Stuart Miller

I think it's a principal-agent thing, that there's a way in which this paradoxical thing where if you're the principal and you treat the agent like an agent, then they become an agent. And so it's this very subtle energetic thing where you got to have this vibe of let's make money together. So what happens is somebody who's commercial-

I think it's a principal-agent thing, that there's a way in which this paradoxical thing where if you're the principal and you treat the agent like an agent, then they become an agent. And so it's this very subtle energetic thing where you got to have this vibe of let's make money together. So what happens is somebody who's commercial-

wants more control over their life than most principles will give them. And so when the principal tries to bring an A player inside the boundary of their firm, it's not unleashing the commercial activity of the agent. And I think the fact that Stuart Miller let me set up my own company, it's possible it was path dependent because he initially gave me a smaller amount of money, 50 million.

wants more control over their life than most principles will give them. And so when the principal tries to bring an A player inside the boundary of their firm, it's not unleashing the commercial activity of the agent. And I think the fact that Stuart Miller let me set up my own company, it's possible it was path dependent because he initially gave me a smaller amount of money, 50 million.

And I ran that for a year and built trust. And then If it hadn't been like that, it's possible the market construct would have been just run my family office, but it's my thing. And it wouldn't have unleashed what it ended up unleashing. It's also like it has to be consistent with their existing aesthetic, right? I think.

And I ran that for a year and built trust. And then If it hadn't been like that, it's possible the market construct would have been just run my family office, but it's my thing. And it wouldn't have unleashed what it ended up unleashing. It's also like it has to be consistent with their existing aesthetic, right? I think.

So like if you had a quant guy whose family office needs a family office or wants to partner with somebody or put somebody in the business to run a family office, the underlying agent is going to need to be super mathematical, left hemisphere-y in order to have the principles map of reality overlap enough with the agents that when shit goes down,

So like if you had a quant guy whose family office needs a family office or wants to partner with somebody or put somebody in the business to run a family office, the underlying agent is going to need to be super mathematical, left hemisphere-y in order to have the principles map of reality overlap enough with the agents that when shit goes down,

it doesn't get wonky because inevitably something's going to go wrong. And it's those moments when it goes wrong that you either get shaken out and there's one family office that famously has gone through like 15 CIOs because of that getting the dynamic wrong.

it doesn't get wonky because inevitably something's going to go wrong. And it's those moments when it goes wrong that you either get shaken out and there's one family office that famously has gone through like 15 CIOs because of that getting the dynamic wrong.

Well, one thing was the time horizon. He just, from the beginning, had a very long time horizon. And then he's just a very skilled manager of people. I was listening to Randall Stepman, who was famously Jamie Dimon's coach. And he has this theme of they studied all the best leaders. And

Well, one thing was the time horizon. He just, from the beginning, had a very long time horizon. And then he's just a very skilled manager of people. I was listening to Randall Stepman, who was famously Jamie Dimon's coach. And he has this theme of they studied all the best leaders. And

They found there's this quality of the people working for the leader as feeling like the leader's rooting for them. I knew exactly what he meant because I could feel it. That's exactly the vibe Stuart had been giving me and eventually my second partner as well. That feeling of, yeah, I'm rooting for you. First and foremost, like, let's do this. In retrospect, it was kind of crazy, right? Because

They found there's this quality of the people working for the leader as feeling like the leader's rooting for them. I knew exactly what he meant because I could feel it. That's exactly the vibe Stuart had been giving me and eventually my second partner as well. That feeling of, yeah, I'm rooting for you. First and foremost, like, let's do this. In retrospect, it was kind of crazy, right? Because

I started it in 05, the initial vehicle, which was just a fund of hedge funds. And then Stuart gave me the rest of his capital outside of Lennar in early 2007. And then I convinced Adam Shapiro to leave Goldman. And we started this new venture. And we had exactly a year to do stuff before the great financial crisis hit. And so picture you're him. Stewart. And it's the beginning. 08 is happening.

I started it in 05, the initial vehicle, which was just a fund of hedge funds. And then Stuart gave me the rest of his capital outside of Lennar in early 2007. And then I convinced Adam Shapiro to leave Goldman. And we started this new venture. And we had exactly a year to do stuff before the great financial crisis hit. And so picture you're him. Stewart. And it's the beginning. 08 is happening.

And you have hired these two kids.

And you have hired these two kids.

Yeah, exactly. And you know me pretty well, but not that well. And then all of a sudden, your stock goes down to like, I don't know, three bucks. So close to going bankrupt. And all of a sudden, all your money is with this kid that you don't know that well. Yeah.

Yeah, exactly. And you know me pretty well, but not that well. And then all of a sudden, your stock goes down to like, I don't know, three bucks. So close to going bankrupt. And all of a sudden, all your money is with this kid that you don't know that well. Yeah.