Patrick O'Shaughnessy

That tension is fascinating to me.

And the one fund strategy is fascinating to me.

I know you have strong beliefs about it.

Describe why it is this way and trade-offs.

What are the biggest downsides of doing it this way?

What annoyances does it introduce?

And what about from the LP's perspective?

The one fund strategy, is that a feature to them?

Is it a bug?

Does it depend on the LP?

We don't fit into a bucket.

You mentioned sourcing in the early days of Insight, so much path dependency to all these stories.

If you ask people that study this industry to say something about Insight, I think the first thing they'll say is something about your sourcing strategy.

Now would be a great time to just hear what it is and how it evolved.

And maybe that'll be a good jumping off point into investing firms that have strategies or not as businesses.

So let's start with sourcing.

So if you think about the sourcing platform inside of Insight and chunk it up into chapters back into the mid-90s through to today, what are the major chapters?

So if I came in today and saw the current setup, could you describe it in as much detail as possible?

How many people are there?

How are they given their assignment?