Patrick O'Shaughnessy

Is it a sculpture?

What are the dimensions of facing the tiger well?

If you were teaching a college seminar on how to do this, what would you tell the students?

I would love to tell the stories of the Spotify and Airbnb investments that you made.

People know those names, so it's very relatable, but also I think are good examples in the mid 2010s, a little bit later with Airbnb of how you do business.

So maybe start with the Spotify one and just tell that story.

Maybe say a little bit more about the security itself, because you can operate in any part of the capital structure or whatever, like you said.

I'm always curious the actual way you did it.

Before we get to the Airbnb story, can you talk about Tao and the unique nature of this massive pool of capital that you've created that can do whatever it wants?

I'm always fond of this idea that

What you end up getting from an investor reflects their capital base, who it is, the duration, the terms.

They then ship their capital base in the form of investments.

And so I think understanding Tau and the overall structure is important.

Now let's go back to Airbnb because I think this is like a classic early COVID example of the returns to flexibility.

I'm curious, again, in your framework about what the unique units of risk were in that specific transaction relative to those returns.

Do you try typically to boil things down to a simple bet like that so that you understand it in simple terms and you're not creating too much complexity where it doesn't exist?

When you think about what success means for the whole firm from a return and risk standpoint, how do you think about it?

Is the ultimate comparable for units of risk and return like the S&P 500 or something?

Is there an explicit goal?

We exist to beat this thing or provide our investors with something more than this?