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And that was very important because when this was the dawning of what is now a big analyst program across the country in all banks and investmentbanks. There was no m and a departments in any investmentbank really until the very late seventies. And I was fortunate to be accepted to both.
And what was interesting was the first leveragedbuyout of a publiccompany happened when I was in graduate school. KKR took a stock exchange company called who Houdaille, private, and it was the first time there’ve been — RITHOLTZ: ’79 or something like that? And I had no work experience in anything.
One, two, there was a theory that these businesses had volatile cash flows and therefore couldn’t be leveraged, which was the, you know, the whole point of leveragedbuyouts. And finally that they were companies run by children, young, young, young folks. That was a very, very good investment.
So, I graduated from business school in 1987 and went to GE Capital for two years, financing leveragedbuyouts. I mean, you know, I probably shouldn’t have been doing it because I had been a journalist covering public schools and knew nothing about leveragedbuyouts. I’ve gone back to Columbia.
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