Kelly Granat

But those, I think, are really about understanding the internals of the business and what drives the business and the duration of what we think the opportunities that looks like for that business to just own them right and those are a different flavor

But those, I think, are really about understanding the internals of the business and what drives the business and the duration of what we think the opportunities that looks like for that business to just own them right and those are a different flavor

So look, it starts with Steve, our founder, and how he set the firm up when he started it 27 years ago, which was with an orientation to succession. And I think that's the first really differentiating aspect of our company versus many of our peers is that he was focused from the beginning on the company outliving him.

So look, it starts with Steve, our founder, and how he set the firm up when he started it 27 years ago, which was with an orientation to succession. And I think that's the first really differentiating aspect of our company versus many of our peers is that he was focused from the beginning on the company outliving him.

And, you know, he comes out of the Goldman Sachs partnership back in the day, and I think that was in many ways the model in his brain of like, you know, you do well, you rise up, you own a lot of the company, and then ultimately as partners, you go, you know, go limited in the case of Goldman, or you start to give away your equity to the next generation, right? And that's what his vision was.

And, you know, he comes out of the Goldman Sachs partnership back in the day, and I think that was in many ways the model in his brain of like, you know, you do well, you rise up, you own a lot of the company, and then ultimately as partners, you go, you know, go limited in the case of Goldman, or you start to give away your equity to the next generation, right? And that's what his vision was.

And that by the way, extends not just to the investment team, but to the entire company. You know, it is the responsibility of every functional leader in our company, whether you run the tax department, HR or IT, to understand and be mentoring who your successor is, right? And that's the culture of the firm and has been from the beginning.

And that by the way, extends not just to the investment team, but to the entire company. You know, it is the responsibility of every functional leader in our company, whether you run the tax department, HR or IT, to understand and be mentoring who your successor is, right? And that's the culture of the firm and has been from the beginning.

And so Steve has been steadily handing off portfolio responsibility by sector kind of within the first couple of years of launching the firm with the view that there will be moments where it is clear that there are certain people on our investment team who know more about this sector than I do, who are effectively making all of the decisions anyway.

And so Steve has been steadily handing off portfolio responsibility by sector kind of within the first couple of years of launching the firm with the view that there will be moments where it is clear that there are certain people on our investment team who know more about this sector than I do, who are effectively making all of the decisions anyway.

And so let's deputize them to actually make those decisions, right, and have the insights. And so that's been the culture of since the beginning, you know, what we have been doing with, you know, him officially stepping back to really just kind of a chairman type of role, and Dave and I taking over as co-CIOs was to really transition what we call kind of a 2.0 of Lone Pine.

And so let's deputize them to actually make those decisions, right, and have the insights. And so that's been the culture of since the beginning, you know, what we have been doing with, you know, him officially stepping back to really just kind of a chairman type of role, and Dave and I taking over as co-CIOs was to really transition what we call kind of a 2.0 of Lone Pine.

And that's been, if I'm being honest, a heavy lift, right? Because, and that is a function to some extent of, you know, how we were set up at the beginning and then how much the market has changed, right?

And that's been, if I'm being honest, a heavy lift, right? Because, and that is a function to some extent of, you know, how we were set up at the beginning and then how much the market has changed, right?

We had a great group of investors who were with us from day one, who were largely kind of North American endowments and foundations and some high net worth, you know, family outsource, family office types and high net worth people. And they gave us money day one and they just compounded for a long time. And so our orientation was heads down, put up numbers.

We had a great group of investors who were with us from day one, who were largely kind of North American endowments and foundations and some high net worth, you know, family outsource, family office types and high net worth people. And they gave us money day one and they just compounded for a long time. And so our orientation was heads down, put up numbers.

We didn't really have an outbound effort and nor were we open for the first almost 15 years of our existence, right? We didn't really launch a bunch of new products after the long only launch.

We didn't really have an outbound effort and nor were we open for the first almost 15 years of our existence, right? We didn't really launch a bunch of new products after the long only launch.

In 2004, we had a quick stint with a long-only emerging markets product that we quickly realized didn't scale, and we folded that into our long-only business and haven't really come up with a new product since then. And so there really wasn't a need to have a big outbound effort, right? And so we've always had an investor services effort, which is great, but that's one example.

In 2004, we had a quick stint with a long-only emerging markets product that we quickly realized didn't scale, and we folded that into our long-only business and haven't really come up with a new product since then. And so there really wasn't a need to have a big outbound effort, right? And so we've always had an investor services effort, which is great, but that's one example.