Invest Like the Best with Patrick O'Shaughnessy
01:23:35 · Patrick O'Shaughnessy, Micky Malka
[01:23:35] S0: What has you just most generally interested and excited about the world today? You see so many parts of it. You're thinking big about these changes, forced to zoom in on something. What gets you the most excited? [01:23:49] S2: I feel that there's so much still to be done and built that I get excited in so many different directions. But more importantly, I'll tell you, is when you travel the world. It's what gets you more excited. [01:24:03] S0: Amen. [01:24:04] S2: When you spend time and you meet people anywhere in the world, on any country, on any situation, on a vacation, on a work trip, on an airport, and you just meet these people, all of them trying to build. 99% of people in the world are good people. And you get to meet them and you see their energy and you get energized by that. I mean, I end up traveling a ton, not because I like to get out of here of Silicon Valley, but actually because the world is much bigger than Silicon Valley. And I get a lot more energy from outside that I bring back here when I'm home with my family, with my kids, and at work. And that is what gets me excited when I meet these young people. I was at the crypto conference in Singapore a couple weeks ago. It was my first time in a conference in ten years. I've never been to one in ten years. You know what got me excited? I heard over 35 languages being spoken in the booths. I counted them. That was so energizing. It's just a reminder that this is much bigger than one tends to... Than Gary Gensler, for example. [01:25:05] S0: Yeah.
01:25:05 · Patrick O'Shaughnessy, Micky Malka
[01:25:05] S0: Yeah. [01:25:05] S2: Yeah. It's just... Things get me really excited. [01:25:08] S0: You mentioned earlier that a call you always get is when something's breaking when there's a crisis. Why? What is your method? You get a call right after this and something's gone horribly wrong. What do you do? How do you respond? [01:25:21] S2: So I'll probably say, okay. All right. Let's go figure this one out. So we just start the conversation. Right? And it always goes by asking a few questions, clarifying questions. And then it goes to this path that says, hey, what do you thought about your options? And double click on those a little bit. And typically they know the answer. They just haven't thought through it. So where I have the most joy when I get those challenge calls is that I can really help them figure out the first decision they need to make. Not all of them, just the first and the most immediate one. And when that happens, they can unlock the rest. But sometimes they're stuck in making just the first simple decision. And it's not simple, but in many ways, it's always easier from the outside. [01:26:06] S0: I'm realizing that so much about you in this story. Almost everything is about movement and change. Obviously, growth is like good movement or something. Even the art, everything moves. Nothing stands still. Do you think that's a fair summary of you?
01:26:06 · Patrick O'Shaughnessy, Micky Malka
[01:26:06] S0: I'm realizing that so much about you in this story. Almost everything is about movement and change. Obviously, growth is like good movement or something. Even the art, everything moves. Nothing stands still. Do you think that's a fair summary of you? [01:26:25] S2: Listen, I can swim in a river. I can swim in an ocean. I cannot swim in a pool or a hot tub or sit on one because the water is still. It doesn't move. Everything that I enjoy has to have movement. I walk every day. Nothing is static. [01:26:41] S0: It's amazing. It's very cool. [01:26:43] S2: Good catch. [01:26:44] S0: If I had to give you a napkin here in closing, you get one napkin to leave behind. You have to leave Ribbit for two years or something. You're still a part of it, but you have to disappear for two years. And all you can leave behind for your team is one napkin. What do you write on it? [01:27:00] S2: Wow. I will write, never forget where we came from. Always remember, less decisions is best, and be genuine to yourself and to everybody around you. I'm sure they will do great. [01:27:15] S0: I wanna ask you about Rick Elias, and then I'll ask you my traditional closing question. Rick's one of the most unique and generous people that I've encountered in many years. I know you know him much better than I do. What have you learned from him? [01:27:30] S2: Oh my god. We can do a whole podcast just on Rick. [01:27:33] S0: That's why I saved it
01:27:33 · Patrick O'Shaughnessy, Micky Malka
[01:27:33] S0: That's why I saved it [01:27:33] S2: for now. First, the world was not ready to see Rick leave this planet and that's why that US Air flight amongst other people had a reason to survive. What he brings in terms of value systems, in terms of motivating everybody around him, what he brings in his energy and his charisma to always say what he thinks no matter the consequences, it's quite spectacular to watch. And he's only getting better as the years go by. I think what he's taught me the best is to live a life full of joy on how he can do it at all different levels. He's older than me, I can always look up and see what it looks like in a different phases. I've learned how to manage the different cycles as one gets older. But more importantly, not to forget where you came from. And you can see the full loop on him now embracing even more his roots to Puerto Rico. And I think that full life cycle of his family, his work, his community, his inner perspective, and his roots, it's very unique to see. [01:28:44] S0: Beautiful. Anything about Ribbit that we haven't covered or just like your philosophy of the world and how you operate that you think is really important?
01:28:44 · Patrick O'Shaughnessy, Micky Malka
[01:28:44] S0: Beautiful. Anything about Ribbit that we haven't covered or just like your philosophy of the world and how you operate that you think is really important? [01:28:53] S2: For me and for what this means is, are we gonna be around in five years or ten years? The answer is, I don't know. Are we gonna be doing what we do today or something completely different? The answer is, I don't know. Will we ever raise a fund again? I don't even know. What I know is when you put a group of people together that are passionate about meeting others and engaging and learning, and the inputs into the machine are things that will make the world better, the output on the other side is magical. Beautiful soul of the business. [01:29:33] S0: My closing question for everyone is the same. What is the kindest thing that anyone's ever done for you? [01:29:38] S2: My father who passed away a long time ago when I was 16 years old. I remember after being in high school, sitting in the couch, watching TV at 4PM, and he looks at me and said, You don't deserve to be in this couch. You should be active. You should be doing something because the world has big ambitions for you. And that was it. And he turned around and left. I started working the next day. I went and applied for a job and started working. I've never stopped. And he was right. That message, that moment, at that age, at that particular day was what I needed to hear to get the confidence to get up and start. And something in him knew that he was there, I was just not willing to initiate it.
01:29:38 · Micky Malka, Patrick O'Shaughnessy
[01:29:38] S2: My father who passed away a long time ago when I was 16 years old. I remember after being in high school, sitting in the couch, watching TV at 4PM, and he looks at me and said, You don't deserve to be in this couch. You should be active. You should be doing something because the world has big ambitions for you. And that was it. And he turned around and left. I started working the next day. I went and applied for a job and started working. I've never stopped. And he was right. That message, that moment, at that age, at that particular day was what I needed to hear to get the confidence to get up and start. And something in him knew that he was there, I was just not willing to initiate it. [01:30:27] S0: The lesson that I've taken from getting to know you and Ribbit and the way you guys approach the business world, you are investors, you are deploying capital, you've done a very good job of it, is the generative nature with which you do it. That, yes, you're capitalists and you're trying to do well, but the way that you've done it is this creative, generative backing people who want to create new things and try new things in the world. I think that's an amazing lesson for all of us. And I know you don't do this very much or ever. And so I'm really appreciative of the example that you guys have set. It's definitely impacted me in a major way. And I hope you know that it's done that for lots, not just founders, but other investors too. So thank you so much for your time.