Kelly Granat

a function largely of the dissemination of a lot of this third-party data, creating set-up dynamics around events, quarters, conferences, companies, you know, having speaking investor days, and how those events are being previewed as a function of what third-party data is suggesting or what the sort of litany of sales traders at the banks are sort of prompting buy-side people with in terms of where the whisper numbers are and so forth.

a function largely of the dissemination of a lot of this third-party data, creating set-up dynamics around events, quarters, conferences, companies, you know, having speaking investor days, and how those events are being previewed as a function of what third-party data is suggesting or what the sort of litany of sales traders at the banks are sort of prompting buy-side people with in terms of where the whisper numbers are and so forth.

And so that creates just a different trading dynamic in terms of how you execute the job, right?

And so that creates just a different trading dynamic in terms of how you execute the job, right?

In addition, obviously, what I mentioned earlier, we do now have, as portfolio managers, a lot of tools to help us think through risk differently, portfolio construction differently, and then how that then manifests itself is how we express sort of the fundamental sauce of what we do, which is the fundamental research, right?

In addition, obviously, what I mentioned earlier, we do now have, as portfolio managers, a lot of tools to help us think through risk differently, portfolio construction differently, and then how that then manifests itself is how we express sort of the fundamental sauce of what we do, which is the fundamental research, right?

we were saying earlier, we were talking before we started about just our trading volume has clearly gone up over time on a dollar basis, less so on a name basis, because you get these outsized reactions that are often non-fundamental in nature to events, quarters, and so forth. And so all of those, you know, the tools are different, the resources are different,

we were saying earlier, we were talking before we started about just our trading volume has clearly gone up over time on a dollar basis, less so on a name basis, because you get these outsized reactions that are often non-fundamental in nature to events, quarters, and so forth. And so all of those, you know, the tools are different, the resources are different,

And then the last piece would be just the collaboration's different. In contrast to what I described earlier of kind of a siloed coverage model inside of a firm, it's not uncommon for us to show up at a company's headquarters for a meeting with four, five, six analysts because there's people covering things that are adjacent to the topic at hand.

And then the last piece would be just the collaboration's different. In contrast to what I described earlier of kind of a siloed coverage model inside of a firm, it's not uncommon for us to show up at a company's headquarters for a meeting with four, five, six analysts because there's people covering things that are adjacent to the topic at hand.

and the company at hand and so often there's insights to be gleaned and questions to be asked that have implications for things that are outside of the purview of the conversation of that day and that is super helpful and we meet as a group twice a week as a research team and are sharing information constantly across our organization because obviously five brains is better than one and people have thoughts because they're in the periphery of what we're actually discussing often with their own coverage areas and so the notion even of a coverage area we kind of shy away from at this point because

and the company at hand and so often there's insights to be gleaned and questions to be asked that have implications for things that are outside of the purview of the conversation of that day and that is super helpful and we meet as a group twice a week as a research team and are sharing information constantly across our organization because obviously five brains is better than one and people have thoughts because they're in the periphery of what we're actually discussing often with their own coverage areas and so the notion even of a coverage area we kind of shy away from at this point because

we have so many people opining on different ideas and themes across the portfolio because they have their own insights from their own work.

we have so many people opining on different ideas and themes across the portfolio because they have their own insights from their own work.

Is it a good thing for markets? Hard for me to, you know, be the judge of that. I would say for us, you're right. We sit somewhere in the middle. And I think the onus or the responsibility is, you know, to look across both ways, right? We want to be positioned in a way to capitalize on non-fundamental dislocations and lean into duration, right?

Is it a good thing for markets? Hard for me to, you know, be the judge of that. I would say for us, you're right. We sit somewhere in the middle. And I think the onus or the responsibility is, you know, to look across both ways, right? We want to be positioned in a way to capitalize on non-fundamental dislocations and lean into duration, right?

So when those setup dynamics are tricky or complicated and everyone's lined up one way, I want to line up the other way, right? And I have the duration and the capital base to do that. And so that's, I think, we've always said that duration is our single biggest advantage, but it's never felt more prominent and powerful than it is in today's market structure. Having said that,

So when those setup dynamics are tricky or complicated and everyone's lined up one way, I want to line up the other way, right? And I have the duration and the capital base to do that. And so that's, I think, we've always said that duration is our single biggest advantage, but it's never felt more prominent and powerful than it is in today's market structure. Having said that,

You know, sometimes there are tricky things in the short term. There's a data point that we feel like the market hasn't fully absorbed. There's a risk factor in the short term or there's an investment cycle coming on something we love on a three or four or five year look. But we might be sized differently going into that event. Doesn't mean we're going to go in and out of positions.

You know, sometimes there are tricky things in the short term. There's a data point that we feel like the market hasn't fully absorbed. There's a risk factor in the short term or there's an investment cycle coming on something we love on a three or four or five year look. But we might be sized differently going into that event. Doesn't mean we're going to go in and out of positions.