Kelly Granat

cultural orientation to me is sort of the business translation of driving down cost of capital. People understanding that there are costs associated with every resource inside of a company and how to think about those in a way that is personal.

cultural orientation to me is sort of the business translation of driving down cost of capital. People understanding that there are costs associated with every resource inside of a company and how to think about those in a way that is personal.

I always say that when we look at our budgets every year for our third party data sources and all the things that our analysts want to use, there's a lot of nice to haves. But what are like the must haves? And I always say to our management team, what if we made them pay for them themselves? what would they actually keep? And what would they say?

I always say that when we look at our budgets every year for our third party data sources and all the things that our analysts want to use, there's a lot of nice to haves. But what are like the must haves? And I always say to our management team, what if we made them pay for them themselves? what would they actually keep? And what would they say?

You know what, this is a nice to have, I don't need to have, right? And it would actually force different thinking around what's, let me look back, what's actually informed the decisions that I've made and has helped me make better decisions versus like an input that was one of 10 that didn't actually change anything for me, right?

You know what, this is a nice to have, I don't need to have, right? And it would actually force different thinking around what's, let me look back, what's actually informed the decisions that I've made and has helped me make better decisions versus like an input that was one of 10 that didn't actually change anything for me, right?

Sure. I mean, we'll put aside the financial crisis because I think that was just like a... So universal. Yeah, a universal thing. For sure, it was the end of 21 and the first few months of 22. And we learned a lot. Tell me everything. So...

Sure. I mean, we'll put aside the financial crisis because I think that was just like a... So universal. Yeah, a universal thing. For sure, it was the end of 21 and the first few months of 22. And we learned a lot. Tell me everything. So...

You know, referencing what I just said about a period in time where the market was consistently rewarding the best positioned companies who had great unit economics, but were investing meaningfully ahead of their growth rates. And the market was forgiving and encouraging, actually, of that level of investment such that many of these companies were. funding extraneous things, burning cash.

You know, referencing what I just said about a period in time where the market was consistently rewarding the best positioned companies who had great unit economics, but were investing meaningfully ahead of their growth rates. And the market was forgiving and encouraging, actually, of that level of investment such that many of these companies were. funding extraneous things, burning cash.

That didn't matter as long as the growth rates were continuing to accelerate and people were comfortable that the underlying unit economics were sound, right? So what happened, I think, was a lack of accountability around valuation and no near-term valuation support because everyone was looking at

That didn't matter as long as the growth rates were continuing to accelerate and people were comfortable that the underlying unit economics were sound, right? So what happened, I think, was a lack of accountability around valuation and no near-term valuation support because everyone was looking at

multi-year out normalized, you know, margin structures to then discount back and say this is a fair price to pay for an equity. Instead of looking at if something changes and something goes bump in the night, you know, on a next 12 or next 24 months earnings or cash flow basis, is there valuation support?

multi-year out normalized, you know, margin structures to then discount back and say this is a fair price to pay for an equity. Instead of looking at if something changes and something goes bump in the night, you know, on a next 12 or next 24 months earnings or cash flow basis, is there valuation support?

And the regime changed, I think, very quickly when people started to realize, ourselves included, that the Fed was behind. And we started having this conversation in the fall of 21, really in the spring of 21, owning a lot of these businesses that were the leaders. And by the way, with the benefit of hindsight, from a 2025 perspective, are the winners, right? A

And the regime changed, I think, very quickly when people started to realize, ourselves included, that the Fed was behind. And we started having this conversation in the fall of 21, really in the spring of 21, owning a lot of these businesses that were the leaders. And by the way, with the benefit of hindsight, from a 2025 perspective, are the winners, right? A

they were the right ones to own, we just paid too much for them, right? And when the regime changed and it was clear that we were gonna need to be getting into a hiking cycle quickly and aggressively, we pivoted, but not quickly enough, right?

they were the right ones to own, we just paid too much for them, right? And when the regime changed and it was clear that we were gonna need to be getting into a hiking cycle quickly and aggressively, we pivoted, but not quickly enough, right?

And so we took some of that high growth exposure down that had been some of the most profitable exposure for us on the prior 24 months, but not enough and not fast enough. And so when we came into 2022, you know, as you remember, like it was just kind of the market was down. And it was super quick. And it was like a reprice mechanism that happened very, very quickly.

And so we took some of that high growth exposure down that had been some of the most profitable exposure for us on the prior 24 months, but not enough and not fast enough. And so when we came into 2022, you know, as you remember, like it was just kind of the market was down. And it was super quick. And it was like a reprice mechanism that happened very, very quickly.