Kelly Granat - Investing At Lone Pine - [Invest Like the Best, EP.414]
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This year's presenting sponsor for Invest Like the Best is Ramp. Ramp has built a command and control system for companies' finances. You can issue cards, manage approvals, make vendor payments of all kinds, and even automate closing your books all in one place. We did an incredibly deep dive on the company and its product as part of this partnership, and what we heard and saw in customer surveys over and over again was that Ramp is the best product by far. We've been users ourselves since I started my business, since long before I was able to spend so much time with the founders of Ramp and t
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc.
My guest today is Kelly Granite. Kelly is the co chief investment officer and managing director at Lone Pine Capital, one of the most storied and successful hedge fund and investment firms of the last several decades. We explore how investing has evolved since Kelly joined the industry, and she shares insights into Lone Pine maintaining its edge through deep fundamental research and a collaborative culture. We discuss what makes great businesses and great investments, how leadership can transform companies, and Kelly's perspective on how the market often misprices management and corporate chan
It's interesting. I mean, when I zoom out and think about starting, as a summer intern in the February, during business school school and then returning full time to the public markets in '22. The industry was really different. One, you know, there were a lot more fundamentally oriented, directional, duration oriented investors who were doing deep research with, you know, three, four, five year time horizon. There were few many fewer levered pods, and and certainly passive wasn't a thing yet. And it felt like the marginal dollar of volume on the exchanges was dictated more by what Fidelity or
If I think about the spectrum in my mind, on the one end, maybe it's like Buffett, and Buffett could care less about Right. You
know,
whatever's happening with Coca Cola on a given day. Right. And it's gonna hold forever. Mhmm. On the other hand, it's like my friends who run pods at Citadel, and their lives revolve around these events, this kind of event structure that you're talking about, investor days, quarterly earnings, etcetera, etcetera. And you're probably somewhere in between. Is this healthy, this focus on like, this extraordinary extreme focus on the dissemination of information at a couple discrete moments, like, in a quarterly calendar? Like, is that a good thing for markets? Is it is that even the right way to
quality? Right? Yeah. Is it a good thing for markets? Hard for me to, you know, be the judge of that, I would say. For us, you're right. We sit somewhere in the middle, and I think the onus or the responsibility is, you know, to look across both ways. Right? We want to be positioned in a way to capitalize on non fundamental dislocations and lean into duration. Right? So when those setup dynamics are tricky or complicated and everyone's lined up one way, I wanna line up the other way. Right? And I have the duration and the capital base to do that. And so that's I think, we've always said that d
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