Speaker unverified: prediction

Transcript context

…Such a blast. We'll link in the show notes for everybody. Literally, everybody, go follow Ho on Twitter. He's a gift to the Internet. Any carve-outs? Anything else you want to shout out before we wrap here? We really didn't talk about the whole history of Altos but Larry Morse, I should give him a shout-out because he's such a special guy. I don't know if we would be in business without him. He made a commitment to our fund in 2003 and we did not close that fund until 2005. He waited. He honored his commitment for two years. It took us that long. We actually started fundraising in 2001, so it took us two years to convince him, and then he had to wait another two years to raise our first institutional fund in 2005. That was exceedingly difficult because again, this is coming out of the fallout of the dot-com crash when we thought we were going to make all this money and it just all blew up. You had to have some people who would just really bet on us as people. This is the thing that I've learned over time. Whatever people decide, they decide for their own personal reasons. It's not a purely irrational decision. There are a lot of people who backed us before we had a track record for whatever reason. We're always grateful to them. They backed us when we had no track record, or I’d like to joke, maybe they backed us when we had a bad track record. Then, there are other people who will look at our track record and might say, well, you got lucky with this or that. They might still not invest in us. There are people who will pass on us when we have a great track record and there are people who backed us when we have no track record or maybe a bad track record. You just have to find your people. Find the people who believe in you and who will back you no matter what. People will take the data and make whatever decision they want to make. It no longer bothers me at all if people are doubting our approach or rejecting us for whatever reason because there are plenty of people who think Warren Buffett can't cut it, is a fraud, is lucky, or whatever. It doesn't matter if you have a 55-year track record. There are going to always be doubters. The doubters just don't bother me at all anymore. I love it.…

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