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This suggests that institutional investors, including investmentbanks and pensionfunds, are scrambling to take part in what could be the biggest IPO of the past couple of years.
Last, we note that non-cyclical employment from government and private H/C + education services accounted for 50% of the 142k nonfarm release this morning. There are several real-time proxies of the unemployment rate, but one of my favorites is from the Conference Board.
And what was fascinating about Drexel and kind of the diaspora, if you will, of that era was that we all basically went out looking to take that experience, particularly in high yield and kind of buyouts and financing, and do it at either banks or other investmentbanks. KENCEL: It’s the investmentbanking affiliate.
Let’s just start with your educational background. That whole distressed debt department at city 00:06:31 [Speaker Changed] Banks are wanting to sell? I work for a really senior guy in the investmentbank. It was very much a brokerage house with a growing, expanding investmentbank. In those years.
GREW: So, I got a call and this one was ultimately from a recruiter who’s working for Lehman Brothers, an investmentbank, a bond house. RITHOLTZ: Sure, all the little banking things, yeah. RITHOLTZ: Uh-oh. GREW: I know, this seems to be a process. RITHOLTZ: Right. RITHOLTZ: Another one that’s a few hundred years old as well.
Mike Wilson has been with Morgan Stanley since 1989, rising up through the ranks of institutional sales, trading, investing, banking to eventually becoming Chief Investment Officer and Chief US Equity Strategist. So I was really investmentbanking. What was that experience like? What was your trading career like?
It was between corporate law and investmentbanking. RITHOLTZ: So even back then, when it was the size that you could take a Christmas picture with everybody in one room at Goldman, they’re still doing investmentbanking. It’s the sovereign funds around the world, in Europe and Asia. KLINSKY: Yeah.
So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investmentbanks, he then joined Goldman Sachs. I joined, effectively, Deutsche Bank. We decided to try to have a go on our own. We were 28, 30 respectively.
ASWATH DAMODARAN, KERSCHNER FAMILY CHAIR IN FINANCE EDUCATION, NYU STERN SCHOOL OF BUSINESS: I’m glad to be back. DAMODARAN: Or it could be some unique characteristic, pensionfunds pay no taxes. To me, the core mission of universities should be educating the students who go through — RITHOLTZ: One would think.
Barry Ritholtz : So, so let’s talk a little bit about your career in real estate, but before we get to that, I just gotta ask on your LinkedIn under education, it says, didn’t graduate, none working for a living. The bulk of our investors are investing on behalf of consumers, on behalf of taxpayers. What does that mean?
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