Patrick O'Shaughnessy

Really understanding like how something gets through that part of the process would be fascinating.

Yeah, let's talk about within the given thesis, starting to look at the individual assets, the individual companies, the diligence process, and what you're looking for or looking to avoid.

Once you get down to the actual thing that you're going to buy, describe in whatever way you want the things that matter most to you.

I'd love to keep walking down this chain and negotiation and operations after the close and everything else.

But starting with, okay, we've got a company that's interesting for some reason.

What are those reasons?

What are you looking for in diligence?

I would say on average that levered roll-ups have sort of a bad reputation.

Why do you think that is?

What have you learned about negotiation?

A lot of deals you've done.

It's a fascinating set.

I just love all the systems and how they all intermingle.

If I was the world's most skeptical but thoughtful LP and I was looking at all this, I'm sure you'd probably talk to this person.

You'd probably picture somebody.

What do you think they would poke in on and say is the weak point of Shor and this whole system of systems?

There's this great book called Innovation Stacking by one of the founders of Square, where the whole idea of Square's eventual moat was all these small things that are built on top of each other.

And then the chain of innovation is itself.

The competitive advantage sure really reminds me of this.

One thing that we haven't talked about in this theme of innovation stacking is how to decide another fund vertical to go into.