WEBVTT - Moelis' Incoming CEO  Navid Mahmoodzadegan Talks Deals

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>After founding an investment bank that is catapulted to one

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<v Speaker 2>of the world's most well known, Ken Mollis is stepping

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<v Speaker 2>down as CEO of his namesake firm. The incoming CEO

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<v Speaker 2>joins Bloomberg's Global Finance coursepond At Shaneli Basik for his

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<v Speaker 2>first interview since that announcement.

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<v Speaker 3>Sali Scarlett, thank you so very much. I am joined

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<v Speaker 3>now by Navid ma Muzad again. Of course, he's the

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<v Speaker 3>incoming CEO of Mollison Company. Will take over on October first.

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<v Speaker 3>Congratulations first of.

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<v Speaker 1>All on the room, Rotnalie, appreciate it.

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<v Speaker 3>Now. Your founder, Ken Mollis has told me that this

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<v Speaker 3>isn't the end of an era, it's the start of

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<v Speaker 3>a new one. What does that mean?

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<v Speaker 4>Well, look, first of all, I'm really honored and excited

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<v Speaker 4>to take over as CEO. The firm is in an

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<v Speaker 4>incredible spot, given our talent base, a lot of the

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<v Speaker 4>investments we've made and making sure we're staying cutting edge,

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<v Speaker 4>the culture which is phenomenal at the firm, and I

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<v Speaker 4>think Ken looked at it and said this is a

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<v Speaker 4>great time to hand over the firm to the next

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<v Speaker 4>generation of leaders, and I know there's a lot of

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<v Speaker 4>excitement throughout our company about all the opportunities that's going

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<v Speaker 4>to present for me and for many of the people

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<v Speaker 4>within the company.

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<v Speaker 3>To the extent that there's something new about the way

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<v Speaker 3>you're going to run the company. What should investors be

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<v Speaker 3>looking out for, what should incoming talent be looking at for?

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<v Speaker 4>Well, look, I've been with Ken for thirty years. We

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<v Speaker 4>founded the company together, and the strategy that and the

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<v Speaker 4>building blocks of the firm have been very consistent throughout

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<v Speaker 4>the founding of the company. A lot of that's going

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<v Speaker 4>to continue with the core of what we do, putting

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<v Speaker 4>clients first, Hiring and developing the best bankers in the world,

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<v Speaker 4>and creating a culture that supports those bankers is not

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<v Speaker 4>going to change. I'll bring obviously a different energy to

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<v Speaker 4>it and a different leadership style to it, but the

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<v Speaker 4>core of our strategy is going to very much stay

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<v Speaker 4>intactity of.

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<v Speaker 3>It too, is that you're taking over at a very

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<v Speaker 3>complicated time, both in markets and in the world. As

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<v Speaker 3>we sit here today, there have been four days of

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<v Speaker 3>missile strikes between Israel and Iran, and Molism company has

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<v Speaker 3>a big presence in the Middle East. What are your

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<v Speaker 3>clients saying about the uncertainty that's building around this regional conflict.

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<v Speaker 4>Well, first of all, Shanali, we have Molu's employees, parts

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<v Speaker 4>of our MOLAS family in the Middle East, and our

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<v Speaker 4>first priority, in our first area of focus is making

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<v Speaker 4>sure you know, they're safe and sound, and thankfully we're

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<v Speaker 4>in constant contact with them and they're doing well so far,

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<v Speaker 4>So that's our number one priority. Look, we're in a

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<v Speaker 4>world that's changing rapidly all the time. I've been bullish

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<v Speaker 4>on the return of M and A and the steady

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<v Speaker 4>improvement that we've seen since April.

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<v Speaker 1>The Middle East conflict.

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<v Speaker 4>The latest Middle East conflict is early days and is fluid,

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<v Speaker 4>and so we'll have to monitor that really carefully. But

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<v Speaker 4>I continue to be optimistic that the forces that are

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<v Speaker 4>driving M and A are still very much intact. You

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<v Speaker 4>will see how it plays out, but that's still my perspective.

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<v Speaker 3>Do you think that the geopolitical tension has the opportunity

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<v Speaker 3>to really throw a wrench in some of the activity

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<v Speaker 3>that's been coming back.

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<v Speaker 4>Well, sure, Look, geopolitical risks and things like wars always

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<v Speaker 4>have the potential to create bad outcomes.

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<v Speaker 1>But again it's really early days.

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<v Speaker 4>We're monitoring the situation carefully and we're obviously hoping for

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<v Speaker 4>the best.

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<v Speaker 3>At the same time, here in the US, investors have

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<v Speaker 3>been responding to tariffs as well. CEOs have been changing

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<v Speaker 3>their business lines around the president's plans. How concerned are

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<v Speaker 3>you and your clients about the impact of tariffs?

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<v Speaker 4>So when you look at the companies and financial sponsors

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<v Speaker 4>and capital providers, Look, there's a whole swath of those

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<v Speaker 4>of industries and areas and companies that.

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<v Speaker 1>Have very little to do are very little impacted by

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<v Speaker 1>things like trade and tariffs.

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<v Speaker 4>We're seeing still a lot of activity in those areas

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<v Speaker 4>as you get closer and closer to manufacturing and companies

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<v Speaker 4>that are in the heart of some of the trade

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<v Speaker 4>impact areas. Clearly that's more difficult to do M.

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<v Speaker 1>And A today.

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<v Speaker 4>And look, I'm hoping that we'll reach an equilibrium here

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<v Speaker 4>on the terriff issue soon so that CEOs and capital

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<v Speaker 4>providers can kind of gear into what that new world

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<v Speaker 4>looks like, and so you know that uncertainty comes out

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<v Speaker 4>of their thought process.

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<v Speaker 3>I hear a lot from deal makers that there's this

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<v Speaker 3>pen dep energy under the surface for some people who'ven

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<v Speaker 3>record pipelines, what does that look like.

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<v Speaker 4>Look, we're seeing it in our business. We're at our

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<v Speaker 4>near record highs as well. When you talk to our bankers,

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<v Speaker 4>there's activity all across the firm. There's lots of client dialogue.

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<v Speaker 4>And I agree with you. I think clients, private equity clients,

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<v Speaker 4>corporate clients really do want to do transactions. They see

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<v Speaker 4>transactions as a useful tool to supercharge growth, to get efficiencies,

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<v Speaker 4>to improve their market positions, and to deal with innovation.

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<v Speaker 4>You know, we have a massive wave coming in terms

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<v Speaker 4>of the impact on things like AI and our economy,

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<v Speaker 4>and people want to be well positioned for that.

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<v Speaker 3>Now, M and A this year isn't what everybody hoped

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<v Speaker 3>it would be. But you yourself have been on transformative

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<v Speaker 3>transactions for example, paramounts guidance is when I know that

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<v Speaker 3>you've been involved in, what does the deal activity that

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<v Speaker 3>we've seen so far say about the deal activity that

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<v Speaker 3>might still be to come.

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<v Speaker 4>Look, as I said, I think there's just a lot

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<v Speaker 4>of demand to do transactions. The environment hopefully will get

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<v Speaker 4>more conducive to doing even more and having a wider

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<v Speaker 4>aperture on the kinds of transactions that could happen. Again,

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<v Speaker 4>hard to predict all of those things, But what I

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<v Speaker 4>can tell you in our conversations are people want to transact,

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<v Speaker 4>they want to lean into deals. There's lots of capital

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<v Speaker 4>available to do that, and is if the conditions improve,

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<v Speaker 4>I think you're going to see a big pickup in

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<v Speaker 4>announced transaction activity.

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<v Speaker 3>What about restructuring activity in particular, you see kind of

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<v Speaker 3>both sides of the economy in that way. When things

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<v Speaker 3>go well, people might want to do deals. When things

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<v Speaker 3>go wrong, they might have to look at either restructuring

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<v Speaker 3>or even bankruptcies. Do you see any trouble under the surface.

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<v Speaker 4>Look, we have a top franchise in this part of

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<v Speaker 4>the world restructuring, liability management, capital solutions. There's generally a

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<v Speaker 4>pretty steady stream of activity in that space if you

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<v Speaker 4>have a top franchise. Clearly there are spikes when you

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<v Speaker 4>get periods of economic turmoil or turmoil in.

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<v Speaker 1>Industries or high default rates.

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<v Speaker 4>We're not in one of those periods today, but generally

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<v Speaker 4>there are companies that need solutions either too over levered

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<v Speaker 4>balance sheets. We had a bunch of over levered balance

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<v Speaker 4>sheets created post COVID. A lot of the work that

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<v Speaker 4>our teams have been doing over the last couple of

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<v Speaker 4>years has been dealing with pushing out maturities and giving

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<v Speaker 4>companies more breathing room.

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<v Speaker 3>And for the people who don't know, you were a

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<v Speaker 3>huge part of what had pushed Molism Company into private

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<v Speaker 3>capital in a bigger way. A big part of advisory

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<v Speaker 3>work during COVID era of financings when private capitals stepped

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<v Speaker 3>in to help companies out. Is this anything like COVID?

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<v Speaker 3>Are there echoes of it where you could see private

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<v Speaker 3>capital step in for big rescue financings.

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<v Speaker 4>Look, one of the big revolutions that I've seen over

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<v Speaker 4>the last ten years is just the huge number of

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<v Speaker 4>alternative asset managers who are they're raising big pools of money,

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<v Speaker 4>very flexible pools of money to invest up and down

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<v Speaker 4>the capital structure.

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<v Speaker 1>We welcome that. We think that's great for the economy.

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<v Speaker 4>It's great for business, and it's great for firms like

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<v Speaker 4>ours because there's now many more sources of money and

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<v Speaker 4>we're there to help advise clients tap into those sources

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<v Speaker 4>of money.

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<v Speaker 3>You know, another interesting thing about your focus is here

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<v Speaker 3>on structuring m and A private capital is that it's

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<v Speaker 3>also taking you into new areas, and you've hired during

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<v Speaker 3>times of frankly crisis. For others, you hired from credit suites.

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<v Speaker 3>You're hired out of Silicon Valley Bank's demise as well.

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<v Speaker 3>And now is another moment where global banks are in

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<v Speaker 3>the process of cutting hundreds of jobs. Do you see

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<v Speaker 3>an opportunity to bring people on.

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<v Speaker 4>Look, one of the foundational philosophies that we've had from

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<v Speaker 4>the beginning is to be opportunistic and to hire great

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<v Speaker 4>talent even when times were a little murky. So the

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<v Speaker 4>firm was really built through the global financial crisis. We've

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<v Speaker 4>generally been contrarian. When talent is available, even if it's

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<v Speaker 4>not the best market, you have to seize that opportunity.

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<v Speaker 4>It's one of the reasons why we keep a pristine

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<v Speaker 4>balance sheet to give us the financial flexibility to do that.

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<v Speaker 4>And yet, and yes, once again when the regional banking

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<v Speaker 4>crisis hit, we use that as an opportunity to really

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<v Speaker 4>bulk up and hire teams in technology and an oil

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<v Speaker 4>and gas. And we're doing that again now with the

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<v Speaker 4>build we have in a business we're calling PSA Private

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<v Speaker 4>Solutions for the private equity world.

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<v Speaker 3>So what does that mean in terms of the new

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<v Speaker 3>teams you're willing to bring on at MOLUS.

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<v Speaker 4>Yeah, well, look, we've made some major hires in this space.

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<v Speaker 1>You know, private equity firms have evolved.

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<v Speaker 4>We've always been in the business of buying and selling

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<v Speaker 4>companies to and from private equity firms, but now we're

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<v Speaker 4>getting into the business in a big way in terms

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<v Speaker 4>of primary fundraising for their vehicles and then as well

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<v Speaker 4>as also being able to service them in GP LED secondaries,

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<v Speaker 4>LP LED secondary continuation vehicles. You know, those are major

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<v Speaker 4>growth areas for US, major market opportunities for US, and

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<v Speaker 4>the recent hires we've announced will enable us to have

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<v Speaker 4>a top franchise in those areas, we hope.

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<v Speaker 3>You know, another really interesting area that Molis has really

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<v Speaker 3>been forging into a sports You yourself have been personally

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<v Speaker 3>involved in the stake sale that is ongoing of the

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<v Speaker 3>New York Giants as well as the Phoenix Suns in

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<v Speaker 3>recent years. So how big of an opportunity is this company?

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<v Speaker 3>Why you yourself have been on deals, But is this

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<v Speaker 3>something that is going to be a massive area for MOLAS.

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<v Speaker 4>We have a major effort in a big franchise in sports.

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<v Speaker 4>There's the velocity of transactions has really been astounding, not

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<v Speaker 4>just with teams, but also in the ecosystem of sports

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<v Speaker 4>companies that are providing services into the sports space, whether

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<v Speaker 4>that's sports betting or facilities management and things of that nature.

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<v Speaker 4>You're right, we've been lucky to work on some landmark transactions.

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<v Speaker 4>I spend a lot of time on it myself. And

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<v Speaker 4>one of the things that's driving a lot of the

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<v Speaker 4>number of transactions is not just the increase in valuations,

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<v Speaker 4>but these big pools of money, many of which are

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<v Speaker 4>private equity focused, that understand that sports is a beautiful

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<v Speaker 4>way to invest in non correlated growth assets. And so

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<v Speaker 4>we're seeing a lot of money flocked to the space,

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<v Speaker 4>and we're there to hopefully help put transactions together for

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<v Speaker 4>our clients.

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<v Speaker 3>It's certainly been a very interesting one to watch now.

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<v Speaker 3>Almost a decade ago, I wrote a story for Bloomberg

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<v Speaker 3>BusinessWeek called how to Automate an Investment Banker. At that time,

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<v Speaker 3>I talked to your firm about what's possible and what's

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<v Speaker 3>not possible, And at that time there are some things possible,

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<v Speaker 3>but a lot that was not.

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<v Speaker 1>How far have we come?

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<v Speaker 3>What role is AI going to be? As you start

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<v Speaker 3>to let's say build out Molus two point zero.

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<v Speaker 4>Look, it's very critical for us to being on the

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<v Speaker 4>cutting edge of technology and innovate and to adopt technologies

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<v Speaker 4>that will help us serve our clients. AI has massive

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<v Speaker 4>potential to help us be more efficient.

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<v Speaker 1>It has massive potential to.

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<v Speaker 4>Give us tools to be able to present better ideas

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<v Speaker 4>to our clients and to help us execute those ideas

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<v Speaker 4>on their behalf. Again, it's all about the clients, and

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<v Speaker 4>you know, one of the things I'm excited about is

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<v Speaker 4>to make sure within our organization we're staying on our

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<v Speaker 4>front foot to incorporate those tools in our work to

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<v Speaker 4>make sure that we're doing the very best job, you know,

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<v Speaker 4>servicing our client base.

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<v Speaker 3>Navid, we thank you so much for joining us here today.

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<v Speaker 3>That is, of course Navin Momus out again of a

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<v Speaker 3>Molism company. The incoming CEO Scarlett in his first interview

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<v Speaker 3>since their role was announced.

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<v Speaker 2>Thank you Schnoli Bask for that exclusive interview.