Augustus Sciulla on Investing, AI, and the Strategy Behind Gladstone Capital

0:00Parle-tu français? Parle-tu spagnol? Parle-tu italiano? Com-slashAcast Spelled B-A-B-B-E-L Com-slashAcast Rules and restrictions may apply

6:00à l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de l'inviter de parce que c'est le track record, parce que tout le monde a été dans le industrie. Quand on pense à l'AI, comme l'AI, et comment ça se passe dans tout le monde. C'est quelque chose qui se change, c'est que c'est comme... Qu'est-ce que l'AI fait dans ce que c'est fait maintenant? Qu'est-ce qu'il y a des conversations que je voudrais dire? C'est qu'il y a l'intérieur de l'eau et que l'eau de l'eau de l'eau n'est pas capable. Ça relates à l'AI. Oui, et je vais faire une autre chose de l'association à l'AI. Oui. Des blu, bique, tasserov et 1995. Et par les derniers 2000s, ce n'est pas une compétencia качеlle pour une personne dans le monde.

7:01Et donc pour faire le monde classuel et le chips, tu as besoin d'avoir une relation entre les machines humains et que vous pouvez lever à le faire du mieux. Ou même le scénular de la façon dont nous avons trainé et déjà à l'AI, en 1935, avec similaire de checklists. Et c'est vraiment la fonction de l'AI pour l'Eglise-Stone. Nous avons été capable de capture 20 ans dans le projet européen participated à l'apseur des transportesmasterத à l'impact de l'intermission et à l'augmentation du modèle quant à abuse types d'ins National et à justement à base sur notre site. On cel gelernt avec des urbcell sur de plus swiftement, pour cowardice de l'EM goodies. Qu'il y a de deux nam causalités, donc ce que Çünkü le C Amazon 300 000 Les brochures b 1940 Et on a pu tirer à 30 cent annually ce今年 et donc, vous pensez de prendre un système qui ailling prises de 20 scattered investissements de philosophie de très

8:02grands Vaultard. et donc, on en actorie l'analyst en anglais en interacting du bas avec des spares, ça, ça va être très grand. Et donc, pour le listing, on récorde cette fois de Marche 5, 2024, juste pour réaliser un instant en estréable, mais juste ressenti que vous pouvez vous le vers, ce sont des conversations qui nous avaient maintenant. que le agenda du boulot de l'immatrice de toute la mgétation est innocent? Bon les gens parlent de l'interprète de la table de l'étude, dans le temps des de l'immatrice de l'immatrice de l'immatrice. Eux-a-t'évoqué comme une faute. La dynamicité est vraiment présoudeningée par les gens qui различent des solutions-femmes et pour les produits de l'immatrice de la ménage. La limitement est par la imaginediel. Wow, so our ability to code, to think, to scrape, has just increased a thousand fold and continues to get better on a weekly basis. That's got to be exciting, isn't it? It might be the most exciting time for me.

9:04Yeah, this is thinking about you personally, how exciting. Yeah, and really, the markets in particular maybe set up, our strategy maybe set up the best it's ever been, capture the winners and losers. That is really probably a once in a generation time where technology and humans are going to have a very different relationship than ever before. I'm not trying to put words in your mouth here, but if you're right and what you're saying, then it's possible you're ahead. And that's always got to feel any type of competition. If you feel like you're ahead or have an inside edge on something, then especially in the business of money, I mean, that's a beautiful thing. That's a great place to be. Yeah, it's hard to know what our peers are doing. Although I have a general sense for it, I do think our approach is quite different. One, because we have 20 years of data to be able to inform how well the machine is adopting to the human concept. And then two, the incentive for others, particularly if you think about multi-manager platforms

10:04that sit at those, the millennials of the world, the individual portfolio manager doesn't have a lot of incentives to allow those firms to capture their investment in intellectual property. So I think much of the dollars in focus for AI integration, those firms is more chatbot style, probably more focused on risk, which is also a sleeve that we're focused on as well. But I think the singular focus on capturing the investment philosophy to start is an important advantage. And I do think we're probably tip of a spear. Yeah. And when you say that maybe some of the other managers don't have some of that additional incentive, could you elaborate on that just slightly? I just want to make sure I understand what you're saying there. Yeah, so if you're a portfolio manager working for one of the big multi-manager platforms, your tenure is based on how long you're producing alpha and money for that firm. And the minute that ends, your career likely ends at that particular firm. So if you're giving that firm the intellectual property

11:06of what made you successful as a portfolio manager, now that firm has that intellectual property, and you can carry it on to some place else, but there's a mismatch in the incentive of actually delivering that intellectual property to a firm that you may or may not be a partner. Yeah, I was hoping that's what you meant. And I see that. And I was, and I always wondered, it's almost like there's always been some version of that, right, like if you go all the way back to, I mean, go back to CBO, like having that edge and it's securing your spot within the industry, whatever that, whatever that looks like from an open crisis, like call out system. So now there's always been that, but now it changes things even more. I like where you're going with that. It's just the relationship seems like over time, it will evolve like it's already evolved. It seems like it would have to, right, like on the model overall. I think that's right. I mean, some firms are set up in a very transactional relationship, who, where it's almost a trade, whether you buy or sell a stock, or buy or sell a person. And at a firm like Glassstone, that was established by George himself 20 years ago,

12:08and may approach equal importance to his daughter. It's a very different incentive to get that right. Yeah, Augie, this has been a lot of fun having you on the show today, and really just getting into the work that you're doing over at Glassstone Capital Management. So I appreciate you coming on. And I want you to, if somebody's listening or watching this, and if they want to follow up or they want to learn more, how do they do that? Yeah, best way is probably just email me. It's just Augie AUGIE at Glassstone-management.com. And I'm happy to chat further. Perfect, and for everybody listening, just so you know, we'll definitely put some links in the show notes, so that you can just click on the links and have right on over. And speaking of the audience, if this is your first time with Mission Matters and you haven't done it yet, hit that subscribe or follow button. This is a daily show. Yes, you heard me right. Each and every day we're bringing you new content, new ideas, and hopefully new inspiration to help you long the way at your journey as well. So again, hit that subscribe or follow button. And Augie, appreciate all you do. Thanks for coming on. Thanks Adam. Thanks for having me.