The Hague, the Netherlands, 13th March 2025, CyberNewsWire

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• Lone Pine co-CIO Kelly Granat spoke about how the firm has changed in a rare interview.
• Granat, who manages the firm with David Craver, discussed how the firm's investing practices adapted.
• It's been six years since the firm's billionaire founder, Stephen Mandel Jr., stepped down.

Evolving into Lone Pine 2.0 following billionaire founder Stephen Mandel Jr.'s retirement in 2019 has been a "heavy lift," according to the Tiger Cub's co-CIO, Kelly Granat.

Speaking on investor Patrick O'Shaughnessy's podcast in a rare interview, Granat described how the firm, which was founded in 1997, has had to change from how it invests and how it runs its business because the world looks different than it did during former President Bill Clinton's second term.

Lone Pine, which manages $18 billion and is run by Granat and fellow co-CIO David Craver, has had to focus on "shoring up the organization for a different world," she said. The changes have paid off in the last two years when the manager made 20% in 2023 and 36% in 2024 in its long-short fund — but it hasn't been painless.

Hedge funds have historically struggled with succession plans; Ray Dalio's Bridgewater churned through executives in different roles before he gave way for Nir Bar Dea, who became the firm's CEO in 2022. Industry insiders gossip over the potential successors of firms like Elliott Management and Millennium as their founders set up for the next generation but also show no signs of slowing down.

For Lone Pine, it was always understood that Mandel would eventually hand over the reins, but the manager has still dealt with outflows, a rough patch of performance, and the departure of Mala Gaonkar, one of the three people Mandel left in charge of the portfolio, in early 2022.

Granat, a former Harvard tennis player who joined Lone Pine in 2007, described the "resetting" of the portfolio following 2022 — when its long-short fund fell 38% — as necessary.

"We had lost balance in the portfolio," she said. Lone Pine focused too much on the high-growth tech names, and, in the low interest rate environment following the pandemic, there was "a lack of accountability around valuation."

Now, there's a focus on sectors they had experience in but had ignored, as well as a lower level of market exposure so the firm is more flexible.

"There are lots of ways to make money in the market, and we just got really narrow in our purview," she said.

She's proud the "breadth" of the portfolio is driving returns now — the manager made 20% in 2023 and 36% in 2024 in its long-short fund — not just a few stocks. Granat pointed out the firm didn't own Nvidia last year, for example.

The portfolio's lower exposure level is partly to respond to structural market changes, such as the growth of passive and pod investing. Granat says the tweak helps them take advantage of times when stocks move for "non-fundamental reasons," such as platforms unwinding positions or a change in which stocks are in indexes.

The firm's changes are not limited solely to its investment staff. For the first time, Lone Pine is dedicating resources toward its public appearance and outreach, she said.

"We wouldn't do things like this five or 10 years ago," Granat said about speaking on a podcast. But "the world's changed," and keeping their heads down and performing is no longer enough, even though the firm still enjoys a solid investor base of long-term investors like endowments and foundations, many of which have been with Lone Pine since inception.

The firm brought on its first-ever business development leader, Pat Cronin, in 2022, and has attended events like iConnections to connect with potential LPs, for example.

"The onus is on us to tell our story," she said. "There are other things we need to be doing to continue to develop and grow our business."

But if one thing has stayed the same at Lone Pine, Granat said, it's been the focus on the next generation. Mandel "was focused at the beginning on the firm outliving him," she said, and she and Craver, who are both in their 50s, are continuing the tradition.

"If I'm in this seat in 10 years, that's probably not the best outcome for our LPs," she said.

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Lucy Hale and Harry Jowsey are “having fun” dating, a source exclusively tells Us Weekly. 

“They are spending time together in [New York City] and it’s very new,” the insider shares, adding that Jowsey, 27, “initiated things” with Hale, 35, after sending her a DM on Instagram.

The source notes that the pair’s mutual sobriety is what caused them to initially “hit it off.” The Pretty Little Liars alum, the insider says, has been “very supportive toward” Jowsey and “his decision” to cut out alcohol.

“It’s casual and they are having fun, but Harry is very into Lucy,” the source continues. “Friends around them think they are very cute and are a good, yet surprising match.”

Lucy Hale's Most Candid Quotes About Sobriety and Quitting Drinking

Hale first opened up about her efforts to get sober in February 2023, when she revealed via Instagram that she was celebrating one year of sobriety. She opened up about the journey further while on an episode of “The Diary of a CEO” podcast later that month.

“I have been working on getting sober since I was 20. I’m 33. It takes time. It took time. It took patience with myself,” she shared, admitting she thought the “real Lucy” came out when she drank which eventually became “exhausting.”

While speaking to People in September 2023, Hale, who was 32 at the time and first began drinking at the age of 18, recalled her “rock bottom” moment with alcohol, claiming that she would have “lost everything” she “cared about” had she continued on “the path” of alcohol dependency.

“It was the scariest choice in my life, but also it’s been the best gift,” she explained. “When I made that change, everything else changed. My whole life has changed.”

She continued, “I definitely had to go through my own process of getting sober.  took many, many, many years, many relapses, many dark moments, many falling on my face quite literally, but figuratively as well, to figure out what was working in my life, finding out why I was drinking, because removing alcohol is just one part of it.”

In January, Hale revealed that she is officially three years sober.

“Since then, I’ve experienced moments that can only be described as pure miracles and magic. I am deeply grateful every day — for the people who have been guiding lights, for a power greater than myself that loves me unconditionally, and for my own perseverance in not giving up,” she wrote via Instagram to mark the major milestone. “To all of you who have supported my journey, I have felt your love and it means everything to me.”

Jowsey, for his part, first opened up about his desire to get sober in 2022. He told Newsweek at the time that he wanted to “realign my goals and focus on the man that I want to be in five years” after realizing that alcohol had become a reward system.

Actress Lucy Hale Celebrates 2 Years of Sobriety: 'It Gets Better'

“I took a step back thought I could go down that path and I could go so badly into it, or I could just say, ‘This isn’t going to define me,’” he said. “I want to be focused and get my health and my career to everything it can be.”

In January, the Too Hot to Handle star took to Instagram to again declare his desire to get sober, sharing that he had been “peeing the bed” too often.

“There’s been too many nights where I’ve got a little bit too drunk and accidentally peed the bed,” he said in an Instagram video. “I’ve made a sausage of myself. That’s why this year I am declaring a sober 2025.”

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• William Harrington became a stay-at-home dad to support his wife, Heather's, career growth.
• Heather's career in digital management outpaced childcare costs, which prompted the decision.
• When they married in 2022, William took her last name. He now helps her with her company.

This as-told-to essay is based on a conversation with William Harrington, a stay-at-home dad from Lewisville, Texas. It's been edited for length and clarity.

I met my wife, Heather, through mutual friends in 2010. I was 19 and homeless, and she, at 21, was raising two small children on her own. When she offered me a place to stay, what started as kindness blossomed quickly into love after just two weeks.

Heather's children immediately became a cherished part of my life. I went from not having much in the world to being a young stepparent. As a stepkid myself, I wanted to provide the permanency and stability I lacked while growing up. Heather was waitressing at the time while she taught herself to code.

She now supports our entire family of five, and I stay home to care for the kids and run the household.

By the time we had our third child, one of us needed to stay home

In 2012, after two years together, I got a job as an opening manager at Sonic, working 55 to 60 hours weekly.

Shortly before that, my wife landed her first big job as a digital experience manager at an advertising agency.

Around this time, she got pregnant with our youngest. We weighed the childcare options versus my pay and my wife's, as Heather earned more, and childcare was more expensive than what I made. As Heather's career was quickly ascending, we decided it would be best if I quit my job and stayed home.

Running a house is constant work

At home, I ensure the kids get to school and all their needs are met, and I take care of all house chores and cooking.

Many people in my life imagine I've got all this free time and am doing nothing. Family can be particularly judgmental. Once, a relative asked me, "When will you be a man?" Navigating societal expectations and stereotypes about gender roles can sometimes feel like an uphill battle.

It's hard to be your own cheerleader sometimes with that criticism. Social isolation can also be challenging, as my daily environment doesn't provide the adult interactions I once had in a traditional work setting. When I reflect, I remember my fantastic relationship with my kids, which is stronger than anything I had with my parents.

In March 2017, we bought our first house

Over the next few years, Heather quickly moved from manager to director to vice president and eventually chief digital officer of two companies.

Buying our first house was a significant milestone because I was the first grandchild in our family to own a home. It was such a gift to our children to move from a two-bedroom apartment into a four-bedroom house.

My wife has made six figures for the past seven years, and it covers all our expenses and then some. Having all your bills paid is a unique feeling, but I'm also starting to build a new career path.

In 2019, I started massage school part-time and got my degree. I've always been interested in how the human body works and felt connected to healing.

We married in September 2022

I admire her so much that I even took her last name.

In 2023, Heather started her company, Level Up Digital, a marketing and technology development agency.

In addition to my massage work, I've been helping by learning to build websites, write blog content, and manage digital property. I've never been great at managing money, so I give any funds to my wife so she can handle it wisely.

Working together has been smoother than I expected. It doesn't mean it's always easy, but we check in, take breaks, and make time for our family. I've gained new titles and credibility in the eyes of those who judged me for being a stay-at-home dad.

Home life now is fantastic

Since Heather works from home, we can balance cooking and parenting. As the kids get older, I want to open my own business and brand for massage therapy. I'm most excited about joining in and helping Heather with her business.

We're so happy to be able to give our kids every opportunity they deserve, and I'm excited about the future of Heather's growing agency.

• In three years, Harvey went from an unknown startup to a pivotal AI force within the legal industry.
• CEO Winston Weinberg spoke to investor Sarah Guo on a podcast about how the legal field is changing.
• He highlighted how the work of young lawyers will evolve and why billable hours may go up in cost.

Harvey, a startup focused on legal and professional services, has a message for lawyers worried about chatbots coming for their jobs: We come in peace.

Founded by a former lawyer and an ex-DeepMind researcher, the company has taken over the legal world by worming its way through leading firms. It hired lawyers as domain experts and linked arms with high-profile firms like A&O Shearman and PwC early on to develop software for legal professionals.

Harvey investor Sarah Guo recently spoke to Winston Weinberg, Harvey's lawyer-trained founder and CEO, on her podcast, "No Priors." They covered the skepticism among some lawyers regarding artificial intelligence and its potential impact on the industry. Weinberg tried to ease those concerns.

"I don't think there is as much displacement fear," Weinberg told Guo. "It is not job displacement, it is task displacement. And I think that's a super important distinction because getting rid of those tasks does not mean the legal industry falls apart. It'll evolve."

Weinberg's reassurance has backing from the who's who of venture capital. Just last month, the company announced it had secured $300 million in Series D funding to further develop its platform and expand its team. This new round saw participation from return investors such as Sequoia, Kleiner Perkins, GV, Elad Gil, Guo's Conviction, and the OpenAI Startup Fund, along with new backers Coatue and LexisNexis.

Here are three other predictions the Harvey founder shared about the future of law.

Junior associates become more valuable

The majority of junior associates are hired to do one thing: produce as much billable work as possible. These young attorneys are expected to put in grueling hours of case study and research. They are the foot soldiers of the profession.

And so the notion of a law firm using software to automate away parts of the profession might seem scariest for the people responsible for this grunt work. Not so, according to Weinberg.

"The junior folks are incredibly happy about this," he told Guo on the podcast.

The Harvey founder says that most junior associates spend the first leg of their careers on rote tasks. "So whether that's in reviewing documents in discovery or it's reviewing documents in a data room, et cetera, you end up not being able to do the strategic level things until like 10 years into your career, if you're lucky, five," he said.

Software like Harvey allows them to get tasks done faster. "And so what I think will end up happening is the timeline will compress," Weinberg said, "so you will start being able to actually do the high-level strategic work and interact with clients, which is what people really want to do earlier on in your career."

Billable hours go up in cost

The unstoppable march of artificial intelligence has fanned a long-running debate over the potential death of the billable hour or the standard method of payment in the legal profession.

The idea is that when a firm uses software to speed through routine tasks like document review and due diligence, the number of billable hours to a client is likely to be reduced. The Harvey founder believes, however, that even as billable hours fall, the value of a lawyer's time is likely to increase.

"I don't think the billable hour is going to just completely disappear," Weinberg said. The mundane, repetitive tasks can be automated with a lawyer in the loop. "Those tasks will end up being kind of a fixed-fee model," he explained, "and I think the high-level advisory work on top will still be billable hour and will be actually maybe more expensive."

"There's an argument that the specialist at a law firm who has seen all of these different mergers in the pharmaceutical industry, their rates for hours should not be actually 3x the junior associate in the data room, maybe 10x, I don't know," Weinberg said. "My point is there is a specialization in professional services that is incredibly valuable and is going to be more valuable over time."

Other attorneys echoed this belief when speaking to Business Insider's Natalie Musumeci last fall. Frank Gerratana, a partner at the international firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., posited that in the future, "lawyers can simply charge more per hour because they're spending more time on the highest value work." Michel Paradis, a partner at the global firm Curtis, Mallet-Prevost, Colt & Mosle LLP, said firms will charge a premium for "the real value that lawyers provide."

Do you have a story to share about how AI is changing the legal world? Contact this reporter at [email protected].

• President Donald Trump has imposed a flurry of tariffs that have driven up costs.
• Real estate developers have been hit with sticker shock on steel orders, which have risen 20%.
• Despite widespread optimism at the beginning of Trump's second term, developers have grown worried.

President Donald Trump has promised to power the economy by imposing tariffs on foreign goods and materials.

Instead, the duties are heaping new costs on commercial real estate development projects in the US as prices rise sharply for core building components like steel, aluminum, copper, and tiling.

Joseph Taylor, the CEO of Matrix Development, a New Jersey-based warehouse developer, said that his company recently ran into tariff impacts on the steel it is buying to erect a warehouse in Newark, New Jersey.

"I can tell you steel is up 8-10%" for the project, Taylor said, noting that the increases had driven up the planned building's costs by about $2 million.

Another developer planning a more than $100 million warehouse outside of Washington, DC, meanwhile, said that Nucor, a North Carolina-based steel manufacturer that he had tapped to make the structural beams for the project, alerted him in recent days that prices were rising 15% on his $12 million order.

The developer was able to lock in his original price because he had made a reservation for the steel, but he now anticipates the project's construction costs will rise by about 10% overall because of the impact of tariffs on other materials, such as steel rebar in the project's concrete foundation, as well as growing charges for insulation and roofing.

The developer said that the increases would eat into his forecast returns for the development.

"It's going to be harder to get new projects going," the developer said.

The person did not want to be identified because he said he is negotiating with other suppliers and didn't want to tip his hand on where he anticipates price increases.

The prices of commodity goods like metals and common fabricated products like rebar and steel wall framing that are used in real estate development are strongly affected by global markets, experts say. The tariffs have had the effect of pushing up costs, even for goods made domestically.

"What you did is you hamper competition, so the domestic people simply just raised their price where they can," said Dain Drake, a principal at DeSimone Consulting Engineering, whose focus includes sourcing structural steel for commercial development.

The Trump administration placed a 25% duty on foreign made steel and aluminum imports in February and the trade barriers went into effect on March 12. Trump has explored tariffs on other important building materials, including copper, which is widely used in plumbing and electrical systems.

The increases haven't registered yet in much of the data that tracks materials costs. But experts say builders are beginning to experience sticker shock.

Drake said that quotes for fabricated steel he is helping to procure for the expansion of a manufacturing plant in the Houston area have risen 20% recently — in line with steel increases he has seen across the market. The contractor, which will have to pass the cost onto the customer, was surprised and "not happy," he said, when he reported the new quote.

Drake said that such escalations could impact whether projects proceed.

"It hasn't shut things down yet, but that conversation's going to manifest," he said.

More expensive ceiling tiles and lighting systems

The charges have been felt not just in ground-up development but also in the multi-billion dollar industry for interior work and renovations.

Richard Jantz, an executive at Cushman & Wakefield who leads its project and development services team in the tri-state region, said that a large office tenant recently put a roughly $20 million renovation of a space it occupies in Manhattan on hold because of cost escalations that coincided with the tariffs.

The duties have cascaded through the supply chain, Jantz said, raising the price of items like ceiling and acoustic tiles, which often use China-made fiberglass, or lighting systems, which can have internationally sourced components. The Trump administration has imposed a 20% tariff on imports from China.

Ceiling tile systems also employ steel or aluminum grids to suspend them, which have become more expensive.

Jantz said that construction costs have risen by about 3% on average annually in New York City for decades. This year he forecasts increases of around 5%.

"That is largely based on the tariffs and a little bit of greedflation that we're seeing," Jantz said, referring to domestic manufacturers and suppliers who have been opportunistic by raising prices because foreign competition has grown more expensive.

The higher costs have also had an impact on the construction of apartments, as Business Insider reported in February.

A lack of clarity on tariffs

Trump's return for a second term in the White House created widespread optimism across the commercial real estate industry. But a turbulent month and a half in office has rattled investors.

Trump has upended global alliances by placing tariffs on close US trading partners, including Mexico, Canada, and Europe. As major stock indexes have tumbled as a result of his policies, Trump appeared to suggest that he was willing to accept a contraction of US growth to meet his objectives, telling Fox News that the country may endure a "period of transition."

He has also zig-zagged on major policy announcements that have disoriented executives and raised uncertainty in the business sector. Trump's administration, for instance, announced a 50% tariff on Canadian steel on March 11, only to call off the sweeping action later in the day.

Construction experts say that such whiplash moves encourage developers to wait on the sidelines in the hope that other tariff actions and charges will also be pulled back.

"The lack of clarity on the tariffs and the resulting impact of those tariffs, it's driving uncertainty," said Joseph Mizzi, the president of Sciame Construction. "If someone has to guess with a lack of certainty, they're typically going to — in the contracting world — guess in a more conservative way."

Mizzi said that he and other contracting executives he speaks with have become concerned about the situation recently. He said the industry had expected an upswing in construction in 2025 after a few years of diminished activity in the sector that was brought on, in part, as a result of higher interest rates.

"We lay in bed at night thinking about things that might happen," Mizzi said. "So yeah, it's on our radar for sure."