Michael Woolhouse

And sometimes that can really rattle young people.

Would have rattled me.

And so we try to create an environment where

they don't get rattled, that they are actually willing to push and have a bias to action.

And sometimes, you know, intention and speed make all the difference in the world to win.

And you have to have a culture which actually is aligned with that.

Investing is an apprenticeship business where you learn by doing.

And there was this one young fellow who we recruited into the team.

I'm just reminded of him telling me this, which was he was so surprised how included he was with senior people brought to meetings.

He was in the room for all the conversations.

He goes, previously, I would do analysis.

I would pass it up the food chain.

Then it would disappear for a while.

I wasn't involved and he wasn't involved in the meeting.

It would come back to him.

So a bit of a black box.

And he said it was such a breath of fresh air to be included.

I think that's just critical.

If you want to manufacture or apprentice great investors, they have to be in the room.

Um, maybe there's a handful of conversations where that's not appropriate, but take lots of meetings, get lots of experience being in a culture where you can listen, participate, say something, maybe say the wrong thing at the wrong time and have that be okay.