Tiger Sisters - How a Hedge Fund Manager Picks Stocks (The Rules He Uses)

Episode Date: April 6, 2026

Thank you to Shopify for sponsoring this video. Start now at http://www.shopify.com/tigersisters Thank you SoFi for sponsoring this video. Sign up here: https://www.sofi.com/TigerSisters  Most people think professional investors have some kind of secret formula for picking stocks. In reality, the edge comes from something much simpler: curiosity, discipline, and asking better questions than everyone else.In today’s episode, we sit down with Imran Khan, founder of Proem Asset Management and former Chief Strategy Officer at Snapchat, to break down how hedge fund managers actually make investment decisions.Tune in for tactical lessons on:✅ The first rule Imran uses before investing in any company ✅ Why buying a stock because it’s “cheap” is one of the most common investing mistakes ✅ Breaking down: “The market likes to make fools of the greatest number of people” ✅ Why consensus thinking can be dangerous and when contrarian thinking works ✅ How professional investors analyze risk, sentiment, and market psychology ✅ How AI is changing investing: from comparing filings to analyzing sentiment ✅ Why pattern recognition is one of the most valuable skills in investing over time ✅ A simple strategy for beginners: start small and build your investing muscleConsider this episode a practical guide to how professional investors actually think about markets, and how YOU can apply the same frameworks to your own financial life.Timestamps:00:39: Episode topics 00:51: Intro to Imran Khan 01:31: The biggest shift in investing over the past 30 years03:25: The #1 Investing Rule: Never invest in something you don’t understand05:00: The investing edge hiding in boring documents (10Ks, S1s)05:52: The #1 skill great investors share: curiosity06:35: “Market likes to make fools of the greatest number of people”07:40: Why contrarian investors can be wrong for years09:10: Meme stocks, retail investors, and the Robinhood era09:32: Why the market has always been speculative17:53: Using AI to understand sentiment 19:18: Never buy a stock just because someone told you to22:02: Never buy a stock because it’s “cheap”25:55: The hidden force behind stock prices: trust28:23: The simplest way to start investing (even with $5)30:06: Building your investing muscle over time31:22: How investors develop pattern recognition32:48: Learning your personal risk tolerance35:10: Rapid fire questions with Imran37:12: Snapchat storytime 39:05: Wrap up🐯👯‍♀️ We’re the Tiger Sisters — your Wall Street & Silicon Valley big sisters Decoding Money • Power • Love✨ New episodes every Monday | Shorts all week ✨💌 Want to partner with us? Sponsorships: [e-mail] Why trust us?▫️ Cherie Brooke Luo — 100M+ views demystifying tech, finance & MBAs▫️ Jean Luo — ex-Goldman Sachs, ex-Snapchat exec, 50+ AI patents, startup investor▫️ Together: 4 Ivy League degrees • built billion-dollar products • two startups — decoded for youWhat you’ll get (and keep):▫️ 🚀 Ivy League cheat sheets — no $250K tuition▫️ Personal finance playbooks (salary, investing, negotiation)▫️ Networking scripts behind $100M+ deals & job offers▫️ Real conversations with CEOs, operators & investors▫️ Mindset resets — clarity without the pricey coach▫️ Systems for career, money, and long-term growth💛 LET’S CONNECT~ CHERIE ~Instagram — /cherie.brookeTikTok — /cherie.brookeSubstack — cherieluo.substack.comLinkedIn — /cherie-luo~ JEAN ~Instagram — /jeanluo_LinkedIn — /jeanluo👉 Hit Subscribe & tap the 🔔, then leave a ⭐️⭐️⭐️⭐️⭐️ review on Spotify & Apple Podcasts. It takes 10 seconds and makes a massive difference in helping new people discover Tiger Sisters.🛍️ Items:🍵 Sisters Matcha — www.sistersmatcha.com🌀 Everything else — https://amzn.to/3z0dx5b

pattern recognition, even building that is a skill in and of itself. We've built a lot of pattern recognition in our previous roles. Right. The question is, do you understand what you invest in? Because if you don't understand, you don't understand the risk. I'm a true believer. Market likes to make full of the greatest number of people. That's a line.

I'm Sheree. I'm Jean. I'm Imran. And we are the Tiger Sisters. We are your Wall Street in Silicon. Valley Big Sisters. And we're a top 10 business podcast bringing late night sister talk meets boardroom strategy. Today, we're talking about how the next generation should approach investing and how anyone, not just millionaires and billionaires, but anyone can apply these lessons to

their own financial lives. And we're doing it with friend of the pod, Imran Khan, who deploys hundreds of millions of dollars of capital as the founder of his hedge fund pro of asset management. And he's also my former boss at Snapchat where he was the chief strategy officer. And also two-time Tiger Sisters podcast guest, welcome Inron. Wow. Thank you. That's an honor. Yeah.

Thanks for having me. It's a real honor. So Imran, everyone wants to invest like a professional. You are a professional full-time investor. So how do you identify good stocks and do you have a formula or advice for new or non-professional investors? So I think one of the biggest change that happened in investment, actually in my lifetime, is democratization of knowledge. So I think if you look at 30 years ago, if you were in Wall Street, you would get one-on-one meetings with management team.

You would get to go to conferences that nobody else would get invited and you could build great relationship with the company. So if there is any news, you could call them. And that gave you understanding about businesses that an average investors didn't have. With the proliferation of Internet, now all the information start becoming publicly available and obviously with reg FD, the companies have to file those information simultaneously to everybody so they cannot make conversation with one after time. But also one of the most profound changes that happened is, the proliferation of social media. So now, a lot of the founders and CEOs or senior business

executives, they are all on X or Reddit or in other places, and they're debating about topics. And so in the past, if you're a professional investors, you would go to an user conference and you probably talk to five customers and you would have some sense about what that business do. But now, because of X, you get to hear about companies' customers from the customers, but also the people who didn't like the product. And so that gives you a much holistic view. And I think this proliferation of internet and with AI will further commoditize the knowledge. And that commoditization of knowledge actually gives a lot of power to masses. And so ultimately, the first thing about investing is, do you know what you're investing in?

Because the biggest mistake people make, even professional investors. And this is why there are many sectors, there's many things, I don't even touch it. The question is, do you understand what you invest in? Because if you don't understand, you don't understand the risk. And ultimately, investment is also pricing the risk. And so I think, you know, that profound changes that where everybody has access, to same information. Now it takes that everybody should have their own ideas or known investment and have to make the decision. So I think the first and foremost, what I would say, that,

look, every investors will have different style, what works for them. They have different investment objectives. But first and foremost, you have to understand what you're investing in, what's the sector going on. So my first formula is, if you invest, try to learn about what you're investing in. Don't listen to somebody else. Be educated about it. Yeah. And so much of what we're learning today isn't from like textbooks. Like you said, a lot of it can be found in Reddit, can be found on X and other social media platforms. If someone is new to investing, how do they figure out what is fact and fiction when there's so much information out there now? How do they know what information to trust? Yeah, great question. So first and foremost, company's website

is a great source. The company spent a lot of time building their investor relations. You know, I worked on an Alibaba IPO. I worked on, I was a SNAP, we took SNAP public. You know, companies spent hundreds of hours writing this boring legal documents called S-1, 10K, 10-Qs. They're boring reading. You know, they're definitely not exciting reading because a lot of lawyers involved. But they spent hundreds of hours putting together these documents.

And so if you read those documents, if you take the time to read those boring documents, you will learn a lot about those businesses, you know, and legally they have to be accurate. Otherwise, you know, we have a bigger problem. So I think, you know, first and foremost, you should read those. And that should give you a lot of understanding about the business, listen to what the management teams are speaking. And, you know, there's a lot of fact and fiction in social media. And I think that's where you have to have some intelligence to understand who to trust. And, you know, I actually do whenever I see something that questionable, I read the comments.

comments, you know, and then I try to verify from other sources if that's accurate or not. You know, I think one of the biggest things that I think what's needed to be an investor is be curious. Because if you're not curious, you'll never going to be a good investor. You always have to ask one, not one question, you have to ask 10 questions, why, you know. And so don't believe in anything. And it goes not about investment in it. And don't believe anything you read in social media, but ask the question, why, why, why,

and if you keep digging through it, you will get a pretty good picture. Yeah, so I'm hearing from you. One, read the source material and understand it. Two, be curious and ask why five times. Ask all these follow-up questions. And then the third one is basically to apply critical thinking to all of the sort of sources that you're reading through. Incredibly. I am a true believer.

Market likes to make full of the greatest number of people. Oh. So anything that's consensus. That's a line. Anything that's consensus, you always should remember that market likes to make full of the greatest number of people. So you always have to be very careful. If everybody is saying that, that means the risk is not pricing.

So are you always contrarian then? No, you don't need to be always contrarian. I think also to think about the timing of a contrarian, right? So consensus can be right for one year, two, year, three. year, four year, but at some point, consensus is going to break. So this is why it gets really tricky, and I hope I'm not frustrating the audience, but that if you are contrarian, you could be wrong for a very long period of time. I think people always looked at that when the housing crisis happened, I forgot the name of

the movie. Oh, the big short. Big short. If you look at that gentleman, he was wrong for a long period of time, you know, before he was right. Or like Japanese bonds. Yeah. So I think contrarian for the sake of being contrary is not.

not the right approach either because you could be wrong for a long time. But the bottom line is, you know, by default, you know, market always trying to price what's, you know, consensus, right? Because that's what everybody is doing. And so when there is a non-consensus thing happens, that is the time you see the sharpest move of a stock, of a bond or equities or any kind of investment. It could be art. It could be real estate. It doesn't matter. So when everybody tells you something, you know, that is the time you have to be the most fearful that something could go wrong because at that point, risk probably not pricing. That doesn't mean you have to take a contrary in bed, but at that point, you have to be most fearful. There's levels to it. We thought you were

going to make investing just really simple. I'm sorry about that. Let's take 10 seconds to be direct. Subscribing to this show actually matters. Yeah, because our content isn't just random. It's actually really well researched and it's infrastructure and strategy for ambitious people. Especially women. If you value that, the easiest way to support us is to just subscribe. It takes two seconds to do and it signals that these are the types of conversations that deserve to grow. It also helps other people find our podcast. So whether you're listening on Apple Podcasts, Spotify or YouTube, please subscribe and follow. Thanks and now back to the show. So this next question is more about meme stock. So there's a lot of chatter about them.

retail traders these days. Do you think the market has become more speculative with Yolo and the rise of Robin Hood and retail traders? And is that a good thing or a bad thing? It's such a great question. And I have a point of view. I think most people who are in my shoes will probably disagree with me. So I think market is always very speculative. As far as I remember, last 25 years, market is always being very speculative. Because the bottom line, is when you are buying anything, you are predicting something in future. And by default, predicting future is speculative. And so it is always speculative.

Now, if you look at the professional investors, they're incredibly speculative. Look, in 2008, we took down the entire US economy by speculating things, who are quote-unquote, incredibly sophisticated professional CEOs and who made crap a lot of money. You know, nobody talked them, told them, yellow. You know, trading CDS at that time, it was yellow, you know. And but because they are, quote, unquote, elite people, we never, you know, they took heads, but we never talked about yellow as if, because they're sophisticated. So, so the whole idea is, you know, going back to what I said at the beginning, that we are

saying democratization of content, democratization of knowledge because of, and it started with people printing book. Because if you look back 500 years ago, the power was concentrated with a small group of people because these are the people had all the knowledge. And then the book came along and then the start, that's why people hated Socrates, right? Because he was educating people, right?

So as you start democratize the knowledge, you know, more and more people became empowered. Yeah. And internet accelerated it. AI will further commoditize the knowledge. And so now, going back to what I said, that retail investors has the same information as a professional investors. And a lot of the retail investors, they're very smart. They didn't get to

financials, you know, a Wall Street job because maybe they didn't want to do Wall Street job or maybe they didn't have background. Like when I first started in Wall Street, like a lot of people who are from East Coast because they grew up in East Coast household, their parents worked in Wall Street or their uncle worked in Wall Street or the neighbor worked in Wall Street and they went to Wall Street. I never heard about Wall Street till I came to junior in college. So a lot of people were like me. They never heard about it. And so they didn't have the knowledge. They didn't have the lesson. They never came. But now a lot of smart people has the same information, same skill set of analyzing a business. Either they took some accounting class

or they took some finance class. Same skill set of analyzing a lot of technology companies because a lot of young Robin Hood crowd work in tech companies. They are very tech savvy. They understand tech better, even if they didn't work on it. So they actually have a very deep understanding about the business, and they're actually challenging status quo. And the reality is, you know, it's not right, they're always right or they're always wrong. They have been wrong on many stock.

They have been right on many stock. You know, if you're right 51% of the times, you're a genius in a stock market, right? So I think, you know, but they have been right a few times in some great way. And they've been wrong a few times too. So but I think, you know, so I think this demeaning retail investors, I think it's not fair. I'll give you one more example. If you look at some of the biggest hedge funds in the Wall Street, in the United States, and if you look at their 13F, so 13F is a dollar.

document that every major hedge funds have to file at the end of every quarter, disclosing what stocks they own. You will see there's a huge overlap of similar stock they own. So there's a group thinking they're going on there too. So, I think, you know, so I think, you know, so I don't think the market is more dangerous. I don't think market is more speculative. It's a new group of investors who are coming in.

We're seeing pretty significant transfer of wealth is happening from baby boomers, you know, to younger generation. and because they have a lot of information, they're taking more control of their own financial decisions. And I really don't believe it's more speculative than a bunch of hedge fund managers doing or what in 2008 a lot of investors did. A little bit contrarian.

I think it's fair. Yeah, I like that. Contrarian with the right timing. Yes, there you go. Hey, Sheree, remember when we first started Sisters Macha? Imagine this. Gene and I are on a macha farm, an hour and a half outside of Kyoto. We're in the countryside. We're picking matcha leaves working and living on this Japanese green tea farm. Oh my God. It was like a freaking dream. But I feel like when that dream turned into a reality, when it actually became a real business in my mind was when we set up our Shopify. And we even had a countdown to when our Shopify storefront would actually launch. I truly think Shopify is the best place. to start your business because on Shopify, you own everything. You own your storefront. You own your relationship with your customers and you own the entire community that you build. When someone discovers

Sisters Macha and actually makes a purchase, that relationship feels extremely personal. Oh, I mean, literally, Sisters Macha is a family owned brand and business. And we trust Shopify with all of the back end stuff so that we can focus on what's important to us, which is building our community and communicating with our customers and bringing the best matcha in the world to you. So if you've ever thought of starting something on your own, build something that you love. Get started today at Shopify.com slash tiger sisters. All right, Imran, it's 2025. We have to ask you a question about AI.

Okay, sure. It's in bulk. Yeah. So how is AI changing investing and how are you personally adopting it and using it as part of your business? So, AI is, going back to the same point that AI is commoditizing the knowledge. So now you can use AI tool to read those boring documents faster. I was thinking that. You just put those documents into chat GPT and get a summary.

But I also encourage still read the documents because a lot of the times things are hidden on the final line item that I don't think chat GPT or XAI is good enough. to figure this out. But I think it could be really good to compare documents. Like one of my favorite thing is to compare documents, right? Because these guys are spending hundreds of hours writing a document. We know that. And so if suddenly one year to the next year, if the documents language changing,

you should take notice of it, why they're suddenly changing the document, language, you know. And sometimes there's subtle changes, you know, from me to will. Oh, wait, so what prompt do you use? What do you do? So you can upload both documents and do. You can do with Word Doc, but AI will be faster. Yeah. So to compare documents, you know, it's a very good way to say that why did the change from it?

It may happen, it will happen. There's a big difference to it, you know. So things like that. Or you can see, you can compare if there's a new data point that they dropped in, you know. So that's a great way to. learn what changing. So my advice to everybody, always read the first document. And then after read the first document every year, you can just compare documents. Every quarter, you can just compare documents because then you can just pick up the incremental changes. But at first, you have to

put the time in to learn what's going on. The other thing is it's also a very good way to learn about a business, like get the basic knowledge about the business, right? You know, I actually learned. I'm very interested about wine two years ago, and I learned everything about wine using Chad Chippy T. And then obviously I got better at it, but the basic you can learn. And then you had to do primary research. Then you have to do the primary research. Obviously. With tasting. Next time we'll bring wine here. Make the podcast more fun if I get invited for the third time. Depends on what wine you bring. So that's, I think, is really, really interesting. But the other thing is like you can use AI to understand sentiment,

you know, so one of the things that I'm really interested is understanding about what sentiment changes in business, you know, both, you know, because as people are talking about different social media or different, you know, substack and research, you know, can you just put them and try to understand how, whether people's sentiment is changing in a positive or negative direction? That's a good way to understand. Because, you know, in a stock market is a voting machine, as Warren Buffett likes to say, right? So understanding which way the sentiment is changing is also a great way to understand consensus. So do you go to like the Reddit page of the company and just like copy all the comments, paste it in chat between you're like, what is the sentiment and how

is it changed from the previous year or something? Yeah, you can do that. And long term, I would like to build tools that can automate those things. We're not there yet, but yes. I like this. This is very tactical advice. Yeah, well, I think it's very tact. and also, I think it also, it goes to show that it takes some work to like either read the boring documents yourself because there's important footnotes or even just putting into chat GPT. Like I'm thinking back to myself, I was like, would I even do that? But like I can see how that is a massive differentiator because you just have so much more

information and more data points that you're working with. And like these companies spend so much time writing it. So like it's definitely worth reading. It's 100%. I think I'll tell you what you shouldn't do. You shouldn't buy a stock because somebody asks you to buy a stock. That's, you know, because for a variety of reasons, if that person has a perfect crystal ball, they might have a different volatility, pain threshold.

They might have different time horizon. None of those things you know, right? So I think, you know, should never listen to someone else to make a decision. You should make your own decision. And for that, you have to do the work. Second, you have to really like what you do. If you don't like investing and trying to be an investor, probably not the best of a time.

Then you can just go to a professional. But as long, if you're interested about the business, I think through law and through technology changes, now everybody has the same information. And they're all available. Spend the time learning and make your own. decisions. That's very encouraging, I actually think. So, Shari, how do you think about your checkings and savings account? Because for me, checkings is money that I need to use in the next

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Start putting your money to work. Go to sophy.com slash tiger sisters or click the link below to learn more and get started. That's sophy.com slash tiger sisters. SoFi checking and savings is offered through SoFi Bank, NA, member FDIC. And now back to the show. So, Imran, looking back to your investing career and timeline, what's one or two big mistakes that you made and what did you learn from them? So first is never buy a stock because it's cheap.

You know, this is like one of the common mistake. A lot of professional investors make, you know, they will say that, you know, he will say that, hey, look at this company, it's only trading at 10 times speed. So this is really cheap. You should buy it. And sometimes, you know, you fall for it. It's like, oh, this stock is cheap, so why don't I buy it? But the reality is, if you think about it, anybody can do a PE calculation, right?

It's look at the price. You look at the earnings. You do a PE calculation. Anybody in Wall Street can do it. Anybody with a finance degree, both of you have a business school degree from great schools. You can do it. So you are not doing something that, nobody else is doing. So if you're just buying the stock because it's cheap, then you're not doing

anything incremental, right? So the stock is cheap because clearly market thinks about something going wrong with that business, you know, and that's where the stock is cheap. So what the question you really have to ask yourself, why this stock is cheap? What is the fear? So you have to do the work to understand there's got to be a fear that the stock is cheap. And if the stock is, is trading at the same vine, if a stock is very, very expensive, it's a really bad idea to go short the stock just because of expensive, because again, anybody can do a PE calculation. So if a stock is very expensive, market is telling you something. So what I think the next question, going back to asking why, why is this stock cheap, why is the stock expensive? You have to ask

this question. Once you understand why it is, then you really have to understand the citizen, is this true or not true? You know, is this going to happen or not going? Is this going, is this a consensus, you know, and if this consensus, you know, it going back, market likes to make full of the greatest number of people. So if it's a consensus is wrong, it's a great time to buy a stock. And you're going to, and you will probably generate incredible return. But sometimes consensus is right, you know, and or sometimes consensus is going to be right for a long period of time. And so, so you really, need to understand that. So that's like one big mistake I made. And now I just don't, to me, the valuation should be the last stop. Because valuation at that point will tell you how much

risk is priced into the stock. And so you can look at a company and said, oh, everything is going great. And but this is trading at an incredible multiple. That means all the good news most likely priced in, you know, so any kind of mistake, it will going to get hit hard, you know. The second is actually what I just told earlier. Never buy stock listening to someone else. Do your own work, you know, because the reality is, again, if you listen to, primarily in my business, right, we have all these banks call us and said, hey, buy this stock, buy that stock.

And sometimes you fall for the trap. They said, oh, this guy is so convincing. convincing is great. And you, you know, sometimes you might a mistake of triggering too early without understanding everything. And that's, those never work out. You know, so, so my two big advice would be ask a lot of questions, trying to go deep into it and understand why it's trading, why it's trading. And then the second is, you know, do your own work. I feel like those two are really related as well. Yeah. It's like when you see a stock is cheap, I want to understand why it's cheap and also what is the in reading, you know, a lot of the source material, what are, what's the

mission and vision, where do they want to go and how are they going to get out of this whole? It's doing a lot more like a third layer pass to better understand the situation. Yeah, I think one of the most important thing to understand when, and it's true in every point of light, when people give your money, they give you their trust. So when an investor, the entire U.S. capital market is built on trust, right? And because think about it, if you read those documents, nobody really goes check what's really, like, yeah, their auditor, their sign off. But it's not like SEC's investigating every line item is right, you know, but there has been built on this trust that, hey, anything you're disclosed, is this accurate. You are not hiding anything, any kind of material information.

You are not omitting any material information. Your auditors have done a good job. So you're trusting a lot of people when you're buying an equity. So the entire U.S. capital market, and this is actually one of the reasons that America has been brought very successful, I think, the strong capital market of the U.S., because our capital market was able to support businesses that couldn't be support. Look, a lot of the Chinese companies, they had to come to the U.S. to raise money. We funded your Chinese technology innovation in 1990s and 2010. Nobody talks about it, right? Companies like Alibaba, companies like 10 cents, company like that, would not be aware without American dollars supporting those businesses.

So we supported that. And Chinese capital market didn't support them. And same thing true for other countries. And so our capital market helped us support businesses. Because one of the greatest thing about America that is actually okay with failure. And as long you put the right effort, but it's built on trust. So as long you are trusted, but you failed, people are fine. So I think is that

So when people give you money, they give you the trust So the moment you break trust Things fall apart So if a stock is really, really cheap You have to ask two things One is there something fundamentally wrong with the business That broke the trust You know, either management did something

Or is the company has doing something That broke the trust And that's really, really important to understand The trust factor and that's really drive the value of the business. Because the thing is that if the company, people can trust the business, trust the predictability of the business,

they're willing to pay more money, and the multiple will expand. So the last question we have on Legacy and NextGen is that for someone who's listening or watching today who feels investing is intimidating or inaccessible, what is one really simple and bold step they can take tomorrow to overcome that fear and start investing?

Start small. Okay. You know, the, if you have $100 and you don't, you are, you're intimidated by investing, invest $5. You know, start small. I think, again, going back to the accessibility of the investment, now you can do fractional share trade in Robin Hood. I believe you can do it.

But you can do somewhere. If you can't be in a lot. So, so I think what it does that, the barriers to investing has been coming down for last 30, at least in my career, dramatically. And I would never be intimidated by investment because if you're intimidated, do small amount. You know, try it out. I like that.

You know, 5%, 2%, 3%, 5%. You can do $5, see one, you know. But only do as long you're curious. Because I think the one of the intimidation, you can overcome it. But if you don't have the curiosity, you don't like it. investment, it doesn't excites you, no need to do it. You know, because, and I think it's true for anything in life, you know, do things that excites you.

You know, if you wake up in the morning, it doesn't excite you, it doesn't entertain you, it doesn't keep you, you know, motivated, no reason to do it. Intimidation, you should never give up anything because of fear if you're interested in something, you know, the way to avoid the fear, try a little, try, try, starts, like, if you want, like I talk to a lot of athletes, right, like people who do marathon. They don't go run marathon on the first day. They start small. You know, do it a little bit.

You know, and they may not never run marathon, but, you know, you're going to do more. So the idea is, you know, you've got to take baby steps, try something. Don't go try to put all your money investing in one day. This is actually one of the most amazing thing about investing that I learned. And again, I think talking about social equality is that I'll talk about a very successful. successful investors. Incredibly successful. He is probably two years older than me. I talked about it. I never knew about Wall Street till junior year. And he came from an East Coast investment family. So grew up with investing. Right after graduating from college, when I was trying to figure out my life doing

investment banking and other things, he went to work for a well-known hedge fund manager, you know, very, very early on. So by the time I was talking to him 10 years after, He had 15, 20 years of experience about the market. He has gone through the cycle. So, you know, it's really interesting. It's like the pattern recognition gets so much better as you do it longer and longer and longer. You know, like, I have seen that with myself, right? Because you see a thing and you're like, oh, I've seen this kind of story five years ago.

I've seen this story with somebody else 10 years ago. This was a similar situation. So you start recognizing patterns. Yeah. And as you start recognizing patterns or you connect the dots, you get better and better at it. So investing is one of the many things in life that longer you do, better you get it.

Yeah, I feel there's so much to unpack there because pattern recognition, even building that is a skill in and of itself. Yes. Because once you build that as a skill, you can actually apply it across a lot of different verticals. So, like, I think one of the reasons why we've been able to build Tiger Sisters

as quickly as we have over the last year is because we've built a lot of pattern recognition in our previous roles. Right. And so, like, being able to take things that we learned, even in completely different industries, and apply it to this totally different industry and totally, you know, new world to us is something that I think people don't realize is really powerful. Yeah.

It's a pattern recognition. You know, it's very important in relationships. It's really important. You know, a lot of times, you know, that if you don't know anything, you don't know what to expect. You know, so the pattern recognitions is really, really critical. So the reason I was saying that start small, even if you are really enthusiastic, because you don't want to put all your chips right away before you start recognizing all these patterns. So to me would be start small, build your investment muscle, you know, start figuring out the pattern. Also, it will also tell you is your pain tolerance.

Yeah. You know, and again, it's true for everything in life. nobody I know ever became very, very successful for a long period of time who doesn't have a very strong pain tolerance. Because if you invest money, you will lose money. And that's painful. But a lot of people don't have that pain tolerance. But it's true for athlete.

It's true for, you know, if you found a business. And so you really have, I've seen so many people when they lose money, they just get so, they just can talk. You know, it impacts their life. It's like so many hedge fund managers I've seen. It impacts their life. It's the impact the relationship with their work. wife, it's a complete mess. And these people should never come to investing, you know,

because it's miserable life for them. And so, so I think what you need to do is, you know, like make sure before you fully dive into it, one, you build this pattern recognition skill set. And second, you learn where your pain points are. And can you, can you survive through this pain point? You know, because when you are pain, you cannot take the pain, you make mistakes. And do all the above by doing small experiments. Start small. Start small. Yeah.

And listen, I failed to do that with my children because they haven't shown interest, at least as of now. But if parents are listening, if you're young kids, try to get them interested early. Start with a fake money or whatever. But more longer they will do, better they will get. We want to write a book. We want to write several books. them, we want it to be a children's book. Maybe it'll be a personal finance book for children. Right. An introduction. I mean. Co-written with Imran.

I think the financial sophistication is very important, right? Because then you can control a lot of things, not only just investing, but also how to manage your money and things like that. Like a lot of people, you know, like, you know, I think it's much easier to be more easier to to ruin your asset, then earning. You know, like it's very, you can lose a lot of money very fast, you know. So the financial discipline is very, very important. Cool. I think that's it for our questions.

Yeah, we'll move on to our segment, our final wrap-up segment. Okay, okay. I'm scared now. Don't be scared. Okay, let's take the first question. What's the silly superstition you like anyway? Hmm. Oh, that's nice.

That's so sweet. Are you superstitious? I am somewhat superstitious. You know, like, there are some stocks I can never make money. There are some companies I always make money. And the things that I can't make money, sometimes I'm like, you know, I just, let's not even bother. Life is too short. No, I'm a bit superstitious.

You know, I, like, it's completely not accurate, but, you know, sometimes you're left-tight twitch, you know, it's considered bad. So sometimes I get nervous The same thing, if my right-eye twitch, it's good So sometimes in my right-eye twitch, I get happy. So it's buy and then sell, basically. No, I don't do that investment that way, but my mom is pretty superstitious. So, all right, wild one, okay.

I'm nervous about the wild one. What trouble I'm creating. Have you ever broken something on purpose? No, I'm boring. It will give you another wild. A different wild one. He'll find my life is pretty boring. He broke a company.

I'm very rule breaker. By shorting them. Just kidding. You don't do shorting. Actually, I have a very funny story to say that I want to get me to. Okay. I'm actually talking about because this is... What is this one to say?

What part of yourself is borrowed from someone else? That's too deep for me. So have you broken something? I'm going to give a snap story example. Okay. That might get into me trouble. Okay. Okay.

Hopefully everyone doesn't listen to it. So do me repeat that question? Have you broken something on purpose, right? Have you broken something on purpose? Yeah. So I think, you know, early days, you know, as you know, I was at Snapchat, early days of Snapchat, that advertising, there are a lot of pushback about, or a lot of debate, I wouldn't say, pushback about what SNAP advertising should look like, you know, and who are the people should be

allowed on advertising on SNAP? Because one of the concerns was there are a lot of direct response advertisers, you know, are bad for the user experience. And, you know, we don't want, like people, you know, advertising mortgage or things like that. And I was in charge of building the advertising business, you know, along with my colleagues. And we wanted to bring all sorts of advertisers so that we can really understand our algorithm and testing and things like that. And then there are some people, you know, would see those advertisement and they would freak out and they would create this email chain and more debate.

So we decided to basically break our advertising algorithm in states or cities that were all the SNAP employees were. So they can see that. And so some ad would not show up in New York or Venice or other, you know, places like that. And only would be showing where there was no SNAP employees so that we're not having this internal debate. You know, because we were moving fast and trying to figure out, you know, what's the best ad algorithm stack to build, and you wanted to have as many advertisers come into the platform so that you can show the right ad to the right person.

Or you would test it in a different country. Sometimes you don't need to dog food your own ads or your own products. Sometimes you do, sometimes you don't. He really said what doesn't know can't hurt them. Exactly. Awesome. Thank you so much, everyone. Thank you.

Thank you. Thank you for talking with us. All right.