Patrick O'Shaughnessy

And I find that fascinating.

So where I was going with it was typically it's not a line of question.

Walk us through your thinking about risk.

Maybe they'll think about loss ratios, some basic stuff, but not multidimensional thinking around risk in a given asset class.

And so I'm curious, because that's all you've ever really done as an investor.

For you to teach us some of the surprising things about what you've learned assessing risk versus everyone spends so much time assessing return.

What could this be?

What could the return be?

Less time on the risk side.

What would surprise people is the most important parts of that evaluation process.

To continue to contextualize this notion of units of risk today, what do you think are some of the maybe overlooked sources of risk in the system as you see it, since you get to see it from every angle?

And this is early summer, 25.

So I want to keep telling your story after Goldman, but before TPG, what were you doing then?

Say more about these consecutive five-year plans.

How do you do that?

Can you talk us through the opening chapter, chapter zero or the prologue in chapter one back in 2009 or so?

Sure.

And what was going on?

What the biggest challenges were?

I'm always interested in how these firms get started and what challenges they have to overcome because often those are like the formative periods that then last a long time.