The Art of Investing | The University of Chicago Booth School of Business

Cack is a nickname my dad started calling me when I was a kid. My given name is Catherine, which is reputable, fit for a queen. In kindergarten, I declared I wanted everyone to call me Cack. Now I can’t think of being called anything else. It’s just androgynous enough that I get a lot of correspondence addressed to “Mr. Wilhelm.” 

Becoming a mother made me a better executive because it made me think about how I value my time. I’m at my best with a full plate, which I learned as a student-athlete in college. My children are my applied restraints. Without them, I’d work all the time, even though doing more is not always the best thing. To be home for dinner with my family takes my mind away from work. It’s a welcomed reset.

I learned early the value of being in nature and spending time with family without television or devices. My extended family regularly gathers at a cabin in the Wisconsin woods. We’re the seventh generation to use it, which is meaningful. I grew up nearby in Minnesota, so we went there year-round. It’s rustic, pristine; no one would think it’s fancy.

I uprooted myself to go to Booth, leaving my then boyfriend (now husband), and a wealth of friends and colleagues. I’d never taken econ or finance courses. I was a history major at Princeton. Macroeconomics with Anil K Kashyap was my toughest class and, as a result, one of my favorites. He set high expectations but brought out the best in us. I gained fluency in basic economic concepts of inflation, unemployment, and the Fed, which I use to full effect today. Booth gave me skills for life.

At Booth, we had to read the late investor Charlie Munger’s 1994 speech on “elementary, worldly wisdom.” I still have the hard copy. To be a successful investor, he said, you have to have models in your head drawn from experience, both vicarious and direct. This allows you to build a framework, and then build a lattice of those models. His first-rate thinking was an epiphany for me, and I still use his guidance. 

Jobs get boring. That’s why I went into venture capital. We are always looking at what’s innovative and compelling, and that’s ever-changing. Yes, I love making money, but I love winning more. In venture capital, the real win is the exit—be it a public offering or M&A. As a firm we are very driven, day after day, to invest in and work with the 10 companies a year that matter. We’re all born to have a purpose. I’ve found mine.