Tony Boca Raton
When we were raising our second fund, we flew down to tony Boca Raton, Florida, for a meeting with a family office that had expressed some interest. We met for a while with the allocation team, but they were noncommittal. Then the patriarch arrived, reading a newspaper, and proceeded to ignore the rest of the meeting.
When the interrogation ended, we asked where they stood.
The patriarch, who, again, had pretty much ignored everything that had been discussed, put his paper down and said, “We only invest in world-class investing firms, and no one could ever build a world-class investing firm in Columbia, Missouri. Who would ever want to live there?”
Since I had then only recently moved my family to Columbia, Missouri, in an attempt to help build a world-class investing firm, hearing that was…interesting. But having also then just sat in traffic for an hour-plus, drenched in sweat and gazing at strip malls to attend a meeting that had been disengaging to say the least, a fair rebuttal might have been: who would ever want to live here? (Plus, they have a lousy bowl game.)
Anyway, neither our CEO Brent nor I took the opportunity to debate him (even though we like where we live and work), but instead took his comment as a challenge. After all, different things matter to different people – that’s what makes a market – and we’ll all get to see who ends up where.
Have a great weekend.
– Tim
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