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A broker-dealer firm is in the business of buying and selling securities -- stocks, bonds, mutualfunds and certain other investment products -- on behalf of its customers (as broker), for its own account (as dealer) or both. All broker-dealers that sell securities to the public in the U.S.
Jason Moser: I think it's with Goldman Sachs, Goldman is not the first bank I think that comes to people's minds when we think about consumer banking. Goldman, it's an investmentbank. Jason Moser: Well, like I said, Goldman is an investmentbank. What are they reacting to? Congratulations, Christopher. "I
So, yeah, I had a career in investmentbanking with Jefferies, and it was a really good professional experience because I do have the opportunity to work in M&A, equity and debt financing. I had the chance to be part of some very interesting transactions in the banking space. BERRUGA: You know, great question.
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. RITHOLTZ: It’s mutualfunds. It’s hedge funds. I don’t have a genius idea to say, you know, those endowments should invest with mutualfunds at 5 bps a fee.
Because this isn’t like, we’re not a hedge fund, we’re not a mutualfund. They’ve got, they’ve got now financial wellness, financial education. We’re able to manage money, add new investments, add lower fees. Investmentbanks, there’s two and a few others.
I mean, at first, I got out of undergrad, and a degree in finance coming out of a small college at the time, Quinnipiac College, the gigs I was offered were essentially customer service jobs at mutualfunds, call service, manning the phones, which I was no stranger to. And so, I joined to get free boating education. Coast Guard.
Most guys and gals who get into the business of working at a hedge fund, never mind you know founding and running one, you I think there’s a pretty typical track where they’re finance majors at top schools, they work at an investmentbank or an advisory bank, sometimes at a law firm, and then they make their way into the investing realm.
ASWATH DAMODARAN, KERSCHNER FAMILY CHAIR IN FINANCE EDUCATION, NYU STERN SCHOOL OF BUSINESS: I’m glad to be back. To me, the core mission of universities should be educating the students who go through — RITHOLTZ: One would think. If you were just paying for education, it should be one-tenth of that. RITHOLTZ: Right.
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