Ownership

“Ownership is seeing that you can run, but I think agency assumes that you control, you're more of a thermostat than a thermometer. And that means that, hey, the thermometer is always measuring the temperature of the room, while a thermostat will change the tem…”

“The vast majority of founders of firms, when they retire, they retain a meaningful portion of the ownership of that firm.”

“He said, ownership without presence rots.”

“Four is take more risk than seems reasonable. Most people don't succeed because they might work hard hours, they might work long hours, They might have a skill set that's valuable, which would be something like, let's say a pipe welder. That's a very valuable …”

“One doesn't need a large ownership in large outcomes when you have a small fund.”

“So I don't obsess over the ownership and the portfolio construction in a way that I think it matters on a deal by deal basis. I think it matters on a portfolio basis.”

“I think how you get people to care about the small things is that you give them ownership over the big things. And when people are responsible for the big things, they start to care about the small things that contribute to those big things.”

“Because what they're going to do is give you a pile of money, and then they're going to tell you, go fast, and they want you to either fail fast, or keep on piling in more money, and take away ownership.”

“If you actually look at how much enterprise value you need to return your fund with an implied median ownership, the numbers can get really wonky, and so you're better off buying up ownership when it's the cheapest, and being able to have diversification with …”

“So what we're doing is even if we have to pay more, we're optimizing for ownership and we'll continue to do that.”

“I think one of the mistakes we made historically was to be a little bit too greedy, quite frankly, on ownership.”