Ben Gilbert: belief

Transcript context

…Yeah, this is going to be fun. It's not network economies. It's not our usual favorite. It is definitely not. I'll make the first run at it and say counter positioning, and certainly counter positioning versus anybody that's running money. I think to more finely articulate that, I opened this episode by talking about the fact that Warren chose a very unique structure in choosing not to have a fund or a partnership. But instead to have his operating business Berkshire that he uses the capital to invest off the balance sheet. It's very interesting when you have that structure and you're not generating fees, you're not thinking about raising another fund, and you're not getting a carry or a promote. You have just as much downside risk as an upside benefit. Your incentives are pure, in a way. You only want to make financial decisions that buy low, sell high; or buy low, hold forever. There's no other way that you make money. Your only focus is long-term value creation because nothing that you're going to do is going to increase your fees or increase your value in any set fund life period of time or anything like that.…

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