Kelly Granat

an event and a news cycle that is meaningful and somewhat anticipated, I would argue. And also I think with the approach with the appropriate amount of skepticism in terms of what ultimately gets implemented, a lot of debate, not doing anything about it, right? And so I think it's a conversation that's live, right? And so I don't wanna like,

an event and a news cycle that is meaningful and somewhat anticipated, I would argue. And also I think with the approach with the appropriate amount of skepticism in terms of what ultimately gets implemented, a lot of debate, not doing anything about it, right? And so I think it's a conversation that's live, right? And so I don't wanna like,

All of this, all the AI stuff, these are all very live conversations that live inside of meetings, but are constantly being pushed forward via email and constant communication that we're all in. So this one I would say is consternation, what are we supposed to do about it? Not gonna react. live and learn. Like let's keep, let's keep following.

All of this, all the AI stuff, these are all very live conversations that live inside of meetings, but are constantly being pushed forward via email and constant communication that we're all in. So this one I would say is consternation, what are we supposed to do about it? Not gonna react. live and learn. Like let's keep, let's keep following.

So it's some combination, I would say. For us, a lot of our process revolves around people. So it's the people who are running the businesses. And I think that companies are in some ways like families. There's a very distinct culture that characterizes and underpins companies.

So it's some combination, I would say. For us, a lot of our process revolves around people. So it's the people who are running the businesses. And I think that companies are in some ways like families. There's a very distinct culture that characterizes and underpins companies.

And that matters immensely, I think, for how a company operates, functions, hires, retains, grows, invests, all of the things that drive sort of ultimately how they perform and execute. And so getting to know the people, what motivates them? Are they looking around corners and thinking about the thing that can disrupt them? Are they trying to disrupt themselves?

And that matters immensely, I think, for how a company operates, functions, hires, retains, grows, invests, all of the things that drive sort of ultimately how they perform and execute. And so getting to know the people, what motivates them? Are they looking around corners and thinking about the thing that can disrupt them? Are they trying to disrupt themselves?

Are they attracting and empowering the people that they are hiring into their companies and retaining them by giving them a lot of responsibility and a lot of autonomy and a lot of voice and decision-making? So I think that's where it starts for us. And one of our favorite sort of themes in investing, which is not a sectoral theme, but sort of a change theme is around new people, right?

Are they attracting and empowering the people that they are hiring into their companies and retaining them by giving them a lot of responsibility and a lot of autonomy and a lot of voice and decision-making? So I think that's where it starts for us. And one of our favorite sort of themes in investing, which is not a sectoral theme, but sort of a change theme is around new people, right?

You change people, you change a company. And so there are lots of examples of in our history of businesses that are good to great businesses that we feel have been under managed. And then somebody comes in who we know from a prior life or a prior existence, or we do a bunch of work on that person if we don't and get super excited about their ability to transform.

You change people, you change a company. And so there are lots of examples of in our history of businesses that are good to great businesses that we feel have been under managed. And then somebody comes in who we know from a prior life or a prior existence, or we do a bunch of work on that person if we don't and get super excited about their ability to transform.

And to me, nirvana is when you have a company that is so deficient in a certain functional area. And then you bring in a leader who is an expert in that functional area, and it's like, that's magic. And we've seen this a bunch of times. And so those opportunities, I think, are super interesting. Two, I would say, is just companies who are...

And to me, nirvana is when you have a company that is so deficient in a certain functional area. And then you bring in a leader who is an expert in that functional area, and it's like, that's magic. And we've seen this a bunch of times. And so those opportunities, I think, are super interesting. Two, I would say, is just companies who are...

innovating at such a rapid clip and you see what's happening from a product pipeline perspective, right? They have a great monopoly incumbent business ideally, right? Or something that has an incredible unit economics and they are using a lot of that profit and power to invest and plant seeds in a bunch of other areas.

innovating at such a rapid clip and you see what's happening from a product pipeline perspective, right? They have a great monopoly incumbent business ideally, right? Or something that has an incredible unit economics and they are using a lot of that profit and power to invest and plant seeds in a bunch of other areas.

And you see some of those free seeds starting to come to fruition in terms of new products, new lines of business, new distribution channels, whatever it may be relative to the company we're talking about. And seeing that secret sauce is not just the single thing that made them great, but their ability to then recreate and innovate at like at scale, I think is super exciting to us.

And you see some of those free seeds starting to come to fruition in terms of new products, new lines of business, new distribution channels, whatever it may be relative to the company we're talking about. And seeing that secret sauce is not just the single thing that made them great, but their ability to then recreate and innovate at like at scale, I think is super exciting to us.

Yeah. Another one from our past, which we did really well with and which was a great example of this was Ulta, when Mary Dillon took it over. This was, at the time, a small company. I think it was maybe the $3 billion market cap when she joined. And she was a...

Yeah. Another one from our past, which we did really well with and which was a great example of this was Ulta, when Mary Dillon took it over. This was, at the time, a small company. I think it was maybe the $3 billion market cap when she joined. And she was a...