How to Keep Your LPs on the Same Pages

We are actually more distinctive to most investors for our short underperformance than our long outperforms. We found that we really enjoy cultivating talent, developing people and teaching people a method of investing. But we didn't realize how important it was to keep that team really tight and cohesive. Smaller is often more energy and better efficiency than a bigger group where it's easy to get kind of lost in the shuffle.