Kelly Granat

And when I was in prior firms, we shared meetings and went to see companies together and really got to know each other and figured out that we thought about the world in a pretty similar way and were attracted to the same types of industries and companies. When I got to Lone Pine, I worked a lot with him.

And when I was in prior firms, we shared meetings and went to see companies together and really got to know each other and figured out that we thought about the world in a pretty similar way and were attracted to the same types of industries and companies. When I got to Lone Pine, I worked a lot with him.

And Steve was obviously sort of this super impressive, you know, figure who loomed large over the research department, given obviously his tenure and his success. And about a year into being at Lone Pine, the person who had been working most closely with him on consumer left the firm to start his own firm.

And Steve was obviously sort of this super impressive, you know, figure who loomed large over the research department, given obviously his tenure and his success. And about a year into being at Lone Pine, the person who had been working most closely with him on consumer left the firm to start his own firm.

And Steve comes into my office and he says, all right, so you're taking over all this, all the stuff, you know, retail, luxury, all the hotels, casinos, all these things. And you're going to be working mostly with me. And I was like, okay, this is super exciting and super intimidating. And I remember a few years into working with him, there was something, I forget, I think it was The Gap.

And Steve comes into my office and he says, all right, so you're taking over all this, all the stuff, you know, retail, luxury, all the hotels, casinos, all these things. And you're going to be working mostly with me. And I was like, okay, this is super exciting and super intimidating. And I remember a few years into working with him, there was something, I forget, I think it was The Gap.

Glenn Murphy was running it and he was in the process of turning it around at the time. And I'd done a bunch of work on it. It was a pretty controversial idea because people thought the gap was sort of a mature business and the brands were all starting to lose market share and so forth. And I went into his office.

Glenn Murphy was running it and he was in the process of turning it around at the time. And I'd done a bunch of work on it. It was a pretty controversial idea because people thought the gap was sort of a mature business and the brands were all starting to lose market share and so forth. And I went into his office.

And the way things work with Steve when he used to be a portfolio manager was it was sort of a conversation. There wasn't a memo. There wasn't, you know, a deck that you put together and presented to an investment committee. You'd go into his office and say, hey, I want to talk to you about X. And you'd sit down and kind of hash it out.

And the way things work with Steve when he used to be a portfolio manager was it was sort of a conversation. There wasn't a memo. There wasn't, you know, a deck that you put together and presented to an investment committee. You'd go into his office and say, hey, I want to talk to you about X. And you'd sit down and kind of hash it out.

And then, like, usually if you're effective, you walk out and, like, he puts the order in, right? Just turns around at his little desk and puts the order in. And so I go in to talk to him about The Gap, and I said, hey, I wanted to talk to you about The Gap. And he's like, it's a short, right? And I was like, I actually think it's pretty interesting.

And then, like, usually if you're effective, you walk out and, like, he puts the order in, right? Just turns around at his little desk and puts the order in. And so I go in to talk to him about The Gap, and I said, hey, I wanted to talk to you about The Gap. And he's like, it's a short, right? And I was like, I actually think it's pretty interesting.

And he's like, he makes a face like, are you crazy? And so I walk him through my thinking. And he's like, he asked me a bunch of questions and it's a 20, 30 minute conversation. At the end, he looks at me and he's like, yeah, that makes sense. And he turns around and just writes to her.

And he's like, he makes a face like, are you crazy? And so I walk him through my thinking. And he's like, he asked me a bunch of questions and it's a 20, 30 minute conversation. At the end, he looks at me and he's like, yeah, that makes sense. And he turns around and just writes to her.

And I was like, okay, maybe I actually know something because he knows more about this whole space than anybody on the planet in our world, you know, who's living and investing actively at that moment in time in the public markets. And like, I just convinced him and it ended up being right, which was great. But more importantly, I think just the confidence to come in and

And I was like, okay, maybe I actually know something because he knows more about this whole space than anybody on the planet in our world, you know, who's living and investing actively at that moment in time in the public markets. And like, I just convinced him and it ended up being right, which was great. But more importantly, I think just the confidence to come in and

take the other side on something, again, somebody who I had so much respect for, and then be right in that name was just like a tiny example, but I think illustrative of how this job is so much about confidence and how you're feeling, and it's cumulative, right? And so, yes, I'd had success, but that moment was sort of stands out in my brain. And I joke internally at Lone Pine, and I

take the other side on something, again, somebody who I had so much respect for, and then be right in that name was just like a tiny example, but I think illustrative of how this job is so much about confidence and how you're feeling, and it's cumulative, right? And so, yes, I'd had success, but that moment was sort of stands out in my brain. And I joke internally at Lone Pine, and I

And I say this with intent and intention because I want the analysts to challenge us all the time. That's how we all get better is like I kind of made a career of disagreeing with Steve. Right. And like, look where I'm sitting now. So I think it kind of worked out. I want you to do the same. Right.

And I say this with intent and intention because I want the analysts to challenge us all the time. That's how we all get better is like I kind of made a career of disagreeing with Steve. Right. And like, look where I'm sitting now. So I think it kind of worked out. I want you to do the same. Right.