Ben Gilbert: belief

Transcript context

…Back like Jordan, we’re in the 4-5. Yup. Boy do we have some fun playbook things to dive into this episode. The first one that I have, I actually decided to leave Berkshire land for a moment to illustrate the point. The point that I wanted to make is, sure Warren Buffett is really into compounding. I think that would be an understatement, and that everyone in the audience is probably chuckling if they’ve made it with us that far. Another fascinating thing is, David, you just mentioned, he took this distribution in cash at the end of the wind down. What I’m thinking is, that’s got to kill him, to have to take these transaction costs, these taxes. He must have really wanted to wind down the partnership to make that happen. To illustrate the point of how much transaction costs and taxes can interrupt the beautiful thing that is compounding, I went to a paper that was written in May of 2020 from the Yale School of Management by AJ Wasserstein, Mark Agnew, and Brian O’Connor who are collaborators with someone that we have had on the LP show. David, do you know who that person is? Hamilton?…

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