Patrick O'Shaughnessy

This is a natural tendency at firms like this, that with success comes the opportunity to expand into new products, new business lines, new teams, etc.

You've given lots of examples of both sides of that choice.

I'm curious if there's an example of it being a good thing in your mind to expand into adjacent spaces.

and still be able to earn really high returns?

Because in general, it seems like your take would be the transition to become an asset manager is the point at which maybe your interest goes down and you might want to recycle that dollar back into something fresher and newer.

Is there a good counterexample to that?

If I put that back to you, it's something like don't expand because you can.

Expand where you can press an advantage and where the new thing actually benefits the old things or the other things.

The exceptions that define the rule.

Is there anything else that you feel is most interesting to your perspective returns or the job that you're going to do that we haven't talked about?

What animates me is people who are totally and completely obsessed via some curiosity in the thing that they do.

Probably the nicest thing I could say about you is you're one of those people I would call if I had a question about who's got the juice in the investing world.

It's obvious from our interactions how much you love the core thing here, the core craft.

And it's so fun to have an excuse to talk to you about it on the record.

You know my closing question for everybody.

What is the kindest thing that anyone's ever done for you?

What a cool story.

Never heard it before.

I love hearing it in closing.

Thanks so much for your time.