Pat Grady

What about aggression? Like, that seems kind of like a trope.

You've interviewed Pat Grady.

Pat Grady was at our board meeting on Wednesday, and we presented what was a extremely aggressive plan for next year in terms of hiring goals, commercial goals, product goals.

And one of the reasons I love Pat is because he boils everything down into, like, two bullet points, and it's logically infallible.

And, you know, he's just like, "Premise one, premise two, this is the result." And he goes, "Gabe, well, if everyone in finance is gonna make a buying decision on AI in the next eighteen months, and they are definitely gonna buy something no matter what, even if you're not there, then the only thing that matters is that you can blitz the market as quickly as possible to make sure that you are there.

and no individual investor actually receives the average.

Each one gets the PAT they happen to land on.

It's just that with a distribution this skewed, the overwhelming majority of those PATs cluster down near the median, in loss territory, while the handful that would deliver the advertised average are off in a tail that almost nobody reaches.

Leopold isn't betting on a bad expected value.

He's betting that the math applies to other people.

That's really what we get excited about.

I'd love to start by the letter that you wrote to your team that Pat Grady shared on Twitter.

that you're looking for people who are almost like heat-seeking missiles for pain.

Can you elaborate more about it?

This is a stereotypically very hard working group of people, and that continues to this day.

I remember when You know, the week after Pat Grady had Zoom go public amidst COVID, you know, this meteoric successful investment, he did something like 75 meetings the next week.

Like it's that kind of mentality that the firm has where it's a, you're only as great as your next investment.

And it's driven by this understanding that like, this is an extraordinarily hard thing to do and to be successful at this challenge, you need to show up with an appropriate level of standards and discipline and work ethic.

How did that usually go?

Yeah, it does happen.

Now, you know, it's usually not like, you know, it's not Pat Grady showing up in Atlanta.

It's usually like the junior person or it's usually let's meet on Zoom or, you know, it's a it's a remote approach to it.

Okay.

There's Doug Leone, there's Pat Grady, there's Alfred Lin, there's Sean Maguire.

I'm gonna choose one lesson from each.

Start with Doug.

We must always bring energy, bring preparation to every single company meeting we have.

It's never enough." I, I just love that humility.

Like, this is, this fucking Pat Grady-

Yeah