Personally, how do I define success in investing? And then professionally, if I would do is advising professional investors like you, how you would deliver a successful investment strategy. And I think the professional one is much easier. It’s like deliver or exceed what’s written in your investment policy document. It’s going to talk about, that document will talk about risk.

return, cost, markets, things you can invest in, things you can’t do. It’s pretty simple to me. And everybody should, if you don’t have an investment policy document and you’re a professional investor, then there’s a problem. And you should write one.

Personally, I’ll admit that most of my money goes into like passive retirement accounts. And so the money that I have left over to do, like personal investing generally goes into what I would describe as like startup lottery tickets. You know, where it’s like actually success for me is if one of these investments changes my life.

You know, like that’s, like I am not looking for 12% a year on those investments. I am like hoping that by some miraculous luck, and I do happen to work in the engineering school at Stanford, so that’s like, I don’t need to be quite as lucky as most people. I just, the dartboard is a little smaller for me, or maybe it’s bigger. I don’t know which one it is.

And yeah, so like for me, success hasn’t happened yet. But like, what I’m rooting for is like, I managed to be an angel and Uber or Google. And it like fundamentally changes my life. But I will note that is maybe 10% of the money that I’m investing the rest of its I max out all my retirement accounts. And that’s, that’s just passive.