Not to put you on the spot, but I like to end these interviews by asking what your biggest investing win and biggest investing losses are.
That's a great question. I would say the biggest investing wins have to be understanding the power of internet platforms pretty early. So FAANG stocks are sort of all the rage today, and I dipped my toes in pretty early. I think it was like the late 2000s, not quite near the IPO, but I was a big fan of the products. Peter Lynch, a famous manager from Fidelity, says buy what you love. Which can go both ways, but it's ended up being a positive for me, just investing in platforms I believe are producing great products and services I use. So, Microsoft, Apple, Google, those have been pretty meaningful winners, especially considering how big those businesses have gotten.
Biggest losers, man, there are too many to count to be totally honest. <laughs> I'll say the biggest losers were, categorically, businesses where I couldn't quite articulate in fourth grade English what the business did and why I believed it would manifest itself in a better-than-average outcome. Whether it's because I heard XYZ from a friend at an early age or some news pundit mentioned it on a financial news channel or I read about it in the paper. Any time I can't confidently explain something in fourth grade English to my grandmother, but also be able to dive deep and double click into it and explain it with some of the best investors in the world, usually what ends up happening is you sell in times of fear and times of volatility as opposed to buy, which bites you in the foot.