Invest Like the Best with Patrick O'Shaughnessy
· Patrick O'Shaughnessy, Josh Kushner
[00:00:00] S0: You mentioned that working with OpenAI specifically has taught you things that you didn't know before, about what it takes and how to operate. What has it taught you from working so closely with them? [00:00:00] S1: It's been extraordinary to get exposed to the people who are operating at the company, but I also think in many respects it's been a fascinating human experience. There is so much perception of power and value associated with this company that it's exposed me to how the world thinks around these things and how people act in certain situations. And I've been very proud of how the company has handled itself, despite many people not acting in as appropriate ways. To use the Lord of the Rings analogy – Sam, Greg, OpenAI have the ring and everyone is willing to do whatever they can to take it. [00:00:00] S0: Do you think power corrupts in some general sense? [00:00:00] S1: Yes. [00:00:00] S0: How have you felt that? How have you avoided it yourself? You're now in a position of quite a lot of power.
· Patrick O'Shaughnessy, Josh Kushner
[00:00:00] S0: How have you felt that? How have you avoided it yourself? You're now in a position of quite a lot of power. [00:00:00] S1: My personal experiences have taught me that everything can disappear very quickly. Many people respond to these situations where they start to believe things about themselves or the situations that they're in, in somewhat unrealistic ways. The opportunity to make an impact is a privilege that people shouldn't take for granted, and it's important to handle these moments with gratitude and humility. True power doesn't shout, it acts quietly and decisively. There's this great line from Denzel Washington from American Gangster, "The loudest person in the room is always the weakest person in the room."
· Josh Kushner, Patrick O'Shaughnessy
[00:00:00] S1: My personal experiences have taught me that everything can disappear very quickly. Many people respond to these situations where they start to believe things about themselves or the situations that they're in, in somewhat unrealistic ways. The opportunity to make an impact is a privilege that people shouldn't take for granted, and it's important to handle these moments with gratitude and humility. True power doesn't shout, it acts quietly and decisively. There's this great line from Denzel Washington from American Gangster, "The loudest person in the room is always the weakest person in the room." [00:00:00] S0: I was talking to Sam Altman about your and his, and Thrive and OpenAI’s relationship. And I said something to the effect of – I know some of the big stories that we've told already – but I said, tell me a really small story, like a tiny vignette or story. And he said at one point he was recruiting an engineer, probably up against one of the other lab companies. It was very competitive. And that he called you at two in the morning and somehow you were awake or heard the phone ring or whatever, picked up and got on the phone with the engineer from 2 to 3:30 in the morning, just directly, like an IC engineer, and the guy signed. I thought that was such an awesome story and it brings up a question for me, which is can you describe just how hard you work? I feel like it gets a little bit glossed over. Some of these things look amazing in hindsight. It just seems so incredibly intense and I'd love to hear how you might describe it.
· Patrick O'Shaughnessy, Josh Kushner
[00:00:00] S0: I was talking to Sam Altman about your and his, and Thrive and OpenAI’s relationship. And I said something to the effect of – I know some of the big stories that we've told already – but I said, tell me a really small story, like a tiny vignette or story. And he said at one point he was recruiting an engineer, probably up against one of the other lab companies. It was very competitive. And that he called you at two in the morning and somehow you were awake or heard the phone ring or whatever, picked up and got on the phone with the engineer from 2 to 3:30 in the morning, just directly, like an IC engineer, and the guy signed. I thought that was such an awesome story and it brings up a question for me, which is can you describe just how hard you work? I feel like it gets a little bit glossed over. Some of these things look amazing in hindsight. It just seems so incredibly intense and I'd love to hear how you might describe it. [00:00:00] S1: If you have to pick between the most educated person, the most experienced person, or the person who wants it the most, you always pick the person who wants it the most. Thrive has built a culture of the people who want it the most. We are willing to do whatever we need to do to be in service to those that we work with. I don't think of it as work because I love what I do, but it is my job to do whatever I need to do to support those that we're fortunate enough to be partnered with.
· Josh Kushner, Patrick O'Shaughnessy
[00:00:00] S1: If you have to pick between the most educated person, the most experienced person, or the person who wants it the most, you always pick the person who wants it the most. Thrive has built a culture of the people who want it the most. We are willing to do whatever we need to do to be in service to those that we work with. I don't think of it as work because I love what I do, but it is my job to do whatever I need to do to support those that we're fortunate enough to be partnered with. [00:00:00] S0: One of the operating principles is deriving joy from hard work. Maybe say a bit more about what it's like and the joy aspect of pushing oneself to one's limits, which sounds like a white-knuckle experience, but I think can also be joyful. What do you think about that idea?
· Patrick O'Shaughnessy, Josh Kushner
[00:00:00] S0: One of the operating principles is deriving joy from hard work. Maybe say a bit more about what it's like and the joy aspect of pushing oneself to one's limits, which sounds like a white-knuckle experience, but I think can also be joyful. What do you think about that idea? [00:00:00] S1: If we were to reflect back on the history of the firm and the people at the firm, we're constantly pushing ourselves to try to be the best that we possibly can be, and I think sometimes these moments are stressful. But there's this concept of post-traumatic stress that people often talk about, which has devastated a lot of people. But there's a very small N of people that are actually able to benefit from something called post-traumatic growth. If you are thrown into a very complex situation and you're able to navigate through it, you're able to build a toolkit for the future. I don't think we seek out these complex situations, but I do think as a result of us being thrown into them either personally or professionally, we're able to deal with them. But I think in terms of pushing ourselves to our limits, it is amazing what one is capable of if they push themselves as far as they can. [00:00:00] S0: When do you feel and how do you feel extreme duress or stress? I've gotten to know you well now and seen you in a number of these moments. It actually seems like you, on average, get calmer and better in the crazy moments. Are you actually calm in those moments or are you freaking out? And if you're not freaking out in those moments, what does freak you out?