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Silence is an acknowledgement of what was said before...Walk good. 28all. Eya. *SB* The Warm-Up: “Giving is a choice. Honesty is a choice. Optimism is a choice. Happiness is a choice. Forgiveness is a choice. Spoken words is a choice. Teaching others is a choice. Respecting others is a choice. Showing gratitude is a choice. To live a recommendable life, make better choices.” ~Vala Afshar The Core: “Truth is one, paths are many.” ~Mahatma Gandhi “It’s not how fast you can do it. It’s how slow you can do it correctly.” ~Tom Martinez “You don’t get ahead in life by playing by the rules that somebody else has laid out for you.” ~Thibaut “The first rule in winning is don’t beat yourself. Your attitude is totally in your control.” ~John C Maxwell “You get paid for being right first, and to be first, you can’t wait for consensus.” ~Naval Ravikant “It’s lack of faith that makes people afraid of meeting challenges, and I believed in myself.” ~Muhammad Ali “Your authenticity is your distinct competitive advantage.” ~Carla Harris, Vice Chairman of Wealth Management, Morgan Stanley “When you photograph people in color your photograph their clothes. But when you photograph people in black and white, you photograph their souls.” ~Ted Grant “What’s the difference between knowledge and wisdom? I’ll paraphrase educator John Holt: ‘Knowledge is like knowing the names of all the streets in a city. Wisdom is knowing how to get from place to another.’” ~James Clear “And when we speak, we are afraid our words will not be heard nor welcomed but when we are silent, we are still afraid. So, it is better to speak remembering we were never meant to survive.” ~Audre Lorde, The Black Unicorn: Poems “A champion shows who he is by what he does when he’s tested. When a person gets up and says, ‘I can still do it’, he’s a champion. If they cut my bald head open, they will find one big boxing glove. That’s all I am. I live it.” ~(Marvelous) Marvin Hagler “Worrying about asking dumb questions or saying the wrong thing leads us to bite our tongues. But managers usually think most highly of reports who proactively ask questions and share their perspectives. You have far more to gain than lose in using your voice.” ~Julie Zhuo “The transitions in life are teaching you how to be a better you. No need to pretend, just let it be what it is. You are learning more about yourself, and others are also becoming more aware of your growth. Life is working itself out, just keep your effort aligned with your vision. Figuring yourself out takes time, awareness plus adventure. And living in that identity to your fullest potential only requires love…consistently.” ~Rob Hill Sr. Last Set: “When you grow up, you tend to get told that the world is the way it is and your life is just to live your life inside the world, try not to bash into the walls too much, try to have a nice family, have fun, save a little money. That’s a very limited life. Life can be much broader, once you discover one simple fact, and that is that everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use. Once you learn that, you’ll never be the same again.” ~Steve Jobs Food for Thought: “Here is [a] different way to think about portfolio construction and returns. A VC makes 20-25 bets hoping each one can return the fund knowing statistically a handful will be donuts, a handful will be 10-25x and the messy middle will be a wide range. Add all up and 4-6x over 7-10 is great and everyone once in a while get 20+x ROA=ROE. A growth equity investor is hunting for 3-5x with no 0s. The tail is painful pars. The other tails are 5-6x. Lines of credit help finance deals and delay capital calls. ROE marginally higher than ROA. L/S funds are usually looking for longs that can 2x in 2-3 years and shorts that either u/p longs and can match longs in duration or shorts that can go down 10-50pct in a shorter period of time. These ideas should be sized to maximize impact on the fund. A great l/s PM has 5-10 300bps+ winners per year and no 100bps+ losers. Portfolio construction drives that result as much as ideas. When you think about that potential skew. Longs drive the ups. Shorts drive the downs.” ~Paul Enright
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