Kelly Granat

was actually a fundamental game that we were pretty good at a decade ago. Now it's like, coin toss. What's the setup? You tell me. What's the whisper number? How are the pods lined up? Are they long? Are they short? Because that's going to dictate the trading action the day of.

was actually a fundamental game that we were pretty good at a decade ago. Now it's like, coin toss. What's the setup? You tell me. What's the whisper number? How are the pods lined up? Are they long? Are they short? Because that's going to dictate the trading action the day of.

And the opening market reaction versus what happens over the course of the day is everyone's covering the short because it was bad, but it wasn't worse. And that's like, this is what happens all the time. And so that requires different muscles from us in terms of how we position ourselves and respond to that. But I think that's what is happening.

And the opening market reaction versus what happens over the course of the day is everyone's covering the short because it was bad, but it wasn't worse. And that's like, this is what happens all the time. And so that requires different muscles from us in terms of how we position ourselves and respond to that. But I think that's what is happening.

And these people are on, they have draw down limits of where they can draw down on a monthly or quarterly basis. Their capital gets pulled and that's the lives they lead. And so what you see in market action in terms of reactions to events is a function of those incentives and those structures.

And these people are on, they have draw down limits of where they can draw down on a monthly or quarterly basis. Their capital gets pulled and that's the lives they lead. And so what you see in market action in terms of reactions to events is a function of those incentives and those structures.

So the summer after my freshman year of college, I taught tennis at a camp in Florida and there was a golf camp at the same resort. And I became friendly with the golf pro and we'd meet after I was done teaching for the day. And he taught me how to play golf that summer, which I don't play anymore, but I did at the time.

So the summer after my freshman year of college, I taught tennis at a camp in Florida and there was a golf camp at the same resort. And I became friendly with the golf pro and we'd meet after I was done teaching for the day. And he taught me how to play golf that summer, which I don't play anymore, but I did at the time.

And at the end of the summer, the last night we had dinner together before I went back to school. And he said to me, can I tell you something? And he was probably, I was 18 and he was 32. And he said, you know, you are so driven and you're so intense. And I just can tell that like, I'm super excited to follow your life because it's going to be really interesting is my sense.

And at the end of the summer, the last night we had dinner together before I went back to school. And he said to me, can I tell you something? And he was probably, I was 18 and he was 32. And he said, you know, you are so driven and you're so intense. And I just can tell that like, I'm super excited to follow your life because it's going to be really interesting is my sense.

He said, but you're also an incredibly soulful person and your relationships clearly matter to you. He said, so my piece of advice for you would be figure out who in your life matters to you, figure out what matters to them, and then show up for them in all the ways that matter to them. And that will be a rewarding life for you.

He said, but you're also an incredibly soulful person and your relationships clearly matter to you. He said, so my piece of advice for you would be figure out who in your life matters to you, figure out what matters to them, and then show up for them in all the ways that matter to them. And that will be a rewarding life for you.

Because he's like, I think he got the professional part down, which was super sweet. And so I take that to heart and work hard. really hard on relationships and the people that show up for me to be there for them, for the things and for the people that matter for them.

Because he's like, I think he got the professional part down, which was super sweet. And so I take that to heart and work hard. really hard on relationships and the people that show up for me to be there for them, for the things and for the people that matter for them.

Making sure it's mutual. I think relationships change, people's lives change. I think you recognize, I just turned 50, that some friendships and relationships that have duration in your life are more a function of circumstance and you wouldn't necessarily choose some of those relationships today.

Making sure it's mutual. I think relationships change, people's lives change. I think you recognize, I just turned 50, that some friendships and relationships that have duration in your life are more a function of circumstance and you wouldn't necessarily choose some of those relationships today.

And the ones that are the inverse of that, that have the duration and are still the most meaningful are the most valuable. And so it's the concentration theory of both investing in your highest and best ideas and the concentration theory of just the people who, are incredibly meaningful to you because they've seen you grow up and seen you grow and change.

And the ones that are the inverse of that, that have the duration and are still the most meaningful are the most valuable. And so it's the concentration theory of both investing in your highest and best ideas and the concentration theory of just the people who, are incredibly meaningful to you because they've seen you grow up and seen you grow and change.

But then also the last piece or the postscript would be leaving room for new because new, I think, helps us all grow. And we're different than we were when I certainly am when I was 20. And the new is the reflection of like who you meet and connect with today, which wouldn't be the same thing as it was 30 years ago. So.

But then also the last piece or the postscript would be leaving room for new because new, I think, helps us all grow. And we're different than we were when I certainly am when I was 20. And the new is the reflection of like who you meet and connect with today, which wouldn't be the same thing as it was 30 years ago. So.