Kelly Granat

So that's all the conversation that's happening before we actually begin to put an order in. So that's sort of the upward flow of ideas and research and structure of how we do things. The other thing that happens on Mondays is, and this is all day Monday, is that Dave and I have sector meetings with all of the teams on an every other week basis.

So that's all the conversation that's happening before we actually begin to put an order in. So that's sort of the upward flow of ideas and research and structure of how we do things. The other thing that happens on Mondays is, and this is all day Monday, is that Dave and I have sector meetings with all of the teams on an every other week basis.

That meeting is everything from what are you working on, what are you trying to figure out, what resources are we deploying to help figure out those questions, to its earnings, who's reporting this week, what are we expecting to hear, what would make us sell, what would make us add, what could surprise the market, either way kind of thing. So that's on Mondays.

That meeting is everything from what are you working on, what are you trying to figure out, what resources are we deploying to help figure out those questions, to its earnings, who's reporting this week, what are we expecting to hear, what would make us sell, what would make us add, what could surprise the market, either way kind of thing. So that's on Mondays.

That's sort of the structure of how we work as a team. And the portfolio is,

That's sort of the structure of how we work as a team. And the portfolio is,

helped, I think, by something additionally new, which is we have a risk function now that we didn't have going back, you know, five or seven years ago, which is somebody who used to run our fund of funds, which we had back in the day and shut down a number of years ago, who has built an incredible expertise and knowledge base around studying managers.

helped, I think, by something additionally new, which is we have a risk function now that we didn't have going back, you know, five or seven years ago, which is somebody who used to run our fund of funds, which we had back in the day and shut down a number of years ago, who has built an incredible expertise and knowledge base around studying managers.

And so when we shut down our fund of funds, we said to him, Frank, why don't you come study us?

And so when we shut down our fund of funds, we said to him, Frank, why don't you come study us?

and help us get better and so he's gone back using a lot of the new tools that we referenced earlier to think about you know where do we get ourselves in trouble where have we made a lot of money helping us understand the mistakes we make what are the patterns around those mistakes what are the patterns around the huge successes how do we trade do we add value by trading I mean all these things that are sort of portfolio analytics and then also he's sort of our external lens on

and help us get better and so he's gone back using a lot of the new tools that we referenced earlier to think about you know where do we get ourselves in trouble where have we made a lot of money helping us understand the mistakes we make what are the patterns around those mistakes what are the patterns around the huge successes how do we trade do we add value by trading I mean all these things that are sort of portfolio analytics and then also he's sort of our external lens on

factors and you know all the things that we have to talk about now that were never a thing in the parlance of running a fund 10 or 15 years ago but that you know are again never prescriptive but another set of tools in the kit and he is sort of the where that resides and so we meet with him and the risk team periodically and are getting reports sort of constantly to make sure we're thinking about gee there's a bunch of unearned alpha and these three names

factors and you know all the things that we have to talk about now that were never a thing in the parlance of running a fund 10 or 15 years ago but that you know are again never prescriptive but another set of tools in the kit and he is sort of the where that resides and so we meet with him and the risk team periodically and are getting reports sort of constantly to make sure we're thinking about gee there's a bunch of unearned alpha and these three names

you know, the multiple has just gone from 15 to 25 times, like, do we still love it here? Should we be trimming it, right? So again, never prescriptively, but just another set of prompts and tools to think about, you know, balance in the book and where returns are coming from and how the composition is evolving.

you know, the multiple has just gone from 15 to 25 times, like, do we still love it here? Should we be trimming it, right? So again, never prescriptively, but just another set of prompts and tools to think about, you know, balance in the book and where returns are coming from and how the composition is evolving.

Sure. I mean, I don't think we have a guiding principle around it. I would say the way that we discuss it internally is how much exposure do we want to this theme? And I think what's challenging about this one is it cuts across a number of different things, right?

Sure. I mean, I don't think we have a guiding principle around it. I would say the way that we discuss it internally is how much exposure do we want to this theme? And I think what's challenging about this one is it cuts across a number of different things, right?

There are companies that are not leaning into this technology, that are not benefiting from the proliferation of this technology today, who will, and who are probably uniquely positioned. There are others who are in the AI is a problem for their business category, right? There's several industries that would fall into that camp.

There are companies that are not leaning into this technology, that are not benefiting from the proliferation of this technology today, who will, and who are probably uniquely positioned. There are others who are in the AI is a problem for their business category, right? There's several industries that would fall into that camp.