Patrick O'Shaughnessy

It's extremely opportunistic, extremely flexible, open mandate.

We'll talk a lot about the history and the different kinds of investing that you've done.

But I think a fun place to begin would be for you to tell us about your Goldman days and specifically the group of people that you were investing with back then, which I've heard described by you and others as the Navy SEALs or Special Forces of Finance.

Maybe describe that group in as much detail as you can and why it was so formative and impactful on you.

What made that group tick?

I'm curious about all aspects of it, the recruiting, the culture, the investing style, the low loss rates.

Can you say more about this notion of unitizing risk and return, the literal tactical way that that happened?

How did you recruit people into SSG?

Was there any lesson on the on-ramp?

Even sounds like Special Forces SSG.

I had never heard that phrase, people that are over themselves.

I love that phrase.

Anything else you learned from the Spurs?

If you think back to the SSG days, what was the investment or trade that you were most proud of that most encapsulates many of these ideas?

Back then, did you think of yourselves as financiers doing a primary job for the person or group receiving the capital, or did it feel more like arbitrageurs or something like that?

It's like a fundamentally creative process.

It reminds me of Richard Rainwater and all you heard about how he would structure things and take all comers, lots of whiteboards in that office, apparently.

One of the really cool things about your structure is this unit of risk concept.

Hearing you talk makes me realize that basically every investor takes their specific unit of risk for granted.

It's the same every time.