°F
New York City, NY
°F
New York City, NY
Annual Letters
December 31, 2023
Team,
I am responding to a previous thread to include those that are new to the firm.
I find this time of year to be incredibly grounding. As the world shuts down, I am able to reflect on the past year and all that is ahead. 2023 has been among the most consequential in the firm's history. Over the last days, I have reflected on all we have accomplished as a team and the values and principles that have guided us. I wanted to share some reflections as we head into the new year:
We are what we are because of what we have been. We must remain an outsider. Our past must always be our present and future. We must avoid the “Inner Ring.”
Character requires discipline. It is important that we remain consistent in both good times and bad. In moments of celebration and crisis. Our culture of integrity, humility, and kindness has been instrumental to our progress. To the outside world, it might appear as if we are an overnight success. That we are playing a different game. In reality, we have always been playing the same one.
We must never be distracted by short-term affirmation or dissuaded by imperfections. These moments are ephemeral. We must always think long-term about our ultimate goals and not be distracted by the praise or criticism from others.
We must never form opinions about people or ideas without consideration. We must remain open-minded, as our collective pattern recognition can guide and misguide us. We must continue to learn from our mistakes. We will not make every decision correctly as an organization, but we can always ensure we have the right conversations. Do not assume that those who have been at the firm the longest know the right answer. The most important insights can sometimes come from the most unexpected places.
“Generations of men grow a mastery of the earth but they are destined to become fossils in its soil” - Will Durant. Be consistent. Be reliable. Act with purpose and intention. These actions might not translate into investment returns but rather into values and principles whose impact we can never predict. Those who accept their mortality are able to recognize that their self-worth is not determined by an accumulation of accolades but rather that one can only find meaning and purpose in crystallizing ideas and concepts that can make a difference in the world. One day, we will not be here, and our names will be forgotten. Our way of being in the business world is perhaps the most important thing that will outlive us.
Never be satisfied. Continue to have a learners mindset. Our values must always be consistent, but our understanding of the world and ourselves must always evolve. We should liken ourselves to a river that is constantly flowing. Very few things in the world stay the same forever. We must always maintain the capacity to adapt and change to new environments.
We must continue to have humility for our role in the ecosystem. Our purpose is to support those making a difference in the world. Our unwavering commitment to our founders has set us apart. We fight alongside them. Being the general on the battlefield is always better than being the prince in the castle.
Enjoy all the world has to offer, but simultaneously push yourself to the limits. Wanting it more than others will always be more important than anything else.
My favorite movie from my childhood was Gattaca. The movie shows a poignant swimming scene between Vincent and his genetically superior brother, Anton. Despite his genetic disadvantages, Vincent's determination and willpower drive him to push himself to the limit. As Vincent and Anton swim, Anton stops and says, “How are you doing this, Vincent, how have you done any of this” to which Vincent responds, “You know how I did it. This is how I did it, Anton. I never saved anything for the swim back.”
We only have one life. Never save anything for the swim back.
Be proud of who you are at work and at home. It is possible to have both. Nothing I will ever do at Thrive will ever be more important than what I accomplish as a son, husband, and father.
It is a true honor to work alongside all of you. What we are building is special. It is clear to me that the best is yet to come.
yours,
Josh
December 31, 2023
Team,
I am responding to a previous thread to include those that are new to the firm.
I find this time of year to be incredibly grounding. As the world shuts down, I am able to reflect on the past year and all that is ahead. 2023 has been among the most consequential in the firm's history. Over the last days, I have reflected on all we have accomplished as a team and the values and principles that have guided us. I wanted to share some reflections as we head into the new year:
We are what we are because of what we have been. We must remain an outsider. Our past must always be our present and future. We must avoid the “Inner Ring.”
Character requires discipline. It is important that we remain consistent in both good times and bad. In moments of celebration and crisis. Our culture of integrity, humility, and kindness has been instrumental to our progress. To the outside world, it might appear as if we are an overnight success. That we are playing a different game. In reality, we have always been playing the same one.
We must never be distracted by short-term affirmation or dissuaded by imperfections. These moments are ephemeral. We must always think long-term about our ultimate goals and not be distracted by the praise or criticism from others.
We must never form opinions about people or ideas without consideration. We must remain open-minded, as our collective pattern recognition can guide and misguide us. We must continue to learn from our mistakes. We will not make every decision correctly as an organization, but we can always ensure we have the right conversations. Do not assume that those who have been at the firm the longest know the right answer. The most important insights can sometimes come from the most unexpected places.
“Generations of men grow a mastery of the earth but they are destined to become fossils in its soil” - Will Durant. Be consistent. Be reliable. Act with purpose and intention. These actions might not translate into investment returns but rather into values and principles whose impact we can never predict. Those who accept their mortality are able to recognize that their self-worth is not determined by an accumulation of accolades but rather that one can only find meaning and purpose in crystallizing ideas and concepts that can make a difference in the world. One day, we will not be here, and our names will be forgotten. Our way of being in the business world is perhaps the most important thing that will outlive us.
Never be satisfied. Continue to have a learners mindset. Our values must always be consistent, but our understanding of the world and ourselves must always evolve. We should liken ourselves to a river that is constantly flowing. Very few things in the world stay the same forever. We must always maintain the capacity to adapt and change to new environments.
We must continue to have humility for our role in the ecosystem. Our purpose is to support those making a difference in the world. Our unwavering commitment to our founders has set us apart. We fight alongside them. Being the general on the battlefield is always better than being the prince in the castle.
Enjoy all the world has to offer, but simultaneously push yourself to the limits. Wanting it more than others will always be more important than anything else.
My favorite movie from my childhood was Gattaca. The movie shows a poignant swimming scene between Vincent and his genetically superior brother, Anton. Despite his genetic disadvantages, Vincent's determination and willpower drive him to push himself to the limit. As Vincent and Anton swim, Anton stops and says, “How are you doing this, Vincent, how have you done any of this” to which Vincent responds, “You know how I did it. This is how I did it, Anton. I never saved anything for the swim back.”
We only have one life. Never save anything for the swim back.
Be proud of who you are at work and at home. It is possible to have both. Nothing I will ever do at Thrive will ever be more important than what I accomplish as a son, husband, and father.
It is a true honor to work alongside all of you. What we are building is special. It is clear to me that the best is yet to come.
yours,
Josh