Invest Like the Best with Patrick O'Shaughnessy
· Alan Waxman
[00:00:00] S1: Face the tiger – it's one of the core ethe of Sixth Street, which is there's hard things in this world. We're going to make mistakes. We're going to have problems. But when those problems happen, instead of pointing fingers – we have a saying from day one of our firm, is that we look at the problems head on. We look at them together and we don't run from them. We run to them. We run right at them. And that's what Face the Tiger is. For the environment we're in, and this is what I told our entire firm, is that we're in a world that the pace of change is rapidly accelerating. And if you think the pace of change is accelerated now, it's going to just continue and continue to accelerate. Which is why, by the way, from an investing standpoint, going back to what we said earlier – the idea that you're going to have a narrow investment strategy when the world is changing so much. You're going to have oscillating supply demand dynamics of good time, bad time. Like, it's just crazy to raise a too-narrow strategy unless you put a governor on the amount of capital it raises. But I think the biggest thing when you look at the human being is human beings in general don't change. There are a small percentage that thrive in chaos and love it and step up like Michael Jordan. He loved chaos. His heart rate slowed and hit a game-winning shot. But most human beings don't like change. And as we start to go through this pace of change – there's obviously a lot of anxiety. Is AIs going to take my job, is it not? And our whole thing is, you can sit there and be anxious about things or worry about things. Or you can be like, hey, this is what it is. The world's changing. We've got to face the tiger. It's going to change whether we like it or not, it's going to happen. Yeah, there's stuff from AI, but what are you going to do about it? And that's what we say to people. It's like, look, we've got to face the tiger and just remember, you get one life. Do you want to be average or do you want to be excellent? And that's how we talk to our people. You keep talking about it enough and they get in the right headspace. So when change happens or there's disruption or something goes wrong, they've got the tool that they can use, let's say face the tiger, to be able to approach it. And we try to just get that in our firm.
· Alan Waxman, Patrick O'Shaughnessy
I think I said this last time – when problems happen, we're like, "Good, let's go. Game time, let's go." And that's the way we've been since day one. And I think to some extent, the way we are as people. [00:00:00] S0: I wish I could do this with you every year. I hope we do. Thank you so much for your time. [00:00:00] S1: Thank you so much, Patrick. Appreciate it.