Kelly Granat

is the emergence of a lot of technology and a lot of products and capability. We built all our systems homegrown because when we launched in 1997, a lot of this stuff didn't exist. That was off the shelf, right? And so there's been an opportunity to modernize how we do things from a process perspective, I think, across a lot of different parts of the organization.

is the emergence of a lot of technology and a lot of products and capability. We built all our systems homegrown because when we launched in 1997, a lot of this stuff didn't exist. That was off the shelf, right? And so there's been an opportunity to modernize how we do things from a process perspective, I think, across a lot of different parts of the organization.

Three, I think given the nature of collaboration that we talked about earlier with regard to sector coverage and how we work together, that's a slightly different human in terms of who's going to be good in that type of role and who succeeds, who communicates really well.

Three, I think given the nature of collaboration that we talked about earlier with regard to sector coverage and how we work together, that's a slightly different human in terms of who's going to be good in that type of role and who succeeds, who communicates really well.

There's always obviously a premium on communication in our industry and the ability to synthesize a lot of information into a couple of key questions, but people who are collaborative, who are really team-oriented, who were creative in terms of tools they employ to do fundamental research. The premium on those is even higher, I would argue, than it was before.

There's always obviously a premium on communication in our industry and the ability to synthesize a lot of information into a couple of key questions, but people who are collaborative, who are really team-oriented, who were creative in terms of tools they employ to do fundamental research. The premium on those is even higher, I would argue, than it was before.

And so I think we've evolved over time. The types of people we hire, we've learned from who's really succeeded inside of our culture and who hasn't done as well and tried to kind of evolve how we think about the types of people we want to bring into the organization. Dave and I are very focused now on kind of the next generation, right? You know, I'm 50, Dave's, I believe, 54.

And so I think we've evolved over time. The types of people we hire, we've learned from who's really succeeded inside of our culture and who hasn't done as well and tried to kind of evolve how we think about the types of people we want to bring into the organization. Dave and I are very focused now on kind of the next generation, right? You know, I'm 50, Dave's, I believe, 54.

Maybe he's 55, I'm not sure. If I'm in this seat in 10 years, that's probably not the best outcome for our LPs, right? You know, there is, I think, a life cycle of doing this, and Dave always says, and I think this is right, you know, when I'm less excited to jump on the plane to Singapore for two days, it's kind of how I know, right?

Maybe he's 55, I'm not sure. If I'm in this seat in 10 years, that's probably not the best outcome for our LPs, right? You know, there is, I think, a life cycle of doing this, and Dave always says, and I think this is right, you know, when I'm less excited to jump on the plane to Singapore for two days, it's kind of how I know, right?

I'm still excited to jump on the plane to Singapore, and so is he, so we're in the right seats, but we're equally focused on who is the next generation, how do we expose them to the things they need to get exposed to, you know, teach them how to manage people, how to think about portfolio, how to learn the areas outside of the areas they cover and that they've grown up covering.

I'm still excited to jump on the plane to Singapore, and so is he, so we're in the right seats, but we're equally focused on who is the next generation, how do we expose them to the things they need to get exposed to, you know, teach them how to manage people, how to think about portfolio, how to learn the areas outside of the areas they cover and that they've grown up covering.

They've proven themselves to be very successful analysts. How do we develop them to become great portfolio managers, right? And so that's a big part of our time now, which is different for me than probably five years ago. And then the last piece is obviously just shoring up the organization for a different world, right?

They've proven themselves to be very successful analysts. How do we develop them to become great portfolio managers, right? And so that's a big part of our time now, which is different for me than probably five years ago. And then the last piece is obviously just shoring up the organization for a different world, right?

And so whether that means different strategies around products, we've had a kind of a one size fits all, we are a long only firm, we are a long short firm. What does that mean in 2025, right? What a hedge fund is or what it represents to the market in 1997 looks pretty different than what that term means today. Today, it probably means more like a pod shop, right? That's what a hedge fund is.

And so whether that means different strategies around products, we've had a kind of a one size fits all, we are a long only firm, we are a long short firm. What does that mean in 2025, right? What a hedge fund is or what it represents to the market in 1997 looks pretty different than what that term means today. Today, it probably means more like a pod shop, right? That's what a hedge fund is.

We're a long short fund, right? And a long only fund. And we're fundamental investors. And that means something different in 2025 than it did in 1997. We never had a... PR effort, we never had a website until a few years ago, right? We wouldn't do things like this probably five or 10 years ago. It wasn't the culture of the company, but the world's changed.

We're a long short fund, right? And a long only fund. And we're fundamental investors. And that means something different in 2025 than it did in 1997. We never had a... PR effort, we never had a website until a few years ago, right? We wouldn't do things like this probably five or 10 years ago. It wasn't the culture of the company, but the world's changed.

And so the onus is on us to communicate our story, communicate how we've changed, how we've grown, what we've learned, how we've developed, what we're focused on, right? And so that's a different orientation for a firm that culturally was set up to be, let's just perform and everything will take care of itself. Yes, we absolutely need to perform. That's jobs one, two, and three.

And so the onus is on us to communicate our story, communicate how we've changed, how we've grown, what we've learned, how we've developed, what we're focused on, right? And so that's a different orientation for a firm that culturally was set up to be, let's just perform and everything will take care of itself. Yes, we absolutely need to perform. That's jobs one, two, and three.