Ben Gilbert: preference

Transcript context

…I think those podcasts are great. I think people who do it probably do it because they enjoy it, but also because it really helps them. It builds great brands with founders, increases their network, adds a lot of credibility, and all that type of stuff. I think at some point, you just do what suits you. We have certain things that suit us and other people have things that suit them. It's not really a strategic question about if going on podcasts help us or hurt us or being public facing or whatever. It's just you do what you think is right for you. Which is funny. That's the echo of Howard, something I've heard you say in the past, which is that you just have to make sure that your investment strategy suits your demeanor as an investor, which is almost saying the same thing. David and I talk about this a lot in the podcasting business. We say, should we change the content to match what the demand seems to be, or should we just say, you know what, let's find a way to do what's natural to us, because that's what we're going to have the most fun doing, that's where we're going to have competitive advantage, and that's where we're going to have durability? I think that same concept applies in all three of those things just discussed. When I'm asked for career advice when I speak to students nowadays, I say something very, very much in line with what you just said, Ben. I say, look for something that plays to your strengths and avoids your weaknesses, and that you'll enjoy doing. It sounds like that's what you've done. Turn it around. We are so lucky to have the ability to do something we enjoy. Take that out of the equation. What are you left with? We only have one life, we should make the most of it we can. I think anybody who has a choice and does something he doesn't enjoy just to make more money is making a world class mistake. I think learning and evolution are really important. Learning at our firm is really important to us, and it's just important to who we are as people. We're continuing to try and expand our competencies and rub our nose in the many mistakes we make and all that type of stuff. I think you have to find something that suits you, but you also can't get too hung up in your comfort zone and just say, this doesn't fit in my comfort zone, so I'm just going to totally ignore that. You guys talked about this on your Berkshire episode. One critique you could make of Buffett as he just totally ignored technology. Technology not only became much more pervasive, but I also think that he's an incredibly smart guy, and he understands lots of different elements of business. When he talked about technology, I think he was referring to science projects, where your technical advantage is what will allow your business to succeed over time. There are lots and lots of technology companies where what they do is not so incredibly cutting edge. Really, what powers their business are moats that are very similar to other sorts of things. You also had Hamilton Helmer on here, and a lot of those sort of moats traverse both technology and non-technology businesses. I have no doubt that Buffett could have totally nailed it, but it was just not in his comfort zone. This points out a dichotomy in investing or maybe a conundrum of which there are so many. What we just talked about was, it's important to stick to your last and do what you're good at and fit with you, but it's also essential to be open minded and willing to change.…

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