Bill Ackman "Why I hire Tennis Pros, Fly fisherman"

Summary

The transcript highlights a conversation about hiring people from non-traditional financial backgrounds. The speaker discusses hiring individuals with diverse experiences, such as a fly fisherman and a tennis pro, offering them opportunities to learn about business. The speaker shares examples of how these individuals contributed to projects, like using a fly fishing network to track corporate jet use in a proxy contest. These non-traditional hires, like Oliver White and Mary Sadamski, have gone on to pursue successful careers, illustrating the value of offering unconventional opportunities in business.

Takeaways

• 😀 The investment team consists mostly of people with conventional financial backgrounds, such as those from Blackstone and Goldman Sachs.
• 😀 The speaker values hiring individuals from non-traditional financial backgrounds, offering opportunities to people who might not have attended prestigious business schools.
• 😀 A key example is Oliver White, a former fly fisherman, who interned at the company and later contributed to a proxy contest.
• 😀 Oliver White's fly fishing network played a pivotal role in tracking corporate jet misuse in the proxy contest.
• 😀 After his internship, Oliver White was supported in buying and managing a fly fishing lodge in the Bahamas, which had a high return on capital.
• 😀 The speaker met Mary Sadamski, a talented tennis player from Wake Forest, and offered him a job, where he worked on a significant project involving Herbalife.
• 😀 Mary Sadamski did outstanding research on Herbalife, and while he plans to attend business school for further training, he has been a valuable asset to the team.
• 😀 The speaker believes in offering opportunities to people who may not fit the typical corporate mold, based on their potential and character.
• 😀 The speaker values diverse experiences and backgrounds, seeing them as a way to enrich the business and create opportunities for those who might otherwise be overlooked.
• 😀 The speaker's own experience of being offered opportunities is a driving factor in extending similar chances to others, regardless of their past careers.

Q & A

What is the general background of most people on the investment team?

Most people on the investment team come from conventional financial backgrounds, with half having worked at Blackstone in private equity or investment banking, and a few from Goldman Sachs.

What is the speaker's belief about hiring people with non-traditional backgrounds?

The speaker believes in offering opportunities to people with non-traditional backgrounds, even those who didn't attend top business schools or work at major investment firms. They are open to hiring people with diverse experiences if they show potential.

Who is Oliver White and how did he come to work with the speaker?

Oliver White is a former fly fishing guide who the speaker met. Despite having an outdoorsy background, Oliver was given an internship to work in the business world and spent 18 months learning about business at the speaker's company.

What role did Oliver White play in the company after joining?

Oliver White worked on a proxy contest related to Ceridian, using his fly fishing network to track the CEO's misuse of a corporate jet for personal fly fishing trips. This was critical to the success of the proxy contest.

What did Oliver White do after leaving the company?

After leaving the company, Oliver White was supported by the speaker to purchase and manage a fly fishing lodge, the Abaco Lodge in the Bahamas, where he has achieved a strong return on capital.

How does the speaker view non-traditional hires in terms of their potential?

The speaker values non-traditional hires and believes that people with diverse backgrounds can bring unique perspectives and skills. They see it as an opportunity to offer exposure to individuals who might not have had traditional paths into the business world.

Who is Mary Sadamski and how did he join the team?

Mary Sadamski is a talented tennis player the speaker met on the tennis court. After offering him a job, Mary worked on research related to Herbalife and made significant contributions to the team.

What is Mary Sadamski's future plan after working with the speaker?

Mary Sadamski plans to attend business school for further training before returning to the business world, indicating his commitment to developing his skills further.

What is the speaker's personal experience with being offered opportunities?

The speaker mentions that they were offered opportunities in their career, and now they aim to extend similar opportunities to others, especially those who may not have traditional credentials or backgrounds.

What is the role of unconventional experiences in the speaker's hiring decisions?

The speaker values unconventional experiences, such as meeting someone in a taxi or through fly fishing, and believes these experiences can contribute positively to the team, fostering creativity and new perspectives.