Patrick O'Shaughnessy

Because 70 percent, 50 percent IRRs, these seem so high as to be like almost unsustainable.

I mean, obviously, those are certainly high IRRs and even half that would be good.

But how do you think about building unfair advantages into what you do so that you can continue to earn really spectacular results?

One of my absolute favorite encapsulations of your systematic mindset is the way you set these boards up.

We talked about it in some detail when we first met.

And I love this idea.

The idea of a $3 million EBITDA business having a fairly high-powered seven-person board seems ridiculous, unrealistic.

But you figured out a way to structure the incentives and the composition of the board, like the nature of each board member and their background.

That's really seemed to been a key part of this system being the star.

Can you just describe that system, the board system and incentive structure in as much detail as you can?

Why are you doing this in the industrial subsectors versus somewhere like software?

What is it about that addressable market, those business models?

Why pick that instead of something like software that, if I took this system and went and did this in software somewhere, it'd probably work pretty well.

Why not?

Sounds like thesis generation and evaluation is like the furthest thing upstream at Shore and how you think about things.

Talk me through that part of the business.

Where did these theses come from?

What makes a good one?

What makes a bad one?

What's the difference between one that almost gets in but doesn't quite?