Kelly Granat
Co-CIO & Managing Director, Lone Pine Capital. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorexecutiveanalystlonepinecapital.com ↗
At Lone Pine Capital, Granat leads public equity portfolio management and serves on the investment committee for the firm's growth equity strategy. Before joining Lone Pine in 2007, she worked as a senior analyst at Angelo, Gordon & Co. and as a vice president at Chilton Investment Company.
Everything Kelly Granat said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Granat: For extraordinary businesses, CEO quality barely matters on the margin
“There's also a lot of room for owning just fantastic businesses that, to your point, whether you have an A plus CEO or an A minus, I'm not sure it really matters that much on the margin. We just want to make sure we're not paying too much for them, right?”
Granat: Earnings day price reactions have become a positioning coin toss
“The game of, you hand me an earnings release, and I'll tell you what the stock's gonna do, was actually a fundamental game that we were pretty good at a decade ago. Now, it's like, coin toss. What's the setup? You tell me. What's the whisper number? What are t…”
Granat: LLM providers will consolidate and fail to capture most AI value
“I would say at a high level, you know, obviously we have been of the view or questioning of the view from the beginning, I would say to stepping back that LLMs would not be where the value was ultimately probably largely created and that there, the fact that t…”
Granat: Lone Pine holds large Meta position for AI application commercialization
“And so that's part of why we have such a large position in Meta and have for the last bunch of years as we feel like that's the most real life example at scale of commercializing a lot of the capabilities in core products today, right?”
Granat: Higher cost of capital is widening the gap between corporate winners
“With the cost of capital coming back and largely gonna persist, we can debate at what level, you're seeing just winners and losers across industries in ways that we have not seen for a really long time... The free lunch of the zero interest rates and there's m…”
Granat: Aerospace suppliers possess exceptional pricing power and recurring revenue
“We have been investors for really Two decades, almost, and continue to be in the aerospace market, both OEM and aftermarket, and continue to love those businesses. They have, you know, all of the attributes of businesses we like, great organic growth, great pr…”
Granat: Long investment duration is more powerful in today's market than ever
“We've always said that duration is our single biggest advantage, but it's never felt more prominent and powerful than it is in today's market structure.”
Granat: AI infrastructure constraints have shifted from semiconductors to power
“In the meantime, what we do know is that there are constraints and what those constraints are shifting. Obviously they started on the semi side. Now it's more on the power side.”
Granat: Investment research teams become siloed once headcount reaches 20 to 30
“More people is not necessarily better. We want to run a relatively concentrated portfolio of 25 to 30 longs as that's kind of the best ideas portfolio, and we want a lot of collaboration, and so we want everyone to fit around a table, to have a conversation at…”
Granat: Junior analysts are ready for independence when they disagree with mentors
“When I know it's time for them to sort of spin out and cover their own stuff is when they start disagreeing with the person that they're apprenticing with, right? And so which is to me like, hey, you found your voice.”
Granat: If a problem emerges in AI, distinct bets will trade as one
“There's a recognition, like we saw in the valuation bubble bursting of late 21, 22, that there are nuanced bets here that are distinct, but that if there's a problem in AI, so to speak, and we can define what that may look like, these are all going to trade li…”
Granat: Public markets will face more DeepSeek-style knee-jerk shock reactions
“And I think there was a knee jerk reaction from the market. We will have more of these, right? That is just part of this.”
Granat: Lone Pine placed zero trades after major weekend tariff announcements
“Literally zero orders came out of this conversation, right? And some, that's not uncommon, but like for an event and a news cycle that is meaningful and somewhat anticipated, I would argue and also I think with the approach with the appropriate amount of skept…”
Granat: Functional expert CEOs transforming deficient companies create magical investment opportunities
“You change people, you change company. And so there are lots of examples of, in our history, of businesses that are good to great businesses that we feel have been under managed, and then somebody comes in who we know from a prior life or a prior existence, or…”
Granat: Lone Pine regrets selling Visa and MasterCard shortly after their IPOs
“I mean, we owned both those companies at their IPOs and had meaningful positions and, you know, with the benefit of hindsight, never should have sold.”
Granat: Remaining Lone Pine Co-CIO in ten years would be bad for LPs
“If I'm in this seat in 10 years, that's probably not the best outcome for our LPs, right?”
Granat: Steve Mandel made Lone Pine investments via conversation, not memos
“The way things work with Steve when he used to be a portfolio manager was It was sort of a conversation. There wasn't a memo. There wasn't, you know, a deck that you put together and presented to an investment committee. You'd go into his office and say, hey, …”
Granat: Investment teams improve when analysts constantly challenge leadership
“I want the analyst to challenge us all the time. That's how we all get better.”
Granat: Mark Zuckerberg embodies bold bets, rapid pivots, and executive vulnerability
“Huge focus. Big bets. Willing to be wrong and pivot quickly when realizing that they are wrong. It's having, knowing when to be bold and when to be humble. Attracting, challenging, you know, motivating a really talented organization. And vulnerability.”
Granat: Lone Pine favors hiring high-level competitive athletes and dedicated musicians
“I love hiring competitive athletes who have competed at a high level. I don't care the sport. It could be an instrument. That's great too. But people who understand hard work, failure, disappointment, achievement, what that all feels like.”
Granat: Fundamental public equity firms with long duration are increasingly rare
“Being a directional fundamentally oriented public equities firm with duration is increasingly rare at scale, I would say, relative to when I first started in the business”
Granat: Lone Pine does not view multi-manager pod shops as its competition
“I don't think of the pods as our competition. I mean, the market is obviously we're benchmarked in one of our products, and so that's obviously our competition and how we evaluate ourselves.”
Granat: Fundamental investing is collaborative rather than sharp-elbowed
“When I first entered the industry many years ago, I thought it would be more Sharp elbowed and competitive. And instead, it's been the exact opposite.”
Granat: 20% post-earnings stock swings signal poor visibility and compress multiples
“Every time you open your mouth to report your quarter, your stocks up or down 20%. What that tells me is, You are not doing a good job communicating your business. You don't have good visibility around your business because you are surprising the market every …”
The other half of the tape: Kelly Granat's own voice is left out of every number here. Other people bring the name up 1 time in 1 episode across the shows. every mention, with the transcript →
Who brings them up most Henry Ellenbogen 1
Every mention by year
tap a year for its mentions
Invest Like the Best 1
One line per show, most statements first. The link opens Kelly's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| INVEST LIKE THE BESTLEDGER | Co-CIO & Managing Director, Lone Pine Capital | 1 | 36 | — | full record on Invest Like the Best → |