We've made mistakes in risk management that we need to address. We were not adequately prepared for the macro environment that developed.
The best investments are in companies that have a real right to win in their market — not just good products, but structural advantages that compound over time.
Going global early — particularly into India, China, and Brazil — gave us access to some of the best businesses of the last decade before most Western investors were paying attention.
Speed matters in private markets. Founders have options. If you can make a decision quickly and be a low-friction partner, that's a genuine competitive advantage.
The internet is still in the early innings globally. The companies being built now in emerging markets will look obvious in hindsight, the way Amazon looks obvious now.
Being a student of Julian Robertson meant learning that the most important question is always: does this business have the right to be great? Everything else follows from that.