Stuart Miller

It's related to the idea in the investment world, but maybe it applies to founders too. Like the main asset is your future decisions.

It's related to the idea in the investment world, but maybe it applies to founders too. Like the main asset is your future decisions.

And so when you're moving from the container you were in before and the way reality was defined into this new ambiguous setting, if in the transition, you are now sitting next to somebody, I use the example in the piece of often younger hedge fund managers will hire a more seasoned CFO, but the CFO is taking responsibility

And so when you're moving from the container you were in before and the way reality was defined into this new ambiguous setting, if in the transition, you are now sitting next to somebody, I use the example in the piece of often younger hedge fund managers will hire a more seasoned CFO, but the CFO is taking responsibility

risk that almost by definition, if they're a CFO and grew up in the accounting profession, is more risk than they actually feel comfortable taking. And so their risk aversion and slight skepticism about you, the portfolio manager, can enter your confidence when your fund is down 10%. You're less

risk that almost by definition, if they're a CFO and grew up in the accounting profession, is more risk than they actually feel comfortable taking. And so their risk aversion and slight skepticism about you, the portfolio manager, can enter your confidence when your fund is down 10%. You're less

senior and your own chip stack is smaller and you're sitting there and the guy sitting next to you in his body language and in his questions is conveying anxiety and fear, those are very contagious emotions. You want to be very pristine, particularly early on as you're holding the ambiguity and trying to assert reality about the

senior and your own chip stack is smaller and you're sitting there and the guy sitting next to you in his body language and in his questions is conveying anxiety and fear, those are very contagious emotions. You want to be very pristine, particularly early on as you're holding the ambiguity and trying to assert reality about the

the energy of the people around you and whether they believe in you, because you need some skepticism in there. Of course, you don't want to go off a cliff because you're sizing something too big or in some other way, you haven't taken input, but you're managing your own psychology. And I think one of the best ways to do that is manage the inputs. And so it could mean turning down an investor

the energy of the people around you and whether they believe in you, because you need some skepticism in there. Of course, you don't want to go off a cliff because you're sizing something too big or in some other way, you haven't taken input, but you're managing your own psychology. And I think one of the best ways to do that is manage the inputs. And so it could mean turning down an investor

where the check size is really good, but they're actually kind of an asshole and they're going to call you weekly. And they signed up for your liquidity terms, but they've never signed up for a fund with that liquidity term before. They actually like quarterly liquidity. And in all these ways, they're faster twitch than you are. And you sold them on your strategy.

where the check size is really good, but they're actually kind of an asshole and they're going to call you weekly. And they signed up for your liquidity terms, but they've never signed up for a fund with that liquidity term before. They actually like quarterly liquidity. And in all these ways, they're faster twitch than you are. And you sold them on your strategy.

The expectations you have with your team, with your investors have to be so pristine and so well managed or you don't protect the climate and the skull.

The expectations you have with your team, with your investors have to be so pristine and so well managed or you don't protect the climate and the skull.

Yeah, it plays a big role, of course. And it's back to the source point. You want them senior enough that you find them credible and they find you credible and you've had enough time together. But then, depending on the construct, you hopefully want them game for, at the end of the day, being on your ship.

Yeah, it plays a big role, of course. And it's back to the source point. You want them senior enough that you find them credible and they find you credible and you've had enough time together. But then, depending on the construct, you hopefully want them game for, at the end of the day, being on your ship.

And the challenge becomes if actually they wanted to do their own thing or actually they think they should be the PM or they should be co-PM or all of those. You're capturing somebody who's extremely talented on their path. Do they believe in you? And... Do they agree with how you price them? You don't want somebody who they think they should have 40%, you gave them 10%.

And the challenge becomes if actually they wanted to do their own thing or actually they think they should be the PM or they should be co-PM or all of those. You're capturing somebody who's extremely talented on their path. Do they believe in you? And... Do they agree with how you price them? You don't want somebody who they think they should have 40%, you gave them 10%.

It's just in the water all the time. And if they wanted 40%, actually, maybe they actually wanted 50%. And If you could hold it for a couple of years and then they go off and do their own thing, that's great. But that can screw up the energy of the system.

It's just in the water all the time. And if they wanted 40%, actually, maybe they actually wanted 50%. And If you could hold it for a couple of years and then they go off and do their own thing, that's great. But that can screw up the energy of the system.