Patrick O'Shaughnessy

It's one of these things where like the best time to start that was in 2011 because it takes time to build the reputation.

One of the things that I think is so cool about where it's all going is that you at SCS now being one of the investment leaders of this much bigger platform, you get to see everything that's emerging at the frontiers and how things are changing and sort of who is best and what they're doing.

And you're a great person to ask to dispatch from the front, say like, here's what's happening.

Here's who's good.

Here's why.

I thought it'd be fun to do like a round robin almost of

what is changing at the edge of different asset classes?

And maybe we'll start with private equity since I know that's one that you spend a lot of your time on.

And we can take this in subcategories too.

We can talk about independent sponsors.

We can talk about the big buyout firms.

We can talk about platforms.

What do you think are the most interesting things that are changing about private equity as it's become a very mature industry over 50 years or so?

But that makes sense with low cost of capital for them.

They don't need to deliver necessarily the same return.

If you see the 10 people that want to do this, what separates the wheat from the chafe?

What does the best of those 10 typically look like?

What are the attributes of somebody doing this?

Because especially if they're very young, it's hard to know.

Not huge track records, typically.