Stuart Miller

It's also like why in those settings, if your partner has experienced failure in some form or done it themselves and knows how hard it is, is pricing it correctly. Because if they think it's easy, then they should fucking go do it. Yeah. And if they think it's too hard, they're probably not going to join you. So it has to be like right in that sweet spot.

It's also like why in those settings, if your partner has experienced failure in some form or done it themselves and knows how hard it is, is pricing it correctly. Because if they think it's easy, then they should fucking go do it. Yeah. And if they think it's too hard, they're probably not going to join you. So it has to be like right in that sweet spot.

And I'm thinking this in personality terms, depending on how you're wired, how they're wired. You need to understand how those two are going to go together just like it would in a marriage. Because if they're truly your business partner, I think David Senra picked out that amazing Zell quote. A partner is somebody who shares the same level of risk that you do. I thought that was so profound.

And I'm thinking this in personality terms, depending on how you're wired, how they're wired. You need to understand how those two are going to go together just like it would in a marriage. Because if they're truly your business partner, I think David Senra picked out that amazing Zell quote. A partner is somebody who shares the same level of risk that you do. I thought that was so profound.

That was such a good catch-up. That is a partner. You're in this new thing. And if it goes down, it has real-world implications for your family, for where your kids are going to go to school, where you're going to live. And yet, I think most of the time...

That was such a good catch-up. That is a partner. You're in this new thing. And if it goes down, it has real-world implications for your family, for where your kids are going to go to school, where you're going to live. And yet, I think most of the time...

those systems benefit from at the end of the day, the buck stops one person and they are going to make a call and everybody needs to be okay with that.

those systems benefit from at the end of the day, the buck stops one person and they are going to make a call and everybody needs to be okay with that.

Yeah. And having it be dynamic over time, of course, to accommodate the shifting system. There's a quant fund I'm obsessed with, The Culture, and I probably shouldn't get into the specifics of it, but they have a very dynamic comp system in a way that gives rise to the culture. And so I think there are ways to be creative about that.

Yeah. And having it be dynamic over time, of course, to accommodate the shifting system. There's a quant fund I'm obsessed with, The Culture, and I probably shouldn't get into the specifics of it, but they have a very dynamic comp system in a way that gives rise to the culture. And so I think there are ways to be creative about that.

how equity changes over time, how carry changes over time that allows for meritocracy and for change. And people tend to do the same self-expression hitting the comp system and how value will change over time, I think, is a fertile area as you're setting up something new.

how equity changes over time, how carry changes over time that allows for meritocracy and for change. And people tend to do the same self-expression hitting the comp system and how value will change over time, I think, is a fertile area as you're setting up something new.

It's the what's going on here. It's what's going on here in this new setup. And can I or anybody else describe it in a way that's useful to you, truly understanding the structure of what's going on here?

It's the what's going on here. It's what's going on here in this new setup. And can I or anybody else describe it in a way that's useful to you, truly understanding the structure of what's going on here?

If you have humility about it and realize the things you can't see, then if you read the right thing or hear the right person talking at the exact right moment, there's such leverage to that moment. Waitzkin has this language of firewalking somebody else's mistakes. Can you burn in someone else's mistakes or not?

If you have humility about it and realize the things you can't see, then if you read the right thing or hear the right person talking at the exact right moment, there's such leverage to that moment. Waitzkin has this language of firewalking somebody else's mistakes. Can you burn in someone else's mistakes or not?

And it's really hard to do because it's obviously not visceral to you the way it was to them. But are there ways to inform your own compass in this whatever period, whatever rite of passage you're going through that makes you better at it or somehow improves your ability to do it? I just think there's extra leverage around those.

And it's really hard to do because it's obviously not visceral to you the way it was to them. But are there ways to inform your own compass in this whatever period, whatever rite of passage you're going through that makes you better at it or somehow improves your ability to do it? I just think there's extra leverage around those.

Well, a huge percentage of them are source related. Knowing when you are sourced and when you're not is such a valuable thing. So the first business I started with a professor of mine out of Yale, Richard Medley, he was sourced on that, but I was running the business. He wasn't really a business guy. I was a beneficiary of his poor judgment about people, which extended to me.

Well, a huge percentage of them are source related. Knowing when you are sourced and when you're not is such a valuable thing. So the first business I started with a professor of mine out of Yale, Richard Medley, he was sourced on that, but I was running the business. He wasn't really a business guy. I was a beneficiary of his poor judgment about people, which extended to me.