Speaker unverified: belief

Transcript context

…Well, I have two points to make. This cultural one, I think, is the second. But let me start first with, at the end of the day, this is a Buffett concept. This idea that it's better to be approximately right than exactly wrong, that's another way to describe this optionality phenomenon here, where it doesn't sound nearly as strong to stand up in front of an investment partnership and say, I have very little conviction in this. But it could totally work. If it does, it'll be really big. That's about the best I can tell you right now. That does not get everyone around the table excited. In a very Buffett sense, if it works, it's going to be so freaking successful that this is a great price to own it at. Do I know if this is the right price to own it at? Not at all. How many versions of the multiverse do we have railroads? All of them, right? They're important. How can we recreate that? We can't, it's impossible. I think you're right, Buffett and Munger say this so easily, so naturally, and we're just saying it in a much more complicated way. That's the second point I'm curious about is what are some guardrails that you have in the internal culture to reward non-conviction? To reward like, yeah, I don't know, but it could work. And if it does, it could be really big. Here's why it could be really big.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.