Patrick O'Shaughnessy

It's a pretty interesting bet to make.

What do you make of those 16 or 18 funds that have emerged from Insight?

One way of thinking about it is, wow, that's incredible.

A lot of talent that's been able to be independently successful.

Another way is, why didn't you try to keep them there?

What are the sides of this coin?

And why do you think you've been able to graduate so many people?

If we're building like a Madden player that has points and different attributes and you were to give yourself scoring on C pick and win and maybe support as well, but especially interested in C pick and win.

It sounds like C sourcing, you'd give yourself a crazy high score.

Sounds like the winning is quite successful in your sweet spot as well.

How do you do that?

What are the keys to successfully closing a deal in that sweet spot?

We're just here for the ride.

We've talked before, you and I, about the strategy of investing firms and how, even though all these firms are investing in companies that they hope have a great vision and strategy and roadmap and all this kind of thing, that investing firms tend to have that to a lesser extent, either no strategy or not big institutionalized strategy.

One thing you hear a lot is even in firms where there's your level of systematic setup and rigor, that it's really important that the leading investors be able to just throw everything out and sometimes make a deal or do a deal based mostly on the intangibles out of the spreadsheet.

Can you talk about your experience with that and how you think about that type of deal?

One of the spillover effects of 2021 is all these companies that got funded with tremendous amounts of capital that don't really have to die because they had so much money put into them.

Maybe they're starting.

One of the weird things is that market prices haven't really caught up to the reality of the underlying businesses.

And I'm curious for your perspective on what things are generally worth in terms of like a simple multiple transaction.