Kelly Granat

We rarely would do that. but we might be positioned differently. And I think the other thing I should have mentioned earlier in terms of just the difference of today versus before is, and this comes through at the portfolio level, is we are definitely running lower gross exposure as a firm than we did for the first probably 15 to 17 years of our existence as in deference to this dynamic, right?

We rarely would do that. but we might be positioned differently. And I think the other thing I should have mentioned earlier in terms of just the difference of today versus before is, and this comes through at the portfolio level, is we are definitely running lower gross exposure as a firm than we did for the first probably 15 to 17 years of our existence as in deference to this dynamic, right?

So we want room to be adding to things when we think there are non-fundamental reactions that don't make sense or overreactions to things that we think aren't that big a deal, right? And so for the first bunch of years of our existence, we ran more like 170 by 200 gross.

So we want room to be adding to things when we think there are non-fundamental reactions that don't make sense or overreactions to things that we think aren't that big a deal, right? And so for the first bunch of years of our existence, we ran more like 170 by 200 gross.

And we've been consistently for the last six to eight years, we've been running more kind of 150 by 180 gross to give ourselves that room to breathe so that we can not have to play defense at the wrong time. And I can actually lean in when everyone's leaning out and vice versa.

And we've been consistently for the last six to eight years, we've been running more kind of 150 by 180 gross to give ourselves that room to breathe so that we can not have to play defense at the wrong time. And I can actually lean in when everyone's leaning out and vice versa.

It makes us kind of giddy. Can I geek out for a second? Yeah, please. Why, when I think about why did I get into this field in the first place, I think there's two sort of defining characteristics that I have that position me well to do this job. One is that I'm a wildly competitive human being. I was a junior tennis player for my entire junior career before going to college. I played in college.

It makes us kind of giddy. Can I geek out for a second? Yeah, please. Why, when I think about why did I get into this field in the first place, I think there's two sort of defining characteristics that I have that position me well to do this job. One is that I'm a wildly competitive human being. I was a junior tennis player for my entire junior career before going to college. I played in college.

I love to compete. I love a scorecard, right? That's just who I am as a human. Mm-hmm. The second is that I'm an incredibly curious person who is very focused on growth, and growth in lots of ways. I mean, growth in terms of learning about new things, challenging myself. I play instruments. There's lots of things I'm interested in as a human.

I love to compete. I love a scorecard, right? That's just who I am as a human. Mm-hmm. The second is that I'm an incredibly curious person who is very focused on growth, and growth in lots of ways. I mean, growth in terms of learning about new things, challenging myself. I play instruments. There's lots of things I'm interested in as a human.

And I feel so lucky to have found a career where I get to actually learn a lot and then put that knowledge to the test by measurement, right? We can put capital behind those learnings and those insights and see if we're right, because there's a weighing mechanism every day, right, that gives us a scorecard.

And I feel so lucky to have found a career where I get to actually learn a lot and then put that knowledge to the test by measurement, right? We can put capital behind those learnings and those insights and see if we're right, because there's a weighing mechanism every day, right, that gives us a scorecard.

So for me, the opportunity to do that at scale on a topic that is, I think, transformational, not just for the markets, but for society, is just intoxicating, honestly, as a notion, as a concept. And the fact that we can do tremendous amount of fundamental research and also have the flexibility, the capital base, the nimbleness to evolve our views as we learn is incredibly interesting.

So for me, the opportunity to do that at scale on a topic that is, I think, transformational, not just for the markets, but for society, is just intoxicating, honestly, as a notion, as a concept. And the fact that we can do tremendous amount of fundamental research and also have the flexibility, the capital base, the nimbleness to evolve our views as we learn is incredibly interesting.

It's also really fun as a manager to have a team of incredibly talented people who are both just professionally and personally engaged in this topic.

It's also really fun as a manager to have a team of incredibly talented people who are both just professionally and personally engaged in this topic.

And so the amount of trial and error and the amount of testing that's going on on the weekends by our analysts who are downloading all these products and sharing through to the email distribution system their learnings to help inform how we're thinking about just what's happening, because things are changing so quickly and there's so much dynamism around this topic, is incredibly interesting, right?

And so the amount of trial and error and the amount of testing that's going on on the weekends by our analysts who are downloading all these products and sharing through to the email distribution system their learnings to help inform how we're thinking about just what's happening, because things are changing so quickly and there's so much dynamism around this topic, is incredibly interesting, right?

And so our... The flip side of that is, you know, I've seen a lot of bubbles in my career. And so there's the appropriate amount of skepticism around where will the profit pools evolve? And that's an ongoing live conversation inside of our firm.

And so our... The flip side of that is, you know, I've seen a lot of bubbles in my career. And so there's the appropriate amount of skepticism around where will the profit pools evolve? And that's an ongoing live conversation inside of our firm.