Patrick O'Shaughnessy

many times.

If you were to boil down source of returns and equities as simply as you could, you might say it's multiple change and fundamental change.

Growth of the business, change in the multiple.

It sounds like change in the multiple, meaning buy well, buy at a good, reasonable multiple, has been your strategy more than materially change the business.

Is that roughly right?

Not really.

So you need to pay attention to that.

In that value creation mechanism, the relationship with capital markets and with Wall Street specifically is obviously very important.

How do you as a CEO manage that relationship well?

What have you learned about interfacing with Wall Street in the most constructive way possible?

I have a lot of friends who are portfolio managers and analysts.

The reason I have a big following is I've made a lot of money for investors.

They get bonuses.

Have you made any major mistakes dealing with capital markets?

I've made major mistakes in everything, including the capital markets.

Can you tell the story of the large buyback that you did with XPO on the opposite side of the capital allocation ledger from acquisitions?

There's a great Winston Churchill quote, which is always more audacity.

What do you think of that quote?

I don't know.

How do you think about setting your own scope of ambition?