Kelly Granat

I mean, certainly the funds flows of the last bunch of years would tell you that active management is undervalued relative to our understanding and execution of that value, right? The move to passive, this idea that like, just own the mag seven and I can do that myself and why do I need you has become a little bit of a cocktail party chatter at this point.

I mean, certainly the funds flows of the last bunch of years would tell you that active management is undervalued relative to our understanding and execution of that value, right? The move to passive, this idea that like, just own the mag seven and I can do that myself and why do I need you has become a little bit of a cocktail party chatter at this point.

And we are obviously huge believers in active management and huge believers in the value of doing fundamental analytical work on companies and not indexing. And that the premium for that is undervalued relative to its worth.

And we are obviously huge believers in active management and huge believers in the value of doing fundamental analytical work on companies and not indexing. And that the premium for that is undervalued relative to its worth.

And I think, you know, part of what makes that, I think, a difficult conversation right now is the short-term orientation of the market and how it takes, you know, we're focused on compounding over a very long period of time, right? We are the largest single investor in our fund. A third of the assets is internal capital.

And I think, you know, part of what makes that, I think, a difficult conversation right now is the short-term orientation of the market and how it takes, you know, we're focused on compounding over a very long period of time, right? We are the largest single investor in our fund. A third of the assets is internal capital.

So what I wake up every day really excited to do is compound my money alongside of our LPs, right? I think that's a pretty compelling proposition to a potential client for our firm. And that doesn't happen in a day or a week or a month. And my investment underwriting doesn't tie to that time horizon, right? And so we want to be judged over years, not quarters.

So what I wake up every day really excited to do is compound my money alongside of our LPs, right? I think that's a pretty compelling proposition to a potential client for our firm. And that doesn't happen in a day or a week or a month. And my investment underwriting doesn't tie to that time horizon, right? And so we want to be judged over years, not quarters.

And we're increasingly in a market that is evaluated by forget quarters, weeks, and months per the pods conversation earlier. And a lot of pods, you know, if you don't put up, you know, we laugh at the activity in the market in the last few days of every month. Because if you're not having a bad month, you're going to get your capital yanked. So you take risk, right?

And we're increasingly in a market that is evaluated by forget quarters, weeks, and months per the pods conversation earlier. And a lot of pods, you know, if you don't put up, you know, we laugh at the activity in the market in the last few days of every month. Because if you're not having a bad month, you're going to get your capital yanked. So you take risk, right?

Or you have to de-gross or these activities. This never existed, right? Five or 10 years ago. But this is the market forces at work. And so Again, great for us long-term investors. I want to lean in when they're leaning out and vice versa. But the value of doing that and the benefit of that capability takes time to reveal itself and isn't going to show itself in a quarter or a year.

Or you have to de-gross or these activities. This never existed, right? Five or 10 years ago. But this is the market forces at work. And so Again, great for us long-term investors. I want to lean in when they're leaning out and vice versa. But the value of doing that and the benefit of that capability takes time to reveal itself and isn't going to show itself in a quarter or a year.

And I think that's what the market's missing.

And I think that's what the market's missing.

I mean, you have inside of these shops 20, 30, 40 desks or pads, as they call them, covering a sector, right? And they all look at the same data and they sit in the same meetings and on the same calls. And of course they talk to each other because you have a peer network sitting inside your own firm.

I mean, you have inside of these shops 20, 30, 40 desks or pads, as they call them, covering a sector, right? And they all look at the same data and they sit in the same meetings and on the same calls. And of course they talk to each other because you have a peer network sitting inside your own firm.

And so often, and I have never worked at a pub, but have several friends who have, still do, and have come out of there, you know, you can see how everyone's lined up. And you'll have 20, 25 books, long a stock, into a print of a quarterly earnings estimate and a quarterly conference call.

And so often, and I have never worked at a pub, but have several friends who have, still do, and have come out of there, you know, you can see how everyone's lined up. And you'll have 20, 25 books, long a stock, into a print of a quarterly earnings estimate and a quarterly conference call.

And the numbers come out and it was better, but it wasn't better enough because the whisper number, the data was suggesting they were going to beat by three points and then only beat by two points. And so the stock's actually going to sell off, right? The game of you hand me an earnings release and I'll tell you what the stock's going to do

And the numbers come out and it was better, but it wasn't better enough because the whisper number, the data was suggesting they were going to beat by three points and then only beat by two points. And so the stock's actually going to sell off, right? The game of you hand me an earnings release and I'll tell you what the stock's going to do