Kelly Granat

Like, you know, we used to be big investors in China many years ago and seeing how a lot of the entrepreneurial businesses there, the Tencent, Alibaba's got built and the leadership inside of those companies, Meituan. I look at something like MercadoLibre and what Marcos has built there over time and the team largely being the same since inception.

Like, you know, we used to be big investors in China many years ago and seeing how a lot of the entrepreneurial businesses there, the Tencent, Alibaba's got built and the leadership inside of those companies, Meituan. I look at something like MercadoLibre and what Marcos has built there over time and the team largely being the same since inception.

And like they've executed against competitors who came in and tried to disrupt their markets or much bigger, well-resourced, much bigger global companies and defeated them. And I just, there's something to the magic that happens when you have

And like they've executed against competitors who came in and tried to disrupt their markets or much bigger, well-resourced, much bigger global companies and defeated them. And I just, there's something to the magic that happens when you have

I think strong leadership, great teams, a lot of collaboration across those teams and a lot of like ups and downs that everyone experiences together that creates so much resilience. I've seen that play out time and time again.

I think strong leadership, great teams, a lot of collaboration across those teams and a lot of like ups and downs that everyone experiences together that creates so much resilience. I've seen that play out time and time again.

And it's interesting today's actually investing climate with, we've been saying this a lot, like with the cost of capital coming back and largely gonna persist, we can debate at what level, you're seeing just winners and losers across industries in ways that we have not seen for a really long time, which is super exciting obviously for us as really actively engaged research oriented investors.

And it's interesting today's actually investing climate with, we've been saying this a lot, like with the cost of capital coming back and largely gonna persist, we can debate at what level, you're seeing just winners and losers across industries in ways that we have not seen for a really long time, which is super exciting obviously for us as really actively engaged research oriented investors.

who both own stocks and short stocks because executions mattering, right? And the free lunch of the zero interest rates and there's money for everyone almost forever, it felt like for many, many years, that era is over.

who both own stocks and short stocks because executions mattering, right? And the free lunch of the zero interest rates and there's money for everyone almost forever, it felt like for many, many years, that era is over.

And so you see it across all kinds of categories and you see, you know, whether it's Boeing versus Airbus or, you know, Hermes and LVMH versus Caring and Burberry, or, you know, we can go down. DoorDash versus everyone else in that space, basically, right? Uber versus Lyft. There's so many examples of... winners and losers getting way more pronounced. And a lot of that's strategic decision.

And so you see it across all kinds of categories and you see, you know, whether it's Boeing versus Airbus or, you know, Hermes and LVMH versus Caring and Burberry, or, you know, we can go down. DoorDash versus everyone else in that space, basically, right? Uber versus Lyft. There's so many examples of... winners and losers getting way more pronounced. And a lot of that's strategic decision.

A lot of that's leadership, honestly, and execution. And I think those things are all really, really tied together.

A lot of that's leadership, honestly, and execution. And I think those things are all really, really tied together.

So I think it's a bunch of things. Number one, there's really clear strategy in terms of what are we focused on, right? I think so many companies have, eight different initiatives that are simultaneous and there's a lack of understanding when you talk to people inside of a company of what actually matters, what are we driving towards, right? That's one.

So I think it's a bunch of things. Number one, there's really clear strategy in terms of what are we focused on, right? I think so many companies have, eight different initiatives that are simultaneous and there's a lack of understanding when you talk to people inside of a company of what actually matters, what are we driving towards, right? That's one.

Two, there's a culture of accountability and measurement, right? Some companies have it, it seems so obvious, right? Like people are bonused off of a certain thing. They do, you know, forward-looking plans and budgets every year and they hit them where they don't.

Two, there's a culture of accountability and measurement, right? Some companies have it, it seems so obvious, right? Like people are bonused off of a certain thing. They do, you know, forward-looking plans and budgets every year and they hit them where they don't.

But there's some companies that are religious about, you know, having those be thoughtful exercises and accountable exercises and ones that are not, right? And I think that shows through a lot. Three is...

But there's some companies that are religious about, you know, having those be thoughtful exercises and accountable exercises and ones that are not, right? And I think that shows through a lot. Three is...