Rockefeller Capital Management CEO Greg Fleming is wary of managers who’ve put up great results but only lived through one cycle: “Anybody who got into SpaceX early, that’s kind of the vision they have for every private investment: ‘Am I going to be up 30, 40, 50 times?’” “This is not something that recurs on a regular basis.” “We think these people have done well, but they’ve really only seen one cycle. So we want to be careful there.” “The underlying driver is real. But there will be winners and losers.” “Let’s look for managers that have actually seen something go wrong, because things go right and they go wrong.” ▻