Interestingly enough lone wolves often don’t survive long. Even if their pack disbands, they usually will join others, and along with them, their experience for the benefit of the group. There was a pack in Yellowstone that due to its unusually large size had to learn to take down massive bison. Before its leader died, wolves primarily consumed smaller elk, but once the pack disbanded, these wolves formed smaller packs or joined others where they shared their knowledge of how to take down much larger animals and now many packs in the park can take down bison too, significantly shifting their collective diets and hunting patterns. Even wolves realize the benefit of passing on their knowledge for their collective success!
Well said. It’s interesting that the traditional model of GPs keeping a meaningful stake in the partnership after retirement should incentive firm building yet some of the best firms for apprenticeship historically have passed down the partnership to the next generation.
Insightful, thanks for sharing this. Nice to read something thought provoking and which challenges current (default) views.
Interestingly enough lone wolves often don’t survive long. Even if their pack disbands, they usually will join others, and along with them, their experience for the benefit of the group. There was a pack in Yellowstone that due to its unusually large size had to learn to take down massive bison. Before its leader died, wolves primarily consumed smaller elk, but once the pack disbanded, these wolves formed smaller packs or joined others where they shared their knowledge of how to take down much larger animals and now many packs in the park can take down bison too, significantly shifting their collective diets and hunting patterns. Even wolves realize the benefit of passing on their knowledge for their collective success!
Well said. It’s interesting that the traditional model of GPs keeping a meaningful stake in the partnership after retirement should incentive firm building yet some of the best firms for apprenticeship historically have passed down the partnership to the next generation.