investment management

“In the shadows, right behind me, was coming what has got to be one of the greatest booms any line of work has ever had in the history of the world.”

“If you really love investing and you really, really want to do it, and it's not because it's the highest paid line of work in the world, which it is now, but it's not going to stay way up there forever.”

“Everybody who's involved in financial services. I thought primarily through the stock brokerage business and the investment management business. Same thing's true of banking, investment banking, bond dealing, whatever. You don't know how you stand with your cu…”

“In my time getting in the 19, early 19 sixties, anybody went into investment management either had a wealthy family, and he was kind of looking out for the family's money, Or had made a mistake and didn't know what he was doing.”

“Bill Belichick goes four and a fourth down, and it doesn't work out. People give them the benefit of the doubt, but if you're a coach who's got a 500 team, it may be the correct decision, but you lose that game. People don't think about the quality of your dec…”

“Are you going to it because you think it pays so very well? Be prepared. It's not going to pay so much. If you think you're going to it because it's fun, everybody's having a great good time, candidly be careful because the party may be Closing down, and maybe…”

“The first thing you have to leave behind is your transactional mindset, because when you're in investment banking, it's all about the next deal, your fee generating, and that's how you get paid. So doing the next deal is sort of what you live for. When you get…”

“What you bring with you is a much deeper knowledge of the capital markets than many people in investment management. I think there's a greater understanding of how does equity formation work over the life of a company?”

“And I think that's largely where we're headed in, in the market for allocation and thinking about how the world of investment management evolves with technology and better information. That's one of the things that I would see coming is a refinement of the pro…”

“The business part is really nice, but it is not the motivating force and it is not what we should be aiming for. We take it because it comes, but the real purpose is the professional side.”

“So what's kind of fascinating is that although investment firms do a lot of work on the investments that they make, they often don't take the same approach and the same critical and analytical lens on themselves. So what we find is that in investment managemen…”

“We talked about the long feedback loops and investment management and how that leads to a set of suboptimal behaviors. A lot of groupthink, a lot of fear of failure or career risk, and so people, as a result, are afraid to stand out or do something different, …”

“A boutique manager is always one step away from a bad stretch of performance that creates an existential threat to the business.”

“It took about two weeks of immersion in not-for-profit management to realize that the real action was in the endowments. It was early on when investment management, I could even say finance broadly defined, were extremely unpopular. It was a non-consensus, con…”

“Advisors are increasingly Showing a desire to let go of the investment side of it. Probably a little slower than the industry expected, but it is happening.”

“What we do is an apprenticeship business, and I don't think that AI's going to change that. Ultimately, the most effective are these interpersonal, how do you ask questions, hear the answer, and realize what the next question should be from what you've heard.”

“If you want individuals to act in a way where they are collaborating and working towards a client outcome, you have to appropriately construct those incentives correctly. That's often where in investment management things go awry. So I'm having a problem getti…”