Invest Like the Best with Patrick O'Shaughnessy
01:00:02 · Patrick O'Shaughnessy, Dan Loeb
[01:00:02] S0: It's so cool to finally be able to do this with you. I've obviously followed the Third Point story for many years talking to you about it and others. And the thing that I really take away is draw your own path. Don't just copy other people. Third Point doesn't really look like any of the other firms that had been built, but it works for you and for the team. So it's so cool to finally hear about it directly and do this with you. When I do this, I ask the same traditional closing question of everyone. What's the kindest thing that anyone's ever done for you? [01:00:25] S2: Before I answer that, I do want to talk about the importance of kindness. And I know you know it's important because you ask this question every time you interview someone. It's important on many levels because I think if you elevate kindness as a characteristic that you want to elevate in your hierarchy of things that you want to be honest and truthful and smart, clever, innovative. Kindness is very important. I think it goes with forming deep relationships with people. Kindness enables you to be empathetic. I think it's that empathy that enables you to connect with people, to learn from them, to be better as a human being. I hate to sound crass, but ultimately it will benefit your business. So I will say on the kindness front, be kind to the people, not just that will benefit from you, be kind to people you have no idea how it will ever benefit you. And sometimes it will. And sometimes it won't. Sometimes you just connect with someone who thinks you're a better person.
01:00:25 · Dan Loeb, Patrick O'Shaughnessy
[01:00:25] S2: Before I answer that, I do want to talk about the importance of kindness. And I know you know it's important because you ask this question every time you interview someone. It's important on many levels because I think if you elevate kindness as a characteristic that you want to elevate in your hierarchy of things that you want to be honest and truthful and smart, clever, innovative. Kindness is very important. I think it goes with forming deep relationships with people. Kindness enables you to be empathetic. I think it's that empathy that enables you to connect with people, to learn from them, to be better as a human being. I hate to sound crass, but ultimately it will benefit your business. So I will say on the kindness front, be kind to the people, not just that will benefit from you, be kind to people you have no idea how it will ever benefit you. And sometimes it will. And sometimes it won't. Sometimes you just connect with someone who thinks you're a better person. [01:01:30] S0: Good for his own sake.
01:01:30 · Patrick O'Shaughnessy, Dan Loeb
[01:01:30] S0: Good for his own sake. [01:01:31] S2: But anyway, I came down to my friend Carter, who, when I was, let's just say in between jobs before I started at Jefferies, I had about a six or nine month period where I wasn't working. And he let me sleep on his couch. And then when I got my job at Jefferies, I suggested to him a bunch of different distressed debt situations. And he trusted me, the few $100,000 of his money, and then it turned into over a million dollars. And then he then rolled that into my fund. It really enabled me to get my business started. So that was one of the kindest things. I want to say one other thing on the kindest topic. Gavin actually said this, I think he was quoting Palmer Luckey. He said, the one thing money doesn't buy you is friends that believed in you when you had nothing. [01:02:23] S0: That's a great lie. Amen. Shout out to Carter. Dan, thanks so much for your time. [01:02:28] S2: Thank you very much.
01:02:31 · Patrick O'Shaughnessy
[01:02:31] S0: If you enjoyed this episode, visit colossus.com. You'll find every episode of this podcast complete with hand edited transcripts. You can also subscribe to Colossus, our quarterly print, digital, and private audio publication featuring in-depth profiles of the founders, investors, and companies that we admire most. Learn more at colossus.com/subscribe. You know how small advantages compound over time? That's true in investing, and just as true in how you run your company. Your spending system is your capital allocation strategy. Ramp makes it smarter by default. Better data, better decisions, better economics over time. See how at ramp.com/invest. As your business grows, Vanta scales with you, automating compliance and giving you a single source of truth for security and risk. Learn more at vanta.com/invest. Every investment firm is unique and generic AI doesn't understand your process. Rogo does. It's an AI platform built specifically for Wall Street, connected to your data, understanding your process, and producing real outputs. Check them out at rogo.ai/invest. The best AI and software companies, from OpenAI to Cursor to Perplexity, use WorkOS to become enterprise ready overnight, not in months. Visit workos.com to skip the unglamorous infrastructure work and focus on your product. Ridgeline is redefining asset management technology as a true partner, not just a software vendor. They've helped firms 5x in scale, enabling faster growth, smarter operations, and a competitive edge. Visit ridgelineapps.com to see what they can unlock for your firm.