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
And at the time, the NCAA rules for tennis, I'm not sure if they've changed because now they're different, I feel like, for every sport, but coaches weren't allowed to call you until July 1st every junior summer. Right. And I'll date myself by saying that we had an answering machine with a cassette at the time. And so I didn't want to go to nationals that summer.
And I said to my mom, I'm just done. I don't want to go. I'm done with the sport. I can't play anymore. I don't want to do this. And she said, I've never made you do anything in your entire life. But I'm actually going to make you go. Because you've worked so hard for the last 10 years at this sport. And you've spent so much time and put so much of yourself into it. let it do something for you.
It's going to get you into college. And if you never want to play again, that's fine. But like, I'm going to make you go. And I went and I kicking and screaming, but I did, I went and I played and I got home from the tournaments and you know, our cassette tape was broken from all the coaches that had left messages for super exciting.
And then I literally did not pick up a tennis racket for my entire senior year of high school. Wow. I applied to Harvard early. I was lucky enough to get in. I got recruited. And I played basketball from my high school and softball from my high school because I love sports and I love to compete. And I went to college with a very different orientation, which was, we'll see how this goes, right?
Like, I don't know how I'm going to play. I don't know how I'm going to feel. I don't know how being on a team is going to feel relative to being such an individual sport. And it's a great story for me about just seeing something different from an experience, which was it really became about the team. Like my freshman year, we were terrible. I played first singles. We were last in the Ivy League.
I lost most matches that I played. So as did we as a team. And it really became about rebuilding the team and the camaraderie of the people on it that provided me such like enjoyment and so much fun and such an important part of my college experience. And so tennis became for me something very different.
in college I didn't think was possible and so I saw the opportunity to reshape something for myself that was so seminal and it becomes so almost toxic by the time I was finishing high school to something that was such a gift of and some of my closest friends in the world came from that experience my best friend on the planet we met when we were seven she played at Yale I played at Harvard you know so there's so many things tennis has given me and has shown me so much about you
kind of the kind of person I want to be and taught me so many lessons about not just competing, but independence and hard work and all of the things that I would like to instill in my daughters come from that experience and then allowing it to become something else for me.
You know, it's funny, like I think it takes a while in this field to figure out if you're any good at it, right? And so in the first handful of years that I worked in public markets, I definitely got more things right than wrong, but I wouldn't say I came out of that feeling like I got this, right?
When I got to Lone Pine, I was super excited about being in a culture of excellence and a culture of research. That was really what drew me to the firm. And I knew Dave because we overlapped on a bunch of investments.
And when I was in prior firms, we shared meetings and went to see companies together and really got to know each other and figured out that we thought about the world in a pretty similar way and were attracted to the same types of industries and companies. When I got to Lone Pine, I worked a lot with him.
And Steve was obviously sort of this super impressive, you know, figure who loomed large over the research department, given obviously his tenure and his success. And about a year into being at Lone Pine, the person who had been working most closely with him on consumer left the firm to start his own firm.
And Steve comes into my office and he says, all right, so you're taking over all this, all the stuff, you know, retail, luxury, all the hotels, casinos, all these things. And you're going to be working mostly with me. And I was like, okay, this is super exciting and super intimidating. And I remember a few years into working with him, there was something, I forget, I think it was The Gap.
Glenn Murphy was running it and he was in the process of turning it around at the time. And I'd done a bunch of work on it. It was a pretty controversial idea because people thought the gap was sort of a mature business and the brands were all starting to lose market share and so forth. And I went into his office.
And the way things work with Steve when he used to be a portfolio manager was it was sort of a conversation. There wasn't a memo. There wasn't, you know, a deck that you put together and presented to an investment committee. You'd go into his office and say, hey, I want to talk to you about X. And you'd sit down and kind of hash it out.
And then, like, usually if you're effective, you walk out and, like, he puts the order in, right? Just turns around at his little desk and puts the order in. And so I go in to talk to him about The Gap, and I said, hey, I wanted to talk to you about The Gap. And he's like, it's a short, right? And I was like, I actually think it's pretty interesting.
And he's like, he makes a face like, are you crazy? And so I walk him through my thinking. And he's like, he asked me a bunch of questions and it's a 20, 30 minute conversation. At the end, he looks at me and he's like, yeah, that makes sense. And he turns around and just writes to her.
And I was like, okay, maybe I actually know something because he knows more about this whole space than anybody on the planet in our world, you know, who's living and investing actively at that moment in time in the public markets. And like, I just convinced him and it ended up being right, which was great. But more importantly, I think just the confidence to come in and
take the other side on something, again, somebody who I had so much respect for, and then be right in that name was just like a tiny example, but I think illustrative of how this job is so much about confidence and how you're feeling, and it's cumulative, right? And so, yes, I'd had success, but that moment was sort of stands out in my brain. And I joke internally at Lone Pine, and I
And I say this with intent and intention because I want the analysts to challenge us all the time. That's how we all get better is like I kind of made a career of disagreeing with Steve. Right. And like, look where I'm sitting now. So I think it kind of worked out. I want you to do the same. Right.
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