Patrick O'Shaughnessy

That especially with companies that are a bit older, that there's been this creep of stuff that gets added that's not necessary.

Is that like a common element of your playbook to take 12 down to three?

How do you think about taking capital from a fund that's a 10-year VC fund or something or a private equity fund versus a Bally Gifford that's got capital that lasts forever when you're thinking about the right partners?

You're in such an interesting seat because you're both investor and operator.

And so you have the shared perspective that you're often buying things as an investor, but then running them as an operator.

If you think across all the investors, pure investors that have come and studied bending spoons, some of them had made equity investments, secondary investments, etc.

What distinguishes the best?

investors, what do they do that's most different from those that are, let's say, average?

Yeah, you're the Berkshire for this.

In that specific effort for bending spoons specifically,

Where have the best investors really dug in to get that physics understanding of your business that's different than how other things work?

Like where are the best digging in?

Another thing that you have to deal with in a unique way is this cocktail of incentives and motivation for different parts of the business.

You have business units where a team is running an Evernote, for example, that's different than a Spooner that's in the home office that's being moved around and doing lots of different things.

What have you learned about setting incentives for people to get the outcomes that you want?

Fairly complex structure.

I'm sure you're always dissatisfied with the state of things and want things to get better all the time.

What about bending spoons today are you most dissatisfied with?

What's your balance of time around this idea of being constantly discontent?

What's your balance of time of what I'll call maintenance hours of the business, things that are repetitive, meetings with teams, internal stuff, keeping the trains running, versus space that you create