Stuart Miller

And there's this scene I talk about in one of my essays where he and his leadership team at Lenar is going around trying to raise money at the bottom. And he comes and he notices that Adam and I are kind of depressed. We were down like 12% at the time. But we had anticipated some elements of the Great Financial Crisis and thought we'd be flat or up. And we weren't. And so we were sad and mopey.

And there's this scene I talk about in one of my essays where he and his leadership team at Lenar is going around trying to raise money at the bottom. And he comes and he notices that Adam and I are kind of depressed. We were down like 12% at the time. But we had anticipated some elements of the Great Financial Crisis and thought we'd be flat or up. And we weren't. And so we were sad and mopey.

And he said to us, you guys, what the hell do you think? Like, I knew we were at risk of losing money. You don't see me moping around. There's something about his physicality. He was like jaunty. And it was totally like... What I imagine a SEAL team captain is just going down like he's so funny.

And he said to us, you guys, what the hell do you think? Like, I knew we were at risk of losing money. You don't see me moping around. There's something about his physicality. He was like jaunty. And it was totally like... What I imagine a SEAL team captain is just going down like he's so funny.

Turned on and just cracking jokes left and right. And like no identity as... billionaire or as rich guy, just pure, this is a game. We're playing a game. It just got interesting.

Turned on and just cracking jokes left and right. And like no identity as... billionaire or as rich guy, just pure, this is a game. We're playing a game. It just got interesting.

Yes, exactly. There's something about that vibe of like, we're doing this together and we're grownups and we're taking risk. And I know shit could go bad. that I think to your earlier question, the principal has to set this condition where it's okay for the agent to make mistakes. And there's a lightness to it.

Yes, exactly. There's something about that vibe of like, we're doing this together and we're grownups and we're taking risk. And I know shit could go bad. that I think to your earlier question, the principal has to set this condition where it's okay for the agent to make mistakes. And there's a lightness to it.

Because otherwise, the agent, depending on their own risk tolerance, may not take enough risk. The difference of managing your own money versus managing the optics of something can get so huge based on one word from the principal.

Because otherwise, the agent, depending on their own risk tolerance, may not take enough risk. The difference of managing your own money versus managing the optics of something can get so huge based on one word from the principal.

Yeah, I came, I guess... I mean, it was literal. I rode a lot in high school and a bit in college. And when you're holding the oar, there's a tendency to really grip it, in which case your forearm tightens up and you're kind of muscling it. Versus there's a version where your grip is... It's paradoxical. It's both solid but also loose.

Yeah, I came, I guess... I mean, it was literal. I rode a lot in high school and a bit in college. And when you're holding the oar, there's a tendency to really grip it, in which case your forearm tightens up and you're kind of muscling it. Versus there's a version where your grip is... It's paradoxical. It's both solid but also loose.

And if you catch a crab, it's called catching a crab where the oar goes under the water, the blade goes under the water, and you can get thrown into the water if you're not careful. In that case, you need to be able to let go of the oar, otherwise you're going in the water. So there's this tight but loose grip that I started noticing that when I speak to certain people...

And if you catch a crab, it's called catching a crab where the oar goes under the water, the blade goes under the water, and you can get thrown into the water if you're not careful. In that case, you need to be able to let go of the oar, otherwise you're going in the water. So there's this tight but loose grip that I started noticing that when I speak to certain people...

if someone's ideological about the thing they're discussing, they're kind of subtly conveying to you, it's not up for grabs. It's not debatable. They're not looking for your input on it. And so you're asking, is that the way Stewart was relating to this situation? Yeah. He had like a light grip on, I remember telling him at one point, JP Borgen, it was at the bottom in 08. And

if someone's ideological about the thing they're discussing, they're kind of subtly conveying to you, it's not up for grabs. It's not debatable. They're not looking for your input on it. And so you're asking, is that the way Stewart was relating to this situation? Yeah. He had like a light grip on, I remember telling him at one point, JP Borgen, it was at the bottom in 08. And

people who were buying gold and really ready for physical gold and he cracked a joke about yeah i can just see myself graham you're gonna buy me a bunch of gold and then i'm gonna like be dragging this bag along the street with my with my brother-in-law and what are you gonna drive the car like he's basically give me a fucking break so it's like This whole thing is that life is absurd.

people who were buying gold and really ready for physical gold and he cracked a joke about yeah i can just see myself graham you're gonna buy me a bunch of gold and then i'm gonna like be dragging this bag along the street with my with my brother-in-law and what are you gonna drive the car like he's basically give me a fucking break so it's like This whole thing is that life is absurd.

This whole capitalism is a construct. We're playing this game somehow. But it's the humor is embedded in the light grip, I feel like, in those situations. You're conveying to somebody else, we're going to do the best we can here, and who the hell knows what's going to happen.

This whole capitalism is a construct. We're playing this game somehow. But it's the humor is embedded in the light grip, I feel like, in those situations. You're conveying to somebody else, we're going to do the best we can here, and who the hell knows what's going to happen.