our view is that the best companies compound themselves over very long periods of time. We're hoping to invest in companies that we're partnering with for decades. And I'm not sure if...

As we've talked about, we have a core belief that as a firm, we should be concentrated in exceptional companies and exceptional people. And our view is that the best companies compound themselves over very long periods of time. We're hoping to invest in companies that we're partnering with for decades. And I'm not sure if...

That's a benefit of our ages or the fact that we know that the best investors are the ones that have picked businesses and have held them for a very long period of time. The running joke in my family for some period of time is that my mom thinks I fix computers for a living.

That's a benefit of our ages or the fact that we know that the best investors are the ones that have picked businesses and have held them for a very long period of time. The running joke in my family for some period of time is that my mom thinks I fix computers for a living.

She is still calling me when the TV is broken, but I've always tried my best to kind of explain to her what we do in the context of real estate. At the later stages, I always say to her that we invest in Fifth Avenue. And my view is you always pay a fair price for Fifth Avenue. Markets go up, markets go down.

She is still calling me when the TV is broken, but I've always tried my best to kind of explain to her what we do in the context of real estate. At the later stages, I always say to her that we invest in Fifth Avenue. And my view is you always pay a fair price for Fifth Avenue. Markets go up, markets go down.

But at the end of the day, if you invest in quality, that quality will ultimately compound on itself. There's a scarcity value to quality. Those that invested in Fifth Avenue a decade ago are happy that they have it today. The biggest mistakes that we've made as a firm are when we've way overpaid for Fifth Avenue or we've bought Third Avenue thinking that it would become Fifth Avenue.

But at the end of the day, if you invest in quality, that quality will ultimately compound on itself. There's a scarcity value to quality. Those that invested in Fifth Avenue a decade ago are happy that they have it today. The biggest mistakes that we've made as a firm are when we've way overpaid for Fifth Avenue or we've bought Third Avenue thinking that it would become Fifth Avenue.

And that's just never the case. Our view is if you are concentrated in the most exceptional businesses and you hold those businesses over very long times, a lot of the value in those sectors that you're investing in will ultimately accrue to the number one player.

And that's just never the case. Our view is if you are concentrated in the most exceptional businesses and you hold those businesses over very long times, a lot of the value in those sectors that you're investing in will ultimately accrue to the number one player.

There are a lot of firms that actually have a very different point of view, which is they like to invest in the second or the third player in an industry. Our view is... We want to partner with the most visionary founders that are building the category-defining assets in their sectors and partner with them over very long periods of time because the value will ultimately compound on itself.

There are a lot of firms that actually have a very different point of view, which is they like to invest in the second or the third player in an industry. Our view is... We want to partner with the most visionary founders that are building the category-defining assets in their sectors and partner with them over very long periods of time because the value will ultimately compound on itself.