Why kill the golden goose?

If you have a 4-7 year mandate (literally need to give back investor capital at the end), you’re in a rush to do that. Get as many eggs out of the goose as possible until it is sick, then slaughter it. Then keep doing that. Buy geese, optimize near-term eggs.

But if there’s no near-term mandate to return capital, holding strong business can provide cash flows for decades. That’s what Berkshire does with companies it buys outright. Lets them run for decades, multiplying the entry price over and over. OJ intends to go public in the coming years, so investors can sell their shares for liquidity while the company itself keeps compounding cash flows.

PE funds typically spin out a business with high debt when they are done. Hollowed them out, setting them up with a high failure rate after value has been extracted.

When we buy a business, it’ll become part of the OJ company, which is intended to to be managed with a strong balance sheet. If a business we own runs into a challenge or could benefit from more capital, it has backup from the parent company.

Our holding period is intended to be decades or more. Like what Berkshire Hathaway does with its wholly-owned acquisitions.

Nothing lasts forever, and there are scenarios where we might have to wind something down or let it go, but the point is we intend to buy companies and hold them indefinitely or until the company one day becomes unviable. We don’t have a 4-7 year mandate to flip it out.

Feel free to reach out to us with your business.

Yeah.👍

My friend was as shocked as me. He’s the one in the video sending this to the group chat like “wtf”.

I did, yes. In fact I dragged my husband to the theater to watch it, though we missed the imax period by a day.

In this case I just used Claude directly with a PDF, yes. In some other contexts I use a harness.

Two different scenarios. First, I gave Claude the full manuscript and asked it to analyze it across various metrics (plot, characters, theme, prose, etc). It doesn’t know I’m the author.

Second, with memory between chats disabled, I started fresh and just gave it the first third. I asked it to analyze it and make predictions about what will happen. It was more accurate than most human beta readers were at predicting. I then gave it another chunk and asked it to update its predictions, and indeed it got even more accurate.