Kelly Granat

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.

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.

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.

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.

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.

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?

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.

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.

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?

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?

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?