Kelly Granat
speaker
261 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Kelly Granat’s voice in public audio — every appearance, attributed to the second.
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Appearances
an incredible amount of research, speaking with as many people as we can in every part of the ecosystem to inform, obviously, the inputs to that thought process.
Okay, sure. So we have currently 15 people on the research team, inclusive of Steve and Dave and me. And interestingly, in the 19 years I've been at the firm, we've been sort of between 13 and 19. And that's sort of where we live in terms of team size with the view that more people is not necessarily better. We want to run a relatively concentrated portfolio of 25 to 30 longs.
That's kind of the best ideas portfolio. And we want a lot of collaboration. And so we want everyone to fit around a table to have a conversation at our research meetings and be a part of the conversation. And when you start to get into 20s and 30s, then you have a very siloed research team. And we know that's not sort of how we're oriented and culturally not how we work.
How it works is, and maybe the best way to start is sort of how someone gets ingested into the firm on the research team, right? So a new person joins, typically they're younger, 25 to 30, let's say, and come with some level of experience. And they've got the analytical toolkit built already somewhere else, sometimes in private equity, sometimes in banking, sometimes in business school.
And typically they apprentice with someone senior for some period of time. That can be six months, it could be two years. And they will kind of co-cover a bunch of things together. And that person is not doing what we call like the grunt work.
They are going soup to nuts from being on the calls, working on the models, going to the conferences, going to see the companies, being in all of our meetings. And what we find is that person's voice tends to start to get louder after kind of six, eight months, right? Because they've been around, they've seen how we work.
They're asking questions, they're iterating, they're learning from other analysts. And when I know it's time for them to sort of spin out and cover their own stuff is when they start disagreeing with the person that they're apprenticing with, right? And so, which is to me like, hey, you found your voice, amazing.
And now let's put you on a bunch of other stuff that you can just run after and then serve up to us basically. And so that's how people get sort of absorbed into the culture and see how we work. At that point, obviously, they have an appreciation for our process, how we approach companies, how we talk to companies, how we conduct research.
I may be segueing to that part of how the sausage gets made. We're doing all the things I think a lot of fundamental research firms are doing. We're reading all the public filings. We're reading all the transcripts. We're listening to podcasts. We're going to conferences. We're doing a lot of deep channel work in terms of talking to people.
partners and former employees were employing, you know, talking to people in the expert networks. We're reaching out to our own network as an institution, right?
27 years later, having done a lot of investing globally, we have a lot of people who we talk to who are former CEOs, former board members who have a lot of thoughts because they're still pretty connected to the spaces in which they worked. And so we are leveraging all of those resources on a fundamental basis. And then we have a three person data team.
And the data team's role is a couple different things. They are our interface with third-party vendors on the outside and internally with our research team. They sit in on every single meeting. They know what we're working on, what's in the pipeline, and they are bringing external resources to bear to say, we're trying to answer these three questions on X stock or X sector.
These are the resources that we think could be helpful in helping you answer those questions from a data perspective. Right. So they are another tool in the kit in terms of how to approach market research. And they work really closely with our analysts to help them solve problems. That's a newer capability in the last, call it four or five years, I think has been super additive to how we work.
They occasionally will call out something that they're seeing in various data sets that we get in terms of like, something funky is happening, you may want to look into this, but that's really less of the role they play. They're really there to be a supportive arm for fundamental research and answering key questions. That's just sort of how the ideas get generated, researched, processed.
We as an organization meet two days a week, Mondays and Thursdays. The Monday meeting is a new ideas meeting and a portfolio updates meeting. So we're buying this stock, here's the thesis.
At that point, it's not news to anybody because we've talked about it probably in a research meeting many times before, or it's, you know, we're selling this and here's why, or I met with this company, so just updates. Thursday is a couple of different formats. It's either spaghetti against the wall ideas, like what are people hearing? We're just coming out of earnings. What are you hearing?
What's interesting? What are people excited about? That's one. Two is what are things that have generated meaningful, like outsized alpha? or massively underperformed on a trailing 90-day basis, and those get served up every week for us to consider, and we pick one or two to review.
Or three, something that's pretty far along in the pipeline of being worked on, and we're thinking about actually beginning to transact in it, and we want to kind of surface it to the group and debate it. So that's the Thursday meeting. So again, all of this conversation is meant to foster dialogue, debate, like people sharing their points of view, asking hard questions, pushing each other.
That's the essence of sort of our process, right? And then when we're ready to transact, it's, you know, collaboration with the trading desk, which has five people on it, to your resources question. And the questions there are, you know, what is max position size, liquidity?
You know, we've already had the conversation as a PM group and with the analysts around, like, you know, how does this compare to the rest of the portfolio? What's the, you know, what's the IRR? We've gone through the numbers. How does it, you know, price target, one-year price target, three-year price target? What are the near-term factors we want to be thinking about, if any?
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