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You, you were valedictorian Harvard, you never mentioned your Ivy League education. It was underwriting, you know, it was like doing investmentbanking, underwriting public offerings. It was dealing with like the sort of guts of the bank and like new product development and capital and, and balance sheet.
But if you don’t, if you grew up in a market, where there’s not an investmentbank, there’s nothing other than a branch bank for one of the multi-dimensional financials, then you’re not really going to have an understanding of what that career looks like at a young age. Your parent may work there.
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.
In the financial crisis, let’s remember, Goldman Sachs and Morgan Stanley became bank holding companies. ADMATI: They were investmentbanks. ADMATI: We’re at the mercy of these privatecompanies. RITHOLTZ: Because they’re privatecompanies. RITHOLTZ: Right. RITHOLTZ: Right.
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.
So when I resigned from JP Morgan to pursue my MBA at Harvard, I applied to and got accepted into Morgan Stanley’s MBA fellowship within the investmentbank. Within the investmentbank. So 00:11:21 [Speaker Changed] You traveling all over the world to kick tires of these privatecompanies or Yeah.
But I wasn’t, I had no idea how interested I was in the topic, but I became fascinated by it and educated myself and wish it would’ve been nice to have had the internet back then. Epic is still private, very large privatecompany. I carry Steve Jobs bags on the Apple IPO Road show, my first three months there.
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