This is the most incredible exchange I have ever seen on an earnings call. It represents the best of investing. This kind of opportunity is accessible to everyone, including you and me. No PhD required. Was there luck involved? Sure. But was it lucky? Absolutely not. Being the type of investor who makes this kind of investment is the first step in capturing one.

"My buddy sold his practice for 8x so mine is worth 8x." I hear this every week. Your buddy's number was built on his EBITDA, his payer mix, his associates, his location, and the structure of his deal. Not yours. Multiples are the output. Not the input. Stop shopping for a number and start understanding what drives yours.

Biggest mistake I see young people making is jumping around from job to job. Looks horrible on the resume and you aren't sticking around long enough to really figure things out. Second biggest mistake is 24 year olds that think they are smarter than guys that have been in business for 20+ years. Maybe those people know something and you might learn a thing or two if you pay attention.

Helping out with some interviewing this week. Been at this almost 7 years now, and let me tell you these resumes are getting worse. Not the candidates per se, but the resumes I'm seeing are wild. 1.5-5 pages long. Inconsistent formatting. Typos. But the worst sales resume sin: no results. Only descriptions of what you did. It's egregious because it completely undermines you on an identity level as a salesperson. You're signalling that you may not know how to do an evidence based sell, which is just an enormous red flag. So if I see this, I'm already thinking there's a 99% chance you aren't elite at sales. You don't think in terms of results. Here's what we want in a sales resume: -one page. never violate this -nothing overwhelming on the eyes -consistent formatting, no typos/grammatical errors -every description of a task should come with a corresponding result, which should be a number -contextualize the result so I know it's impressive. Where do you rank within the company or against the industry? -everything included should feel intentional

My conversation with @steven_kotler on flow, cognitive performance, and doing your best work. Kotler is the executive director of the Flow Research Collective, where he studies flow and the science of peak performance. In this episode, you’ll learn: • How to get so absorbed in what you’re doing that distractions fade. • How to find a challenge that holds your attention without overwhelming you. • Why a hobby you gave up might be worth picking up again. • What frustration tells you when you’re learning and how to respond. • How to focus on work you don’t feel like doing. • How to think clearly when there’s too much information, and you’re unsure what to trust. Listen and Learn (Includes paid partnerships.)

Private equity firms are pouring billions into defense technology as rising military spending and geopolitical tensions fuel an investment boom. Traditional buyout investors are increasingly backing younger, high-growth firms in the sector, according to PitchBook data, with private equity growth investments in defense reaching $4 billion in the first nine months of 2026, up from $500 million in 2024. Read more:

What's going on with AI in PE: 1 PortCos are spending on AI but are unable to quantify the ROI. 2 Funds are taking action to lower AI spend across the portfolio (model routers, open source). 3 Funds are pushing for off-the-shelf AI solutions 4 AI spend is the #1# topic for CFOs

Our company is seeing unbelievable productivity gains, with more on the horizon. I honestly can’t understand how others are not. It started with editing, spreadsheets, and modeling. It spread to research. Then it spread to internal reporting. And now we are exploring deploying bots en masse. If you aren’t seeing productivity gains, you are falling behind.

BREAKING: Citadel founder Ken Griffin says AI is "almost certainly" a bubble, noting that companies are struggling to turn AI spending into productivity gains. However, Griffin says he is bullish on AI's long-term potential.

There is a version of you that never took the comfortable path, never settled for the easier answer, never confused a safe life for a good one. That version is not a fantasy. It is just the one that required more uncomfortable decisions earlier. Most men only meet him in regret.