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Speaker 1: M This is Mesters in Business with very Renaults on

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Speaker 1: Bluebird Radio. This week on the podcast, I have an

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Speaker 1: extra special guest and strap yourself in for this one.

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Speaker 1: It's absolutely fascinating. Joe Mowglia could have the most unique

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Speaker 1: career I'm familiar with. Not only is he a Wall

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Speaker 1: Street veteran seventeen years at mary Lynch, eventually rising to

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Speaker 1: the role of CEO and chairman at t D A

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Speaker 1: merrit Trade, which is just a giant custodian and trading shop,

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Speaker 1: but he also has been the head football coach and

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Speaker 1: defensive coordinator at a number of esteemed college teams. UM

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Speaker 1: such a fascinating, unusual career, and he went back and

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Speaker 1: forth between the two of the career several times. It's

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Speaker 1: really an intriguing career path he took when life basically

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Speaker 1: threw him a lemon, he really made lemonade and created

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Speaker 1: one of the most interesting careers in sports and finance. Uh,

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Speaker 1: there's a ton to learn about him. He's been unusually

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Speaker 1: successful in both careers and I just found this to

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Speaker 1: be absolutely fascinating. So, with no further ado, my conversation

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Speaker 1: with Joe Mowglia, this is Mesters in Business with very

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Speaker 1: renaults on Bluebird Radio. My extra special guest this week

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Speaker 1: is Joe Mowglia. He has one of the most fascinating

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Speaker 1: careers in finance. He was the head coach of a

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Speaker 1: football team at Coastal Carolina. You from throughen Uh. He

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Speaker 1: was also a seventeen year veteran at Merrill Lynch before

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Speaker 1: becoming chairman and CEO of t D A Merritrade, which

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Speaker 1: was the largest online brokerage firm if you measure it

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Speaker 1: by daily retail online trades. He is also the author

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Speaker 1: of two books, The Perimeter Attack Offense and Coach Yourself

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Speaker 1: to Success Winning the Investment Game. Joe Mowglia, Welcome to

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Speaker 1: Bloomberg Barry, Thank you very much. I'm excited to be on.

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Speaker 1: I'm excited to have you, and I have to start

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Speaker 1: out with your career, which is which is so fascinating.

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Speaker 1: You began in athletics. You were a college football coach

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Speaker 1: for sixteen seasons. What made you say let me pick

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Speaker 1: up a side hustle and finance. Well, there's a little

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Speaker 1: bit of a story you know, behind this, of course,

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Speaker 1: but I will jump to the transition time. So I

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Speaker 1: coached for sixteen years and uh my one who was

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Speaker 1: my first year as defensive coordinator at Dartmouth and we

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Speaker 1: had four children, and we were in the middle of

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Speaker 1: a staff meeting in the sheriff from Hannover, New Hampshire

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Speaker 1: comes in and he needs to see me, and I

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Speaker 1: was talked it was a death in the amiss coach,

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Speaker 1: I'm sorry. He has me divorce papers. So I couldn't

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Speaker 1: afford to live independently and support my wife before children.

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Speaker 1: So I got permission to move into a store group

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Speaker 1: above the football offices. I didn't mind that it was small,

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Speaker 1: but it had no heat, and this is New Hampshire,

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Speaker 1: so I could see my breath in the winter. I've

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Speaker 1: lived there for two years now. My goal as a

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Speaker 1: coach Artery was one day I wanted to be a

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Speaker 1: coach of a major major school, you know, in Michigan

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Speaker 1: and Notre Dame in Nebraska, whatever, but that was my goal.

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Speaker 1: Well that year January and the Orange Bowl, Miami upset

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Speaker 1: in Nebraska for the National Championship and their secondary coach,

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Speaker 1: my card that took the head job at l s

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Speaker 1: U and the following year that defensive coordinator was going

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Speaker 1: to Cleveland Browns and they offered me the opportunity to

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Speaker 1: go down as a secondary coach and then later on

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Speaker 1: succeed Oliver Dotti, the current defensive coordinator as defensive coordinators.

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Speaker 1: So I've gone from defensive cordinate in the IVY League

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Speaker 1: the defensive coordinator in the national championship team. I could

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Speaker 1: not have a more perfect next step of my career,

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Speaker 1: could not a bit more perfect. But you know, a

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Speaker 1: football coach works seven days a week, about eighty hours

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Speaker 1: a week five months. You don't get a day that's literal,

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Speaker 1: there's no days off and um and especially back then,

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Speaker 1: coaches didn't make that much. And I'm going to be

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Speaker 1: living in Carl Gables, Sparta, where my children to live

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Speaker 1: with a mom in New Hampshire, and I couldn't afford

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Speaker 1: to flying back the forth. So the most difficult decision

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Speaker 1: I ever made was I turned down that job. But

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Speaker 1: I didn't think I could do that job as a

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Speaker 1: coach if I couldn't live up to my responsibilities of father.

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Speaker 1: But that also told me very clearly that means I

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Speaker 1: can't stay in football. So I made your in economics

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Speaker 1: and I always had an interest in Wall Street. Uh,

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Speaker 1: so I thought that I really wanted to pursue a

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Speaker 1: career on the institutional side of Wall Street. Not easy

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Speaker 1: to figure out, but ultimately Mary Lynch gave me an opportunity.

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Speaker 1: In their institutional NBA training program. There were twenty six

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Speaker 1: of us nbas, I want football coach, and pretty much

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Speaker 1: everybody said, this football guy is not going to make

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Speaker 1: you here. But ultimately the majority of those NBA's working

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Speaker 1: for me and I wanted turning out okay, but that

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Speaker 1: the transition from football to Wall Street the first time.

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Speaker 1: So so you were at Merrill Lynch in the early

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Speaker 1: nineteen eighties at the start of of an eighteen year

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Speaker 1: bull market. What was it like in those days? That

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Speaker 1: was a very different world than the world of today

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Speaker 1: or even the world of the late nineties. I would

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Speaker 1: agree now, i'd be After I went through my training program,

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Speaker 1: I became an institutional bond salesman. So it was also

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Speaker 1: an interesting time in the buying world because I didn't

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Speaker 1: realize that up until then. But you take a lot

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Speaker 1: more risks on your trading desk and fixed income than

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Speaker 1: what you would have in the equity world, and rache

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Speaker 1: were high, but they did. The bull market wasn't just

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Speaker 1: in equities, the bull market was also in fixed income

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Speaker 1: because race were coming down, and uh, there was a

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Speaker 1: tremendous amount of things that you know, I needed to

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Speaker 1: be able to learn. But frankly, I already knew how

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Speaker 1: to handle myself on distress. I knew how to listen,

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Speaker 1: I knew how to have an impact on people. And

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Speaker 1: I think I was without question a much better bond

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Speaker 1: salesman because of my experience as a coach. So so

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Speaker 1: so for me and I frankly and I became a

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Speaker 1: pretty prolific bond salesman. And then from there I wanted

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Speaker 1: moving into executive management. In the late eighties, Mary Lynch

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Speaker 1: had horrible three in the seventy million dollar mortgage backed

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Speaker 1: security loss and that was very significant for us the

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Speaker 1: time back then three seventy seventies, very young money. But

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Speaker 1: I think Wall Street was learning also that you needed

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Speaker 1: your leaders, your real leaders, to be an executive management positions,

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Speaker 1: and they just weren't producers that that wanted getting promoted. Uh.

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Speaker 1: But my ability to learn was going on the markets.

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Speaker 1: How critical fixed income, as the role of the FED,

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Speaker 1: all of those things which have a significant impact on

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Speaker 1: the equity markets were all those things that I learned

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Speaker 1: during that period. And we'll talk more about the bond

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Speaker 1: market later, where where arguably still in the forty year

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Speaker 1: bond bull market that began back in the yearly eighties

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Speaker 1: when Vulcar broke the back of inflation. But let's stay

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Speaker 1: with Merrill Lynch for now. You you were at Mother

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Speaker 1: Meryll for seventeen years. What was your last role before

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Speaker 1: you departed? I had I was the first person in

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Speaker 1: the firm to go from the executive management executive management

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Speaker 1: team on the institutional side to the private client side

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Speaker 1: and um. Before I left, I was responsible for all

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Speaker 1: investment products, the four O one K business, the insurance business,

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Speaker 1: and the middle market business. So that's a pretty serious

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Speaker 1: role and it obviously prepped you to become CEO of

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Speaker 1: t D Merrit Trade. I think that was two thousand

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Speaker 1: and one. Tell us about the transition from Meryll to

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Speaker 1: t D What what was that like? Well, I think

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Speaker 1: that I was leaving, you know, one of the greatest

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Speaker 1: brands in the history of finance. We were, I think

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Speaker 1: it's the time. I think we were an eighty billion

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Speaker 1: dollar company. You know, we had I think sixty seventy

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Speaker 1: thousand employed days and forty seven different countries. We were

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Speaker 1: double a rated bond, and I was going from a

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Speaker 1: company that had incredible stability to a company that was

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Speaker 1: blowing up as the dot com bubble burst, and um

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Speaker 1: Merritory was losing a lot of money. The market cap

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Speaker 1: had gone down about seven million. And I hit that

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Speaker 1: my homework before taking this job, and I thought it

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Speaker 1: was probably a ten percent chance we might go out

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Speaker 1: of business, a ten percent chance we might hit a

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Speaker 1: real home run, but eight percent chance. No matter what,

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Speaker 1: I was going to make you better. And then after

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Speaker 1: I got there, I realized that I though there was

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Speaker 1: a chance we go out of business. And one of

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Speaker 1: the things that I learned pretty much early on, I'm

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Speaker 1: not an expert, that we were really a technology firm

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Speaker 1: and a financial service wrapper, and we needed to focus

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Speaker 1: on what core competencies were so we could leverage those

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Speaker 1: into competitive advantages, so we could be leaders in the

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Speaker 1: market niches that we chose to participate in. By doing that,

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Speaker 1: I would take half I got We were seven or

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Speaker 1: eight different countries, I got out of virtually all of them.

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Speaker 1: We were doing different businesses and different products. I got

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Speaker 1: out of all of them, and I took that money

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Speaker 1: half of it to offset or set the losses that

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Speaker 1: we were having, and the other half I poured back

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Speaker 1: into our core competencies. And core compacy was transaction processing

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Speaker 1: well in the financial world as buying and selling stocks.

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Speaker 1: And that was when we became very, very very significant

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Speaker 1: in that arena. And once we kind of got ourselves straight. Now,

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Speaker 1: the the recession after the dot com bubble buss March

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Speaker 1: two thousands of market thousand and three, and this is

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Speaker 1: around the middle of that, and consolidation had not begun

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Speaker 1: in the industry, and that's when I felt that was

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Speaker 1: a significant opportunity for us. So so let's talk about

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Speaker 1: that period that bear market. Um Market peaked March two

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Speaker 1: thousand around, did not bottom until October two, and then

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Speaker 1: again a second bottom in March o three at about

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Speaker 1: a thousand down. I have to imagine that you're running

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Speaker 1: the hottest online training company at the time. Trading volume

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Speaker 1: how to have really dropped off a cliff during that period.

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Speaker 1: What was that like? Well, you know, Barry kind of

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Speaker 1: you can almost make the parallel to what's going on today.

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Speaker 1: Back in the nineties when everything was going incredibly well

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Speaker 1: for everybody, uh the day trader because of the internet,

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Speaker 1: uh became alive and UM and one of the things

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Speaker 1: that in Merry Trade did they really did everything they could.

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Speaker 1: They try to do a lot of other things. So

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Speaker 1: they tried to focus on the day trader. Strategically, that

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Speaker 1: was not a great decision because the day traders wants

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Speaker 1: to market blew up per your reference, the day traders

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Speaker 1: want up going out of business. So we needed to

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Speaker 1: kind of restructure our entire business. But it was not

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Speaker 1: to do something that we couldn't do. It was to

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Speaker 1: focus on the ability to be able to trade, not

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Speaker 1: the day trader, just an active trader platform and UM. Uh.

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Speaker 1: So so at the time the industry that was tremendously

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Speaker 1: because how that the industry is far greater supply than

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Speaker 1: there is in terms of demand. But but trades had

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Speaker 1: certainly significantly dropped off. But by two thousand and three,

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Speaker 1: doing leading the industry and salivation and focusing on the

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Speaker 1: emphasis that we focused on, UH, we start we started

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Speaker 1: to do more trade than anybody else. Let's talk a

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Speaker 1: little bit about how did coaching prepare you for running

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Speaker 1: a giant financial organization. I think in terms of UM

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Speaker 1: I've often said that I was a much better bond salesman,

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Speaker 1: I think in a Wall Street executive because of my

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Speaker 1: experience as a coach, and then when I went back

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Speaker 1: to coaching, UH as a head coach, I think I

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Speaker 1: was a much better head football coach because of my

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Speaker 1: experience as a business leader. And UM, when you think

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Speaker 1: about football, you need to be able to make decisions

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Speaker 1: very quickly. Your entire career is dependent upon what you

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Speaker 1: do on Saturday. You have an incredible stressful eighty hour

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Speaker 1: work week. UH. There are no days off in the

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Speaker 1: span of a five month season or so you need

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Speaker 1: to You need to be able to understand people. You

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Speaker 1: need to be able to motivate, inspire, You need to

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Speaker 1: be able to discipline, you need to be able to insent. UH.

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Speaker 1: You also need to have a very very well thought

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Speaker 1: out strategy that would handle contingencies in terms of your

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Speaker 1: opponents and what happened. But you have to be able

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Speaker 1: to simplify that strategy in order to execute. So when football,

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Speaker 1: you's only about eleven people functioning at once with zero error. H. Well,

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Speaker 1: in the business world, there are a lot of firms

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Speaker 1: I think that don't maximize their potential because it sounds

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Speaker 1: like a grand deal of strategy but it's not simplified

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Speaker 1: enough to really truly be able to execute. So if

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Speaker 1: you take all those things together, um, and whether I

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Speaker 1: was talking about football or whether I was talking about

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Speaker 1: the business world, Uh, they would really be the same

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Speaker 1: principles to these Actually, crycipals is the only thing that

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Speaker 1: different Verry is the product. The product of football is

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Speaker 1: very different from the product of finance, But the principles

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Speaker 1: behind running a good business and successful business, being a

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Speaker 1: good leader and each are really the same. Huh. It

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Speaker 1: makes a lot of sense to me. I recall that

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Speaker 1: merger between day Tech Online and t D Waterhouse. I

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Speaker 1: was on a trading desk um early in my career,

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Speaker 1: and I have a vivid recollection of my former trading

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Speaker 1: buddies when I had been By that time, I was

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Speaker 1: already off the desk kind of freaking out about the merger.

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Speaker 1: Tell us a little bit about who day Tech was

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Speaker 1: while you were running t D Waterhouse and what that

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Speaker 1: experience was like going through a major merger. Okay, it

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Speaker 1: was about two thousand and two, so I'd been there

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Speaker 1: almost a year and we had gotten our at straight

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Speaker 1: and Um, the first deal we did actually was a

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Speaker 1: national discount broker and they were owned by Deutsche Bank,

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Speaker 1: and we paid a hundred and fifty four millions to them,

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Speaker 1: but we had no cash, so we had to do

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Speaker 1: it in stock when we were worth about seven hundred millions,

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Speaker 1: and if we had not gotten that deal done right,

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Speaker 1: we would have gone out of business. And um with

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Speaker 1: the day Tech deal, we were we were losing money.

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Speaker 1: They were making money. They were by far our biggest competitor.

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Speaker 1: They were taking market share from us, and uh, frankly,

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Speaker 1: they would when they wanted to do something strategic, and

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Speaker 1: they put together the memo of details associated with trying

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Speaker 1: to do something like that. We didn't even get that,

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Speaker 1: and they weren't interested in doing something with us. So

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Speaker 1: I figured out who the who the leaders were. They

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Speaker 1: were owned by private equity, the three dominant ones with

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Speaker 1: t A and Bain and Civil Age, and I actually

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Speaker 1: flew to Boston and that you know, a private room

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Speaker 1: with Steve Pauka the Bain, and we kind of worked

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Speaker 1: things out a little bit on the back of a napkin.

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Speaker 1: The next day I met with their board and then

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Speaker 1: shortly there I met with our guys and then eventually

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Speaker 1: we figured it out. But again once again we didn't

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Speaker 1: have any cash, so we had to do it for stock.

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Speaker 1: So this was a fifty fifty deal. So we paid

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Speaker 1: one billion one fifty for them when we were worth

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Speaker 1: a billion one fifty and again we screwed that deal up.

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Speaker 1: We are gone. We were out of business. But we

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Speaker 1: did had a home run with n Debate and we

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Speaker 1: had a homelown with day Tech and we were delivered

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Speaker 1: above and beyond with anybody, so it we would right.

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Speaker 1: So after the merger, you're now the biggest online trading

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Speaker 1: firm at least if we're going by daily volume. What

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Speaker 1: are the challenges of running a big technology company essentially

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Speaker 1: in that space? Well, while when I got to a

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Speaker 1: Merriort Trade, while you know, we were really struggling and

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Speaker 1: from a financial perspective, one thing that that I thought, uh,

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Speaker 1: merrit Trade did very well in the nineties was when

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Speaker 1: they went public, they took a lot of that money

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Speaker 1: they poured into marketing and they poured it into technology.

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Speaker 1: So I was aware of that before I took the job,

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Speaker 1: so it said me, eat, I don't frankly, I didn't

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Speaker 1: know much about online brokerage. I didn't know much about technology.

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Speaker 1: But there's nothing new in that, but I knew how

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Speaker 1: to run the business and I had people around me

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Speaker 1: that all new all those things. So I think with

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Speaker 1: regard a technology, I think you've got to be aware

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Speaker 1: of that. You've got to be religious with your fervor

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Speaker 1: in terms of making sure that you're staying on top

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Speaker 1: of how can we break down what the contingent plan,

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Speaker 1: what's going to happen. There's a lot going on. How

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Speaker 1: are we going to be able to do that? And

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Speaker 1: you know, we needed to write people in leadership roles

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Speaker 1: and we needed to make sure that we knew it

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Speaker 1: was a real commitment our manager's part and as they said,

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Speaker 1: we really wanted to financial serf. We were really a

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Speaker 1: technology firm and financial service wrapper. And as long as

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Speaker 1: you've got your priority straight, that certainly helped us out

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Speaker 1: significantly over time. So given that you aren't an asset

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Speaker 1: management shop, you aren't charging fees based on a U

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Speaker 1: M S. What what did the revenue break down look like?

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Speaker 1: You know, in between the dot com collapse and the

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Speaker 1: financial crisis that it's about is modern and era of

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Speaker 1: online trading that's separate from from today's ear as I

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Speaker 1: can imagine what were the revenue sources. Was it strictly

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Speaker 1: execution and trading were and some margin loan lending or

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Speaker 1: was were there other lines of revenue? Well, there are

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Speaker 1: basically three ways that I think a broke it firm

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Speaker 1: to make money with regards to at least with regards

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Speaker 1: to its trading. The first of the commissions you're charging

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Speaker 1: in and the second one would be the way you

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Speaker 1: manage your assets, which are the client assets on the ballancing.

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Speaker 1: You know, what do you do with those assets? Do

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Speaker 1: you invest? How do you handle that? That became a

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Speaker 1: big issue in two thousand and eight, of course that's secondly,

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Speaker 1: and then the third way to payment fraud the flow.

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Speaker 1: So there'd be the three ways in effect that you

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Speaker 1: can make money back then. Back then, though, the dominant,

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Speaker 1: the dominant um our, dominant revenue stream was for trading

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Speaker 1: and our commissions. Now in your mind when you're running

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Speaker 1: this company and trading is sixty. I remember before the

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Speaker 1: SWAB t D merge, and we'll talk about that later,

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Speaker 1: I remember reading that it was something like fifty revenue

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Speaker 1: a t D was trading was a much smaller percentage

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Speaker 1: of SCHWAB, so it became easier for them to drop

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Speaker 1: the cost structure. But in your wildest imagination, did you

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Speaker 1: ever suppose there would be a time when trading would

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Speaker 1: become free? Well, you know, I think the I think

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Speaker 1: in Chuck Schwab's book, he actually I think predicted, you know,

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Speaker 1: back in the early nineties or at some point in

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Speaker 1: time that you know it might be it might be free.

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Speaker 1: But I think from a business perspective I talked earlier

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Speaker 1: about you have to have a thoughtful strategy that handles

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Speaker 1: contituencies down the road, problems, issues that pop up. Well,

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Speaker 1: there was no question. You just look at the history

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Speaker 1: that you know, the uh fees commissions were being squeezed

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Speaker 1: and squeezed and squeezed, and they were just going to

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Speaker 1: continue to go down. So we always believe that there

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Speaker 1: was a shot that one day that made the zero commissions,

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Speaker 1: and we better be prepared for that. But we didn't

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Speaker 1: want to waste all of our time on that because

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Speaker 1: we really had businesses we gotta run. But probably i'd

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Speaker 1: say pretty much every board meeting there was some discussion.

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Speaker 1: Almost every board meet there's some discussion about like what's

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Speaker 1: going to happen if we want to commission want to

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Speaker 1: go into zero and um, and then eventually, of course,

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Speaker 1: kind of we got to zero. I think we got

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Speaker 1: there faster than anybody anticipated when Schwab decided that to

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Speaker 1: cut commissions to zero. But but but well, there was

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Speaker 1: always that. We always thought that that was that possibility.

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Speaker 1: In my head, if I had to guess, I would

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Speaker 1: have guessed probably that would have happened about two thousand.

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Speaker 1: So I'm trying to think back to what it was

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Speaker 1: like then, and I'm only imagining these board meetings. At

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Speaker 1: what point do you look at margin pressures and say,

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Speaker 1: we have to continue to get bigger, we have to

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Speaker 1: continue to get more efficient, and we have to be

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Speaker 1: the best user of technology of anyone. Otherwise are businesses

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Speaker 1: at risk? I think from the very beginning that was

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Speaker 1: the principle. And I think that also the reason. Part

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Speaker 1: of the reason why I thought it was so important

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Speaker 1: to leave the consolidation in the industry was because you

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Speaker 1: wanted scale. But I think the best answer to zero

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Speaker 1: commissions is a real quality asset base. So the focus

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Speaker 1: on being able to gather assets also became very, very

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Speaker 1: important to us. So the consolidation helped us, help help

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Speaker 1: us with synergies, helped us with scale, help only helped

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Speaker 1: our profit margins allowed us to grow market share. When

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Speaker 1: we purchased data. We Meritrade bought TD Waterhouse from TV

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Speaker 1: Group and that's one became TD and meritratee. But they

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Speaker 1: also were big in the r I a business, and

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Speaker 1: that was a business I really want to be in

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Speaker 1: as well, because I thought that that allowed us to

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Speaker 1: go after the more serious, longer term investor. And uh

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Speaker 1: so you're you're spreading your risk out over the different

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Speaker 1: types of investors that actually out there, not just the

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Speaker 1: trader or the active trader, but also the long term investor.

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Speaker 1: And you're gathering assets while while we go. So when

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Speaker 1: we did, you know, when when we announced the Schwab deal,

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Speaker 1: I think we're at about one point five trillion in assets.

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Speaker 1: You know when I began that, we had twenty four

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Speaker 1: billion in assets. So making sure your technology was top notch,

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Speaker 1: always testing it, making sure you continue to prioritize where

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Speaker 1: you're where you're going to invest capital, and the consolidation

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Speaker 1: growing assets. Uh it was all part of the plan,

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Speaker 1: and you know it was it was very very effective,

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Speaker 1: quite quite fascinating. So let's talk a little bit about

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Speaker 1: this business of free trading. And I have to start

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Speaker 1: um with the obvious question, Hey, I learned in economics

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Speaker 1: there's no such thing as a free lunch. Is free

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Speaker 1: trading really free? Or are there costs that we're just

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Speaker 1: not aware of as as traders. I think you've got

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Speaker 1: to look at that from two perspectives. First, do it

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Speaker 1: from the perspective of the trader. Uh. So, everything is

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Speaker 1: pretty simple. You go to your website, boom boom boom,

401
00:22:06,960 --> 00:22:09,800
Speaker 1: You put in the trade and gets executed almost always instaneously,

402
00:22:10,280 --> 00:22:13,560
Speaker 1: and you get you get you have to get the

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Speaker 1: best execution at that moment in time of the marketplace,

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Speaker 1: and all the time you actually get, uh, you get

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Speaker 1: price improvement. Right, that's what you see a front and

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Speaker 1: that course you zero. Now look at the back end

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00:22:23,119 --> 00:22:28,520
Speaker 1: behind that, you've got the zillion dollars worth of infrastructure, technology, regulatory,

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Speaker 1: many many, many different things that need to take place.

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Speaker 1: So when you do the trade, it goes through the

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Speaker 1: broker right to the market maker. The market maker in

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Speaker 1: effect has a spread. They have to give the client

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Speaker 1: the best, the best execution. At that time. You decide

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Speaker 1: as the broker how much price improvement you want to

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Speaker 1: give them, and then you keep the rest in robes

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Speaker 1: of prayment porta flows. So the way you pay for

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Speaker 1: this is through the payment porta flow. So on the

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Speaker 1: front end, the client really does get excellent execution and

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Speaker 1: here or she is pay getting it for. But at

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Speaker 1: the back end, this tremendous expense involved as well as

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Speaker 1: UH complexity, and that gets taken care of by payment

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Speaker 1: wort flow. So to simplify that, back in the days

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Speaker 1: when it was eight dollar trades or ten dollars or fifteen,

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Speaker 1: I think the last we saw it was about seven

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Speaker 1: bucks the trade. There wasn't that necessarily that payment for

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Speaker 1: order flow. Were traders getting better execution less spread going

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Speaker 1: to the market maker back when trades had a fee

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Speaker 1: attached to them. From the time I showed up at

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Speaker 1: a merry trade, you know, the number one priorities make

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Speaker 1: sure we take care of our clients. So it was

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Speaker 1: always a commitment to make sure that they got uh

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Speaker 1: the best execution. Now, when you were making money back then,

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Speaker 1: I'm sorry, when you were when you were charging fees

433
00:23:48,119 --> 00:23:50,280
Speaker 1: back then, you did. You got both. You've got the

434
00:23:50,280 --> 00:23:53,679
Speaker 1: commission as well as the spread payment porter flow. But

435
00:23:53,800 --> 00:23:56,159
Speaker 1: the client was still getting best execution, but they were

436
00:23:56,160 --> 00:23:58,200
Speaker 1: paying eight dollars or five dollars or seven dollars or

437
00:23:58,200 --> 00:24:01,040
Speaker 1: whatever that was. Now keep the mind to bury back then,

438
00:24:01,600 --> 00:24:03,760
Speaker 1: you know, technology was not as good as it is

439
00:24:04,280 --> 00:24:07,479
Speaker 1: twenty years later when mission went to zero. But it

440
00:24:07,560 --> 00:24:09,440
Speaker 1: was good, but not the way it is today. And

441
00:24:09,680 --> 00:24:13,120
Speaker 1: obviously technology improves a mystically from one year to the next,

442
00:24:13,119 --> 00:24:14,880
Speaker 1: certainly from every two or three years to the next

443
00:24:14,880 --> 00:24:17,600
Speaker 1: two or three years. So so you had that going on.

444
00:24:17,720 --> 00:24:21,640
Speaker 1: But with regard to that, the individual investor still would

445
00:24:21,680 --> 00:24:25,119
Speaker 1: get price improvement. So when I stepped down, when we

446
00:24:25,400 --> 00:24:28,560
Speaker 1: by the time we closed our deal on the we

447
00:24:29,440 --> 00:24:31,520
Speaker 1: on the payment porter flow piece that we were able

448
00:24:31,520 --> 00:24:35,080
Speaker 1: to control the we gave price improvement on a ratio

449
00:24:35,240 --> 00:24:37,720
Speaker 1: three and a half to one, So the client benefited

450
00:24:37,760 --> 00:24:40,200
Speaker 1: three and a half to one times what we would

451
00:24:40,200 --> 00:24:43,560
Speaker 1: have benefited from it. So this raises the question our

452
00:24:43,680 --> 00:24:46,879
Speaker 1: custodians able to make up the lost revenue? Are they

453
00:24:46,920 --> 00:24:50,840
Speaker 1: getting it from somewhere or is this just becoming an

454
00:24:50,880 --> 00:24:54,919
Speaker 1: increasingly low margin business When when we look at a

455
00:24:54,960 --> 00:24:58,320
Speaker 1: shop like Schwab, I think the number I saw when

456
00:24:58,320 --> 00:25:03,240
Speaker 1: they announced the t D deal was that of the

457
00:25:03,400 --> 00:25:06,680
Speaker 1: revenue came from the float, from the money they made

458
00:25:06,720 --> 00:25:10,720
Speaker 1: on cast sending around overnight. Right. So so the way

459
00:25:10,840 --> 00:25:12,960
Speaker 1: the way you make money, you can make money by

460
00:25:13,000 --> 00:25:15,440
Speaker 1: your commissions and they go away, then you have to

461
00:25:15,520 --> 00:25:17,640
Speaker 1: pay moreford fold. But then you have your asset base

462
00:25:18,359 --> 00:25:21,240
Speaker 1: and the ability of any broker, firm or bank to

463
00:25:21,480 --> 00:25:24,359
Speaker 1: re to take those assets and reinvest those is another

464
00:25:24,400 --> 00:25:28,240
Speaker 1: way for to to generate incremental revenue for that particular

465
00:25:28,320 --> 00:25:32,200
Speaker 1: firm or bank. Uh. Now, I think I think when

466
00:25:32,200 --> 00:25:35,840
Speaker 1: you when you look at that situation specifically, uh, you

467
00:25:35,960 --> 00:25:40,119
Speaker 1: also start to recognize them as as interest rates. With

468
00:25:40,280 --> 00:25:44,280
Speaker 1: higher interest rates, you know you can you can you

469
00:25:44,320 --> 00:25:46,720
Speaker 1: can take advantage of the yield curve there where you

470
00:25:46,800 --> 00:25:50,640
Speaker 1: might be paying one to the client going three years

471
00:25:50,640 --> 00:25:52,520
Speaker 1: back now, but you might be able to make three

472
00:25:52,600 --> 00:25:54,480
Speaker 1: or four or five pc in the case of a bank,

473
00:25:54,480 --> 00:25:57,080
Speaker 1: maybe doing a mortgage in the case of US investing

474
00:25:57,080 --> 00:25:59,880
Speaker 1: in fixed income type securities. But you would You've got

475
00:25:59,880 --> 00:26:02,560
Speaker 1: to manage that because is your ballacy and you still

476
00:26:02,600 --> 00:26:05,240
Speaker 1: of course of the liability to to to your client base.

477
00:26:05,640 --> 00:26:07,720
Speaker 1: But they're the different ways you make money. I would

478
00:26:07,760 --> 00:26:10,880
Speaker 1: like that one more point that's off trading. So keep

479
00:26:10,920 --> 00:26:13,639
Speaker 1: in mind that that you want to be able to

480
00:26:13,720 --> 00:26:16,919
Speaker 1: diversify from treating as much as you reasonably can. So

481
00:26:17,040 --> 00:26:20,600
Speaker 1: therefore the growing of the assets, the use of the

482
00:26:20,680 --> 00:26:25,879
Speaker 1: ira A, the R, the use of of robot type

483
00:26:25,880 --> 00:26:30,080
Speaker 1: portfolios and different asset allocation tools and risk measment tools

484
00:26:30,280 --> 00:26:32,760
Speaker 1: help you do that help you be able to diversify.

485
00:26:32,840 --> 00:26:35,320
Speaker 1: Maybe getting involved more with Criticum is another way to

486
00:26:35,359 --> 00:26:37,880
Speaker 1: be able to diversify. So you want to be able

487
00:26:37,920 --> 00:26:42,439
Speaker 1: to to diversify your revenue stream away from trading. But

488
00:26:42,520 --> 00:26:44,560
Speaker 1: with regard to the trading, you still make money to

489
00:26:44,560 --> 00:26:46,359
Speaker 1: pay more for the flow as well as what you

490
00:26:46,440 --> 00:26:48,919
Speaker 1: do with the assets. When you have very low interest

491
00:26:49,000 --> 00:26:51,040
Speaker 1: rates as we do today and have for a while,

492
00:26:51,520 --> 00:26:54,280
Speaker 1: that's more difficult to do. Huh. So what do you

493
00:26:54,320 --> 00:26:58,960
Speaker 1: think of apps like robin Hood that have gamified the

494
00:26:59,119 --> 00:27:05,960
Speaker 1: concept of trade aiding, especially for young inexperienced UM people

495
00:27:06,000 --> 00:27:08,760
Speaker 1: who are you know, board stuck at home and and

496
00:27:09,000 --> 00:27:13,000
Speaker 1: robin Hood makes this kind of fun. Well, I think

497
00:27:13,040 --> 00:27:14,640
Speaker 1: number one, I think it is great that we've got

498
00:27:14,720 --> 00:27:17,159
Speaker 1: you know, younger people coming into the marketplace, even if

499
00:27:17,160 --> 00:27:20,160
Speaker 1: they're coming in initiative day traders. I think because those

500
00:27:20,200 --> 00:27:23,760
Speaker 1: people are so acquired and so connected and have played

501
00:27:23,760 --> 00:27:26,960
Speaker 1: games themselves, but are certainly incredibly efficient with regard to

502
00:27:26,960 --> 00:27:29,480
Speaker 1: what they have got to technology. I think the idea

503
00:27:29,480 --> 00:27:32,480
Speaker 1: of gamifying that was I think probably a pretty good

504
00:27:32,480 --> 00:27:37,040
Speaker 1: marketing tool. And uh, with the leadership that that the

505
00:27:37,119 --> 00:27:40,920
Speaker 1: retail investor has, the day trader rather has seen from

506
00:27:40,960 --> 00:27:43,960
Speaker 1: the Reddit and the asked Kevin's of the world, etcetera. Uh,

507
00:27:44,119 --> 00:27:46,240
Speaker 1: you know, they've been able to put on some pretty significant,

508
00:27:46,359 --> 00:27:49,880
Speaker 1: pretty significant trades. The concern that I have is that,

509
00:27:50,000 --> 00:27:53,280
Speaker 1: so I give the retail investment lab credit for that,

510
00:27:53,720 --> 00:27:57,080
Speaker 1: but the concern I have is that think back to

511
00:27:57,200 --> 00:28:01,119
Speaker 1: the nineties when the dot com bubble worst. It was

512
00:28:01,200 --> 00:28:04,399
Speaker 1: significant day traders in the nineties, they went out of

513
00:28:04,440 --> 00:28:06,760
Speaker 1: business at some point in time. We've had a pretty

514
00:28:06,760 --> 00:28:09,320
Speaker 1: significant bull running here on eqtually is the last five years,

515
00:28:09,720 --> 00:28:11,840
Speaker 1: the last two three years. You know, we've had some

516
00:28:11,880 --> 00:28:14,160
Speaker 1: really good day trading going on. But at some point

517
00:28:14,160 --> 00:28:16,560
Speaker 1: the market is going to turn and and I think

518
00:28:16,560 --> 00:28:19,919
Speaker 1: it's it's behose the Robert Hoods of the world. A

519
00:28:20,000 --> 00:28:23,119
Speaker 1: merrit trade does this, Schwab does this, now it schwab

520
00:28:23,160 --> 00:28:25,639
Speaker 1: Swab does this. Other firms that have been around a

521
00:28:25,640 --> 00:28:28,280
Speaker 1: while do this. But you've got to do You've got

522
00:28:28,280 --> 00:28:31,040
Speaker 1: to educate your client. So, for example, let's say you

523
00:28:31,119 --> 00:28:32,800
Speaker 1: have a game stop trade on you know, you bought

524
00:28:32,840 --> 00:28:35,800
Speaker 1: it a ten, and it goes to, well, should you

525
00:28:35,840 --> 00:28:37,919
Speaker 1: have taken something over the table? No, We're gonna wait

526
00:28:37,960 --> 00:28:40,560
Speaker 1: to two. It gets to it takes something on the table.

527
00:28:40,800 --> 00:28:44,440
Speaker 1: I think you need to to help people understand how

528
00:28:44,480 --> 00:28:47,080
Speaker 1: to manage their risk win in those situations. Because of

529
00:28:47,160 --> 00:28:49,520
Speaker 1: the markets really turned around and go the other way

530
00:28:49,560 --> 00:28:52,200
Speaker 1: for a prolonged period of time, I would think that

531
00:28:52,240 --> 00:28:54,240
Speaker 1: the fate of the day trader would be similar to

532
00:28:54,240 --> 00:28:56,160
Speaker 1: what it was in the nineties. You know, that makes

533
00:28:56,200 --> 00:28:58,720
Speaker 1: a lot of sense. The other question I wanted to

534
00:28:58,760 --> 00:29:03,760
Speaker 1: ask you about online trading. I don't remember which CEO

535
00:29:03,960 --> 00:29:06,760
Speaker 1: said this it It could have been Tim Buckley at Vanguard,

536
00:29:07,200 --> 00:29:09,800
Speaker 1: But one of the questions um that have come up

537
00:29:09,960 --> 00:29:15,080
Speaker 1: has been about cybersecurity. How much should this be keeping

538
00:29:16,160 --> 00:29:21,000
Speaker 1: the people running current trading shops up at night these days?

539
00:29:20,760 --> 00:29:26,240
Speaker 1: How dangerous is the risk from hackers and others accessing accounts,

540
00:29:26,320 --> 00:29:29,320
Speaker 1: and how much more work needs to be done to

541
00:29:29,480 --> 00:29:34,520
Speaker 1: make sure that there's an increased level of cybersecurity for

542
00:29:34,960 --> 00:29:38,840
Speaker 1: financial firms. Whatever the most is a firm can do,

543
00:29:39,040 --> 00:29:41,640
Speaker 1: they probably have to increase that, So it's got to

544
00:29:41,720 --> 00:29:43,840
Speaker 1: be the number one priority. I know, when I was

545
00:29:43,880 --> 00:29:46,200
Speaker 1: asked a lot of time than using the term that

546
00:29:46,480 --> 00:29:48,560
Speaker 1: you just used to know what would really keep me

547
00:29:48,640 --> 00:29:50,719
Speaker 1: up at night? And I knew we were doing a

548
00:29:50,840 --> 00:29:53,840
Speaker 1: really good job with with executing our business plan, and

549
00:29:54,000 --> 00:29:55,680
Speaker 1: I knew we're doing a great job with our operation

550
00:29:55,720 --> 00:29:58,160
Speaker 1: with our people, etcetera, etcetera. But at the end of

551
00:29:58,160 --> 00:30:00,520
Speaker 1: the day, we're doing everything we and to make sure

552
00:30:00,520 --> 00:30:03,000
Speaker 1: our technologies fail through. But you know, you know that

553
00:30:03,240 --> 00:30:06,640
Speaker 1: nothing is perfect. And what happens if we get blindsided?

554
00:30:06,680 --> 00:30:08,400
Speaker 1: What happens if we get a hacker. Now we we've

555
00:30:08,400 --> 00:30:10,160
Speaker 1: got people who do nothing to try to hack into

556
00:30:10,160 --> 00:30:12,520
Speaker 1: our system, so we can prevent hactors from hacking into

557
00:30:12,560 --> 00:30:15,360
Speaker 1: our system. So this is not going away. And and

558
00:30:15,360 --> 00:30:17,760
Speaker 1: and to me, Barry the single greatest risk in the

559
00:30:17,840 --> 00:30:20,760
Speaker 1: world today's terrorism. And terrorism can come at you a

560
00:30:20,840 --> 00:30:23,160
Speaker 1: number of different ways, not just by flying into a building.

561
00:30:23,480 --> 00:30:25,160
Speaker 1: But you know, they can have a bio you can

562
00:30:25,200 --> 00:30:28,080
Speaker 1: have a biological attack, and you can have a chemical attack.

563
00:30:28,600 --> 00:30:30,840
Speaker 1: You can have obviously a nuclear attacking, but you can

564
00:30:30,880 --> 00:30:33,600
Speaker 1: also have a cyber attack. And the cyber attack is

565
00:30:33,640 --> 00:30:36,480
Speaker 1: the one that probably scares me the most. Uh So

566
00:30:36,840 --> 00:30:40,480
Speaker 1: from the United States perspective in terms of just national defense,

567
00:30:41,200 --> 00:30:43,320
Speaker 1: we have to we have to make this a number

568
00:30:43,360 --> 00:30:46,760
Speaker 1: one priority in every business uh in our country and

569
00:30:46,840 --> 00:30:51,440
Speaker 1: probably around the world that has a serious technology uh

570
00:30:51,720 --> 00:30:53,880
Speaker 1: part of what they do, and I think that should

571
00:30:54,000 --> 00:30:56,360
Speaker 1: probably everybody. You've got to be able to protect that

572
00:30:56,400 --> 00:30:58,080
Speaker 1: and do everything. You can't stay ahead of the game.

573
00:30:58,360 --> 00:30:59,960
Speaker 1: And if you don't do that, you're gonna fall behind,

574
00:31:00,000 --> 00:31:02,719
Speaker 1: and you can't afford to fall behind. Let's talk a

575
00:31:02,760 --> 00:31:06,600
Speaker 1: little bit about your return to coaching. What made you

576
00:31:06,680 --> 00:31:11,120
Speaker 1: decide to go back into football. When I stepped down

577
00:31:11,160 --> 00:31:13,760
Speaker 1: to two thousand and eight as CEO, and that's one

578
00:31:13,760 --> 00:31:16,440
Speaker 1: of the firm asked me to be chairman. Um we

579
00:31:16,480 --> 00:31:21,560
Speaker 1: had had a return for our shareholders, and we outperformed

580
00:31:21,600 --> 00:31:25,000
Speaker 1: every financial phone and the globe ben and in two

581
00:31:25,040 --> 00:31:27,240
Speaker 1: thousand and eight when the world was bowling up, and

582
00:31:27,240 --> 00:31:29,440
Speaker 1: that includes the financial crushis but when the world was

583
00:31:29,440 --> 00:31:32,240
Speaker 1: bowling up, we got it right. We didn't do any

584
00:31:32,280 --> 00:31:34,000
Speaker 1: of the things everybody else then. And I said part

585
00:31:34,000 --> 00:31:35,880
Speaker 1: of that because, as I mentioned, I grew up in

586
00:31:35,880 --> 00:31:38,880
Speaker 1: the fixed income world and I pushed the envelope I'm

587
00:31:38,880 --> 00:31:42,840
Speaker 1: always pushing it. I'm very very aggressive, but never to

588
00:31:42,880 --> 00:31:44,880
Speaker 1: the point where you cross the line, and never to

589
00:31:44,920 --> 00:31:47,440
Speaker 1: the point where you cross the lines to aggressively i e.

590
00:31:47,640 --> 00:31:50,240
Speaker 1: With leverage, where you potentially put your institution at risk.

591
00:31:50,720 --> 00:31:53,600
Speaker 1: So we got it right. Uh So I sat down

592
00:31:53,600 --> 00:31:56,560
Speaker 1: two thousand and eight, and I had been working pretty

593
00:31:57,240 --> 00:31:59,640
Speaker 1: in my father's foot store since I was ten years old,

594
00:32:00,080 --> 00:32:02,120
Speaker 1: and I was ready. It was ready to try to

595
00:32:02,160 --> 00:32:05,320
Speaker 1: take a break. And um, but because we had done

596
00:32:05,400 --> 00:32:08,480
Speaker 1: so well. Um, Frankly, I had never been in more

597
00:32:08,560 --> 00:32:11,720
Speaker 1: demand in my career and there could have been some

598
00:32:11,880 --> 00:32:14,920
Speaker 1: very very significant opportunities, but I didn't step down to

599
00:32:14,960 --> 00:32:18,080
Speaker 1: take other opportunities. Um. And then I got a call

600
00:32:18,480 --> 00:32:21,400
Speaker 1: from a group of alumni at Yale telling me that

601
00:32:22,120 --> 00:32:24,440
Speaker 1: the football job may be opening. It wouldn't be interested,

602
00:32:24,760 --> 00:32:28,600
Speaker 1: And I remember literally I was in a hotel in Vermont,

603
00:32:28,920 --> 00:32:31,560
Speaker 1: and I remember looking at my telephone and a pretty

604
00:32:31,560 --> 00:32:33,160
Speaker 1: get back to my year and said, guys, I said,

605
00:32:33,200 --> 00:32:34,600
Speaker 1: you know, I have a coach for over twenty years,

606
00:32:34,640 --> 00:32:36,440
Speaker 1: and said, we know that, but we spent a lot

607
00:32:36,440 --> 00:32:38,600
Speaker 1: of time looking at the skill sets that required of

608
00:32:38,680 --> 00:32:40,800
Speaker 1: a head coach. We think you're not only had those

609
00:32:40,800 --> 00:32:42,760
Speaker 1: skill sets, but you have better advantage of the people

610
00:32:42,840 --> 00:32:46,520
Speaker 1: don't have. And I said, there's only one problem. What's that? Well,

611
00:32:46,800 --> 00:32:48,600
Speaker 1: I hard at thirt or five years of college football,

612
00:32:48,640 --> 00:32:52,160
Speaker 1: nothing like this has ever happened. And uh, somebody like

613
00:32:52,200 --> 00:32:55,320
Speaker 1: you is not going to be hired unless the assigned

614
00:32:55,320 --> 00:32:58,000
Speaker 1: off from the president. And the typical president in academia

615
00:32:58,120 --> 00:33:00,880
Speaker 1: may be very, very smart, but they're not risk takers.

616
00:33:00,920 --> 00:33:04,400
Speaker 1: They're not risk reward people. But think about think about it.

617
00:33:04,440 --> 00:33:06,200
Speaker 1: And I really did, and I really did, and I

618
00:33:06,240 --> 00:33:09,800
Speaker 1: spent the next six seven months to truly, truly, you know,

619
00:33:09,840 --> 00:33:12,080
Speaker 1: examining my conscious there's something that I wanted to do,

620
00:33:12,120 --> 00:33:15,040
Speaker 1: and uh, looking at the pros and the cons, and

621
00:33:15,520 --> 00:33:18,520
Speaker 1: it hit me that number one, at this point in

622
00:33:18,520 --> 00:33:20,880
Speaker 1: my life, while there are a lot of other things

623
00:33:20,960 --> 00:33:24,120
Speaker 1: I could do, what would I not get greatest? Would

624
00:33:24,160 --> 00:33:27,200
Speaker 1: I not get greater satisfaction by going back to football,

625
00:33:27,200 --> 00:33:30,960
Speaker 1: I'm really having an impact on helping Uh, six eighteen

626
00:33:31,000 --> 00:33:32,840
Speaker 1: and twenty two year old boy really kind of growing

627
00:33:32,920 --> 00:33:35,120
Speaker 1: up and becoming a man. And I didn't think I

628
00:33:35,120 --> 00:33:37,160
Speaker 1: could do anything else that would give me greatest satisfaction.

629
00:33:37,200 --> 00:33:40,880
Speaker 1: That number two, when I think this was subconscious, I

630
00:33:40,920 --> 00:33:43,040
Speaker 1: didn't acknowledge it out loud, but I do think it

631
00:33:43,120 --> 00:33:47,040
Speaker 1: was subconscious in hindsight that when I left football, uh,

632
00:33:47,080 --> 00:33:50,000
Speaker 1: to go to Wall Street when my career path was

633
00:33:50,000 --> 00:33:53,080
Speaker 1: was on a great path, when my career was on it,

634
00:33:53,120 --> 00:33:56,080
Speaker 1: when it was a great path, and um uh, I

635
00:33:56,080 --> 00:33:58,280
Speaker 1: think without question that I got on my ami. I think,

636
00:33:58,680 --> 00:34:00,040
Speaker 1: and I'm not done to Wall Street. I think I

637
00:34:00,040 --> 00:34:01,720
Speaker 1: would have been a major college coach at you know,

638
00:34:01,720 --> 00:34:03,240
Speaker 1: the biggest schools in the country. And I think I

639
00:34:03,240 --> 00:34:05,720
Speaker 1: would have been very successful doing that. And and and

640
00:34:05,720 --> 00:34:08,400
Speaker 1: and maybe there was a piece of me that, you know,

641
00:34:08,560 --> 00:34:12,000
Speaker 1: wanted to take a shot at that really interesting. So

642
00:34:12,080 --> 00:34:17,360
Speaker 1: before I asked you how being a football coach prepared

643
00:34:17,440 --> 00:34:20,840
Speaker 1: you for a career in finance, let me flip that question.

644
00:34:20,840 --> 00:34:24,800
Speaker 1: How did running a big technology and finance company prepare

645
00:34:24,880 --> 00:34:28,680
Speaker 1: you for your re entry into coaching? I think with

646
00:34:28,800 --> 00:34:32,440
Speaker 1: regard to I think, I think in the business world, uh,

647
00:34:32,600 --> 00:34:35,000
Speaker 1: we were always so aggressive and we're trying to This

648
00:34:35,080 --> 00:34:37,239
Speaker 1: is true. Also, the divisions are responsible for a Marl

649
00:34:37,320 --> 00:34:39,799
Speaker 1: Lynch so aggressive and trying trying to do as much

650
00:34:39,880 --> 00:34:41,960
Speaker 1: much as you can. To me, it wasn't so much

651
00:34:42,040 --> 00:34:44,960
Speaker 1: the bottom line. It was maximizing your potential. So if

652
00:34:44,960 --> 00:34:48,080
Speaker 1: you can earn a dollar and the street expect you

653
00:34:48,120 --> 00:34:50,200
Speaker 1: to earn a dollar, and you come into dollar Pen,

654
00:34:50,239 --> 00:34:52,719
Speaker 1: everybody's patting you on the back. But I would want

655
00:34:52,760 --> 00:34:55,160
Speaker 1: my executive team to know was the dollar pen the

656
00:34:55,239 --> 00:34:56,880
Speaker 1: most we could do or should we have done a

657
00:34:56,920 --> 00:35:00,120
Speaker 1: dollar twenty uh and and so maximize you pretend so

658
00:35:00,320 --> 00:35:03,560
Speaker 1: is football or business? What was always a priority of mine.

659
00:35:03,800 --> 00:35:05,920
Speaker 1: I certainly felt that showing in the business world. The

660
00:35:06,040 --> 00:35:08,680
Speaker 1: second piece of it that that in order to do that,

661
00:35:08,960 --> 00:35:11,040
Speaker 1: in order to have you know, thousands of people and

662
00:35:11,320 --> 00:35:14,880
Speaker 1: you know multiple things going on, you had to absolutely

663
00:35:14,960 --> 00:35:16,960
Speaker 1: make sure you had the right people around your period.

664
00:35:17,520 --> 00:35:19,240
Speaker 1: You had to make sure you the right people around

665
00:35:19,280 --> 00:35:21,319
Speaker 1: you that brought into what you believe in the people

666
00:35:21,360 --> 00:35:23,480
Speaker 1: that you count on a trust uh And you had

667
00:35:23,520 --> 00:35:25,279
Speaker 1: to be willing to make tough decisions if that wasn't

668
00:35:25,320 --> 00:35:27,759
Speaker 1: the case. I think you also then needed to be

669
00:35:27,840 --> 00:35:31,560
Speaker 1: able to definitely obviously delegate to those people. And again

670
00:35:31,640 --> 00:35:34,359
Speaker 1: I said before, you need to have a sophisticated enough

671
00:35:34,400 --> 00:35:36,840
Speaker 1: strategy to handle detension down the road, but simplify it

672
00:35:37,080 --> 00:35:40,400
Speaker 1: so you can execute every one of those things varied

673
00:35:40,920 --> 00:35:43,319
Speaker 1: were things that helped me become a better football coach.

674
00:35:43,600 --> 00:35:45,920
Speaker 1: So my number one priority was higher the best possible

675
00:35:45,920 --> 00:35:48,760
Speaker 1: people I can. They got to buy into my leadership philosophy,

676
00:35:48,880 --> 00:35:50,839
Speaker 1: got a buy into what I'm doing that they don't.

677
00:35:50,840 --> 00:35:52,840
Speaker 1: They're not going to be part of the program going forward.

678
00:35:53,160 --> 00:35:56,560
Speaker 1: And I am a world class delegator. And if you

679
00:35:56,600 --> 00:35:58,759
Speaker 1: are running my offense or you're running a defense or

680
00:35:58,800 --> 00:36:02,080
Speaker 1: whatever your particularly, I maybe I'm expecting you to do

681
00:36:02,239 --> 00:36:03,560
Speaker 1: that and I'll do what I can to help you.

682
00:36:04,239 --> 00:36:06,920
Speaker 1: Of course, during the game, certain decisions head coach gotta make,

683
00:36:07,320 --> 00:36:09,000
Speaker 1: but I am counting on you to be able to

684
00:36:09,040 --> 00:36:11,960
Speaker 1: do that very very similarly to what I did did

685
00:36:12,040 --> 00:36:14,520
Speaker 1: when I was on Wall Street. So so you have

686
00:36:15,640 --> 00:36:18,440
Speaker 1: you can't micromanage, and you've got to have the right

687
00:36:18,480 --> 00:36:20,480
Speaker 1: people in the place right that you delegate to. And

688
00:36:20,560 --> 00:36:24,600
Speaker 1: then the frankly, you monitor progress. So here's a question

689
00:36:24,760 --> 00:36:28,160
Speaker 1: that I guess is obvious, but I'm just thinking of

690
00:36:28,239 --> 00:36:32,640
Speaker 1: it now. There's a twenty year gap between your two

691
00:36:33,040 --> 00:36:37,840
Speaker 1: coaching stints. How has the game changed, How have the

692
00:36:37,960 --> 00:36:43,280
Speaker 1: student athletes changed, How has the technology and the officiating changed.

693
00:36:43,640 --> 00:36:47,680
Speaker 1: How different it's college football today from back when you

694
00:36:47,760 --> 00:36:51,560
Speaker 1: were a coach in the late seventies and eighties. So

695
00:36:52,040 --> 00:36:54,440
Speaker 1: first of all, you know, they simple thing that they

696
00:36:54,480 --> 00:36:56,680
Speaker 1: took the hashmah. They important to the middle a little bit,

697
00:36:56,760 --> 00:36:59,560
Speaker 1: so you have in effect on wider field number one.

698
00:36:59,680 --> 00:37:01,880
Speaker 1: Number of the game has certainly spent up. You know,

699
00:37:02,120 --> 00:37:04,600
Speaker 1: very few people even huddle up today. Now we did

700
00:37:04,719 --> 00:37:07,080
Speaker 1: that too, but that was that was a two minutes drill,

701
00:37:07,520 --> 00:37:10,000
Speaker 1: and we need to handle that bow offensively defensively. But

702
00:37:10,239 --> 00:37:12,360
Speaker 1: the only time people really did that was whether in

703
00:37:12,360 --> 00:37:15,680
Speaker 1: a two minutes drill. Now pretty much everybody does that. UM.

704
00:37:16,000 --> 00:37:18,800
Speaker 1: I think that when you look at sets that existed

705
00:37:18,840 --> 00:37:23,160
Speaker 1: there by by that I mean formations. UH typical offensive

706
00:37:23,400 --> 00:37:25,319
Speaker 1: is very much spread out across the field. That wasn't

707
00:37:25,320 --> 00:37:29,399
Speaker 1: always the case back then. So the games faster, there's more,

708
00:37:30,040 --> 00:37:33,560
Speaker 1: there was more uh combination, I think of passing and running,

709
00:37:33,600 --> 00:37:36,360
Speaker 1: probably more passing, UM and the and the speed of

710
00:37:36,400 --> 00:37:40,080
Speaker 1: the game. Now. I think today there's also more of

711
00:37:40,120 --> 00:37:44,520
Speaker 1: an emphasis placed on schemes, whereas when I coached first time,

712
00:37:44,600 --> 00:37:47,320
Speaker 1: he's probably more of an emphasis placed on fundamentals. So

713
00:37:47,480 --> 00:37:50,440
Speaker 1: I think were we both and fundamentals is one of

714
00:37:50,480 --> 00:37:52,800
Speaker 1: the things that I think we give us a competter advantage.

715
00:37:53,000 --> 00:37:55,320
Speaker 1: Now let's look at the player. So you've got you know,

716
00:37:55,480 --> 00:38:00,680
Speaker 1: you're eighteen year old kid, who's who's Who's constantly connected

717
00:38:01,040 --> 00:38:04,440
Speaker 1: because of technology, So there's more information coming at him

718
00:38:04,560 --> 00:38:06,640
Speaker 1: or her than has ever been the case in the past.

719
00:38:07,080 --> 00:38:09,080
Speaker 1: And I think because that tends to be a little

720
00:38:09,080 --> 00:38:12,520
Speaker 1: bit more pressure perhaps to produce or how you interact

721
00:38:12,560 --> 00:38:15,640
Speaker 1: with your peers or whatever it might be. But so

722
00:38:15,800 --> 00:38:19,600
Speaker 1: while the world has changed and everything is faster, and

723
00:38:19,640 --> 00:38:22,960
Speaker 1: everybody's connected, and everybody's got you know, look playing a

724
00:38:23,000 --> 00:38:25,320
Speaker 1: look at living at the phones all the time. The

725
00:38:25,480 --> 00:38:28,919
Speaker 1: basic thing that makes up the human being a young boy,

726
00:38:29,120 --> 00:38:32,520
Speaker 1: a young girl. Uh as you as you go through

727
00:38:32,840 --> 00:38:37,040
Speaker 1: the beginning of adulthood, that hasn't changed at all. It

728
00:38:37,080 --> 00:38:39,520
Speaker 1: hasn't changed at all. So I think about what it

729
00:38:39,600 --> 00:38:41,120
Speaker 1: was like when I was growing up, it was like

730
00:38:41,200 --> 00:38:43,200
Speaker 1: when my children growing up. I think what my players

731
00:38:43,239 --> 00:38:44,759
Speaker 1: were like the first time, and what players are like

732
00:38:44,840 --> 00:38:48,479
Speaker 1: this time. And the concerned about preer pressure, the concerned about,

733
00:38:48,560 --> 00:38:51,600
Speaker 1: you know, the issues associated with drugs or or sex

734
00:38:51,960 --> 00:38:55,719
Speaker 1: or alcohol, the pressure potentially that might come from a

735
00:38:55,800 --> 00:38:58,680
Speaker 1: parent or with the respective coaching, with respect of your teacher,

736
00:38:59,200 --> 00:39:02,160
Speaker 1: or with your girlfriend or boyfriend or whomever it might be,

737
00:39:02,840 --> 00:39:06,840
Speaker 1: that hasn't changed. So I think number one, you've got

738
00:39:06,960 --> 00:39:10,040
Speaker 1: to recognize that. And while the world's change around the

739
00:39:10,280 --> 00:39:14,560
Speaker 1: basic human being, what makes us pick, what makes us

740
00:39:14,560 --> 00:39:17,319
Speaker 1: stick inside? I think that was true fifty years ago

741
00:39:17,520 --> 00:39:19,560
Speaker 1: the rats today. I think it's gonna be true fifty

742
00:39:19,600 --> 00:39:23,719
Speaker 1: years from now. So there are two aspects to student

743
00:39:23,880 --> 00:39:26,759
Speaker 1: athletics that I think have changed, and I want to

744
00:39:26,800 --> 00:39:32,120
Speaker 1: get your opinion on the First is the athleticism of

745
00:39:32,280 --> 00:39:38,280
Speaker 1: the players. It certainly feels like players today are faster, bigger, stronger.

746
00:39:39,160 --> 00:39:44,200
Speaker 1: Is that my imagination or our student athletes really in

747
00:39:44,320 --> 00:39:49,280
Speaker 1: a level of competitive shape that's noticeably different than twenty

748
00:39:49,360 --> 00:39:53,160
Speaker 1: five years ago? Right, you see that exactly right? And

749
00:39:53,200 --> 00:39:55,880
Speaker 1: I think part of that is tremendous episodes, and of

750
00:39:55,960 --> 00:39:58,520
Speaker 1: course in terms of strength training and and and and

751
00:39:58,640 --> 00:40:01,799
Speaker 1: workouts and things like that at that frankly take place

752
00:40:01,840 --> 00:40:04,040
Speaker 1: over the span of the entire year. So if you

753
00:40:04,080 --> 00:40:05,920
Speaker 1: look at football, but this is true in other sports.

754
00:40:06,360 --> 00:40:08,879
Speaker 1: You know, our guys list at least twice a week,

755
00:40:09,520 --> 00:40:11,520
Speaker 1: and the off season that becomes three or four times

756
00:40:11,560 --> 00:40:13,320
Speaker 1: a week, perhaps five times a week, depending on what

757
00:40:13,400 --> 00:40:15,439
Speaker 1: we have going on. So in the fact you're working

758
00:40:15,480 --> 00:40:18,239
Speaker 1: out year round, that's number one. And the number two

759
00:40:18,280 --> 00:40:20,719
Speaker 1: pieces you know, after twenty five years to look at

760
00:40:20,760 --> 00:40:23,399
Speaker 1: mortality rates. You know, seventy five years ago, the TALI

761
00:40:23,480 --> 00:40:25,880
Speaker 1: rate may have been fifty. Today is eighty five. So

762
00:40:26,120 --> 00:40:29,200
Speaker 1: there's also the also the element of evolution that has

763
00:40:29,280 --> 00:40:32,200
Speaker 1: taken place, you know, the typical a little bit fast,

764
00:40:32,239 --> 00:40:34,479
Speaker 1: a little bit stronger, a little bit larger, a little

765
00:40:34,520 --> 00:40:37,080
Speaker 1: bit maybe a little bit smarter, all of those things

766
00:40:37,640 --> 00:40:40,640
Speaker 1: I think have taken place over time. And then the

767
00:40:40,719 --> 00:40:44,400
Speaker 1: second issue that came up over the past couple of

768
00:40:44,520 --> 00:40:47,800
Speaker 1: years is the concept of uh the n ci A

769
00:40:48,160 --> 00:40:54,399
Speaker 1: and student athletes demanding control over their image, control over um,

770
00:40:54,880 --> 00:40:58,880
Speaker 1: how how licensing is done with their names, and even

771
00:40:59,239 --> 00:41:03,359
Speaker 1: student athletes getting paid. What are your thoughts on this area? Well,

772
00:41:03,560 --> 00:41:06,320
Speaker 1: being a business guy, you know, Barry, I certainly I

773
00:41:06,360 --> 00:41:07,960
Speaker 1: think you've got to follow at the money and you've

774
00:41:07,960 --> 00:41:11,279
Speaker 1: got to pay close attention to that and um uh

775
00:41:11,680 --> 00:41:14,480
Speaker 1: so I think if you really understand money flow on

776
00:41:14,560 --> 00:41:16,640
Speaker 1: how it works a lot of times it's not that

777
00:41:16,800 --> 00:41:19,520
Speaker 1: you can not that your soothsayer or fortunate all, but

778
00:41:19,600 --> 00:41:21,960
Speaker 1: you kind of tell what's going to openly happen. And

779
00:41:22,160 --> 00:41:25,239
Speaker 1: with regards to this, to preface it for a moment,

780
00:41:26,239 --> 00:41:28,560
Speaker 1: when I went to college, I was married, I had

781
00:41:28,600 --> 00:41:32,879
Speaker 1: a daughter. At every gamemond education, and we have guys

782
00:41:32,960 --> 00:41:35,319
Speaker 1: so on the team only eighty five scholarships some means

783
00:41:35,520 --> 00:41:37,919
Speaker 1: a forty guy a team that that do not get aid,

784
00:41:38,440 --> 00:41:41,160
Speaker 1: and they treat exactly like the other guys, and they've

785
00:41:41,160 --> 00:41:42,759
Speaker 1: got to work just as hard as the other guys,

786
00:41:43,000 --> 00:41:44,759
Speaker 1: and they're not getting money. So you would think them

787
00:41:44,840 --> 00:41:49,600
Speaker 1: to be able to provide a student athlete with room board, books, tuition.

788
00:41:50,280 --> 00:41:53,160
Speaker 1: You know, it's a pretty significant thing. But the TV

789
00:41:53,320 --> 00:41:57,360
Speaker 1: contracts are so significant, are so significant today that the

790
00:41:57,400 --> 00:42:00,120
Speaker 1: amount of money of Power five school makes from or

791
00:42:00,120 --> 00:42:03,560
Speaker 1: a league from their conference, just in football alone is astronomical,

792
00:42:04,120 --> 00:42:06,960
Speaker 1: far greater than let's say what the entire athletic butget

793
00:42:06,960 --> 00:42:10,640
Speaker 1: would be at Coastal Carolina. So so, with that amount

794
00:42:10,719 --> 00:42:12,600
Speaker 1: of money, and look at coaches at the Par five

795
00:42:12,719 --> 00:42:15,080
Speaker 1: level getting paid four or five, six, seven, eight, nine

796
00:42:15,120 --> 00:42:17,799
Speaker 1: million dollars and the schools being able to get rid

797
00:42:17,800 --> 00:42:19,400
Speaker 1: of a coach and not have a problem with a

798
00:42:19,480 --> 00:42:21,839
Speaker 1: ten million dollar payout and hire another guy for six

799
00:42:21,840 --> 00:42:24,400
Speaker 1: seven million dollars. A year. There's a lot of money there,

800
00:42:24,440 --> 00:42:25,800
Speaker 1: and I would suggest that a lot of money is

801
00:42:25,840 --> 00:42:28,279
Speaker 1: actually being wasted. So for the student after you raised

802
00:42:28,320 --> 00:42:30,000
Speaker 1: the hand and say, hey, I'm a tied up with

803
00:42:30,040 --> 00:42:32,640
Speaker 1: some here. And I think the N double A could

804
00:42:32,680 --> 00:42:35,200
Speaker 1: have been could have taken a far greater leadership role

805
00:42:35,200 --> 00:42:38,840
Speaker 1: in this, but they didn't. And um uh so, so

806
00:42:39,080 --> 00:42:40,680
Speaker 1: it's at the end of the day, I think, I

807
00:42:40,760 --> 00:42:43,640
Speaker 1: think this is part of evolution, that we're moving in

808
00:42:43,719 --> 00:42:47,800
Speaker 1: this direction as student athletes. Uh. Now, I think the

809
00:42:48,040 --> 00:42:51,080
Speaker 1: majority of the states, I think have already voted that, uh,

810
00:42:51,160 --> 00:42:53,839
Speaker 1: you know, student athletes can get paid for the use

811
00:42:53,880 --> 00:42:57,000
Speaker 1: of their image. Uh. And I don't necessarily disagree with

812
00:42:57,080 --> 00:42:59,279
Speaker 1: any of that. So I think that's the way of

813
00:42:59,320 --> 00:43:01,399
Speaker 1: the world. Think that's the way the dolls are going.

814
00:43:01,760 --> 00:43:04,400
Speaker 1: Are there enough dollars go around so I can appreciate

815
00:43:04,480 --> 00:43:06,759
Speaker 1: that happen. So it's gonna happen. Take a leadership role

816
00:43:06,800 --> 00:43:10,600
Speaker 1: in it. Uh. The issue the concern that I have

817
00:43:11,360 --> 00:43:14,279
Speaker 1: is that this becomes easier to cheat. So we go

818
00:43:14,400 --> 00:43:17,040
Speaker 1: back in the seventies, the sixties and the seventies, wasn't

819
00:43:17,040 --> 00:43:20,360
Speaker 1: a comment to give give a player money. It wasn't common,

820
00:43:20,480 --> 00:43:21,759
Speaker 1: but you know you're doing that an effort to be

821
00:43:21,800 --> 00:43:24,240
Speaker 1: able to recruiter as certainly it happens in all sports,

822
00:43:24,600 --> 00:43:28,000
Speaker 1: but probably especially basketball where you really only need one

823
00:43:28,080 --> 00:43:30,879
Speaker 1: guy to really make a difference in the ultimate team.

824
00:43:31,400 --> 00:43:34,000
Speaker 1: So but then then you show what happened SMU, you

825
00:43:34,040 --> 00:43:36,080
Speaker 1: show it having a couple of other programs when when

826
00:43:36,160 --> 00:43:40,600
Speaker 1: when they got the death penalty. So the NT double

827
00:43:40,680 --> 00:43:42,840
Speaker 1: A and COUG football has really been very very strict

828
00:43:42,880 --> 00:43:45,360
Speaker 1: with that over time. Well, now, if individual players you

829
00:43:45,440 --> 00:43:48,920
Speaker 1: can get paid on their own because they're using their image,

830
00:43:49,400 --> 00:43:52,800
Speaker 1: or there's enough money to go around, and the student

831
00:43:52,840 --> 00:43:56,400
Speaker 1: athlete is getting some of that. Um, I worry about

832
00:43:56,520 --> 00:43:59,680
Speaker 1: how that gets controlled. I worry about I worry about

833
00:44:00,640 --> 00:44:04,280
Speaker 1: whether or not teams And there's so much money involved.

834
00:44:04,440 --> 00:44:07,080
Speaker 1: As I pointed out a minute ago, so much money involved,

835
00:44:07,200 --> 00:44:10,239
Speaker 1: there is even more of a propensity potentially to take

836
00:44:10,280 --> 00:44:13,200
Speaker 1: advantage that. By that, I mean crossing your line and cheating.

837
00:44:13,640 --> 00:44:16,560
Speaker 1: So I see, I see an uppick in that, which

838
00:44:16,640 --> 00:44:19,320
Speaker 1: is a negative. But moving this direction I think is

839
00:44:19,360 --> 00:44:21,440
Speaker 1: the way of the world. And I'd rather do with

840
00:44:21,560 --> 00:44:23,840
Speaker 1: it and have a control on it than than you know,

841
00:44:24,320 --> 00:44:28,360
Speaker 1: follow it along. Um. Since we're talking about getting paid

842
00:44:28,760 --> 00:44:33,320
Speaker 1: for UM playing, let's talk about getting paid for coaching.

843
00:44:33,440 --> 00:44:38,120
Speaker 1: I read something fascinating in USA today. UM as part

844
00:44:38,160 --> 00:44:43,879
Speaker 1: of the Coastal Carolina cutbacks, you agreed to forego your

845
00:44:43,960 --> 00:44:49,200
Speaker 1: salary and accept a dollar just as a formality, making

846
00:44:49,320 --> 00:44:53,840
Speaker 1: you arguably the best bargain in college athletics. How do

847
00:44:53,920 --> 00:44:56,560
Speaker 1: you respond to that? I think even with my salary,

848
00:44:56,600 --> 00:44:58,680
Speaker 1: I was a pretty good bargain for college athletics. But

849
00:44:58,719 --> 00:45:01,480
Speaker 1: I think at a dollar, at a dollar, that's a

850
00:45:01,640 --> 00:45:05,880
Speaker 1: deal with with my with a dollar, I think, especially

851
00:45:05,920 --> 00:45:09,719
Speaker 1: with my background and and why I take incredible, incredible

852
00:45:09,760 --> 00:45:12,520
Speaker 1: pride pride in being a football coause I'm not just

853
00:45:12,760 --> 00:45:16,120
Speaker 1: a football coach and UM with the university that I'm

854
00:45:16,120 --> 00:45:19,520
Speaker 1: associated with, you know, whatever I can do to kind

855
00:45:19,520 --> 00:45:21,759
Speaker 1: of participate in that or help, you know, I want

856
00:45:21,800 --> 00:45:23,440
Speaker 1: to be able to do so. So we were in

857
00:45:23,440 --> 00:45:25,560
Speaker 1: the middle of a global pandemical course and a lot

858
00:45:25,600 --> 00:45:28,480
Speaker 1: of people have sacrifice, and uh, you know, I thought

859
00:45:28,520 --> 00:45:30,200
Speaker 1: it was only fair that he gave up my salary,

860
00:45:30,560 --> 00:45:35,360
Speaker 1: and that also given your background in finance and management,

861
00:45:35,880 --> 00:45:39,040
Speaker 1: it really raises the question what do you do for

862
00:45:39,320 --> 00:45:43,400
Speaker 1: the college over and above? Just and I know it's

863
00:45:43,440 --> 00:45:46,000
Speaker 1: a full time job, but just being a coach. I

864
00:45:46,160 --> 00:45:49,160
Speaker 1: kind of picture you as being able to pick up

865
00:45:49,239 --> 00:45:53,480
Speaker 1: just about any sort of role and run again, not

866
00:45:53,600 --> 00:45:56,719
Speaker 1: to mix metaphors, but run with the ball on just

867
00:45:56,880 --> 00:46:00,799
Speaker 1: about anything you could possibly do for this cool well.

868
00:46:00,800 --> 00:46:02,880
Speaker 1: I think one of the things that you know, I

869
00:46:02,960 --> 00:46:05,400
Speaker 1: certainly had had a close it was Dave Descenzo, our

870
00:46:05,480 --> 00:46:08,960
Speaker 1: previous president who just stepped down recently. Um that you know,

871
00:46:09,080 --> 00:46:12,640
Speaker 1: he was the guy that, frankly, uh put his credibility

872
00:46:12,680 --> 00:46:14,719
Speaker 1: on the line by hiring me. So we always had

873
00:46:14,760 --> 00:46:16,960
Speaker 1: a good relationship, and he and I would be relatively

874
00:46:17,040 --> 00:46:18,920
Speaker 1: frequently and talk about different things he had going on.

875
00:46:18,960 --> 00:46:21,200
Speaker 1: I would always have to give him my opinion. Um

876
00:46:21,560 --> 00:46:25,360
Speaker 1: I was I was somewhat instrumental. And and uh the

877
00:46:25,520 --> 00:46:27,799
Speaker 1: current president that we had that they just officially began

878
00:46:27,840 --> 00:46:32,799
Speaker 1: in January, Uh, Michael Benson. And Uh. The guy has

879
00:46:32,920 --> 00:46:37,760
Speaker 1: an incredible academic resume. Frankly that the best of anybody

880
00:46:37,760 --> 00:46:39,960
Speaker 1: we have on campus. He's your true scholar. He speaks

881
00:46:40,040 --> 00:46:43,000
Speaker 1: multiple language, he plays multiple multiple instruments, but he's also

882
00:46:43,040 --> 00:46:45,279
Speaker 1: an athlete himself. Is children roughly, and he very much

883
00:46:45,400 --> 00:46:48,920
Speaker 1: understands and believes and appreciates the significant that athletics can

884
00:46:49,000 --> 00:46:53,120
Speaker 1: take uh in uh in a university life. So my

885
00:46:53,400 --> 00:46:56,840
Speaker 1: titles today have he stepped down in two thousand and eighteen.

886
00:46:56,920 --> 00:47:00,400
Speaker 1: My titles today are, I am executive advisor to the president,

887
00:47:01,120 --> 00:47:02,880
Speaker 1: and he and I probably try to have dinner every

888
00:47:02,920 --> 00:47:04,800
Speaker 1: couple of weeks to talk about what he's got going on.

889
00:47:05,239 --> 00:47:06,840
Speaker 1: And again, he's new, so he's making a lot of

890
00:47:06,920 --> 00:47:10,359
Speaker 1: changes and he all his decisions, but we'll talk about

891
00:47:10,360 --> 00:47:13,040
Speaker 1: a lot of that. And then, yes, I'm sure of athletics,

892
00:47:13,160 --> 00:47:16,920
Speaker 1: but the only thing, only responsibility I have in athletics

893
00:47:17,000 --> 00:47:20,480
Speaker 1: is football. So football does does report directly to me,

894
00:47:20,960 --> 00:47:23,440
Speaker 1: and so there there M there might two roles, but

895
00:47:23,600 --> 00:47:27,440
Speaker 1: I think uh President Benson especially will not hesitate to

896
00:47:27,640 --> 00:47:30,439
Speaker 1: use me in different roles for example, maybe visit the board,

897
00:47:30,480 --> 00:47:34,320
Speaker 1: talk about different things, etcetera. Uh So I'm happy for

898
00:47:34,400 --> 00:47:36,920
Speaker 1: them to to to leverage whatever my experiences may be.

899
00:47:37,680 --> 00:47:40,719
Speaker 1: Before we get to our favorite questions that we ask

900
00:47:41,120 --> 00:47:43,520
Speaker 1: all of our guests, I have a curveball I want

901
00:47:43,560 --> 00:47:47,800
Speaker 1: to throw at you, and it's this quote from Roger's

902
00:47:47,800 --> 00:47:51,880
Speaker 1: stare back, which is, it's unlikely that any other candidate

903
00:47:52,000 --> 00:47:56,480
Speaker 1: has ever been as remarkably successful in two unrelated fields

904
00:47:56,520 --> 00:48:01,040
Speaker 1: of endeavor, football and finance. As Joe is in so so,

905
00:48:01,280 --> 00:48:05,359
Speaker 1: tell us about your relationship with Roger Storeback, who, by

906
00:48:05,440 --> 00:48:08,320
Speaker 1: the way, for listeners who may not be familiar with

907
00:48:09,280 --> 00:48:13,880
Speaker 1: his history, not only was he a spectacular football player,

908
00:48:14,000 --> 00:48:18,720
Speaker 1: but he also built an amazing commercial real estate business

909
00:48:18,800 --> 00:48:21,840
Speaker 1: that was sold for I think half a billion dollars

910
00:48:22,280 --> 00:48:25,840
Speaker 1: like a giant winning transaction. Tell us a little bit

911
00:48:25,880 --> 00:48:29,319
Speaker 1: about your relationship with Roger Stoback, you know, to add

912
00:48:29,400 --> 00:48:31,480
Speaker 1: one point there that I think it's worth adding as well,

913
00:48:31,560 --> 00:48:33,600
Speaker 1: Barry that you know he also played at the Naval

914
00:48:33,640 --> 00:48:35,759
Speaker 1: Academy where he was hiding a trophy one. Then he

915
00:48:35,800 --> 00:48:38,600
Speaker 1: went on to serve our country as he graduate Naval Academy,

916
00:48:38,680 --> 00:48:42,200
Speaker 1: so he missed about four seasons or so as as

917
00:48:42,239 --> 00:48:44,400
Speaker 1: a pro football players still had and still had the

918
00:48:44,440 --> 00:48:46,799
Speaker 1: career he had. So when I decided that I want

919
00:48:46,840 --> 00:48:49,840
Speaker 1: to go back to football, I recognized that I wanted

920
00:48:49,880 --> 00:48:52,240
Speaker 1: to be able to reach out to as many people

921
00:48:52,400 --> 00:48:54,680
Speaker 1: as were practical that I thought maybe could give me

922
00:48:54,760 --> 00:48:58,319
Speaker 1: some insight. And one of those people was Roger now

923
00:48:58,760 --> 00:49:02,680
Speaker 1: one of my friends from all hot Uh former Admiral

924
00:49:02,880 --> 00:49:05,879
Speaker 1: of Bob Bell. He went to the Naval Academy around

925
00:49:05,920 --> 00:49:08,040
Speaker 1: around the same time that Roger did, and you know,

926
00:49:08,120 --> 00:49:11,120
Speaker 1: they were friends. So he made that introduction and I

927
00:49:11,200 --> 00:49:13,440
Speaker 1: went down to Dallas to meet with him, and he

928
00:49:13,560 --> 00:49:16,080
Speaker 1: became friends. Wasn't uncommon for us to have dinner, a

929
00:49:16,120 --> 00:49:18,880
Speaker 1: breakfast if I were in town, and he never hesitated,

930
00:49:18,960 --> 00:49:21,279
Speaker 1: you know, to to to talk to me if I

931
00:49:21,680 --> 00:49:24,800
Speaker 1: reached out for something. So so so that so that

932
00:49:25,560 --> 00:49:28,000
Speaker 1: ability for me to just have access to him by

933
00:49:28,040 --> 00:49:30,800
Speaker 1: itself was I think, really really terrific. And as you

934
00:49:30,880 --> 00:49:34,640
Speaker 1: pointed out, he's the one guy too that had not

935
00:49:34,760 --> 00:49:37,160
Speaker 1: as a coach. He was a player that there's a

936
00:49:37,200 --> 00:49:41,520
Speaker 1: difference there, but certainly understand the world of football, whether

937
00:49:41,600 --> 00:49:44,759
Speaker 1: it's collegiate or pro. And that certainly understand the world

938
00:49:44,800 --> 00:49:47,040
Speaker 1: of business because he was in credibly successful there as well.

939
00:49:47,400 --> 00:49:50,600
Speaker 1: So he was a very very bright guy, as you

940
00:49:50,640 --> 00:49:53,160
Speaker 1: would expect. So he was a wonderful resource for me,

941
00:49:53,920 --> 00:49:56,399
Speaker 1: for me to be able to reach out to really

942
00:49:56,520 --> 00:49:59,880
Speaker 1: really quite interesting. All right, So let's jump to our

943
00:50:00,040 --> 00:50:04,920
Speaker 1: favorite questions that we ask all our guests, starting with um,

944
00:50:05,280 --> 00:50:07,960
Speaker 1: given the fact that you're no longer coaching and have

945
00:50:08,080 --> 00:50:11,200
Speaker 1: a little more free time these days, tell us what

946
00:50:11,320 --> 00:50:13,480
Speaker 1: you're streaming? What are you what were you watching to

947
00:50:13,600 --> 00:50:17,400
Speaker 1: keep yourself busy? Uh? During the pandemic and and the

948
00:50:17,719 --> 00:50:20,800
Speaker 1: work from home year. Well, I think a lot of

949
00:50:20,880 --> 00:50:23,680
Speaker 1: people think, just because a football coach, I'm a crazy

950
00:50:23,719 --> 00:50:26,480
Speaker 1: football fan, but I'm not. And I look, you know,

951
00:50:26,520 --> 00:50:28,200
Speaker 1: I used to look at thirty five hours of tape

952
00:50:28,239 --> 00:50:29,760
Speaker 1: when I go home. I don't want to watch football.

953
00:50:30,120 --> 00:50:32,200
Speaker 1: So I would enjoy I would enjoy a movie. I

954
00:50:32,200 --> 00:50:34,600
Speaker 1: would enjoy some of the episodes that they had on Netflix.

955
00:50:34,640 --> 00:50:40,239
Speaker 1: I mean, whether it's uh Billions, Ray Donovan, uh, House

956
00:50:40,320 --> 00:50:47,080
Speaker 1: of Cards, uh, the uh Uh, they're a handful of

957
00:50:47,200 --> 00:50:49,879
Speaker 1: those that I think they're really really, really well done

958
00:50:49,920 --> 00:50:52,840
Speaker 1: that I enjoy because their episodes, you know, I'm not

959
00:50:52,960 --> 00:50:54,799
Speaker 1: stuck to two and a half hours having to watch

960
00:50:54,960 --> 00:50:57,440
Speaker 1: That's number one. The other thing that in terms of podcast,

961
00:50:57,520 --> 00:51:00,680
Speaker 1: the one that actually I do really enjoy is Compound

962
00:51:01,040 --> 00:51:04,600
Speaker 1: and that's the one you know with that Josh Brown runs,

963
00:51:05,120 --> 00:51:07,440
Speaker 1: and I think I follow that. I think they've done

964
00:51:07,440 --> 00:51:09,640
Speaker 1: a good job. And I think if I'm not if

965
00:51:09,680 --> 00:51:12,640
Speaker 1: I'm not mistaken, they're going to add a Compound and

966
00:51:12,760 --> 00:51:14,880
Speaker 1: friends things, which I don't think it's started yet, but

967
00:51:14,960 --> 00:51:18,120
Speaker 1: I've gotten a lot of value out of enjoyment out

968
00:51:18,160 --> 00:51:21,279
Speaker 1: of all those. So by the time this broadcast that

969
00:51:21,440 --> 00:51:24,840
Speaker 1: will have started. And uh, if you'd like to be

970
00:51:25,000 --> 00:51:27,680
Speaker 1: a guest on Compound and Friends, I would be happy

971
00:51:28,280 --> 00:51:30,440
Speaker 1: to twist Josh's arm and have you show up on

972
00:51:31,080 --> 00:51:34,239
Speaker 1: that podcast. I would enjoy that. Verry, I would enjoy that.

973
00:51:34,560 --> 00:51:36,399
Speaker 1: I have a lot of respect for him as well.

974
00:51:36,640 --> 00:51:39,240
Speaker 1: So now let's talk a little bit about some mentors.

975
00:51:39,320 --> 00:51:43,360
Speaker 1: Who were the people who helped shape your career. You know,

976
00:51:43,440 --> 00:51:45,480
Speaker 1: I think you could talk about you know, there are

977
00:51:46,239 --> 00:51:48,560
Speaker 1: as a coach, for example, I read everything that was

978
00:51:48,640 --> 00:51:50,799
Speaker 1: to read about Vince Lambardi and John Wooden because they

979
00:51:50,840 --> 00:51:53,600
Speaker 1: were both very successful but both are very very opposite.

980
00:51:54,000 --> 00:51:56,480
Speaker 1: In the business world, War and Buffy Got Lee, I Coco,

981
00:51:56,600 --> 00:51:58,680
Speaker 1: You've got you. There are so many people there, but

982
00:51:58,800 --> 00:52:03,560
Speaker 1: the people that really change shaped my career, uh, especially

983
00:52:03,600 --> 00:52:05,520
Speaker 1: as a leader and as as a person, but in

984
00:52:05,640 --> 00:52:09,560
Speaker 1: the in the in football and business. For my parents,

985
00:52:10,040 --> 00:52:12,279
Speaker 1: and my dad was an Italian immigrant. He came here

986
00:52:12,320 --> 00:52:15,040
Speaker 1: when he was eleven and never finished eighth grade. Uh

987
00:52:15,160 --> 00:52:18,160
Speaker 1: So bananas and apples and the bronchs entire life. But

988
00:52:18,360 --> 00:52:22,000
Speaker 1: dad that my mom he met my mom after World

989
00:52:22,040 --> 00:52:25,200
Speaker 1: War Two. She kicked in Ireland, she came over here

990
00:52:25,280 --> 00:52:28,120
Speaker 1: to marry it. Uh. She never finished tenth grade. I

991
00:52:28,239 --> 00:52:30,400
Speaker 1: was the oldest of five. The seven of us grew

992
00:52:30,480 --> 00:52:32,400
Speaker 1: up in At the time of that Instry section of

993
00:52:32,400 --> 00:52:34,600
Speaker 1: New York City was very much a gang area. I

994
00:52:34,760 --> 00:52:37,120
Speaker 1: was part of that and we lived seven of us

995
00:52:37,120 --> 00:52:40,719
Speaker 1: lived in the two bedroom in broom department. And from

996
00:52:40,920 --> 00:52:44,920
Speaker 1: my mom, she was had such an incredible attitude, always

997
00:52:44,960 --> 00:52:47,880
Speaker 1: with a smile on her face, unconditionally loved us, you know,

998
00:52:48,000 --> 00:52:51,400
Speaker 1: always had uh the glass was always half full, you know,

999
00:52:51,880 --> 00:52:55,759
Speaker 1: enjoyed lasting but truly truly loved us. And I think

1000
00:52:56,000 --> 00:52:58,520
Speaker 1: very much I get my sense of humor and a

1001
00:52:58,880 --> 00:53:01,200
Speaker 1: lot of my personality think from my mom. On my

1002
00:53:01,360 --> 00:53:03,960
Speaker 1: dad's side, Dad was committed to make sure it's a

1003
00:53:04,040 --> 00:53:05,719
Speaker 1: care of his family, who were very hard in that

1004
00:53:05,760 --> 00:53:07,440
Speaker 1: food store with you know, was a verst to stays

1005
00:53:07,440 --> 00:53:11,719
Speaker 1: a week and I learned, I learned the how how

1006
00:53:11,800 --> 00:53:14,080
Speaker 1: important to real work ethic was. And again make sure

1007
00:53:14,080 --> 00:53:17,040
Speaker 1: you think terry family. The difference with leard of my

1008
00:53:17,200 --> 00:53:19,560
Speaker 1: dad and maybe three people working for him. And Dad

1009
00:53:19,640 --> 00:53:22,160
Speaker 1: never had a hobby and most time he's burnt out

1010
00:53:22,200 --> 00:53:23,880
Speaker 1: and later on in life he wanted to become an

1011
00:53:23,880 --> 00:53:28,200
Speaker 1: alcoholic and uh, but I could tell just the way

1012
00:53:28,239 --> 00:53:30,680
Speaker 1: he treated his guys and treated me. There was always

1013
00:53:31,000 --> 00:53:32,840
Speaker 1: I felt kind of a better way to do something

1014
00:53:33,160 --> 00:53:35,400
Speaker 1: like he was always in a bad mood. It was

1015
00:53:35,520 --> 00:53:39,080
Speaker 1: never his fault. The glasses always half empty and um,

1016
00:53:39,680 --> 00:53:41,320
Speaker 1: and I think he could have been a beat jobly

1017
00:53:41,360 --> 00:53:43,200
Speaker 1: delegate and have the other guys who work. And in

1018
00:53:43,320 --> 00:53:45,520
Speaker 1: terms of being a leader, and I mentioned before my

1019
00:53:45,600 --> 00:53:47,880
Speaker 1: ability to delegate and how I run things and how

1020
00:53:47,960 --> 00:53:50,440
Speaker 1: I lead, A lot of that that I learned was

1021
00:53:50,600 --> 00:53:52,360
Speaker 1: from my father in terms of what not to do.

1022
00:53:52,960 --> 00:53:56,879
Speaker 1: So I think the two greatest influencers on my life

1023
00:53:56,960 --> 00:54:00,839
Speaker 1: were literally my MoMA, my mama my dad. Huh really

1024
00:54:01,000 --> 00:54:04,040
Speaker 1: really quite interesting. Let's let's talk a little bit about books.

1025
00:54:04,080 --> 00:54:06,320
Speaker 1: What are some of your favorites and what are you

1026
00:54:06,400 --> 00:54:11,360
Speaker 1: reading currently? The the uh, probably my best most favorite

1027
00:54:11,360 --> 00:54:15,040
Speaker 1: book is The Gold Coast, uh, probably written about thirty

1028
00:54:15,120 --> 00:54:18,880
Speaker 1: years ago by Nelson the Mill, Uh about as the

1029
00:54:18,960 --> 00:54:21,160
Speaker 1: Gold Coast meaning Long Island, and it's about the guy

1030
00:54:21,160 --> 00:54:24,320
Speaker 1: I think he was, Stevie Bella Rosa, who was the

1031
00:54:24,440 --> 00:54:26,640
Speaker 1: mafia guy that I think came in and buy one

1032
00:54:26,640 --> 00:54:28,960
Speaker 1: of these estates on Long Island for making up the

1033
00:54:29,040 --> 00:54:31,160
Speaker 1: numbers of like sixteen billion dollars and he brings it

1034
00:54:31,239 --> 00:54:33,200
Speaker 1: back in cash to that and I thought it was

1035
00:54:33,280 --> 00:54:35,680
Speaker 1: a fun book exactly, and I actually read it twice

1036
00:54:35,680 --> 00:54:37,800
Speaker 1: because I enjoyed it that much. Then the other the

1037
00:54:38,080 --> 00:54:39,919
Speaker 1: book book that I just finished, and I just thought

1038
00:54:39,960 --> 00:54:43,440
Speaker 1: another one who was Walking with Ghosts by Gabriel Byrne,

1039
00:54:43,920 --> 00:54:48,640
Speaker 1: and it's his memoirs and he's really a very very

1040
00:54:48,760 --> 00:54:51,279
Speaker 1: very I've always respected him as an actor, but he's

1041
00:54:51,320 --> 00:54:54,239
Speaker 1: really a very very clever writer, and I've gotten a

1042
00:54:54,280 --> 00:54:56,239
Speaker 1: lot of joy out of that. And then when i'm

1043
00:54:56,239 --> 00:54:59,280
Speaker 1: reading right now is Brock, you know, the one by Obama.

1044
00:55:00,000 --> 00:55:02,200
Speaker 1: And this is a long one and I'm only about

1045
00:55:02,200 --> 00:55:04,600
Speaker 1: a hundred thirty pages into it, but some of it

1046
00:55:04,719 --> 00:55:06,440
Speaker 1: is really enjoyable. So I gets a little bit too

1047
00:55:06,520 --> 00:55:08,359
Speaker 1: much detail. I skipped over a little bit, but that's

1048
00:55:08,400 --> 00:55:10,040
Speaker 1: what I'm reading now, That's what I just finished. And

1049
00:55:10,320 --> 00:55:12,520
Speaker 1: the other one my favorite book. So well, there are

1050
00:55:12,560 --> 00:55:15,160
Speaker 1: a variety of different Barack Obama books. This is I'm

1051
00:55:15,200 --> 00:55:18,320
Speaker 1: assuming is whatever the most recent one is. You know,

1052
00:55:18,400 --> 00:55:21,000
Speaker 1: it's either Barack or it's Obama. It's just one word

1053
00:55:21,080 --> 00:55:25,120
Speaker 1: title and it's his name. So our final two questions,

1054
00:55:25,680 --> 00:55:28,240
Speaker 1: what sort of advice would you give to a recent

1055
00:55:28,320 --> 00:55:32,480
Speaker 1: college grad who was interested in a career in either

1056
00:55:33,480 --> 00:55:37,480
Speaker 1: college athletics or finance. Now, I think one of my

1057
00:55:37,560 --> 00:55:40,840
Speaker 1: principles of leadership is uh I call spiritual soundence. It

1058
00:55:40,880 --> 00:55:42,640
Speaker 1: doesn't have to be religious, but it can be. But

1059
00:55:42,719 --> 00:55:45,000
Speaker 1: it's I think most people don't really know who they are,

1060
00:55:45,680 --> 00:55:48,960
Speaker 1: and um, I think you become a compositive like who

1061
00:55:49,000 --> 00:55:51,240
Speaker 1: I am relative to my mother, my father, my girlfriend,

1062
00:55:51,280 --> 00:55:54,000
Speaker 1: my wife, my my job, what kind of executive am I?

1063
00:55:54,080 --> 00:55:55,839
Speaker 1: What kind of coach and my what kind of friend

1064
00:55:55,880 --> 00:55:58,200
Speaker 1: of my etcetera, etcetera. And if you sit down you

1065
00:55:58,320 --> 00:56:00,919
Speaker 1: write that down. I just keep writing, writing, writing about yourself,

1066
00:56:00,960 --> 00:56:02,719
Speaker 1: and you step away from and come back to it later.

1067
00:56:02,960 --> 00:56:05,960
Speaker 1: You're probably gonna change things things you wrote down. But

1068
00:56:06,040 --> 00:56:07,840
Speaker 1: the one guidelines you can never show it to anybody,

1069
00:56:07,840 --> 00:56:09,680
Speaker 1: because the second you show to somebody, you sub constantly

1070
00:56:09,680 --> 00:56:13,120
Speaker 1: actually looking at their approval. So in order to be happy,

1071
00:56:13,680 --> 00:56:16,280
Speaker 1: I think you need to know who you are because

1072
00:56:16,560 --> 00:56:18,560
Speaker 1: you're gonna have to make decisions under stress. And the

1073
00:56:18,680 --> 00:56:21,480
Speaker 1: better you know who you are, the great the probability

1074
00:56:21,520 --> 00:56:23,719
Speaker 1: you will make the right decisions. Now, one of those

1075
00:56:23,760 --> 00:56:25,680
Speaker 1: and the most one of the most important by far,

1076
00:56:25,840 --> 00:56:28,400
Speaker 1: is your career path. So, if you know who you are,

1077
00:56:28,440 --> 00:56:30,200
Speaker 1: what kind of skill sets do you really have? What

1078
00:56:30,320 --> 00:56:34,400
Speaker 1: are the skill sets required whether it's coaching or athletics

1079
00:56:34,520 --> 00:56:37,480
Speaker 1: or business or whatever the field might be, what the

1080
00:56:37,560 --> 00:56:39,760
Speaker 1: what the skill sets required for success in that field?

1081
00:56:40,120 --> 00:56:41,600
Speaker 1: Do you have those skill sets? If you don't, do

1082
00:56:41,719 --> 00:56:43,879
Speaker 1: not go down that path. If you do, you still

1083
00:56:43,920 --> 00:56:45,560
Speaker 1: have to ask yourself one other thing, and that is

1084
00:56:45,960 --> 00:56:48,520
Speaker 1: is this something you really love? The answers there is yes,

1085
00:56:48,920 --> 00:56:50,640
Speaker 1: and chances are you've done a good job of picking

1086
00:56:50,680 --> 00:56:53,840
Speaker 1: the right career path. So it's kind of irrelevant whether

1087
00:56:54,160 --> 00:56:58,640
Speaker 1: it's finance or trading or investing or football. It's kind

1088
00:56:58,680 --> 00:57:02,160
Speaker 1: of like what we're for you, not because this is

1089
00:57:02,239 --> 00:57:04,239
Speaker 1: something you thought about, not because this is what your

1090
00:57:04,320 --> 00:57:07,680
Speaker 1: dad did or somebody who admire does. Uh, it's kind

1091
00:57:07,680 --> 00:57:09,640
Speaker 1: of what really works for you. And I think we

1092
00:57:09,680 --> 00:57:14,120
Speaker 1: would have a happier society if more people spent more

1093
00:57:14,200 --> 00:57:17,960
Speaker 1: time taking that through. To say the very least, and

1094
00:57:18,080 --> 00:57:20,920
Speaker 1: our final question, what do you know about the world

1095
00:57:21,120 --> 00:57:25,919
Speaker 1: of investing and trading and football today? That you wish

1096
00:57:26,000 --> 00:57:30,840
Speaker 1: you knew years ago. I think I think thirty years ago.

1097
00:57:30,920 --> 00:57:33,480
Speaker 1: From a football perspective, I think it would have been

1098
00:57:33,760 --> 00:57:37,160
Speaker 1: great to have the scheme knowledge that exists today, the

1099
00:57:37,240 --> 00:57:39,600
Speaker 1: ability really kind of go after, spread out the field,

1100
00:57:40,080 --> 00:57:43,200
Speaker 1: take advantage not just the triple option that Oklahoma and

1101
00:57:43,240 --> 00:57:46,280
Speaker 1: Nebraski used to run, but true option, attack, run, passed,

1102
00:57:46,680 --> 00:57:50,320
Speaker 1: and do different things in effect. From an offensive perspective,

1103
00:57:50,360 --> 00:57:51,960
Speaker 1: I think that would have been great. I think for

1104
00:57:52,120 --> 00:57:54,880
Speaker 1: me to have back then and from from with regard

1105
00:57:55,120 --> 00:57:57,800
Speaker 1: with regard to the business world, I think I think,

1106
00:57:58,000 --> 00:58:01,720
Speaker 1: really the principles that I build on today, what are

1107
00:58:01,720 --> 00:58:03,880
Speaker 1: your core competencies. You gotta make sure you take care

1108
00:58:03,880 --> 00:58:07,240
Speaker 1: of your people. Uh, what really matters your clients, you shareholders,

1109
00:58:07,360 --> 00:58:10,000
Speaker 1: and your associates. Because it's your employees. They give value

1110
00:58:10,040 --> 00:58:13,959
Speaker 1: each of those constituents, you know. The For me, while

1111
00:58:14,040 --> 00:58:16,880
Speaker 1: the world's changed, I just growing with the world. I've

1112
00:58:16,920 --> 00:58:19,160
Speaker 1: just adapted. I do a good job of adapting, adjusting

1113
00:58:19,200 --> 00:58:21,960
Speaker 1: and adapted just with the world. But the principles I

1114
00:58:22,080 --> 00:58:26,040
Speaker 1: believe in so much today that I'm really good at

1115
00:58:26,040 --> 00:58:28,680
Speaker 1: because of the experience that I've been able to late

1116
00:58:29,520 --> 00:58:31,800
Speaker 1: That's kind of how I started out, and they were

1117
00:58:31,840 --> 00:58:34,560
Speaker 1: the saying principles I believed in. You know, thirty years ago,

1118
00:58:35,240 --> 00:58:40,160
Speaker 1: I wish I were more experienced, because with that experience

1119
00:58:40,240 --> 00:58:42,760
Speaker 1: comes knowledge, and with that knowledge comes wisdom, so you

1120
00:58:42,800 --> 00:58:45,080
Speaker 1: can make better decisions for yourself and for your people,

1121
00:58:45,160 --> 00:58:48,360
Speaker 1: for your family. So UH be the same, so that

1122
00:58:48,720 --> 00:58:50,920
Speaker 1: that would be what I wish I had thirty years ago.

1123
00:58:51,720 --> 00:58:55,480
Speaker 1: Really quite quite fascinating. Joe, Thank you for being so

1124
00:58:55,640 --> 00:58:59,800
Speaker 1: generous with your time. We have been speaking with Joe Mowglia,

1125
00:59:00,000 --> 00:59:03,120
Speaker 1: who is not only formally a head coach at several

1126
00:59:03,840 --> 00:59:08,200
Speaker 1: esteemed college football teams, but is also the former chairman

1127
00:59:08,240 --> 00:59:13,160
Speaker 1: and CEO at trading giant T Dumeritrade. If you enjoy

1128
00:59:13,280 --> 00:59:16,680
Speaker 1: this conversation, well check out any of the other nearly

1129
00:59:16,880 --> 00:59:20,560
Speaker 1: four hundred such interviews we've had on Masters in Business.

1130
00:59:21,080 --> 00:59:25,080
Speaker 1: You can find that at all the usual places, iTunes, Spotify,

1131
00:59:25,240 --> 00:59:29,600
Speaker 1: wherever you get your podcasts. We love your comments, feedback

1132
00:59:29,640 --> 00:59:33,920
Speaker 1: in suggestions right to us at m IB podcast at

1133
00:59:33,920 --> 00:59:37,880
Speaker 1: Bloomberg dot net. Sign up for my daily reads at

1134
00:59:38,000 --> 00:59:40,320
Speaker 1: rid Haltz dot com. Check out my weekly column on

1135
00:59:40,360 --> 00:59:44,320
Speaker 1: Bloomberg at Bloomberg dot com. Slash Opinion follow me on

1136
00:59:44,400 --> 00:59:48,000
Speaker 1: Twitter at rit Halts. I would be remiss if I

1137
00:59:48,080 --> 00:59:51,120
Speaker 1: did not thank the crack staff that helps put these

1138
00:59:51,200 --> 00:59:56,840
Speaker 1: conversations together each week. Tim Harrow is my audio engineer,

1139
00:59:57,360 --> 01:00:00,640
Speaker 1: Michael Batnick is my head of research. Atika val Brunn

1140
01:00:01,160 --> 01:00:06,280
Speaker 1: is our project manager, and my producers are Michael Boyle

1141
01:00:06,520 --> 01:00:11,120
Speaker 1: and Parris Wald. I'm Barrier Halts. You've been listening to

1142
01:00:11,280 --> 01:00:14,080
Speaker 1: Matthew's In Business on Bloomberg Radio