Baron Capital can hold through severe drawdowns because they own the firm, cannot be fired, and are the largest investors in their own funds — giving them a time horizon others don't have.

52:18years. Other guys are going to say, gee, I understand you're going to make all these billions of dollars of investments, right? >> Uh, but you know what? If I don't perform today, I'm going to get fired. I'm not going to be around for that in 10 years. So, but we can't get fired. We own the business. So basically uh the way and we're the biggest investors in

52:38our in our funds and the money that we manage. We're the largest investors and so like 11 12% of the money we manage is ours and and and so which considering that was minus $15,000 in debt [laughter] is pretty cool. Um so so the idea that we have though is that you're uh you know it's a time how we think about five and 10 years horizon and we

53:04think about what makes one business different than others. So think about think about SpaceX. Um, so here he comes along. This is a cool story that he comes along and he's the founder of PayPal and Elon and uh and then when uh he has the idea then then his partners want to sell PayPal. Wasn't a good sale but they sell it and he gets a hundred or$ 1110 million uh for his share and so

53:35he doesn't need to work anymore at that point. He's a very young man. And um and so he goes to his wife and he says, "You know, honey, um I think uh I would like to uh uh spend the rest of my life. I want to have rockets that you can use over and over again like airplanes." And uh she says, "Oh, okay." And and and he