Call —
Transcript batch
0:00 Caller: This call is being routed by Google.
0:00 You: This call will be recorded.
0:09 Caller: The cost of this call is 1 cents per minute.
0:13 Caller: Hello.
0:28 Caller: Hello.
0:30 You: Hey, Graham, now a good time?
0:33 Caller: Yeah, perfect timing.
0:34 You: I'm now a good time?
0:36 You: I'm feeling good about it.
0:37 Caller: I was just speaking to Ben actually.
0:40 Caller: So yeah, I guess this is just more
0:43 Caller: to kind of reinforce a couple of the points
0:46 Caller: we've discussed and see where you are at as well.
0:49 Caller: So just almost like on a human level
0:53 Caller: rather than the feedback that's been stated,
0:55 Caller: how do you feel about the process right now?
0:58 You: I'm feeling good about it.
1:00 You: I'm a little concerned about the Super Day, so I want to get out of the way still.
1:01 Caller: Mm-hmm.
1:04 You: And then everything else is still on track.
1:05 Caller: Yeah.
1:06 You: I anticipate the first offer by the end of the week, so I'll ask them to delay a bit,
1:10 Caller: Yeah.
1:11 Caller: Yeah.
1:11 You: but hopefully it doesn't become a problem.
1:13 Caller: Yeah.
1:15 Caller: Yeah.
1:16 Caller: And in terms of how Elliot's looking as a fit right now post your conversation,
1:22 Caller: how does it feel?
1:22 You: Still good, hasn't changed.
1:24 You: The biggest thing I want to understand are the expectations of the other, whoever else I end up meeting,
1:25 Caller: Uh.
1:28 Caller: Mm-hmm.
1:30 You: Brett's expectations were different from John's different from Jim, different from David's.
1:31 Caller: Mm-hmm.
1:32 Caller: Mm-hmm.
1:34 Caller: Mm-hmm.
1:35 You: So I'm trying to coalesce on whose expectations I meant to meet would be helpful.
1:37 Caller: Mm-hmm.
1:41 You: Because if I'm satisfied when I'm supposed to be satisfying Brett, that that's an attention that I need to navigate.
1:42 Caller: Mm-hmm.
1:43 Caller: Yeah.
1:50 Caller: Makes sense.
1:51 Caller: And in terms of how things compare with your other processes, how would you say the Elliott role is looking
2:00 You: It's still unpart. The big unknown for me is the trading policy, but I didn't want to ask David about that in case it was different in the UK than the U.S.
2:01 Caller: now that you've pretty much got a wider picture of what pretty much it would look like with
2:08 Caller: the wider team involved?
2:12 Caller: Yeah.
2:16 Caller: Yeah.
2:17 Caller: Yeah.
2:18 Caller: Yeah.
2:19 Caller: So we spoke to Jim on that.
2:22 Caller: He said it's a case-by-case scenario.
2:24 Caller: So you would have to speak to compliance on that.
2:28 Caller: What we might try to do is see if potentially Jim can schedule a conversation with compliance
2:30 You: It is for now.
2:36 Caller: prior to the Super Day.
2:38 Caller: But we'll see.
2:39 Caller: We're working on that right now.
2:41 Caller: I guess it was just kind of me gathering these details to share with Ben so that we know how we're proceeding.
2:45 You: It is for now.
2:47 Caller: And in terms of the number at 400K, is that still okay with you for now?
2:54 Caller: Yeah. Okay, perfect.
2:57 Caller: And I guess in the scenario that one of the offers that you do have from any of the other shops comes in at above 400,
3:00 You: To push Elliot above that offer, or what do you mean?
3:06 Caller: what would be the kind of defining factor that would potentially push Elliot above that?
3:10 Caller: should they just come in at 400?
3:12 Caller: So we need to understand what the leverages are from the other firms that we can essentially get back to
3:26 Caller: Elliott over.
3:27 Caller: You know my point.
3:28 Caller: So like if one company is offering 420,000, is the 20,000 what's going to move the needle away from Elliot?
3:30 You: If the gap, I see, if the gap, I see, so if the gap is 20,000, that's, then I see, so if the gap is 20,000, that's not a meaningful difference to me.
3:36 Caller: Or is it a matter that Elliot's role has specific things?
3:39 Caller: things to it that essentially would mean that even if another offer comes in at 20,000 more,
3:44 Caller: you probably still look at the earlier offer above that one, just on the basis of the upside.
3:49 Caller: Yeah.
3:54 You: If the gap is, let's say, 80,000, then I, then I would be more attention to understand why.
4:00 You: I anticipate just because of the way I've been running all these processes.
4:04 You: I expect that they'll all land within 50,000 of each other.
4:05 Caller: Yeah.
4:06 Caller: Yeah.
4:07 You: So the part I'm focusing on would be the IP carve-out, for the funds, all four funds that I'm talking to,
4:08 Caller: Yeah.
4:09 Caller: Yeah. Okay.
4:15 You: the IP carve-out and the trading policies, and then for the startup, how they're valuing their equity.
4:21 You: So diligence into the equity valuation.
4:22 Caller: Okay. Now that we're at this stage, just so I can kind of get an idea of what the kind of numbers you're looking at would be.
4:30 You: Not the names, but I'm sure we'll find out after I turn them down.
4:33 Caller: Obviously, this stays confidential between us. I will not name any names to anybody. I'm just curious. In terms of the other
4:39 Caller: funds you're interviewing with. Do you mind telling me some of their names?
4:46 Caller: Yeah. Okay, cool. All right. And you're viewing on the project is that they're all at a pretty similar level, or would you say that there's some that are slightly ahead than the others?
4:48 You: One is a quantity of fund, PE funds.
4:51 You: One is focused in health tech and real estate tech, and the other one is trying to AIify their portcos.
5:00 You: I don't, just solely on comp and problem, they're all peers at the moment.
5:08 Caller: others.
5:13 You: The part that I'm trying to understand is how does it impact everything else that I do?
5:15 Caller: Okay. Okay. So that's the most important part. Yeah.
5:18 You: Because admittedly, my hobbies are different for most others.
5:21 You: That is, at the moment, the most, the biggest differentiator, or the highest ROI differentiator between any of the four firms.
5:23 Caller: Okay. And if you could give me word for what the perfect scenario looks like for you.
5:28 You: The startup is its own.
5:30 You: category.
5:37 Caller: you. What would that be?
5:39 Caller: Yeah.
5:40 You: Unrestricted trading would be the perfect scenario, but I also recognize how impossible that is.
5:41 Caller: Okay. All right. So, yeah, yeah, yeah. I think what you want to know what I'm going through? I'll just keep it funny and brief.
5:45 You: So I want to understand where on the spectrum from unrestricted blanket ban, Elliot Falls.
5:53 You: I'm sure there's a spectrum to know where they land on it.
6:00 You: Yeah.
6:02 Caller: So Ben is absolutely worried about that.
6:06 Caller: worried about that aspect of the role. He pretty much thinks it's obviously the bit
6:13 Caller: that's going to make or break the deal, right? And Ben has not worked with portfolio managers
6:18 Caller: in the past. So he doesn't, like in his head is a, it's a no. Like, obviously if you're going
6:23 Caller: to a hedge fund, you can't run your own other strategies outside of that. And I'm like to Ben,
6:27 Caller: then that's not how it works. Like I work with traders who run a whole crypto strategy and run a whole other
6:30 You: Should I talk to Ben?
6:33 Caller: hedge fund while working at like a world corporate.
6:36 Caller: a millennium. Like, Elliot have processes that can make that work. It's not the end of the
6:41 Caller: world. But for Ben, it's like he completely doesn't understand that. How does that even work?
6:46 Caller: How is that even regulated? So he's absolutely on mic. No, no, no, no, no, it's fine. Leave it with me.
6:54 Caller: I'm pretty much just telling Ben, like, should not relax. He hasn't really had to work with traders
6:59 Caller: like that in the past. So he doesn't necessarily understand that there's money that you make for your
7:00 You: Thank you.
7:05 Caller: company and there's money that you make for yourself and there's hobbies involved in trading
7:09 Caller: that you can't necessarily just be like, oh yeah, you're not going to, you're not going to trade
7:15 Caller: because you work at a hedge fund. Like that's impossible. A lot of the people that they would hire
7:20 Caller: necessarily wouldn't ever have been hired because of that. So it's all right. I think what we just need
7:26 Caller: to do is get you German compliance booked in so that that border is pretty much crossed. And we can
7:30 You: Thank you.
7:34 Caller: get the super day kind of booked in as quickly as possible because if they give you the answers
7:39 Caller: to all of that and it's the answers that you want to hear or it's at least 80% what you want to hear
7:44 Caller: then it changes the conversation at the super day. It changes the nature of where you're at
7:48 Caller: potentially could move a further up the ranking. So yeah, leave that with me. I'll deal with
7:54 Caller: that. And yeah, anything else you want me to kind of look out for?
8:00 You: nothing specific. I'm a little, I guess the part that didn't make sense to me is every employee has a different compliance policy when it came to me is every employee has a different compliance policy when it came to personal trading and investing. That that part doesn't make sense to me, especially for a cost center. If it were different PMs, I could understand. But I'm not far from a PM.
8:04 Caller: Yeah.
8:21 Caller: Yeah.
8:22 Caller: I think, I think potentially we're going to have to find out how Elliot kind of crossed that hurdle.
8:30 You: Thank you.
8:30 Caller: If everybody has a different set of compliance rules, I think Elliot pretty much.
8:34 Caller: much have a way to manage that. They've been active for the 70s pretty much. They would have
8:40 Caller: had an understanding of what they can and cannot do with regards to the SEC. So I think it should
8:47 Caller: be fine, to be honest. I think we're close to pretty much getting to a point where it's going to be
8:53 Caller: something pretty good. I have a good feeling about it, to be honest. That's all I'm going to say. I just
8:58 Caller: have a good feeling. I'm not going to put bad judge on it or any other sorts. I'm just going to say, I have a good
9:00 You: I'm optimistic too, Graham.
9:02 Caller: feeling. So I'll say that. Yeah, perfect. All right, let me get these details over to Ben. Let me know
9:06 You: Okay.
9:10 Caller: if you have any questions. Prior to the Super Day, we'll speak to the gym and see if we can get you any tips across as
9:17 Caller: well just to get you prepped up for that. You're the only person who's ever made it this far, so Ben himself doesn't
9:22 Caller: really know what kind of extra prep to give you. But I'll do some digings and find out what's done
9:28 Caller: over right so you don't go inside hopefully no hopefully not hopefully not
9:30 You: The debrief with David is something for the candidate that comes after me and speaks with him for a different role.
9:38 You: He meant, no, he mentioned three other roles. So I don't know if there were either candidates.
9:39 Caller: hopefully oh for the other oh yeah yeah there's an agent's
9:45 Caller: that I'm currently working on filling as well so that might be it yeah yeah
9:46 You: Okay, so you have a debrief on David's, it's, uh, modusop brandy then.
9:52 Caller: yeah perfect um and yeah best of luck let me know how
9:58 Caller: the other processes go should you get an offer just give me a heads up so i can let elliot know okay
10:00 You: Understood. Thank you, Graham.