Gaurav Kapadia: commitment

Transcript context

…For a brief while, you retired from investing, right? Then you came back. What’s that story? I had an incredibly fortunate early part of my career. I was a young partner at a place called TPG Axon, which was an incredible hotbed of talent. I think some of the best investment talent I’ve ever met all worked there. Then we all ended up doing our own things. I started a firm called Soroban with a partner. Then I ended up leaving that firm. I wouldn’t say I retired from investing. I retired from managing outside capital, which is a very different thing. This office that we’re sitting in today, XN, was the name of my family office at the time, because I actually loved investing. I just wasn’t sure if we had a path to doing it as successfully as I wanted with outside capital. For a couple of years, myself and my colleagues here — we managed basically my money with the same philosophy that we run XN in. That was incredibly satisfying because the spark and the purity of the intellectual challenge of investing came back to me. To be honest, towards the end of my time at my previous firm, I was less enthusiastic about the process and the excitement of investing than I certainly am today. Going through that family-office process really helped underscore and bring me back to the joy of investing. Sociologically, how does New York City finance differ from London finance? You’ve done things in both worlds, right? There’s a feel to it in London. It’s different.…

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