---
title: Inside The Counting House with Gary Sernovitz
description: FEG CIO Greg Dowling and Gary Sernovitz, author and Managing Director at Lime Rock, dive into Sernovitz's latest book, The Counting House, also featured as FEG's 2024 Summer Book Club selection.
---

[Insight Bridge Podcast ](https://www.feg.com/insight-bridge-podcast)

# [Inside The Counting House with Gary Sernovitz](https://www.feg.com/insight-bridge-podcast/inside-the-counting-house-with-gary-sernovitz)

 Written by [FEG](https://www.feg.com/insight-bridge-podcast/author/feg) | August 5, 2024

FEG's 2024 Summer Book Club and this month's FEG Insight Bridge podcast features *The Counting House* by Gary Sernovitz. As a long-time friend of FEG, we are excited to feature Gary's latest publication due to its relatable subject matter for CIO's, investment committees, university endowments, and more. Tune in — you won't want to miss out on this witty episode!

On this episode of the [FEG Insight Bridge Podcast](https://www.feg.com/insight-bridge-podcast), CIO [Greg Dowling](https://www.feg.com/people/gregory-dowling?hsLang=en) welcomes [Gary Sernovitz](https://www.garysernovitz.com/about) as they delve into Gary’s dual careers as author and Managing Director at Lime Rock. Gary shares insights into his latest book, *The Counting House*, and its relevance to institutional investors. Approaching investment from an innovative, semi-fictional perspective, he reveals his inspiration and the role his wife played in encouraging this unique approach to investment storytelling.

As Gary shares his integration of humor and truth in fiction, the conversation unpacks the performance pressures faced by CIOs, and the blend of real and fictional elements in character development. Gary discusses FEG’s connection to the fictional firm of Busken Capital and satirizes generic private equity firms. He describes the four types of limited partners (LPs), his writing process, and real-life experiences of bizarre general partners (GPs) and limited partner (LPs) meetings. As the conversation comes to a close, Gary provides a sneak peek into alternative endings for the book, shares with listeners his favorite books, and provides recommendations for listeners interested in new reading material.

For more information on *The Counting House*, visit: [The Counting House — Gary Sernovitz](https://www.garysernovitz.com/the-counting-house)  
To purchase *The Counting House*, visit: [Octavia Books](https://www.octaviabooks.com/book/9781608012534)

Key Takeaways:

- The discussion emphasizes the significant impact of relative performance and league tables on the psyche and career of institutional investors. The public nature of endowment performance and the comparisons with peers creates a competitive environment, adding another layer of pressure for CIOs and their teams.
- This episode highlights a chapter from the book that humorously dissects the clichés in private equity pitch decks, including exaggerated competitor maps and funnels, while providing a comedic yet realistic portrayal of the repetitive nature of pitch presentations.
- As the discussion continues, it includes an insightful categorization of limited partners (LPs) into four types (grillers, testers, statues, and fans), emphasizing the varied approaches and attitudes limited partners (LPs) have during meetings. Ranging from aggressive questioning to silent observation, these responses highlight the unpredictable nature of investment pitches.

##### Episode Chapters

|  0:00 | Introduction |
| --- | --- |
|  0:30 | Episode Introduction |
|  1:29 | Meet Gary Sernovitz of Lime Rock |
|  2:47 | Synopsis of "The Counting House" |
|  10:04 | Relative Performance Pressure and Creating Characters |
|  16:48 | Real vs. Fictional Firms |
|  18:00 | Busken Capital and Book Satire |
|  24:56 | Types of LPs |
|  28:37 | Real-life GP and LP Meeting Stories |
|  30:40 | Future Books and Potential Endings? |
|  36:17 | Favorite Books and Recommendations |
| 38:48 | Countdown of FEG Summer Book Club Selections |

[View full post](https://www.feg.com/insight-bridge-podcast/inside-the-counting-house-with-gary-sernovitz)

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