Patrick O'Shaughnessy

How did you most learn that specific lesson, the disintermediation lesson?

If I think about just the businesses themselves, we were joking before about the simplicity of the business.

And maybe when you're talking to Buffett about one of these businesses, don't make the business description complicated.

And it's interesting how burgers, shoes, shades, you can actually do it in a word.

In many cases with your business, you don't even need a whole paragraph.

Maybe say a little bit more about that.

As Munger used to say, show me the incentives, I'll show you the outcome.

In addition to the one investment per fund, I'd love to understand the other distinguishing features of how the capital is set up, who the LPs are, what the incentives are, how the fees work, because almost everything you do is a little bit different than the traditional model.

Maybe you could walk us through what those are because those so then determine the outcomes.

If you think about this unique nature of it being so much house capital, you're on the line with all of your LPs.

And you think about the search for, let's say, Hunter Douglas, which was a transaction three or four years ago.

Talk about the length of time that you're willing to engage with a company, maybe in that specific case, how long it took you to get to know that business and how the transaction came together.

These are very unique ways and long durations, and I'd love to just put some meat on those bones.

So sort of a 15-year investment of time to get that window.

In this case, that's right.

Maybe since it's a company that probably people have seen, can imagine as a product that's accessible and simple to understand, use it as an example to explain the criteria that you love in a business.

Describe the business, but more importantly, what it is about it when you did the transaction that was so appealing.

So I understand that last piece, meaning because you do it infrequently, brand and familiarity matter a lot.

Like if you're not going to do it often, you'd rather just go.

It's a natural way to keep your house cool.