Key ideas from Gaurav Kapadia

• Kapadia describes himself as running XN with only 10-15 public positions at any time, adding just 1-3 new investments annually with extremely high conviction
• Bloomberg is the most underrated NYC mayor because 'people take for granted the long-term initiatives he put in place and assume they would have just shown up anyway'
• XN invested in Figma after antitrust authorities blocked Adobe's acquisition, getting 'a best-in-class asset with an extraordinary founder mode leader' at half Adobe's price
• Kapadia hires for 'good enough plus something special' - looking beyond pure resume credentials for 'that extra spark, that extra gear, that extra curiosity'
• AI will allow 'better, faster, more in-depth analysis much more quickly' while reducing compliance burdens that are currently 'off the charts'
• Contemporary art collecting exercises 'judgment and developing your own taste' - the same soft skills that help in all investment domains
• Optimism is the most underrated quality for NYC mayoral candidates because 'people are attracted to optimism' and it's 'extraordinarily scarce'