Stuart Miller

In this language, I often think of it as who is the source and are they owning it? I mean, you see it a lot in succession. One of the arguments in this literature is that heading off source is extremely subtle and hard to do. Where else do you see it in the dynamics between co-founders?

In this language, I often think of it as who is the source and are they owning it? I mean, you see it a lot in succession. One of the arguments in this literature is that heading off source is extremely subtle and hard to do. Where else do you see it in the dynamics between co-founders?

Is there resentment on the part of the co-founder who's not source towards source because they don't want to be in that role? I feel like I see that a lot. And 80% of the time that's held in check, but then conditions can change and then it's not held in check anymore. They can go through a difficult period or extreme success can also lead to it.

Is there resentment on the part of the co-founder who's not source towards source because they don't want to be in that role? I feel like I see that a lot. And 80% of the time that's held in check, but then conditions can change and then it's not held in check anymore. They can go through a difficult period or extreme success can also lead to it.

I think it's because it's the skill set at the highest level. It's managing risk and being pragmatic and commercial, I think. And so, in general, those people tend to be older. I think giving a bunch of money to a kid... If you're running a family office, you need to do it in a way that there's room for them to screw up.

I think it's because it's the skill set at the highest level. It's managing risk and being pragmatic and commercial, I think. And so, in general, those people tend to be older. I think giving a bunch of money to a kid... If you're running a family office, you need to do it in a way that there's room for them to screw up.

And there's something around like the people who I think would be good at managing a family office have taken risk with their own capital and other people's capital before. And I think ideally don't have identity. They have identity as being a moneymaker, but not as a specific thing.

And there's something around like the people who I think would be good at managing a family office have taken risk with their own capital and other people's capital before. And I think ideally don't have identity. They have identity as being a moneymaker, but not as a specific thing.

And their EQ and social intelligence is high enough that when they're talking with other people, like Rainwater is the gold standard on this, they're okay expressing a bet through other people. I feel like that's a distinct skill set. And so retired hedge fund managers who were pretty high EQ are probably a pretty good pool if you could make it feel like it's their money.

And their EQ and social intelligence is high enough that when they're talking with other people, like Rainwater is the gold standard on this, they're okay expressing a bet through other people. I feel like that's a distinct skill set. And so retired hedge fund managers who were pretty high EQ are probably a pretty good pool if you could make it feel like it's their money.

Yeah. And that's why like setting up, figuring out why are they available? People screw up and they think it's like, oh, it's just a role. I'm going to hire for it. No, it's not. It's like... It's up one level or by definition, if the person's good, it needs to be a tricky setup.

Yeah. And that's why like setting up, figuring out why are they available? People screw up and they think it's like, oh, it's just a role. I'm going to hire for it. No, it's not. It's like... It's up one level or by definition, if the person's good, it needs to be a tricky setup.

Yeah. Your ego needs to be able to take somebody else having the successes and failures around it, I think. Because... If not, then if you want to be pretty involved or you have identity because I made a bunch of money and blah, blah, blah, and I want to keep making money and blah, blah, blah, and now I want you to do it for me.

Yeah. Your ego needs to be able to take somebody else having the successes and failures around it, I think. Because... If not, then if you want to be pretty involved or you have identity because I made a bunch of money and blah, blah, blah, and I want to keep making money and blah, blah, blah, and now I want you to do it for me.

Anybody commercial who's sitting in the front seat now has somebody telling them how to drive in the back seat. And unless the person in the back seat is extremely skilled, it's going to screw up the incentives of the whole thing.

Anybody commercial who's sitting in the front seat now has somebody telling them how to drive in the back seat. And unless the person in the back seat is extremely skilled, it's going to screw up the incentives of the whole thing.

Well, so I would say it's good taste in people from the perspective of the principal.

Well, so I would say it's good taste in people from the perspective of the principal.

Yeah. It needs to overlap. Otherwise, they're not going to trust the agent's judgments and vice versa.

Yeah. It needs to overlap. Otherwise, they're not going to trust the agent's judgments and vice versa.