Stuart Miller

It's had its ups and downs, but I continue to really believe in him as a commercial actor and as a leader of his firm as well.

It's had its ups and downs, but I continue to really believe in him as a commercial actor and as a leader of his firm as well.

So the term originates, Adam used it at Goldman, other people at Goldman, I'd heard it from And it connotes all the cliches, moneymaker. I think what's in there is one way I've ended up defining it is it's the ability and the intent to create more value than you capture. So that would be a kind of abundant version of it.

So the term originates, Adam used it at Goldman, other people at Goldman, I'd heard it from And it connotes all the cliches, moneymaker. I think what's in there is one way I've ended up defining it is it's the ability and the intent to create more value than you capture. So that would be a kind of abundant version of it.

I feel like there are people who are signaling that they're in a repeat iteration game and they're not going to grab every penny on this transaction because they know that there's a sense of proportion about it somehow. You know, Goldman has that phrase, long-term greedy. It's like, I want to make money, but I'm going to do it with the knowledge that we're going to see each other again.

I feel like there are people who are signaling that they're in a repeat iteration game and they're not going to grab every penny on this transaction because they know that there's a sense of proportion about it somehow. You know, Goldman has that phrase, long-term greedy. It's like, I want to make money, but I'm going to do it with the knowledge that we're going to see each other again.

And that sense of, I'd rather make money than be right is another core tenet of it, where there are people who seem to me to be in the game in order to experience the satisfaction of being right. And that's the primary goal.

And that sense of, I'd rather make money than be right is another core tenet of it, where there are people who seem to me to be in the game in order to experience the satisfaction of being right. And that's the primary goal.

And that works some high percentage of the time, but then it can be disastrous, of course, because your ego and your portfolio can get caught up with that goal instead of just making money.

And that works some high percentage of the time, but then it can be disastrous, of course, because your ego and your portfolio can get caught up with that goal instead of just making money.

There's a great story that Tina Fey has about the only thing she learned from Lorne Michaels. Not the only thing. One important thing she learned at Saturday Night Live that she brought to 30 Rock. was that you need in the writing room, you need the optimal mix of Harvard nerds and Chicago improv.

There's a great story that Tina Fey has about the only thing she learned from Lorne Michaels. Not the only thing. One important thing she learned at Saturday Night Live that she brought to 30 Rock. was that you need in the writing room, you need the optimal mix of Harvard nerds and Chicago improv.

And I thought that was so profound when applied to investment managers, because I had experienced a lot of both types. And I would say the Chicago improv is pure plasticity, pure flexibility. They will do anything for a laugh to a fault. And the Harvard nerds, in her language, were planning everything out, very high order, very high stability, but not able to improv as much.

And I thought that was so profound when applied to investment managers, because I had experienced a lot of both types. And I would say the Chicago improv is pure plasticity, pure flexibility. They will do anything for a laugh to a fault. And the Harvard nerds, in her language, were planning everything out, very high order, very high stability, but not able to improv as much.

Over time, my taste evolved to accommodate more Chicago improv. I was at first attracted to Harvard nerds. Over time, I came to appreciate, Charlie Munger calls it the knack or called it the knack. I remember early on in working with Ted Seides, we were in a meeting with a former Milken credit trader of some sort. And we were sitting in a restaurant in Santa Monica.

Over time, my taste evolved to accommodate more Chicago improv. I was at first attracted to Harvard nerds. Over time, I came to appreciate, Charlie Munger calls it the knack or called it the knack. I remember early on in working with Ted Seides, we were in a meeting with a former Milken credit trader of some sort. And we were sitting in a restaurant in Santa Monica.

And he turned to me at one point, he put his hand on my arm and said, Money's like water. All you have to do is learn to turn on the faucet, see? And I thought I was like in some sort of David Mamet movie or something, but he's right.

And he turned to me at one point, he put his hand on my arm and said, Money's like water. All you have to do is learn to turn on the faucet, see? And I thought I was like in some sort of David Mamet movie or something, but he's right.

There is this Wu Wei not forcing it, working with, there's a coach I like who I follow online named Joe Hudson, and he had this line, where does the water want to flow downhill? Working with, not forcing it, like working with what already wants to happen that I feel like is in there, lack of stuckness. It's like a pragmatism that at the end of the day rules out over other facets of investing.

There is this Wu Wei not forcing it, working with, there's a coach I like who I follow online named Joe Hudson, and he had this line, where does the water want to flow downhill? Working with, not forcing it, like working with what already wants to happen that I feel like is in there, lack of stuckness. It's like a pragmatism that at the end of the day rules out over other facets of investing.