Harrison Metal

“I don't consider it a bulk part of the strategy because let's be honest, my numbers call it on a fund are driven by my initial investment picking. So picking is the primary thing I do. If I pick really well, I should generate great multiples and liquidity for …”

“That personal exceptionalism, that sense that they are special, that they are destined for really unique outcomes relative to their peer group, I think that shows up early in somebody's life. And it's independent, quite independent of pedigree or brand name wo…”

“Over time, the way I've funded the reserves pool is varied between taking that ratio all the way up to two to one, back down to now I reserve about a buck 50 for every initial dollar.”

“I've rarely come into a situation where I've completely pulled out. I mean, it has happened, but usually for real values violations, you know, dishonesty, and thank God that's only happened, like, you know, two times out of more than a hundred cases.”

“Pricing is the way that we manage our risk. It's the primary tool I have to manage my own risk in the situation. And so as my risk goes up, my price should go down and vice versa.”

“I would say, though, that if you start with the premise that timing is always slightly wrong, I mean, listen, what are the odds that we invent something, we productize it, and we turn it into a company at exactly the right moment? It's practically impossible. …”

“So I think you see great firms with amazing returns just stay incredibly disciplined. Whether that's Harrison Metal or an IA Ventures, it feels like they don't change their playbook. And then there's other firms that are totally adaptive to a market condition …”