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Speaker 1: This is Masters in Business with Barry Ridholts on Bloomberg Radio.

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Speaker 1: This week on the podcast, I have an extra special guest.

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Speaker 1: His name is Greg Fleming, and he is currently the

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Speaker 1: CEO of Rockefeller Capital Management, formally the family office of

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Speaker 1: the famous Rockefeller family fortune. Uh. Gregg is one of

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Speaker 1: these people that a lot of folks who are not

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Speaker 1: in the industry may not know his name, but he's

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Speaker 1: been instrumental in shaping a really shaping Wall Street. He's

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Speaker 1: he's done a number of, you know, incredible deals that uh,

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Speaker 1: starting out with UM black Rock and the purchase of

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Speaker 1: Merrill Lynch's wealth management sides or asset management side. UH.

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Speaker 1: That was really quite a fascinating deal that allowed what

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Speaker 1: was essentially in house Merrill Lynch assets to be sold

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Speaker 1: to anybody who wanted to buy them. You can imagine

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Speaker 1: prior to that transaction why people at other firms, let's

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Speaker 1: say UBS or Morgan Stanley, wouldn't want to buy a

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Speaker 1: Merrill Lynch product. Once it went to an outside party

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Speaker 1: like black Rock, that changed the dynamic and eventually led

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Speaker 1: to black Rock becoming an eight trillion dollar asset manager. UH.

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Speaker 1: He also was instrumental in the sale of Merrill Lynch

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Speaker 1: itself to Bank America in the midst of the financial crisis,

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Speaker 1: and he has been an advisor on a number of

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Speaker 1: other deals um too numerous to mension, the most recently

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Speaker 1: the sale of UM the Miami Marlins to a group

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Speaker 1: led by Derek Jeter, who he's been working with and

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Speaker 1: has known both personally and professionally for decades. Uh. This

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Speaker 1: is really a fascinating conversation with someone who is as

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Speaker 1: knowledgeable of the business of estment banking and wealth management

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Speaker 1: and financial planning as really anybody in the world. So,

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Speaker 1: with no further ado, my conversation with Rockefeller Capital Managements,

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Speaker 1: Greg Fleming. This is Masters in Business with Barry Ridholts

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Speaker 1: on Bloomberg Radio. My special guest today is Greg Fleming.

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Speaker 1: He is the founding CEO of Rockefeller Capital Management, which

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Speaker 1: essentially is a re envisioning of the Rockefeller family office

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Speaker 1: that has been around for quite a long time. He

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Speaker 1: comes to us from both senior positions in Merrill Lynch

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Speaker 1: and Morgan Stanley, where he worked as an acclaimed investment banker.

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Speaker 1: Welcome to Bloomberg. Thank you very much, Barry. It's great

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Speaker 1: to be here. So I mentioned you you began your

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Speaker 1: career as an investment banker. I know you were at

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Speaker 1: Merrill Lynch in the ninety nineties. How do you transition

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Speaker 1: from consulting with one set of clients to finance with

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Speaker 1: a somewhat different set of clients. In some ways, it

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Speaker 1: was It was a pretty seamless transition in the sense

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Speaker 1: that I was providing strategic and management advice to multiple

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Speaker 1: clients at Booze Allen Hamilton's, and then I was also

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Speaker 1: providing strategic, tactical and financial advice to clients as an

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Speaker 1: investment banker. So I do think that that training helped

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Speaker 1: me to position myself more quickly to be able to

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Speaker 1: counsel senior executives and CEOs on whether I would do

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Speaker 1: a deal of fire with them or were we recommending

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Speaker 1: something and helping them think through what are the next

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Speaker 1: steps in their businesses. So when I left, I left

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Speaker 1: boz Allen in late and joined Merrill Lynch, and frankly,

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Speaker 1: one of the reasons I left Barry was because I

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Speaker 1: wanted to get closer to the follow up the execution,

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Speaker 1: and I found, uh, you know, eventually I went from

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Speaker 1: being an investment banker and an advisor there to leading businesses,

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Speaker 1: which I like the most, and I'll get to that.

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Speaker 1: But when I when I went to UH Who's Allen,

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Speaker 1: When I went to Marri Lynch from Who's Allen, UH,

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Speaker 1: my thought was to get into a company and get

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Speaker 1: closer to being able to actually UH see through the

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Speaker 1: vision that you work with clients on as a management consultant.

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Speaker 1: So Merrill Lynch in UM in the early nineties was

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Speaker 1: a tremendous place. UH. It was taking off as an

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Speaker 1: institutional firm. It had been a retail focus firm for

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Speaker 1: decades really from its founding early in the twentieth century. UH.

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Speaker 1: In the nineteen nineties they had done a series of

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Speaker 1: acquisitions that had positioned them well to build an institutional business.

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Speaker 1: I found the culture to be meritocratic, performance based. If

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Speaker 1: you did well, you could move quickly. I joined in

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Speaker 1: late nine. I started more on the management side, UH

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Speaker 1: within municipal finance, helping run that business, and then I

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Speaker 1: moved to investment banking in the Financial Institutions group UH,

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Speaker 1: and I started working directly with clients, particularly interestingly enough

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Speaker 1: in the asset management space, where I really UH spent

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Speaker 1: the first years of my career as an investment banker

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Speaker 1: advising asset management companies on potential sales UH and UH

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Speaker 1: public offerings including UH, we can get to this UH

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Speaker 1: black Rock. Let's stay with Meryl before we move forward

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Speaker 1: to black Rock Coasts. I want to talk about your transactions,

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Speaker 1: especially some of the ones that really reshaped UM Wall

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Speaker 1: Street in a bit. UM thees were a pretty wild

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Speaker 1: go go time on Wall Street. What was the atmosphere

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Speaker 1: like at Merrill Lynch did did people have a sense

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Speaker 1: of how unique that decade was or did it just

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Speaker 1: seem business as usual? You know, when you're in it,

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Speaker 1: a decade like that are really now that you know,

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Speaker 1: I've worked through multiple decades. When you're in it, you

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Speaker 1: don't necessarily stand back and say, uh, this is uh

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Speaker 1: unique in all the following ways, you have a sense

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Speaker 1: of it. You might observe some of them. But as

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Speaker 1: you said, it was a very positive environment for the

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Speaker 1: American economy. UH. As you recall that, I think Bill

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Speaker 1: Clinton was president from two thousand. By the time two

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Speaker 1: thousand came, we had a balanced budget, We had tremendous

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Speaker 1: growth in the in the country. Trade was growing all

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Speaker 1: over the world, and new countries were starting to enter

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Speaker 1: the the capitalist realm, including UH. You know, towards the

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Speaker 1: end of that period, China started coming on the on

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Speaker 1: the horizon. So it was, as you said, a very

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Speaker 1: vibrant time in the United States and around the world

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Speaker 1: from a economic standpoint. Maryland expanded into Europe. I bought

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Speaker 1: a company called Smith new Court, expanded in Japan and

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Speaker 1: Canada and in many different places. Uh. We continued to

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Speaker 1: build out the investment banking business, and really UH started

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Speaker 1: competing directly with the firms that had been successful in

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Speaker 1: that farther back and longer, like Goldman, Zax and Morgan Stanley.

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Speaker 1: So it was, as you say, with hindsight, a tremendous decade.

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Speaker 1: And even in it, UH you had the sense that

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Speaker 1: this was a robust time and mary Lynch was a

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Speaker 1: place that that was on the move and going in

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Speaker 1: a very positive direction. So you eventually become chief operating

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Speaker 1: officer at Meryll, a title you held right in the

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Speaker 1: middle of the Great financial crisis. That had to be madness.

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Speaker 1: What was that experience like just a few short years

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Speaker 1: after the go go nineties, oh, seven oh eight, must

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Speaker 1: have just been insane. There was a very challenging time, Barrier.

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Speaker 1: I have to say, uh, I've had great uh success

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Speaker 1: and luck in my career and and uh ladder is

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Speaker 1: important for everybody, um and uh in. And because of

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Speaker 1: of working hard and doing well but getting opportunities, I

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Speaker 1: moved quickly into different positions of increasing responsibility at Meryl

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Speaker 1: and I was named co president and coaching operating officer

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Speaker 1: in April of two thousand and seven. That turned out,

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Speaker 1: with hindsight and pretty quickly actually to have been a

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Speaker 1: challenging time to step into that because by the fall

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Speaker 1: on the fixed income side of Mery Lynch there were

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Speaker 1: significant challenges, as there were throughout the industry, particularly with

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Speaker 1: subprime assets, so that the whole period turned into one

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Speaker 1: of the most intense and stressful of my career, probably

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Speaker 1: of many careers. I worked for Stan O'Neill leading up

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Speaker 1: to the fall of oh seven, and then he was

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Speaker 1: replaced with John Fain, who became my new boss. And

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Speaker 1: John and I raised a lot of capital to help

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Speaker 1: Marylynch deal with its balance sheet challenges, uh, literally turning

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Speaker 1: the capital base of the company almost over. I think

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Speaker 1: we raised north of billion in capital and a company

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Speaker 1: that going into all of this had approximately thirty billion

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Speaker 1: capital and we UH. We thought by the summer of

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Speaker 1: oh eight we had worked the firm through it, but

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Speaker 1: there were continuing challenges in the fall of o eight,

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Speaker 1: so we ultimately sold the firm to Bank of America

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Speaker 1: in a very stressful weekend UH in September of two

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Speaker 1: thousand eight, memorable weekend. UH. And we closed that deal

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Speaker 1: in early oh nine, and I left the firm and

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Speaker 1: went on to other things. Lessons from that time for

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Speaker 1: me and I have three children that are in their

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Speaker 1: early twenties, and we talked about many different things, and

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Speaker 1: we have a quote of the day on our text chain,

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Speaker 1: and UM lots of advice across different topics. But the

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Speaker 1: primary lesson from that time from my vantage point is that, UH,

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Speaker 1: when you're in a position of a responsibility and authority

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Speaker 1: UH and and things are happening around you, you need

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Speaker 1: to step up. UH. There were times during that time

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Speaker 1: because I had moved quickly in my career where uh,

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Speaker 1: you know, seven or eight years earlier, I was a

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Speaker 1: senior investment banker running the financial Institutions group at Mery Lynch,

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Speaker 1: and now I was front and center on making decisions

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Speaker 1: as to whether we would stay independent and could we

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Speaker 1: get it sold and under what circumstances. Uh. And one

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Speaker 1: of the things that I say, with hindsight and moving

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Speaker 1: forward is somebody is going to be in that position,

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Speaker 1: So don't spend any time wondering where everybody is. And uh,

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Speaker 1: you know why the pressure is on your shoulders. It's

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Speaker 1: there and you need to react to it, and you

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Speaker 1: need to rise to that occasion and try to do

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Speaker 1: the right thing by the many people that are depending

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Speaker 1: upon you. And that is one of the major lessons

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Speaker 1: I took away from that time. And fortunately we did

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Speaker 1: at Merrill Lynch into a good spot and I think

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Speaker 1: it's prospered under Bank of America. I think it could

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Speaker 1: have been an amazing company if it stayed on a

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Speaker 1: standalone basis, but that wasn't ultimately the result that was

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Speaker 1: in the cards. My special guest today is Greg Fleming.

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Speaker 1: He is the CEO of Rockefeller Capital Management. He has

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Speaker 1: been really at the center of some pretty amazing deals

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Speaker 1: that helped to reshape finance as we know it today.

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Speaker 1: Let's let's discuss some of them, and we'll start with

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Speaker 1: the sale of Merrill's money management business to black Rock.

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Speaker 1: That was something like a nine billion dollar deal ultimately

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Speaker 1: led to a number of aspects of black Rock, including

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Speaker 1: I shares and and on and on down the road

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Speaker 1: that allowed them to become one of the great powerhouses

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Speaker 1: and finance. Tell us what was behind that deal? Okay,

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Speaker 1: you know, Barry, I had a long history with black

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Speaker 1: Rock at that point in time. In fact, it went

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Speaker 1: all the way back to the mid nineties when I

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Speaker 1: worked with them on on raising some closed and funds

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Speaker 1: that they went to Marylynch's retail business to be part of.

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Speaker 1: I got to know the leadership team, Larry Fink, the CEO,

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Speaker 1: and some of the other senior executives there, Rob Compto,

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Speaker 1: Ralph Flasstein. When we took a public Barry, the stock

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Speaker 1: was that fourteen dollars a share and uh it's obviously

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Speaker 1: uh many many uh years ago, and it's done tremendously

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Speaker 1: over that time, and is uh wherever it is today

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Speaker 1: six hundred dollars a share or more so, that transaction,

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Speaker 1: uh cemented a relationship that I had already been building

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Speaker 1: with them, and I stayed in close touch with them.

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Speaker 1: I really was one of the strategic advisors that Larry

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Speaker 1: and team relied upon, and that's what led to the

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Speaker 1: Marylynch deal. UH we were thinking about what we were

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Speaker 1: going to do with our asset manage of business. It

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Speaker 1: was a very good business, primarily equity based and retail

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Speaker 1: based in the US, and black Rock was looking for

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Speaker 1: both of those things to fill out what was still

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Speaker 1: at that time a primarily fixed income institutional manager. So

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Speaker 1: we started h a negotiation and a dialogue on this one.

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Speaker 1: I actually represented Merrill Lynch and and my boss at

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Speaker 1: the time, Stan O'Neil, and Larry Fink had his financial advisor,

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Speaker 1: who interestingly enough, was Gary Shedlin, who's now his CFO.

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Speaker 1: And we put that deal together in two thousand and

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Speaker 1: five and created the black Rock that really was positioned

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Speaker 1: because it then had broad based product capabilities equity and

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Speaker 1: fixed income, it had broad based retail access and distribution.

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Speaker 1: We position black Rock to really go on the run.

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Speaker 1: That has gone on since then. Obviously Larry and team

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Speaker 1: has executed brilliantly. Mary Lynch took back a forty nine

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Speaker 1: pcent ownership stake in black Rock. That was the part

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Speaker 1: of the magic of the transaction. Larry continued to control

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Speaker 1: the company, but he had a very big partner. I

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Speaker 1: went on the board of black Rock UH and and

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Speaker 1: stayed on the board until I left Merrill Lynch in

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Speaker 1: in two thousand and nine. So I do take pride

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Speaker 1: in having helped black Rock at multiple key points along

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Speaker 1: the way in this company becoming the amazing company with

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Speaker 1: I think approximately eight trillion in assets under management in

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Speaker 1: h truly astonishing you. Um, you mentioned previously the transaction

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Speaker 1: that brought Merrill Lynch to Bank Bank of America. That

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Speaker 1: was quite the abbreviated process, Is it true? That was

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Speaker 1: essentially completed over a weekend? And and just to remind

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Speaker 1: everybody that transaction took place, um in the full of

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Speaker 1: oh eight, you had a I. G. And Lehman teetering

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Speaker 1: on bankruptc. The world looked like it was going to hell.

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Speaker 1: How did that transaction happen? And how did it happen

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Speaker 1: so quickly? Well, it did take place over a weekend,

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Speaker 1: and we announced it the Monday morning of that weekend

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Speaker 1: was September fifteenth. I will never forget it, but we

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Speaker 1: had Bank America had been interested in Meryl for some time,

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Speaker 1: and I had had dialogue in UH in the months

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Speaker 1: leading up to it with some of the senior executives

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Speaker 1: at Bank America and with a lawyer who does not

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Speaker 1: get enough credit for having put this transaction together. Your

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Speaker 1: friend of mine named Ed Hurley, he at Wachtel Lipton.

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Speaker 1: So it wasn't like we talked to Bank America for

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Speaker 1: the first time on on Friday and announced the deal

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Speaker 1: on Monday. They had done a tremendous amount of work

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Speaker 1: on Mery Lynch over the years as a prospective partner,

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Speaker 1: and they were aware that circumstances might come to pass

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Speaker 1: where we could potentially be interested in a transaction with

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Speaker 1: Bank of America. So that backdrop, I think is important.

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Speaker 1: But the reality is is that it did come together

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Speaker 1: in the final analysis that quickly. On Saturday morning, September,

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Speaker 1: very early in the morning, John Than and I had

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Speaker 1: multiple conversations about him reaching out to Ken Lewis, the

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Speaker 1: CEO of Bank of America, and saying we should talk

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Speaker 1: this weekend. I was very focused on trying to get

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Speaker 1: the transaction done on the weekend because I thought that

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Speaker 1: Lehman had no partner that was on the on the grapevine,

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Speaker 1: everybody was wondering what was going to happen to Lehman,

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Speaker 1: and I believe if Lehman UH did file for Chapter eleven,

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Speaker 1: as they did, on Sunday night that the markets on

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Speaker 1: Monday would be a disaster and Mary Lynch would quickly

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Speaker 1: come under pressure as the next smallest UH securities firm

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Speaker 1: that was still in existence. So I knew this is

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Speaker 1: one of the benefits of the training As an investment banker,

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Speaker 1: I knew the value of a weekend, and I was

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Speaker 1: pushing John Friday night and Saturday morning to UH initiate contact,

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Speaker 1: and he ultimately did. And Kenna Lewis flew to New

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Speaker 1: York on Saturday and had a meeting with Jonathan early

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Speaker 1: Saturday afternoon, and they agreed on US allowing them to

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Speaker 1: do diligence and starting a dialogue around a potential transaction.

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Speaker 1: In that dialogue, I think John was thinking maybe a

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Speaker 1: minority investment. Ken Lewis was clearly thinking he would buy

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Speaker 1: the firm. Later that evening, we started due diligence in

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Speaker 1: UH in an intensive way. UH. We were on one

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Speaker 1: floor at Wachtel Lifton and Bank of America was on another.

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Speaker 1: Chtell was the advisor, the legal advisor to Bank of

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Speaker 1: America at this point in time, and on Sunday morning,

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Speaker 1: a man named Greg Curle, who was the lead negotiator

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Speaker 1: for and Lewis and I met very early I think

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Speaker 1: it was seven am, to discuss the terms of of

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Speaker 1: a transaction. I remember having gotten back to a hotel

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Speaker 1: I was staying in a couple hours earlier and taking

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Speaker 1: a shower. Nobody was sleeping we had slept in several days,

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Speaker 1: and walking back to Wachtell Lipton, which is in Midtown,

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Speaker 1: it was very quiet and thinking, if I didn't get

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Speaker 1: this negotiation right. We have sixty five thousand employees, this

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Speaker 1: firm has been around for almost ninety five years. Uh

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Speaker 1: and a lot hung on what happened in the next

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Speaker 1: twenty four hours, and I did feel the pressure of that.

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Speaker 1: It was the will always be the most pressured moment

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Speaker 1: of my career. I think when somebody will come into

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Speaker 1: my office today or at any point since then and

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Speaker 1: say we've got a big problem, I'll say that I'm

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Speaker 1: sure we have an issue to deal with. But a

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Speaker 1: big problem is being the president of a year old

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Speaker 1: firm with a brand like Mary Lynch twenty four hours

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Speaker 1: before a market may open and h and puts you

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Speaker 1: in a very difficult position. And the stress was was

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Speaker 1: frankly almost unbearable. I had colleagues on our team, thank

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Speaker 1: to me, just get it sold at almost any price.

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Speaker 1: I remember having a debate at two or three in

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Speaker 1: the morning and uh uh. Andre Sorkin had this in

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Speaker 1: his book Too Big to Fail with one of my

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Speaker 1: colleagues about whether anybody ever finds something that they really

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Speaker 1: want to buy if you say to them, you can

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Speaker 1: virtually have it for nothing. You know. My view was

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Speaker 1: Mary Lynch was an incredible firm. We had the best

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Speaker 1: wealth management business that in the industry at the time

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Speaker 1: we owned Black Rock. We had a first class investment bank.

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Speaker 1: There were, as I said, ninety five years in the making.

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Speaker 1: Bank of America should pay for all that, and ultimately

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Speaker 1: they did, and to their credit, over the ensuing years,

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Speaker 1: the deals worked out tremendously for Bank America. We negotiated

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Speaker 1: the sale of Marylynch for twice nine dollars a share

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Speaker 1: that Sunday morning. It had closed on Friday at seventeen

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Speaker 1: dollars a share. That will still be one of the negotiations.

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Speaker 1: I'm proud of stuff for my whole career. Again, I

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Speaker 1: do think that it was fair value for America, given

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Speaker 1: the quality of the people, the franchise, the brand that

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Speaker 1: they bought at Mery Lynch. Now that the deal definitely

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Speaker 1: worked out for everybody involved. Take a look at a

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Speaker 1: recent deal that I don't believe you were involved in

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Speaker 1: but in, but it involves one of your old chops.

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Speaker 1: You were you were senior at Morgan Stanley. They just

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Speaker 1: purchased Eaton Vance for about seven billion dollars. How does

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Speaker 1: a friendly deal under terms where there isn't any sort

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Speaker 1: of economic crisis or um real financial stress. Clearly we're

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Speaker 1: going through is going through its own crisis, but in

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Speaker 1: terms of asset managers, it's nothing like two thousand and

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Speaker 1: eight or nine. How does a deal like Morgan scooping

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Speaker 1: up Eating Vans differ than what you guys had accomplished

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Speaker 1: with Bank America and Merrill Lynch. Well, it happens in

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Speaker 1: a more traditional fashion. So, Uh, the leadership of Morgan Stanley,

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Speaker 1: James Gorman, my old boss, UH, with whom I continue

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Speaker 1: to stay in close touch, would be interested in building

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Speaker 1: his asset manage of business and would be thinking about

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Speaker 1: different firms that might enhance their capabilities, and he might

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Speaker 1: have dialogue And none of this, by the way, in

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Speaker 1: my repeating firsthand, it is just what what happens in

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Speaker 1: cases like this, he would have dialogue in different potential

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Speaker 1: directions about firms that might be a good fit. Uh and,

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Speaker 1: and it would proceed that way. And in a firm

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Speaker 1: like eating Vance might be thinking that they've had a

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Speaker 1: good trajectory, but they could have their growth and capabilities

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Speaker 1: enhanced by the right partner. That's the typical UH dance

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Speaker 1: that occurs in in m in a situation. And that's

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Speaker 1: been true for a long time and will always be true.

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Speaker 1: Uh And And Frankly, that is the value of experience

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Speaker 1: investment bankers who act more as advisors and counselors. And

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Speaker 1: this will eventually lead me to what we'll talk about

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Speaker 1: Rockefeller later. But one of the things we're trying to

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Speaker 1: do at Rocketar Capital Management, whatever the business, is to

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Speaker 1: act as an advisor or counselor to the client. And

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Speaker 1: I like those words. I think the connotation coming out

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Speaker 1: of that is that is an important part of how

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Speaker 1: the client UH starts to trust and rely on the

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Speaker 1: judgment that you provide. UM. So that's how a transaction

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Speaker 1: like that would occur in an environment like this, in

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Speaker 1: almost any environment. Frankly, Barry the two thousand, two thousand

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Speaker 1: nine time UH in my career is unique because the

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Speaker 1: stresses in the financial system there uh were greater than

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Speaker 1: anything we've seen before or likely to see for a

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Speaker 1: long time. Is its own unique crisis because of the

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Speaker 1: breadth of the problems and the fact that COVID affects

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Speaker 1: everybody UH and its economy wide. But in terms of

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Speaker 1: UH the financial sector in particular, oh eight oh nine

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Speaker 1: really was the reckoning uh so transactions that were occurring then,

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Speaker 1: you know, Bank of America, Merrill Lynch in in some ways,

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Speaker 1: as I said, there was some lead up to it,

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Speaker 1: even though a lot of it was that weekend, But

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Speaker 1: there are transactions that that were talked about and occurred

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Speaker 1: or or didn't occur. But don't have to go through

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Speaker 1: the list of very big banks in the in the

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Speaker 1: weeks and months that followed that were suggestions suggested quickly

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Speaker 1: and looked at very quickly, including the biggest names in

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Speaker 1: the space. And that was because there was a real,

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Speaker 1: uh sense of of almost panic even on the part

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Speaker 1: of the regulators to make sure these big financial institutions

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Speaker 1: were going to emerge from that crisis safely and you

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Speaker 1: weren't going to have any more financial institutions go the

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Speaker 1: path of Lehman Brothers. You know, it's funny, funny you

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Speaker 1: say that I have a vivid recollection of my wife's

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Speaker 1: Washington Mutual a t M card, and that transaction with

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Speaker 1: them and JP Morgan Chase also took place over the weekend.

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Speaker 1: And it seems so seamless that on Friday it was

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Speaker 1: a Washington Mutual card and on Monday you could use

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Speaker 1: it at any Chase a t M without being charged

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Speaker 1: the non bank fee for a for a different account.

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Speaker 1: The transaction was that fast and that seamless. Um. So

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Speaker 1: so clearly that period was unique in in m and

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Speaker 1: A history. I want to I want to ask you

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Speaker 1: about two more transactions before we move on, um to

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Speaker 1: our next set of topics. One is the sale of

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Speaker 1: sky Bridge for Mooch for for Anthony Scaramucci, who took

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Speaker 1: a position in the White House. Um, what was that

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Speaker 1: like in the midst of all of that politicking and

400
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Speaker 1: having the government look over your shoulder due to UH

401
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Speaker 1: national security concerns, what was that Skybridge transaction? Like, you know,

402
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Speaker 1: I'd known Anthony for a long time, way back to

403
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Speaker 1: after he left Goldman Sachs. He he uh. He started

404
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Speaker 1: a company that was sold to Newburger Berman UH and

405
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Speaker 1: UM I represented him on that and helped him get

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Speaker 1: that spail done right around September eleven. And actually the

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Speaker 1: president of New Burger at the time was a guy

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Speaker 1: named Bob Mantza, who went on to become a good

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Speaker 1: friend and counselor to Anthony as well. So, I don't

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Speaker 1: know whatever it was. Fifteen or sixteen years later, UH

411
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Speaker 1: I had left Morgan Stanley and Anthony called me and

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Speaker 1: asked me if I would help with the sale of

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Speaker 1: the business, and I said I would do that for him. UH,

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Speaker 1: and we we basically did what we always do. We

415
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Speaker 1: UH put some materials together describing what skybridges and why

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Speaker 1: it would be an attractive opportunity. UH. And I had

417
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Speaker 1: a team working with me, and we contacted prospective buyers

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Speaker 1: and we took first round bids and then we ultimately, UH,

419
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Speaker 1: we're on a path to negotiate a transaction UH with

420
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Speaker 1: the Chinese buyer, and we we announced it and we

421
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Speaker 1: signed it and then UH it was early two thousand

422
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Speaker 1: seventeen and President Trump took office and UH it ultimately

423
00:26:43,760 --> 00:26:47,080
Speaker 1: never got all the regulatary approvals that needed to and

424
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Speaker 1: UH the deal didn't go forward. So from my vantage

425
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Speaker 1: point though, it was more of an ordinary course transaction

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Speaker 1: where I was helping Anthony put his business in in

427
00:26:58,359 --> 00:27:01,040
Speaker 1: a new hand. The ocean was that they were going

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00:27:01,080 --> 00:27:04,880
Speaker 1: to leverage that Skybridge product based outside the US and

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00:27:05,000 --> 00:27:08,240
Speaker 1: bring distribution, particularly in Asia. It was all kind of

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Speaker 1: more of a of a logical regular transaction. Huh. So

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Speaker 1: let me ask you about what might be a totally

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Speaker 1: different type of transaction. You were involved in several variations

433
00:27:23,000 --> 00:27:28,679
Speaker 1: of the deal to sell uh the Miami Marlins ultimately

434
00:27:28,760 --> 00:27:32,000
Speaker 1: and ended up in the hands of a consortium of

435
00:27:32,040 --> 00:27:35,960
Speaker 1: people that, if I recall correctly, included both Derek Jeter

436
00:27:36,720 --> 00:27:41,000
Speaker 1: and Michael Jordan's tell us about the h the Marlins

437
00:27:41,040 --> 00:27:44,040
Speaker 1: transaction and what was some of the early iterations of

438
00:27:44,040 --> 00:27:50,600
Speaker 1: that like, well, actually, Barry I represented the group buying

439
00:27:50,640 --> 00:27:55,320
Speaker 1: new Marlins because of a friendship I have with with

440
00:27:55,440 --> 00:27:59,480
Speaker 1: Derek Uh. When I had left Morgan Stanley, Derek had

441
00:27:59,760 --> 00:28:02,240
Speaker 1: read tired and he was very focused on being an

442
00:28:02,240 --> 00:28:05,359
Speaker 1: owner of a major league franchise. He and I have

443
00:28:05,400 --> 00:28:08,440
Speaker 1: been friends back to my early years at Morgan Familey

444
00:28:08,440 --> 00:28:11,960
Speaker 1: about ten years now, so we were looking at different

445
00:28:12,560 --> 00:28:15,040
Speaker 1: baseball clubs that we might be able to buy the

446
00:28:15,080 --> 00:28:19,399
Speaker 1: Marlins for for sale. Derek was focused on different parts

447
00:28:19,440 --> 00:28:21,560
Speaker 1: of the of the country that he'd like to own

448
00:28:21,560 --> 00:28:23,639
Speaker 1: a team in. In In Miami was certainly on that list.

449
00:28:24,400 --> 00:28:27,280
Speaker 1: So we put a group together to buy the Marlins

450
00:28:27,400 --> 00:28:33,399
Speaker 1: and and ultimately, Uh, we're the winning bidders. UM. I

451
00:28:33,520 --> 00:28:36,840
Speaker 1: advised the group, I advised Derek Uh. He and I,

452
00:28:36,840 --> 00:28:39,640
Speaker 1: as you know, continue to work closely together today. I'm

453
00:28:39,680 --> 00:28:43,240
Speaker 1: one of the owners in the in the Marlins, although

454
00:28:43,560 --> 00:28:47,160
Speaker 1: one of the smaller owners, and I do UH sit

455
00:28:47,320 --> 00:28:50,040
Speaker 1: sit on the board and continue to advise the Derek

456
00:28:50,120 --> 00:28:53,200
Speaker 1: on a on a range of things. UM. One of

457
00:28:53,240 --> 00:28:55,960
Speaker 1: the things that we're proud of with the Marlins is

458
00:28:56,000 --> 00:29:02,320
Speaker 1: that the franchise is in a really good spot, having

459
00:29:03,000 --> 00:29:06,440
Speaker 1: gone through two or three years of turnaround. Here Derek

460
00:29:06,600 --> 00:29:09,719
Speaker 1: is the CEO of the Marlins. He runs the whole club,

461
00:29:10,240 --> 00:29:13,400
Speaker 1: baseball and business. He's put his own team in place,

462
00:29:13,480 --> 00:29:15,760
Speaker 1: and you saw he made a terrific higher last week.

463
00:29:16,200 --> 00:29:20,000
Speaker 1: The first female general manager in Major League Baseball history.

464
00:29:20,640 --> 00:29:23,040
Speaker 1: Who Derek and this says a lot about who Derek

465
00:29:23,200 --> 00:29:26,280
Speaker 1: is thought was the best person for the job. But

466
00:29:26,360 --> 00:29:29,720
Speaker 1: he also was pleased to see a barrier like that broken.

467
00:29:30,600 --> 00:29:34,479
Speaker 1: So that was announced just last week. So uh the

468
00:29:34,480 --> 00:29:37,280
Speaker 1: the Uh, I'm not going to comment on who other

469
00:29:37,360 --> 00:29:40,680
Speaker 1: owners are as it is a private club and um,

470
00:29:42,080 --> 00:29:45,000
Speaker 1: the names of specific owners are. It's up to them

471
00:29:45,000 --> 00:29:48,720
Speaker 1: to say whether they're an owner or not. But Derek

472
00:29:48,800 --> 00:29:52,920
Speaker 1: has many, as you know, uh friends across the landscape

473
00:29:52,960 --> 00:29:55,640
Speaker 1: and lots of people rooting for him and supporting him.

474
00:29:55,760 --> 00:29:59,680
Speaker 1: And uh he's he's done a terrific job leading this

475
00:30:00,040 --> 00:30:03,120
Speaker 1: uh this club so far. And uh you saw that

476
00:30:03,200 --> 00:30:05,720
Speaker 1: we uh the Marlins were in the playoffs last year,

477
00:30:06,200 --> 00:30:08,800
Speaker 1: they were the surprise team. They have one of the

478
00:30:08,840 --> 00:30:11,960
Speaker 1: top of farm systems in baseball. Now dark put that

479
00:30:12,000 --> 00:30:14,920
Speaker 1: together with people he hired Gary Denbo who was with

480
00:30:14,960 --> 00:30:19,080
Speaker 1: the Yankees, and we expect the Miami Marlins to do well.

481
00:30:19,320 --> 00:30:21,680
Speaker 1: You're in in Europe for a long time under the

482
00:30:21,840 --> 00:30:27,160
Speaker 1: enlightened leadership of Derrick here. Huh quite quite fascinating. Let's

483
00:30:27,240 --> 00:30:32,000
Speaker 1: talk a little bit about your current place of employment.

484
00:30:32,600 --> 00:30:35,959
Speaker 1: The Rockefeller Family Office has been around for a really

485
00:30:36,000 --> 00:30:41,320
Speaker 1: long time. What was the thinking behind transforming this into

486
00:30:41,440 --> 00:30:47,560
Speaker 1: Rockefeller Capital Management? Barry, Let let me walk you through

487
00:30:47,720 --> 00:30:51,000
Speaker 1: how Rockefeller Capital Management came into existence and it will

488
00:30:51,040 --> 00:30:55,320
Speaker 1: provide some color on the Rockefeller legacy. So in March

489
00:30:55,400 --> 00:30:58,960
Speaker 1: of two thousand and eighteen, we bought Rock and Co.

490
00:31:00,160 --> 00:31:03,160
Speaker 1: Rock and Co. Was originally the family office of John

491
00:31:03,240 --> 00:31:06,480
Speaker 1: Rockefeller Senior, the the guy, the one who started it

492
00:31:06,560 --> 00:31:11,200
Speaker 1: all way back in two It became a multifamily office

493
00:31:11,200 --> 00:31:13,760
Speaker 1: in the nineteen seventies, and when we bought it in

494
00:31:13,840 --> 00:31:17,680
Speaker 1: March of two thousand eighteen, we rebranded it renamed it

495
00:31:17,840 --> 00:31:21,520
Speaker 1: Rockefeller Capital Management because we wanted to be clear that

496
00:31:21,560 --> 00:31:24,520
Speaker 1: we were in partnership with the Rockefellers, but that we

497
00:31:24,520 --> 00:31:28,240
Speaker 1: were taking care of clients across a broad spectrum of clients.

498
00:31:28,240 --> 00:31:31,680
Speaker 1: So we thought Rock and Co. Sounded more like a

499
00:31:31,800 --> 00:31:36,000
Speaker 1: specific family office, So it's Rockefeller Capital Management. We are

500
00:31:36,120 --> 00:31:39,480
Speaker 1: in partnership with the Rockefellers, though many of them are

501
00:31:39,560 --> 00:31:43,280
Speaker 1: our clients. Two of them sit on our board, David

502
00:31:43,360 --> 00:31:47,200
Speaker 1: Rockefeller Jr. And Peter O'Neill. They are part owners of

503
00:31:47,320 --> 00:31:51,440
Speaker 1: Rockefeller Capital Management, the family UH, and they're important partners,

504
00:31:51,440 --> 00:31:55,040
Speaker 1: and they care about what we do with their iconic

505
00:31:55,160 --> 00:31:57,920
Speaker 1: name UH and how we treat it. And the name

506
00:31:58,000 --> 00:32:01,280
Speaker 1: has been spectacular. It is an aim that is respected

507
00:32:01,920 --> 00:32:05,280
Speaker 1: in every corner of the United States and around the world.

508
00:32:06,320 --> 00:32:10,480
Speaker 1: What the family has done over decades, over many decades

509
00:32:11,040 --> 00:32:14,400
Speaker 1: in philanthropy UH in the United States and in different

510
00:32:14,400 --> 00:32:16,800
Speaker 1: parts of the world. There's a hospital in Beijing at

511
00:32:16,800 --> 00:32:20,560
Speaker 1: the family started in n that's still there and highly regarded.

512
00:32:21,520 --> 00:32:26,480
Speaker 1: The Rockefellers started Spellman College way back in the eighteen eighties.

513
00:32:27,480 --> 00:32:30,520
Speaker 1: The reach of the Rockefellers in terms of the imprints

514
00:32:30,600 --> 00:32:35,240
Speaker 1: that they've made in a positive sense on society, the philanthropy.

515
00:32:35,360 --> 00:32:39,840
Speaker 1: They were one of the earliest in sustainable investing. In fact,

516
00:32:39,920 --> 00:32:44,760
Speaker 1: the Rockefellers coined impact investing at one of our sister organizations,

517
00:32:44,840 --> 00:32:51,360
Speaker 1: Rockefeller Foundation. So the Rockefellers are an amazing part of

518
00:32:51,920 --> 00:32:55,760
Speaker 1: the United States history, an iconic name around which we're

519
00:32:55,760 --> 00:33:02,200
Speaker 1: building our business. So our business is UH really advising

520
00:33:02,240 --> 00:33:09,040
Speaker 1: and counseling clients across wealth management, strategic advisory, investment banking,

521
00:33:09,280 --> 00:33:13,920
Speaker 1: and asset management, and all those different pieces fit together well.

522
00:33:16,080 --> 00:33:20,840
Speaker 1: The wealth management is the business that the predecessor company

523
00:33:20,920 --> 00:33:24,719
Speaker 1: was in, and it's really what we're putting at the

524
00:33:24,760 --> 00:33:29,000
Speaker 1: heart of Rockefeller Capital Management. And what we've been working

525
00:33:29,040 --> 00:33:31,080
Speaker 1: on Barry in the last two and a half years

526
00:33:31,240 --> 00:33:37,560
Speaker 1: is building from scratch a private wealth business focused on

527
00:33:38,600 --> 00:33:42,680
Speaker 1: um best in class private wealth advisors taking care of

528
00:33:43,080 --> 00:33:47,320
Speaker 1: clients as they do throughout the industry, and marrying that

529
00:33:47,400 --> 00:33:52,280
Speaker 1: to a family office that have capabilities including trust companies

530
00:33:52,320 --> 00:33:55,560
Speaker 1: and other things that the business that we bought bring

531
00:33:55,640 --> 00:33:59,520
Speaker 1: to the table to create a holistic offering for clients.

532
00:34:00,080 --> 00:34:02,440
Speaker 1: We're trying on the wealth management side to take care

533
00:34:02,440 --> 00:34:06,160
Speaker 1: of clients across all of their needs, not just investments

534
00:34:06,160 --> 00:34:10,400
Speaker 1: and asset allocation, but generational work. We've taken care of

535
00:34:10,440 --> 00:34:13,560
Speaker 1: seven generations of Rockefeller as we have to trust companies

536
00:34:13,880 --> 00:34:17,040
Speaker 1: were integrating involved in helping clients figure out what they

537
00:34:17,040 --> 00:34:20,319
Speaker 1: do with their money for follow up generations. So that's

538
00:34:20,320 --> 00:34:24,040
Speaker 1: our wealth management platform. In addition to what we do

539
00:34:24,120 --> 00:34:26,440
Speaker 1: for those clients. On the wealth management side, we do

540
00:34:26,520 --> 00:34:29,799
Speaker 1: have a strategic advisory business and this was intentional. This

541
00:34:29,920 --> 00:34:31,640
Speaker 1: comes out of my background and it was part of

542
00:34:31,640 --> 00:34:34,360
Speaker 1: the vision that we had for rock Stellar Capital Management.

543
00:34:35,000 --> 00:34:37,600
Speaker 1: In the United States, much of the wealth for families

544
00:34:37,760 --> 00:34:41,880
Speaker 1: comes from starting businesses. That's the defining characteristic of the

545
00:34:41,960 --> 00:34:44,840
Speaker 1: United States and to this day there's so many private

546
00:34:44,840 --> 00:34:47,359
Speaker 1: businesses that are started by families that get built up.

547
00:34:48,000 --> 00:34:49,520
Speaker 1: So we wanted to make sure that we had the

548
00:34:49,560 --> 00:34:51,960
Speaker 1: capabilities to advise those families and what they should do

549
00:34:51,960 --> 00:34:54,759
Speaker 1: with those business, whether it's to continue to invest in

550
00:34:54,800 --> 00:34:57,359
Speaker 1: them and run them and keep them private, whether it's

551
00:34:57,360 --> 00:35:00,200
Speaker 1: potentially to sell the business or take it public. So

552
00:35:00,239 --> 00:35:04,480
Speaker 1: we have Rockefeller Strategic Advisory, which is there to provide

553
00:35:04,480 --> 00:35:07,120
Speaker 1: that kind of advice to the family. We obviously do

554
00:35:07,160 --> 00:35:09,799
Speaker 1: a fair amount of investment banking work away from just

555
00:35:09,880 --> 00:35:12,080
Speaker 1: taking care of our families, and we have some of

556
00:35:12,120 --> 00:35:17,440
Speaker 1: the most senior and seasoned investment bankers, advisors, counselors as

557
00:35:17,480 --> 00:35:20,960
Speaker 1: I like to say, working at Rockefeller Capital Management with us.

558
00:35:21,560 --> 00:35:25,600
Speaker 1: And then I'll ask the management business often serves those

559
00:35:25,880 --> 00:35:30,040
Speaker 1: uh wealthy clients on the wealth management side, but we're

560
00:35:30,080 --> 00:35:34,000
Speaker 1: also building our usset management business through institutions and intermediaries,

561
00:35:34,640 --> 00:35:37,920
Speaker 1: so it's a standalone opportunity for clients outside of our

562
00:35:37,920 --> 00:35:42,759
Speaker 1: wealth manager business. Our asset manager business focuses on E

563
00:35:42,960 --> 00:35:46,680
Speaker 1: s G investing. They've been doing it longer than most

564
00:35:46,680 --> 00:35:50,520
Speaker 1: firms because the family, the Rockefeller family, got into this

565
00:35:50,800 --> 00:35:54,440
Speaker 1: sooner than many. So we're very focused in our Rockefeller

566
00:35:54,520 --> 00:35:57,840
Speaker 1: st management business, not sustainable investing, and we're raising assets

567
00:35:58,600 --> 00:36:02,760
Speaker 1: around the world and things like ocean engagement and climate

568
00:36:02,800 --> 00:36:08,040
Speaker 1: solutions and other strategies that are increasingly getting a following

569
00:36:08,040 --> 00:36:11,640
Speaker 1: not just among millennials and Generation Z, but mainstream investors.

570
00:36:13,800 --> 00:36:18,040
Speaker 1: I would imagine clients like the Rockefeller family or other

571
00:36:18,120 --> 00:36:23,239
Speaker 1: people of great wealth that have been um managing that

572
00:36:23,360 --> 00:36:27,320
Speaker 1: wealth for many generations, are going to demand a certain

573
00:36:27,440 --> 00:36:31,560
Speaker 1: level of service. And as I was kicking around your website,

574
00:36:31,760 --> 00:36:35,719
Speaker 1: I noticed that some of the services were really kind

575
00:36:35,719 --> 00:36:41,400
Speaker 1: of interesting. Obviously, philanthropic advisory service is pretty standard in

576
00:36:41,440 --> 00:36:45,480
Speaker 1: the wealth management space, but you also do things like

577
00:36:45,960 --> 00:36:50,120
Speaker 1: private health advisory and personal security. Tell us a little

578
00:36:50,120 --> 00:36:54,160
Speaker 1: bit about some of these UH concierge level services that

579
00:36:54,239 --> 00:37:00,839
Speaker 1: you're offering to the ultra high net worth investor. Berry,

580
00:37:00,840 --> 00:37:04,160
Speaker 1: I'm glad you were going around the website, and I'm

581
00:37:04,320 --> 00:37:06,520
Speaker 1: pleased to get that question because it's at the heart

582
00:37:06,600 --> 00:37:08,600
Speaker 1: of what we're trying to do for our clients, and

583
00:37:08,680 --> 00:37:13,520
Speaker 1: we believe it differentiates us at Rockefellar Capital Management because

584
00:37:13,520 --> 00:37:17,080
Speaker 1: our exclusive focus is on high net worth and ultra

585
00:37:17,120 --> 00:37:20,799
Speaker 1: high net worth clients and and UH families, and what

586
00:37:20,800 --> 00:37:23,440
Speaker 1: we're trying to do with them is provide them holistic

587
00:37:23,520 --> 00:37:26,680
Speaker 1: thinking and service. We want to solve their problems wherever

588
00:37:26,719 --> 00:37:30,520
Speaker 1: they like. And that includes conflict free advice on on

589
00:37:30,600 --> 00:37:33,880
Speaker 1: whatever they come to us with. It includes things like

590
00:37:33,920 --> 00:37:37,080
Speaker 1: what you were just describing. We call it Rocket Rockefeller

591
00:37:37,080 --> 00:37:41,920
Speaker 1: a lifestyle advisory. We have relationships joint ventures with different

592
00:37:41,960 --> 00:37:47,120
Speaker 1: partners who brings things to bear that our clients might

593
00:37:47,160 --> 00:37:50,000
Speaker 1: be looking for along the way, even if it's not

594
00:37:50,280 --> 00:37:54,720
Speaker 1: tied to investing and generational planning and the specific financial side.

595
00:37:55,160 --> 00:37:58,000
Speaker 1: And I'll give you an example. I have a twenty

596
00:37:58,080 --> 00:38:00,479
Speaker 1: year old son who is traveling a few years ago

597
00:38:00,920 --> 00:38:03,520
Speaker 1: and we were a little bit uh focused, my wife

598
00:38:03,520 --> 00:38:05,640
Speaker 1: and I on security in some of the places he

599
00:38:05,680 --> 00:38:09,160
Speaker 1: wanted to travel in, and we UH were put into

600
00:38:09,160 --> 00:38:12,880
Speaker 1: contact with a private security company who which was run

601
00:38:12,960 --> 00:38:16,560
Speaker 1: and we link this. The founder was somebody who had

602
00:38:16,560 --> 00:38:19,600
Speaker 1: expertise in the space and it was his firm, and

603
00:38:19,920 --> 00:38:23,439
Speaker 1: they gave us some advice on how to make sure

604
00:38:23,480 --> 00:38:25,960
Speaker 1: that he acted safely in the places he was in.

605
00:38:26,680 --> 00:38:29,680
Speaker 1: You know, they offered a GPS chip to UH that

606
00:38:29,760 --> 00:38:31,560
Speaker 1: we could uh we and they could keep an eye

607
00:38:31,600 --> 00:38:34,960
Speaker 1: on where he was safely things like that, and he

608
00:38:35,000 --> 00:38:38,520
Speaker 1: took the trip. There are many clients that UH that

609
00:38:38,719 --> 00:38:43,000
Speaker 1: have family members that might benefit from that advice and

610
00:38:43,000 --> 00:38:45,560
Speaker 1: they don't know where to turn, they can turn to us.

611
00:38:46,239 --> 00:38:49,200
Speaker 1: It's the same thing on on We have a joint

612
00:38:49,239 --> 00:38:53,120
Speaker 1: venture with the healthcare company, and even high net worth

613
00:38:53,160 --> 00:38:55,560
Speaker 1: and ultra hignet worth clients sometimes if they leave a job,

614
00:38:55,600 --> 00:38:58,000
Speaker 1: they don't have healthcare. We can help them get the

615
00:38:58,080 --> 00:39:01,680
Speaker 1: healthcare in a in a ficial and and cost effective

616
00:39:01,719 --> 00:39:04,880
Speaker 1: manner through our joint venture partner. So we want to

617
00:39:04,920 --> 00:39:08,640
Speaker 1: be there for the client, whatever the need, and that's

618
00:39:08,640 --> 00:39:12,040
Speaker 1: one of the reasons why we put together Rockefeller Lifestyle Advisory.

619
00:39:12,200 --> 00:39:15,959
Speaker 1: We deliver all of this barry through the person who's

620
00:39:15,960 --> 00:39:18,440
Speaker 1: at the center of the relationship with the client, so

621
00:39:18,480 --> 00:39:20,880
Speaker 1: we're not having lots of different people reach out to

622
00:39:20,920 --> 00:39:24,080
Speaker 1: the client. We have a private wealth advisor who is

623
00:39:24,320 --> 00:39:27,319
Speaker 1: the point of contact for the client on all of this.

624
00:39:27,840 --> 00:39:30,960
Speaker 1: We're just channeling this through to the private wealth advisor

625
00:39:31,000 --> 00:39:35,160
Speaker 1: and the people focused on managing the client relationship so

626
00:39:35,200 --> 00:39:38,680
Speaker 1: that they have access to all this but is delivered

627
00:39:38,760 --> 00:39:44,239
Speaker 1: in a holistic, efficient manner to the specific client. One

628
00:39:44,360 --> 00:39:48,960
Speaker 1: one of the things in that lifestyle grouping is philanthropic advisory.

629
00:39:49,000 --> 00:39:53,319
Speaker 1: And I have to note how many different boards that

630
00:39:53,400 --> 00:39:56,319
Speaker 1: you yourself are either on or have been on. We

631
00:39:56,440 --> 00:39:59,680
Speaker 1: mentioned black Rock previously, but you're on the board of

632
00:39:59,680 --> 00:40:02,800
Speaker 1: advi users for the Yale Law School Center for the

633
00:40:02,840 --> 00:40:06,280
Speaker 1: Study of Corporate Law. Um, you were a former director

634
00:40:06,320 --> 00:40:09,799
Speaker 1: at Colgate University, you know, on the Council of Foreign Relations,

635
00:40:10,200 --> 00:40:13,239
Speaker 1: the Economic Club of New York, the Ronald McDonald House

636
00:40:13,280 --> 00:40:17,919
Speaker 1: Board of Directors. How does that experience color the sort

637
00:40:17,920 --> 00:40:22,160
Speaker 1: of advice you're capable of providing to ultra high net

638
00:40:22,160 --> 00:40:27,800
Speaker 1: worth investors. You know, we we do a tremendous amount

639
00:40:27,840 --> 00:40:30,360
Speaker 1: of work with these ultra high net worth investors in

640
00:40:30,440 --> 00:40:33,839
Speaker 1: terms of both talking this through and helping them set up,

641
00:40:34,960 --> 00:40:39,040
Speaker 1: you know, the efficient structures foundations through which they can

642
00:40:39,440 --> 00:40:42,120
Speaker 1: direct their wealth. One of the things that that I'm

643
00:40:42,160 --> 00:40:47,080
Speaker 1: proud of personally given my background, and I'm proud of

644
00:40:47,080 --> 00:40:49,920
Speaker 1: of a lot of Americans, is the notion of giving back.

645
00:40:50,560 --> 00:40:52,520
Speaker 1: You know, my father was the first one in his

646
00:40:52,640 --> 00:40:56,080
Speaker 1: family to go to college. His father and my grandfather

647
00:40:56,160 --> 00:40:59,919
Speaker 1: graduated from the second grade and went to work. My mother,

648
00:41:00,040 --> 00:41:03,120
Speaker 1: his father, my grandfather on that side, graduated from the

649
00:41:03,160 --> 00:41:07,000
Speaker 1: eighth grade and went to work. So I feel incredibly

650
00:41:07,080 --> 00:41:10,840
Speaker 1: lucky to have had the career and the life that

651
00:41:10,880 --> 00:41:13,839
Speaker 1: I'm living, and I want to do what I can

652
00:41:13,960 --> 00:41:17,239
Speaker 1: wherever I can to have an impact on others and

653
00:41:17,800 --> 00:41:21,080
Speaker 1: inculcating that in my children, and they already feel that.

654
00:41:21,560 --> 00:41:24,279
Speaker 1: We have so many clients to think that way, and

655
00:41:24,360 --> 00:41:26,880
Speaker 1: one of the great things about this country. Lots of

656
00:41:26,960 --> 00:41:29,560
Speaker 1: challenges in this country at this point in time, but

657
00:41:29,680 --> 00:41:31,840
Speaker 1: one of the reasons I remained very upbeat on the

658
00:41:31,920 --> 00:41:35,640
Speaker 1: United States going forward is because of the people in it,

659
00:41:35,719 --> 00:41:39,520
Speaker 1: the breadth of talent, the desire to have a positive impact.

660
00:41:39,840 --> 00:41:42,360
Speaker 1: So this is barrio topic. We've spent a tremendous amount

661
00:41:42,360 --> 00:41:45,560
Speaker 1: of time with clients, including how to give back and

662
00:41:45,600 --> 00:41:47,520
Speaker 1: where they want to give back and what are they

663
00:41:47,560 --> 00:41:49,640
Speaker 1: most interested in and how can we help them do

664
00:41:49,719 --> 00:41:52,520
Speaker 1: that efficiently. We also talk to clients about how to

665
00:41:52,600 --> 00:41:56,040
Speaker 1: talk to their children about money, because a lot of

666
00:41:56,080 --> 00:41:59,840
Speaker 1: the money in this country is first generation, maybe second generation,

667
00:42:00,440 --> 00:42:03,640
Speaker 1: and we want to make sure that the dialogues occurring

668
00:42:03,680 --> 00:42:07,040
Speaker 1: in as constructive away as possible, always factoring in the

669
00:42:07,120 --> 00:42:11,960
Speaker 1: individual interests in the individual situation of a specific family.

670
00:42:12,400 --> 00:42:15,480
Speaker 1: But these are very important topics for for people once

671
00:42:15,520 --> 00:42:19,080
Speaker 1: they create well, what to do with it, how it

672
00:42:19,120 --> 00:42:22,239
Speaker 1: impacts their children, and grandchildren, what to do with them

673
00:42:22,239 --> 00:42:24,600
Speaker 1: in society where they can use it to have a

674
00:42:24,680 --> 00:42:28,560
Speaker 1: positive impact on something they personally care about. That's at

675
00:42:28,560 --> 00:42:31,959
Speaker 1: the heart of the kinds of advice that we're giving

676
00:42:31,960 --> 00:42:35,400
Speaker 1: our clients. You know, we saw a report today about

677
00:42:35,840 --> 00:42:39,160
Speaker 1: hedge fund under performance. There's been a lot of interest

678
00:42:39,239 --> 00:42:43,840
Speaker 1: in private equity and venture capital, but there hasn't been

679
00:42:43,880 --> 00:42:46,680
Speaker 1: as much alpha as a lot of ultra high net

680
00:42:47,080 --> 00:42:51,759
Speaker 1: investors would have liked. Do you find this group of

681
00:42:51,800 --> 00:42:56,400
Speaker 1: investors getting a little fed up for for the expense

682
00:42:56,520 --> 00:43:02,799
Speaker 1: of for the expensive alpha Chafer's chasers, for the expensive

683
00:43:02,880 --> 00:43:06,800
Speaker 1: alpha chasing. Are they still willing to stick with hedge

684
00:43:06,800 --> 00:43:13,000
Speaker 1: funds and venture capital or is it a price let's

685
00:43:13,000 --> 00:43:16,840
Speaker 1: call it underperforming asset class that people are starting to

686
00:43:16,880 --> 00:43:21,920
Speaker 1: get a little run out of patients with Well, Barry,

687
00:43:22,040 --> 00:43:25,399
Speaker 1: I'll give a broader answer, and then we can dig

688
00:43:25,440 --> 00:43:29,560
Speaker 1: into the different pieces. I think for UH wealthy investors,

689
00:43:30,040 --> 00:43:33,400
Speaker 1: you know, the traditional sixty forty or seventy thirty asset

690
00:43:33,440 --> 00:43:38,200
Speaker 1: allocation rule might be less relevant as they might have

691
00:43:38,480 --> 00:43:42,040
Speaker 1: lower liquidity need and therefore it can take a longer

692
00:43:42,160 --> 00:43:45,880
Speaker 1: term view less impacted by what happens in UH. In

693
00:43:45,960 --> 00:43:49,480
Speaker 1: short term market movements, so they might not be focused

694
00:43:49,520 --> 00:43:54,400
Speaker 1: just on equity and fixed income, but more on growth assets,

695
00:43:54,920 --> 00:43:59,719
Speaker 1: income and asset protection assets as as corollary buckets. And

696
00:43:59,760 --> 00:44:02,480
Speaker 1: there's no question that private equity remains a big component

697
00:44:02,560 --> 00:44:05,759
Speaker 1: of ultra high network portfolios and it has continued to

698
00:44:05,800 --> 00:44:10,560
Speaker 1: perform well over over cycles. And actually companies are increasingly

699
00:44:10,600 --> 00:44:16,000
Speaker 1: staying private longer and this has allowed wealthy investors to

700
00:44:16,080 --> 00:44:20,440
Speaker 1: do something called direct investing, which is being part of

701
00:44:20,719 --> 00:44:24,799
Speaker 1: capital rounds of private companies. H and that's been a

702
00:44:24,880 --> 00:44:28,600
Speaker 1: significant change and something that's much more pronounced in recent years.

703
00:44:28,600 --> 00:44:31,680
Speaker 1: So it's not just private equity, it's also direct investing,

704
00:44:31,680 --> 00:44:34,440
Speaker 1: and we see a fair amount of appetite on the

705
00:44:34,520 --> 00:44:39,640
Speaker 1: part of our clients for uh those types of opportunities

706
00:44:39,680 --> 00:44:42,280
Speaker 1: as well. Now as fund as you said, have struggled

707
00:44:42,280 --> 00:44:46,000
Speaker 1: more in general. And you know, we have a private

708
00:44:46,120 --> 00:44:51,080
Speaker 1: investment platform where we diligence many private equity firms and

709
00:44:51,120 --> 00:44:54,000
Speaker 1: many hedge funds, and you need to be careful in

710
00:44:54,120 --> 00:44:59,120
Speaker 1: picking the sector and the strategy across alternatives that makes

711
00:44:59,120 --> 00:45:02,840
Speaker 1: sense for clients, and manager selection within that is a

712
00:45:03,080 --> 00:45:08,400
Speaker 1: very important process making sure that the client is investing

713
00:45:08,440 --> 00:45:11,160
Speaker 1: in a manager that you're thoroughly diligence and you're comfortable

714
00:45:11,200 --> 00:45:13,799
Speaker 1: with the way they're approaching the strategy and how they're

715
00:45:13,800 --> 00:45:16,680
Speaker 1: likely to perform over over time. And we think you

716
00:45:16,719 --> 00:45:19,479
Speaker 1: can you can put together a diversified mix of top

717
00:45:19,600 --> 00:45:23,000
Speaker 1: quartile managers UH. And you know that doesn't mean you're

718
00:45:23,000 --> 00:45:25,239
Speaker 1: not going to move some in and out. But there's

719
00:45:25,239 --> 00:45:30,920
Speaker 1: still significant demand from our wealthy investors for a broader

720
00:45:31,000 --> 00:45:33,880
Speaker 1: cross section of alternatives, including, as they said, direct investment.

721
00:45:34,640 --> 00:45:37,800
Speaker 1: Let's talk a little bit about something we're discussing earlier,

722
00:45:37,960 --> 00:45:43,840
Speaker 1: the transfer and advisements on generational wealth. A lot of

723
00:45:43,880 --> 00:45:47,440
Speaker 1: complexities within each families. There are a lot of internal

724
00:45:47,960 --> 00:45:50,640
Speaker 1: dynamics that nobody really wants to get in them in

725
00:45:50,680 --> 00:45:53,360
Speaker 1: the middle of how do you how do you navigate

726
00:45:53,400 --> 00:45:59,320
Speaker 1: all that? It seems kind of could be challenging. You know,

727
00:45:59,520 --> 00:46:02,239
Speaker 1: very give been what I've described you here, which is

728
00:46:02,280 --> 00:46:05,960
Speaker 1: that we see ourselves as advisors and counselors to our

729
00:46:06,000 --> 00:46:09,000
Speaker 1: clients across all of the different needs that they have.

730
00:46:09,640 --> 00:46:11,239
Speaker 1: This is an area that we spend a lot of

731
00:46:11,280 --> 00:46:14,400
Speaker 1: time in and we talked to clients about how to

732
00:46:14,600 --> 00:46:18,759
Speaker 1: talk to UH younger generations about money. We spend a

733
00:46:18,760 --> 00:46:21,760
Speaker 1: lot of time talking to clients about how to direct

734
00:46:21,840 --> 00:46:27,000
Speaker 1: resources into philanthropy and into specific areas of giving back

735
00:46:27,040 --> 00:46:30,720
Speaker 1: that they're interested in. And it varies from from family

736
00:46:30,760 --> 00:46:34,399
Speaker 1: to family. This is where you want to be thinking holistically,

737
00:46:34,440 --> 00:46:37,960
Speaker 1: but bringing the counsel on an individualistic basis. But it

738
00:46:38,080 --> 00:46:41,520
Speaker 1: is something that is an important part of what we

739
00:46:41,640 --> 00:46:46,480
Speaker 1: do for our clients. So so there's an old expression.

740
00:46:46,960 --> 00:46:49,799
Speaker 1: It's you know, shirts leaves to shirts leaves in three

741
00:46:49,840 --> 00:46:54,000
Speaker 1: generations that by the time you get that far away

742
00:46:54,080 --> 00:46:58,160
Speaker 1: from the original founders creation of wealth, it tends to

743
00:46:58,200 --> 00:47:02,080
Speaker 1: get squandered. How do you manage around that issue? How

744
00:47:02,080 --> 00:47:06,520
Speaker 1: do you how do you prevent that third generation from

745
00:47:06,560 --> 00:47:11,719
Speaker 1: squandering all that wealth? You know, first of all, Barry,

746
00:47:11,840 --> 00:47:15,560
Speaker 1: I'm sure there are examples of that being true, a

747
00:47:15,680 --> 00:47:18,560
Speaker 1: third generation having a challenge with money, and there are

748
00:47:18,600 --> 00:47:20,719
Speaker 1: examples where it's not true. And I can tell you

749
00:47:20,760 --> 00:47:25,640
Speaker 1: that we're working now with the seventh generation of Rockefellers.

750
00:47:25,719 --> 00:47:29,439
Speaker 1: So they have been good stewards of the capital that

751
00:47:29,560 --> 00:47:36,400
Speaker 1: John Rockefeller primarily was the the creator of over many generations. Uh,

752
00:47:36,520 --> 00:47:39,680
Speaker 1: And they've done that while giving back on such a

753
00:47:39,719 --> 00:47:42,600
Speaker 1: comprehensive basis. So I think, you know, like a lot

754
00:47:42,640 --> 00:47:45,279
Speaker 1: of phrases, maybe some truth in that and and uh

755
00:47:45,320 --> 00:47:49,440
Speaker 1: and not so. In many cases, we do view ourselves

756
00:47:49,440 --> 00:47:53,760
Speaker 1: as having a real role in providing candid, direct advice

757
00:47:53,840 --> 00:47:58,440
Speaker 1: to clients on the amount of wealth and what makes

758
00:47:58,440 --> 00:48:02,200
Speaker 1: sense in terms of current consumption versus things they would

759
00:48:02,200 --> 00:48:05,279
Speaker 1: link to do uh, in terms of leaving money to

760
00:48:05,560 --> 00:48:11,040
Speaker 1: follow on generations or setting up philanthropic organizations to give

761
00:48:11,080 --> 00:48:13,719
Speaker 1: back during their lifetimes. And it's an important part of

762
00:48:13,760 --> 00:48:16,800
Speaker 1: the council that that we provide on a regular basis.

763
00:48:17,200 --> 00:48:20,759
Speaker 1: But I know so many of our clients and so

764
00:48:20,840 --> 00:48:24,200
Speaker 1: many people that have done well in this society. And

765
00:48:24,239 --> 00:48:27,360
Speaker 1: as I said earlier, often from creating a business and

766
00:48:27,480 --> 00:48:30,320
Speaker 1: growing it. And if you're starting a business from scratch

767
00:48:30,360 --> 00:48:32,560
Speaker 1: and growing it, and this would be true even if

768
00:48:32,560 --> 00:48:35,279
Speaker 1: you get all the way to where Amazon is, there

769
00:48:35,280 --> 00:48:38,920
Speaker 1: are countless hours so hard to do. So there are

770
00:48:38,920 --> 00:48:44,040
Speaker 1: a lot of admirable characteristics running through that successful business generation,

771
00:48:44,680 --> 00:48:48,000
Speaker 1: and that often gets transferred to the next generation and

772
00:48:48,000 --> 00:48:50,800
Speaker 1: the generation after that. I know a lot of people

773
00:48:51,280 --> 00:48:55,200
Speaker 1: with resources, many of whom have created it for themselves

774
00:48:55,200 --> 00:48:58,920
Speaker 1: and their families first generation who are very focused on

775
00:48:59,360 --> 00:49:02,800
Speaker 1: how to raise their children, how to have an impact

776
00:49:02,840 --> 00:49:07,080
Speaker 1: on grandchildren so that they are good stewards of capital

777
00:49:07,120 --> 00:49:10,920
Speaker 1: and they're continuing to give back into society in generations

778
00:49:10,920 --> 00:49:16,600
Speaker 1: down the line. Mhm. Interesting. So we you mentioned briefly

779
00:49:16,719 --> 00:49:22,239
Speaker 1: before that Rockefeller was um coined the phrase impact investing.

780
00:49:23,000 --> 00:49:27,200
Speaker 1: We've been hearing about the rise of e s G Environmental, social,

781
00:49:27,200 --> 00:49:31,080
Speaker 1: and governance investing, but it doesn't seem like this space

782
00:49:31,120 --> 00:49:35,880
Speaker 1: has been capturing a lot of assets yet. How do

783
00:49:35,960 --> 00:49:41,400
Speaker 1: you see this E s G investing develop Where do

784
00:49:41,440 --> 00:49:46,319
Speaker 1: you think this goes from here? We think it's a

785
00:49:46,480 --> 00:49:51,040
Speaker 1: secular growth trend. Uh And in fact, over time, we

786
00:49:51,160 --> 00:49:54,160
Speaker 1: think E s G investing could really become almost a

787
00:49:54,280 --> 00:49:57,480
Speaker 1: rapper for all investing. And I'll tell you why. And

788
00:49:57,719 --> 00:50:00,560
Speaker 1: first of all, in on a geographic basis, UH, the

789
00:50:00,600 --> 00:50:02,799
Speaker 1: Europeans are ahead in this. They've been pushing this for

790
00:50:02,840 --> 00:50:06,239
Speaker 1: a while. We've had real success in in UH in

791
00:50:06,719 --> 00:50:09,920
Speaker 1: raising assets from clients in Europe. But the reason that

792
00:50:09,960 --> 00:50:12,600
Speaker 1: we think it's a secular growth trend is simply because

793
00:50:12,640 --> 00:50:15,880
Speaker 1: of the focus of the generations that are coming and

794
00:50:16,239 --> 00:50:21,600
Speaker 1: how millennials and Generation Z are. They view this not

795
00:50:21,719 --> 00:50:25,279
Speaker 1: as something transitory that they're not in the kind of

796
00:50:25,280 --> 00:50:27,279
Speaker 1: feel good part of their lives, and they're gonna let

797
00:50:27,320 --> 00:50:33,359
Speaker 1: it go. The belief in investing in a sustainable way

798
00:50:33,400 --> 00:50:36,239
Speaker 1: that takes into account the environment in which we live,

799
00:50:37,040 --> 00:50:42,120
Speaker 1: the governance structure of companies, the social issues in society. Uh,

800
00:50:42,160 --> 00:50:44,080
Speaker 1: you know, when I started, when I came out of

801
00:50:44,120 --> 00:50:46,919
Speaker 1: law school in the late nineteen eighties, it was very

802
00:50:46,960 --> 00:50:53,160
Speaker 1: clear that the mandate of the corporation was to maximize

803
00:50:53,160 --> 00:50:58,040
Speaker 1: profits for shareholders and to allow those shareholders to do

804
00:50:58,239 --> 00:51:02,040
Speaker 1: what they will with those profits. Companies today are much

805
00:51:02,080 --> 00:51:05,000
Speaker 1: focused on our broader cross section of issues and they

806
00:51:05,040 --> 00:51:07,839
Speaker 1: have been prodded there by society and it's now been

807
00:51:07,880 --> 00:51:11,680
Speaker 1: embraced on a much broader basis. So companies do think

808
00:51:11,719 --> 00:51:15,319
Speaker 1: about constituents other than shareholders. How do they operate in

809
00:51:15,360 --> 00:51:19,239
Speaker 1: their community, how do they treat their employees? You know,

810
00:51:19,360 --> 00:51:21,600
Speaker 1: what are they're responding to in terms of things that

811
00:51:21,640 --> 00:51:25,680
Speaker 1: are happening in society And and really corporations are taking

812
00:51:25,760 --> 00:51:28,320
Speaker 1: even the lead on some of these things where thirty

813
00:51:28,360 --> 00:51:31,360
Speaker 1: years ago they would have been dissuaded or frowned on

814
00:51:31,440 --> 00:51:34,120
Speaker 1: from doing that. So that ripples itself all the way

815
00:51:34,120 --> 00:51:38,240
Speaker 1: through to investing companies are focused on how they operate

816
00:51:38,280 --> 00:51:41,680
Speaker 1: in society. Companies are being asked, tell us about your

817
00:51:41,719 --> 00:51:44,120
Speaker 1: environmental footprint, what are you doing to make it better?

818
00:51:44,520 --> 00:51:47,840
Speaker 1: Tell us about how you're you're governing yourselves. What is

819
00:51:47,880 --> 00:51:50,279
Speaker 1: your board makeup look like? How are you working in

820
00:51:50,360 --> 00:51:54,920
Speaker 1: terms of diversity. All of this is UH is tied together.

821
00:51:55,080 --> 00:51:58,560
Speaker 1: And on the investing side, those millennials and Generation Z.

822
00:51:58,719 --> 00:52:02,320
Speaker 1: And I fancy myself uh an armshare expert here because

823
00:52:02,360 --> 00:52:04,960
Speaker 1: I have three kids in their twenties the first part

824
00:52:04,960 --> 00:52:07,240
Speaker 1: of their twenties, and I know a lot of their friends,

825
00:52:07,280 --> 00:52:11,439
Speaker 1: and UH, I think that these generations are are going

826
00:52:11,520 --> 00:52:15,319
Speaker 1: to hold on to this for their lifetimes, and they're

827
00:52:15,360 --> 00:52:19,319
Speaker 1: about to be the dominant part of the workforce, of

828
00:52:19,520 --> 00:52:23,399
Speaker 1: the capital structure, of the investing structure. You know, that's

829
00:52:23,400 --> 00:52:26,080
Speaker 1: all happening. In fact, they're also increasingly, as you know,

830
00:52:26,719 --> 00:52:31,240
Speaker 1: very influencing elections. UH and the group between the ages

831
00:52:31,280 --> 00:52:37,440
Speaker 1: of eighteen and thirty nine were approximately of the voting

832
00:52:37,440 --> 00:52:41,040
Speaker 1: electorate in this election. That's just going up every year now.

833
00:52:41,600 --> 00:52:45,480
Speaker 1: So our view is it's secular, it's real. We were

834
00:52:45,520 --> 00:52:48,120
Speaker 1: one of the front runners in developing these capabilities and

835
00:52:48,160 --> 00:52:51,120
Speaker 1: our asset management business and we're going to work hard

836
00:52:51,200 --> 00:52:54,719
Speaker 1: to continue to grow those capabilities and offer them through

837
00:52:54,760 --> 00:52:58,680
Speaker 1: it to clients both on the institutional and inter mediary

838
00:52:58,719 --> 00:53:02,200
Speaker 1: side of our st management but also across our wealth

839
00:53:02,280 --> 00:53:06,640
Speaker 1: management client So so let's stick with that idea and

840
00:53:06,640 --> 00:53:11,480
Speaker 1: and stay focused with both UM E, s G and philanthropy.

841
00:53:12,320 --> 00:53:16,760
Speaker 1: Wealth inequality has has really expanded dramatically over the past

842
00:53:16,760 --> 00:53:22,720
Speaker 1: few decades, but COVID and the pandemic lockdown has really

843
00:53:22,800 --> 00:53:27,319
Speaker 1: had a giant impact. It certainly has hurt people who

844
00:53:27,360 --> 00:53:30,759
Speaker 1: are at the bottom of the economic scale, and in

845
00:53:30,840 --> 00:53:33,880
Speaker 1: some ways it's been helpful to a lot of industries

846
00:53:33,920 --> 00:53:37,280
Speaker 1: at the top of the scale, from finance, the technology,

847
00:53:37,600 --> 00:53:41,880
Speaker 1: and and even some of the retail aspects that that

848
00:53:42,000 --> 00:53:46,000
Speaker 1: are Internet based. What sort of philanthropic steps do you

849
00:53:46,120 --> 00:53:52,120
Speaker 1: see clients undertaking in order to address UH the ongoing

850
00:53:53,320 --> 00:53:59,920
Speaker 1: issues generated by the coronavirus. Well, first of all, as

851
00:54:00,000 --> 00:54:04,799
Speaker 1: you said, Barry, the wealth inequality was and is a

852
00:54:04,840 --> 00:54:07,799
Speaker 1: major topic for the United States and for all of

853
00:54:07,920 --> 00:54:13,520
Speaker 1: us pre COVID. COVID has certainly accelerated and reinforced that

854
00:54:13,680 --> 00:54:16,759
Speaker 1: in some of the ways you talked about, including the

855
00:54:16,760 --> 00:54:20,759
Speaker 1: fact that a lot of the UH non work from

856
00:54:20,800 --> 00:54:26,160
Speaker 1: home businesses are more there's a broader cross section of

857
00:54:26,360 --> 00:54:31,759
Speaker 1: workers that are affected in those businesses. Uh that uh

858
00:54:32,000 --> 00:54:35,120
Speaker 1: that COVID has had the biggest impact on. So this

859
00:54:35,200 --> 00:54:39,920
Speaker 1: notion of wealth in equality is something that that people

860
00:54:39,960 --> 00:54:43,719
Speaker 1: are focused on across the spectrum from an age uh

861
00:54:43,840 --> 00:54:49,799
Speaker 1: and and demographic standpoint. Uh. The whole uh way that

862
00:54:49,880 --> 00:54:54,000
Speaker 1: this country has thrived and succeeded over generations is the

863
00:54:54,040 --> 00:54:58,239
Speaker 1: concept that everybody has a shot. Everybody has a fair

864
00:54:58,280 --> 00:55:02,120
Speaker 1: shot of creating in existence for them and their families

865
00:55:02,600 --> 00:55:06,080
Speaker 1: that is better than the existence that they personally might

866
00:55:06,120 --> 00:55:09,440
Speaker 1: have had. And and UH, you know, I was listening

867
00:55:09,520 --> 00:55:13,040
Speaker 1: last week too. There's a West Virginia senator who's a

868
00:55:13,080 --> 00:55:16,960
Speaker 1: Democrat who was talking about a centrist agenda. And that's

869
00:55:16,960 --> 00:55:20,239
Speaker 1: one of the things that that I comment on coming

870
00:55:20,239 --> 00:55:22,920
Speaker 1: out of this election. I think people really aren't as

871
00:55:22,960 --> 00:55:26,560
Speaker 1: divided as uh some of the pundits say that Americans

872
00:55:26,640 --> 00:55:31,839
Speaker 1: want more centrist policies that uh, and and politicians, whether

873
00:55:31,880 --> 00:55:35,560
Speaker 1: Republican or Democrats, that helps solve problems. And this this

874
00:55:35,640 --> 00:55:40,719
Speaker 1: Senator Joe Mention said his constituents want to have an

875
00:55:40,760 --> 00:55:43,360
Speaker 1: opportunity to take care of themselves and their families in

876
00:55:43,360 --> 00:55:48,440
Speaker 1: the best possible way. Education, skill sets, opportunities for jobs.

877
00:55:48,480 --> 00:55:52,280
Speaker 1: That's something that I think is held on a broad

878
00:55:52,320 --> 00:55:54,759
Speaker 1: basis across the country. So we have a lot of

879
00:55:54,800 --> 00:55:58,600
Speaker 1: clients that look for different ways of impacting that, including

880
00:55:58,640 --> 00:56:04,799
Speaker 1: giving money to to UH to universities to broaden their

881
00:56:04,880 --> 00:56:08,279
Speaker 1: ability to admit different kinds of students. I could give

882
00:56:08,440 --> 00:56:11,640
Speaker 1: a whole laundry list of things that that our clients

883
00:56:11,680 --> 00:56:16,680
Speaker 1: are are focused on. UH two get to the heart

884
00:56:16,840 --> 00:56:22,040
Speaker 1: of of the inequality of income issue and the need

885
00:56:22,640 --> 00:56:25,080
Speaker 1: for the United States to flourish for the next hundred

886
00:56:25,120 --> 00:56:29,440
Speaker 1: or two hundred or more years, tied to everybody feeling

887
00:56:29,480 --> 00:56:33,000
Speaker 1: like they've got the shot. Quite interesting. So I have

888
00:56:33,480 --> 00:56:36,239
Speaker 1: before I get to my favorite questions, I have two

889
00:56:36,360 --> 00:56:41,200
Speaker 1: last questions for you. The first is UM I got

890
00:56:41,200 --> 00:56:44,680
Speaker 1: to meet Derek Jeter earlier this year at UH an

891
00:56:44,719 --> 00:56:49,759
Speaker 1: Inside et F conference, and I was taken by just

892
00:56:49,880 --> 00:56:54,239
Speaker 1: how thoughtful and articulate and funny and warm he was.

893
00:56:54,280 --> 00:56:58,320
Speaker 1: He really was a delightful UH speaker. I got to

894
00:56:58,320 --> 00:57:01,120
Speaker 1: spend some time with him after the event. But I

895
00:57:01,280 --> 00:57:05,200
Speaker 1: notice on your again on the rough Fell website, Derek

896
00:57:05,280 --> 00:57:09,560
Speaker 1: Jeter is the special Advisor to the CEO, which is you,

897
00:57:10,360 --> 00:57:15,759
Speaker 1: what sort of advice does Derek Jeter give you? Well,

898
00:57:15,840 --> 00:57:18,160
Speaker 1: Derek UH and I spend a fair amount of time

899
00:57:18,200 --> 00:57:21,720
Speaker 1: together and he provides me a lot of important advice

900
00:57:21,800 --> 00:57:26,920
Speaker 1: and I returned the favor. UM. So he provides advice

901
00:57:26,960 --> 00:57:30,920
Speaker 1: to me and to Rockefeller on on a range of topics,

902
00:57:31,480 --> 00:57:36,240
Speaker 1: you know, including UH, strategic and personnel and some of

903
00:57:36,240 --> 00:57:38,960
Speaker 1: the things I'm doing. He's got terrific instincts on that.

904
00:57:39,360 --> 00:57:42,480
Speaker 1: He has built a first class team at the Miami

905
00:57:42,520 --> 00:57:46,400
Speaker 1: Marlins and has uh really taken an organization that had

906
00:57:46,440 --> 00:57:49,400
Speaker 1: real challenges and put uh put it on a whole

907
00:57:49,400 --> 00:57:52,880
Speaker 1: different track. So I'll bounce lots of things off of him.

908
00:57:52,920 --> 00:57:55,440
Speaker 1: He UH. He also is very helpful with clients and

909
00:57:55,680 --> 00:58:00,280
Speaker 1: and UH and and client prospects as well as potential hires. UH.

910
00:58:00,360 --> 00:58:02,640
Speaker 1: He's willing to get on the phone with virtually anybody

911
00:58:02,640 --> 00:58:07,400
Speaker 1: and tell them UH why he's affiliated with Rockefeller Capital Management.

912
00:58:08,120 --> 00:58:09,880
Speaker 1: We feel like we share a lot of the same

913
00:58:09,960 --> 00:58:14,920
Speaker 1: values when I first started getting close to Derek, given

914
00:58:15,440 --> 00:58:18,440
Speaker 1: the fact that he needs to be and is careful

915
00:58:19,520 --> 00:58:23,120
Speaker 1: about those around him, given how many people are looking

916
00:58:23,160 --> 00:58:26,880
Speaker 1: for access for all sorts of reasons. I spent time

917
00:58:26,920 --> 00:58:30,120
Speaker 1: with his parents. He met my children, His parents met

918
00:58:30,120 --> 00:58:32,520
Speaker 1: my children. You know, we did. We went to different

919
00:58:32,520 --> 00:58:35,440
Speaker 1: sporting events. You know, my children in the early twenties.

920
00:58:35,440 --> 00:58:38,760
Speaker 1: They've known Derek for a decade. Uh. You know, I

921
00:58:38,760 --> 00:58:44,760
Speaker 1: know his family. The values are similar, the career path

922
00:58:44,880 --> 00:58:47,480
Speaker 1: and the things that we've done. You know, my baseball

923
00:58:47,520 --> 00:58:51,560
Speaker 1: career ended with senior year of high school. Um, we've

924
00:58:52,080 --> 00:58:54,600
Speaker 1: We've done different things in life. But I have a

925
00:58:54,640 --> 00:58:57,000
Speaker 1: lot of the things that matter to each of us

926
00:58:57,040 --> 00:59:02,040
Speaker 1: in common. So I race something with Derek around a

927
00:59:02,160 --> 00:59:04,800
Speaker 1: key personnel issue and get his views because he's got

928
00:59:04,840 --> 00:59:07,840
Speaker 1: great judgment as a leader and great judgment as a

929
00:59:07,880 --> 00:59:12,000
Speaker 1: motivator of people. He does the same. Uh. So it's

930
00:59:12,000 --> 00:59:15,480
Speaker 1: a it's not the relationship. He's a special advisor to

931
00:59:15,520 --> 00:59:19,280
Speaker 1: the CEO, and it's a that's an active, regular role

932
00:59:19,360 --> 00:59:22,040
Speaker 1: that he provides. Uh. And I talked to him on

933
00:59:22,080 --> 00:59:25,439
Speaker 1: a very regular basis on the Miami Marlins and what's

934
00:59:25,440 --> 00:59:28,600
Speaker 1: happening there quite interesting. All right, let me throw a

935
00:59:28,600 --> 00:59:32,640
Speaker 1: curve ball at you, speaking of baseball, for our final question,

936
00:59:33,560 --> 00:59:36,000
Speaker 1: anyone ever give you a gratuity or throw you a

937
00:59:36,040 --> 00:59:41,800
Speaker 1: tip at the end of a banking deal. The only

938
00:59:42,280 --> 00:59:46,280
Speaker 1: uh person who uh ever I think paid us more

939
00:59:46,360 --> 00:59:48,520
Speaker 1: than was in a contract that I can recall, and

940
00:59:48,560 --> 00:59:52,840
Speaker 1: he's reminded me of this. So was Anthony Scaramucci way

941
00:59:52,880 --> 00:59:56,120
Speaker 1: back in the deal that we did around September eleven

942
00:59:56,240 --> 01:00:01,000
Speaker 1: where we sold his business to Newberger Berman. We had

943
01:00:01,000 --> 01:00:03,560
Speaker 1: a deal to sell the business and it was going

944
01:00:03,640 --> 01:00:08,400
Speaker 1: to close after September eleventh, and September eleventh occurred, and

945
01:00:08,480 --> 01:00:11,080
Speaker 1: Bob Matza, the president of New Burger Berman, called me

946
01:00:11,120 --> 01:00:14,800
Speaker 1: and he said, Greg, I've given everything going on here. Uh,

947
01:00:14,840 --> 01:00:16,520
Speaker 1: I don't know that we can do this deal in

948
01:00:16,560 --> 01:00:20,320
Speaker 1: the same terms. And I said, okay, Bob, we'll adjust

949
01:00:20,360 --> 01:00:22,960
Speaker 1: the terms, but we want to have some upside if

950
01:00:23,000 --> 01:00:24,840
Speaker 1: it works out as well as we think it can,

951
01:00:25,640 --> 01:00:29,280
Speaker 1: and he agreed. I believe it might have been options

952
01:00:29,320 --> 01:00:32,960
Speaker 1: in uh a New Burger. I forget exactly what it was, um,

953
01:00:33,000 --> 01:00:35,840
Speaker 1: but we put something in place that provided some upside

954
01:00:36,040 --> 01:00:38,960
Speaker 1: to Anthony and his team and he was elated and

955
01:00:39,000 --> 01:00:41,440
Speaker 1: never forgot it. And uh, I think pade us a

956
01:00:42,680 --> 01:00:45,520
Speaker 1: investment banking feed through Mary Lynch that was beyond what

957
01:00:45,560 --> 01:00:50,200
Speaker 1: was negotiated. Quite quite funny, all right, So I only

958
01:00:50,280 --> 01:00:53,600
Speaker 1: have you for about five minutes. Let's plow through our

959
01:00:53,680 --> 01:00:57,120
Speaker 1: speed rounds. These are our favorite questions we asked all

960
01:00:57,120 --> 01:00:59,680
Speaker 1: of our guests and starts out with what do you

961
01:00:59,720 --> 01:01:02,680
Speaker 1: stream me these days? Tell us what you're watching on Netflix?

962
01:01:05,360 --> 01:01:06,640
Speaker 1: You know. One of the things I want to say

963
01:01:06,720 --> 01:01:08,800
Speaker 1: Barry at the asset here is I never, over the

964
01:01:08,920 --> 01:01:13,400
Speaker 1: years watched a lot of TV from you know they

965
01:01:13,400 --> 01:01:16,960
Speaker 1: call it content today. Uh, My wife and I there

966
01:01:16,960 --> 01:01:20,120
Speaker 1: were certain certain shows that we liked, like Seinfeld and

967
01:01:20,600 --> 01:01:23,040
Speaker 1: Friends in the Office sp typically like The Edge, Humor

968
01:01:23,440 --> 01:01:26,800
Speaker 1: and h and by the way, Jeopardy uh and and

969
01:01:26,880 --> 01:01:30,120
Speaker 1: Alex Trebek is such a sad thing for for us

970
01:01:30,160 --> 01:01:34,520
Speaker 1: as uh and I was married and he started that

971
01:01:34,720 --> 01:01:38,200
Speaker 1: in the eighties and I read that, Uh there were

972
01:01:37,720 --> 01:01:41,520
Speaker 1: two shows that he did. I think we saw half

973
01:01:41,520 --> 01:01:44,960
Speaker 1: of them at least, So that was a picture for us.

974
01:01:44,960 --> 01:01:47,320
Speaker 1: And when I wasn't traveling and when I was home

975
01:01:47,440 --> 01:01:49,760
Speaker 1: and I still do to this day and trying to

976
01:01:49,800 --> 01:01:52,160
Speaker 1: catch as many of the final ones here as I can.

977
01:01:52,280 --> 01:01:56,040
Speaker 1: That was something we watched, but not much beyond that

978
01:01:56,560 --> 01:01:58,520
Speaker 1: content today. And this is one of the things I

979
01:01:58,520 --> 01:02:00,680
Speaker 1: say to my kids all the time. The world today,

980
01:02:00,680 --> 01:02:03,400
Speaker 1: there's so much in it for young people and for

981
01:02:03,440 --> 01:02:06,840
Speaker 1: people today. Uh and contents and example of that because

982
01:02:06,920 --> 01:02:11,040
Speaker 1: it's terrific. So uh, you know, from a streaming standpoint,

983
01:02:11,080 --> 01:02:17,560
Speaker 1: we liked the historically based thing program. So we've watched Chernobyl. Uh,

984
01:02:17,800 --> 01:02:22,240
Speaker 1: we watched something on the Challenger. Um, you know, we

985
01:02:22,400 --> 01:02:24,200
Speaker 1: just on the on the movie side, we just watched

986
01:02:24,200 --> 01:02:27,960
Speaker 1: the trial of the Chicago Seven, which was fascinating. Uh.

987
01:02:28,160 --> 01:02:30,720
Speaker 1: You know, we also like some of the suspense type

988
01:02:31,080 --> 01:02:34,520
Speaker 1: UH shows. There was a BBC show called Line of

989
01:02:34,560 --> 01:02:37,960
Speaker 1: Duty which we liked. I loved the movie Death of Stalin,

990
01:02:38,040 --> 01:02:41,000
Speaker 1: which I thought was so so well done. So there's

991
01:02:41,080 --> 01:02:43,880
Speaker 1: quite a bit uh in the streaming world that I

992
01:02:44,200 --> 01:02:46,680
Speaker 1: do and we do find time to see today. I

993
01:02:47,040 --> 01:02:49,640
Speaker 1: give credits that the content makers. There's a lot out there.

994
01:02:50,720 --> 01:02:53,560
Speaker 1: Tell us about your early mentors who helped shape your

995
01:02:53,640 --> 01:02:58,800
Speaker 1: early career. There are two that I would highlight here.

996
01:02:59,280 --> 01:03:02,440
Speaker 1: One is uh a guy named Jerry Kenny who was

997
01:03:02,480 --> 01:03:06,000
Speaker 1: a senior executive at Meryl for decades and then he

998
01:03:06,040 --> 01:03:10,880
Speaker 1: went and worked for black Rock for about a decade

999
01:03:11,480 --> 01:03:17,200
Speaker 1: and sadly uh died uh last year. He's been He

1000
01:03:17,320 --> 01:03:18,840
Speaker 1: was a mentor to me and was part of my

1001
01:03:18,920 --> 01:03:27,720
Speaker 1: life for decades. He was an incredibly decent, high integrity man, thoughtful. Uh.

1002
01:03:27,800 --> 01:03:29,880
Speaker 1: He was on the Meryl board, he ran many of

1003
01:03:29,920 --> 01:03:36,040
Speaker 1: the businesses there. Uh. He was a scholarship athlete at

1004
01:03:36,160 --> 01:03:40,640
Speaker 1: Yale in the nineteen sixties. Um. And I had several

1005
01:03:40,680 --> 01:03:43,000
Speaker 1: brothers go there as well. They all played football at Yale.

1006
01:03:43,360 --> 01:03:46,560
Speaker 1: Just a tremendous man. He was a bit of a

1007
01:03:46,600 --> 01:03:50,040
Speaker 1: mentor to my kids too. I have a couple of

1008
01:03:50,120 --> 01:03:54,760
Speaker 1: children who one who graduated, one who's at Yale. Uh.

1009
01:03:54,800 --> 01:03:59,040
Speaker 1: And Jerry did things a certain way. Uh. He worked

1010
01:03:59,160 --> 01:04:01,560
Speaker 1: very hard it to win, but he functioned a certain

1011
01:04:01,600 --> 01:04:03,680
Speaker 1: way and that had a big impact on me from

1012
01:04:03,680 --> 01:04:06,120
Speaker 1: the earliest time I knew him, which was in the

1013
01:04:06,200 --> 01:04:09,880
Speaker 1: nine A second person who's been a mentor to me

1014
01:04:09,960 --> 01:04:13,200
Speaker 1: over many years is Larry Fink. I've known Larry since

1015
01:04:13,240 --> 01:04:17,320
Speaker 1: the mid nineties. Um. I've known him since black Rock

1016
01:04:17,480 --> 01:04:20,440
Speaker 1: was uh, you know, a company worth a billion dollars

1017
01:04:22,040 --> 01:04:24,840
Speaker 1: when we took a public in the late nineties, and frankly,

1018
01:04:25,200 --> 01:04:27,480
Speaker 1: it was worth less than than that when I first

1019
01:04:27,640 --> 01:04:31,320
Speaker 1: started working with him in the mid nineties. Uh. He's

1020
01:04:31,400 --> 01:04:33,840
Speaker 1: been there for me in many critical moments. When I

1021
01:04:33,960 --> 01:04:37,680
Speaker 1: left Mary Lynch after he'd been sold to Bank of America.

1022
01:04:37,760 --> 01:04:39,800
Speaker 1: He was somebody I went to and and talked it

1023
01:04:39,840 --> 01:04:43,800
Speaker 1: all through with. So he's been a mentor of mine

1024
01:04:43,880 --> 01:04:47,200
Speaker 1: and he's a He and Jerry are both about, you know,

1025
01:04:47,240 --> 01:04:49,640
Speaker 1: a click ahead of me in terms of generation. Jerry

1026
01:04:49,720 --> 01:04:52,439
Speaker 1: was twenty years older than me and Larry's a little

1027
01:04:52,440 --> 01:04:55,560
Speaker 1: more than ten. Uh. And Larry has had a big

1028
01:04:55,560 --> 01:04:59,240
Speaker 1: impact on me as well. He's tenacious, he worked so hard.

1029
01:04:59,600 --> 01:05:01,400
Speaker 1: He's the famous Jerry. He's going to do things a

1030
01:05:01,400 --> 01:05:05,280
Speaker 1: certain way, but he is uh, frankly obsessive about doing

1031
01:05:05,280 --> 01:05:08,760
Speaker 1: it well. He cares so much about Black Rock. He's

1032
01:05:08,800 --> 01:05:12,080
Speaker 1: treated it like it's his firm. For you know, it's

1033
01:05:12,080 --> 01:05:14,560
Speaker 1: been public for over twenty years, and you know he

1034
01:05:14,640 --> 01:05:17,440
Speaker 1: still treats it as if it's it's all his money.

1035
01:05:17,920 --> 01:05:20,800
Speaker 1: So these are two terrific human beings who have had

1036
01:05:20,840 --> 01:05:25,760
Speaker 1: a big impact on me. Quite quite fascinating. Let's talk

1037
01:05:25,800 --> 01:05:30,080
Speaker 1: about everybody's favorite question. Tell us about what books you're reading,

1038
01:05:30,680 --> 01:05:36,560
Speaker 1: either currently or some of your favorites. Yeah, I'll give

1039
01:05:36,560 --> 01:05:39,960
Speaker 1: you some of my favorites, longtime favorites, Barry. Uh. They're

1040
01:05:40,040 --> 01:05:45,320
Speaker 1: the traditional ones. Uh. The fountain Head probably very high

1041
01:05:45,360 --> 01:05:49,320
Speaker 1: on the list. Pride and Prejudice. Uh is definitely my

1042
01:05:49,360 --> 01:05:52,480
Speaker 1: wife's favorite book, and it's up there for me. Uh. So,

1043
01:05:52,600 --> 01:05:55,880
Speaker 1: I I do read a lot. I always have, all

1044
01:05:56,000 --> 01:05:58,440
Speaker 1: five of us do. I have three children and my wife.

1045
01:05:58,800 --> 01:06:01,240
Speaker 1: My father read The ton still at the age of

1046
01:06:01,280 --> 01:06:08,040
Speaker 1: eighty seven. Um. I like uh nonfiction a lot so Uh.

1047
01:06:08,160 --> 01:06:10,560
Speaker 1: You know, A Team of Rivals by Doris Kern's Goodwin

1048
01:06:10,640 --> 01:06:13,040
Speaker 1: was one of my favorites. Lincoln was just incredible and

1049
01:06:13,080 --> 01:06:16,120
Speaker 1: the ability to still treat people a certain way even

1050
01:06:16,160 --> 01:06:19,560
Speaker 1: if they were challenging or difficult to him. I read

1051
01:06:19,640 --> 01:06:23,000
Speaker 1: her biography. This was published twenty five years ago. Uh,

1052
01:06:23,040 --> 01:06:25,120
Speaker 1: but I just read recently the book on the Roosevelt.

1053
01:06:25,200 --> 01:06:27,040
Speaker 1: It was really focused on Franklin, but there was a

1054
01:06:27,040 --> 01:06:28,920
Speaker 1: lot about Eleanor in there that I didn't know. And

1055
01:06:29,080 --> 01:06:32,800
Speaker 1: she was frankly tremendous first lady and the first one

1056
01:06:32,960 --> 01:06:36,680
Speaker 1: really actively involved in her own space, which was not

1057
01:06:36,760 --> 01:06:41,800
Speaker 1: surprisingly controversial in the thirties and forties. I read a

1058
01:06:41,880 --> 01:06:45,960
Speaker 1: fair amount of suspense as well. UM. A book that

1059
01:06:46,040 --> 01:06:48,760
Speaker 1: I finished not so long ago was called I'll Be

1060
01:06:48,800 --> 01:06:52,000
Speaker 1: Gone in the Dark by Michelle McNamara, which actually helped

1061
01:06:53,080 --> 01:06:58,200
Speaker 1: authorities capture the Golden State Killer. Uh and and he's

1062
01:06:58,240 --> 01:07:00,760
Speaker 1: he's in jail and serving life sentences now. And this

1063
01:07:00,800 --> 01:07:04,560
Speaker 1: woman wrote this book which was both um, you know,

1064
01:07:04,640 --> 01:07:08,120
Speaker 1: made you uneasy, and she really researched it and sadly

1065
01:07:08,240 --> 01:07:11,880
Speaker 1: she died just as she was finishing it. Uh. Read

1066
01:07:11,920 --> 01:07:15,160
Speaker 1: recently a book on endurance called Endurance Earnest Shackleton that

1067
01:07:15,280 --> 01:07:18,280
Speaker 1: stories incredible stories. So lots out there in the space.

1068
01:07:18,320 --> 01:07:22,440
Speaker 1: I'm not surprised it's a favorite question for people. It

1069
01:07:22,520 --> 01:07:24,840
Speaker 1: definitely is. We We actually had a client who gave

1070
01:07:24,920 --> 01:07:28,439
Speaker 1: everybody in the office a copy of the Shackleton book.

1071
01:07:28,560 --> 01:07:32,800
Speaker 1: And it's amazing some of these nonfiction books they read

1072
01:07:32,840 --> 01:07:37,920
Speaker 1: like thrillers. It is amazing. Barrier, I mean, that's his

1073
01:07:38,000 --> 01:07:40,520
Speaker 1: life too. And he has this quotation that I love

1074
01:07:41,720 --> 01:07:45,440
Speaker 1: where he said true moral courage is optimism and I

1075
01:07:45,680 --> 01:07:48,360
Speaker 1: I repeat that, and I talked to people about that.

1076
01:07:49,120 --> 01:07:51,680
Speaker 1: You know, leadership, at least for me, and I think

1077
01:07:51,720 --> 01:07:55,800
Speaker 1: for the best leaders, like Lincoln, is is positive motivation.

1078
01:07:56,600 --> 01:07:59,280
Speaker 1: You have to be the one who's still, you know,

1079
01:07:59,400 --> 01:08:02,320
Speaker 1: standing there and saying this can get done. And that's

1080
01:08:02,320 --> 01:08:05,280
Speaker 1: really a lot of leadership, and Shackleton captured it so well.

1081
01:08:05,360 --> 01:08:08,440
Speaker 1: So it is it's a page turner, that book and

1082
01:08:09,000 --> 01:08:12,080
Speaker 1: his life was he had to say the least. Uh.

1083
01:08:12,240 --> 01:08:16,000
Speaker 1: Let's talk about recent college graduates. What sort of advice

1084
01:08:16,040 --> 01:08:19,679
Speaker 1: would you give them, especially if they were thinking about

1085
01:08:19,720 --> 01:08:25,240
Speaker 1: a career in finance. You know, I would tell them

1086
01:08:25,240 --> 01:08:28,840
Speaker 1: two things on a broader basis, um uh. And I

1087
01:08:28,880 --> 01:08:32,000
Speaker 1: do give a lot of advice, some of it. Uh.

1088
01:08:32,000 --> 01:08:34,599
Speaker 1: I told you. I'm raising three children are in their twenties,

1089
01:08:34,640 --> 01:08:39,000
Speaker 1: so from they get more than an even like um.

1090
01:08:39,040 --> 01:08:41,000
Speaker 1: But one of the things I say to young people

1091
01:08:41,000 --> 01:08:43,320
Speaker 1: all over the places worked for great people. And then

1092
01:08:43,320 --> 01:08:45,639
Speaker 1: when you get in a position to do this, hire

1093
01:08:45,680 --> 01:08:50,000
Speaker 1: great people. It sounds easy, and it hardly happened. People

1094
01:08:50,040 --> 01:08:52,960
Speaker 1: want to make sure they're the most impressive in a room.

1095
01:08:53,120 --> 01:08:57,200
Speaker 1: They want to make sure that they're in control. H

1096
01:08:57,479 --> 01:08:59,320
Speaker 1: I've been able to do so much in my career

1097
01:08:59,320 --> 01:09:01,280
Speaker 1: because I've hired people that are better than me, and

1098
01:09:01,360 --> 01:09:04,240
Speaker 1: so many things and so many examples along the way

1099
01:09:04,760 --> 01:09:08,400
Speaker 1: higher great people, motivate them and watch them flourish. And

1100
01:09:08,439 --> 01:09:11,120
Speaker 1: when you're young and find great people. There's a great

1101
01:09:11,160 --> 01:09:15,280
Speaker 1: Mark Twain quote that I love that I repeat all

1102
01:09:15,280 --> 01:09:17,400
Speaker 1: the time, and my three children could could repeat it.

1103
01:09:18,000 --> 01:09:21,200
Speaker 1: Readily for you. Twain said, keep away from people who

1104
01:09:21,280 --> 01:09:25,160
Speaker 1: try to blitterally your ambition. Small people always do that,

1105
01:09:25,479 --> 01:09:27,599
Speaker 1: but the group really great make you feel that you

1106
01:09:27,680 --> 01:09:31,519
Speaker 1: too can become great. So that's one piece of advice

1107
01:09:31,560 --> 01:09:33,439
Speaker 1: I give to young people. And then the second thing

1108
01:09:33,479 --> 01:09:36,320
Speaker 1: I say is, uh, it's a long run. You know.

1109
01:09:36,360 --> 01:09:39,880
Speaker 1: I hear people say to young people, now, you're so disadvantaged,

1110
01:09:40,840 --> 01:09:44,599
Speaker 1: such difficult time. You know, there's so much unemployment, COVID.

1111
01:09:45,439 --> 01:09:49,000
Speaker 1: All of that's true. But people in their twenties, if

1112
01:09:49,000 --> 01:09:51,280
Speaker 1: they take care of themselves and they exercise and they

1113
01:09:51,280 --> 01:09:54,200
Speaker 1: eat well, can live for seven or eighty years, have

1114
01:09:54,360 --> 01:09:57,559
Speaker 1: careers for six decades or more. People work into their

1115
01:09:57,600 --> 01:10:00,599
Speaker 1: seventies and eighties. Now, you know, when I at law school,

1116
01:10:00,600 --> 01:10:02,760
Speaker 1: I was a second year law suit and there was

1117
01:10:02,800 --> 01:10:08,000
Speaker 1: a stock market crash like seven, and I remember somebody

1118
01:10:08,000 --> 01:10:10,400
Speaker 1: saying to me, and I thought they were right, it's

1119
01:10:10,400 --> 01:10:13,519
Speaker 1: a terrible time for us to be coming out. That

1120
01:10:13,640 --> 01:10:15,679
Speaker 1: was a blip. Look at we talked about it, we started,

1121
01:10:15,680 --> 01:10:18,400
Speaker 1: and we're asking me about the nineties. I may have

1122
01:10:18,479 --> 01:10:21,120
Speaker 1: come out into the best decade to come out in

1123
01:10:21,200 --> 01:10:24,679
Speaker 1: the last five or six or since World War Two,

1124
01:10:24,880 --> 01:10:27,599
Speaker 1: And yet we were fussing about the stock market crash

1125
01:10:27,640 --> 01:10:31,519
Speaker 1: in seven. So it's a long run. Uh, there's going

1126
01:10:31,600 --> 01:10:33,360
Speaker 1: to be a lot that's going to happen that you

1127
01:10:33,439 --> 01:10:37,439
Speaker 1: won't see, couldn't possibly see one step leading to another.

1128
01:10:37,920 --> 01:10:40,519
Speaker 1: So UH play it that way. Just get up every

1129
01:10:40,560 --> 01:10:43,360
Speaker 1: day and go after it, because it's sixty seventy years

1130
01:10:43,439 --> 01:10:44,920
Speaker 1: is a long time and there's a lot that's going

1131
01:10:44,960 --> 01:10:49,160
Speaker 1: to happen. Huh. Quite quite interesting. And our final question,

1132
01:10:49,880 --> 01:10:53,760
Speaker 1: what do you know about the world of finance, investment management,

1133
01:10:54,200 --> 01:10:57,840
Speaker 1: investment banking that you wish you knew thirty years or

1134
01:10:57,880 --> 01:11:03,600
Speaker 1: so ago when you were first getting started. That's a

1135
01:11:03,600 --> 01:11:07,320
Speaker 1: great question, Barry. Uh. What I would say is the following. Uh.

1136
01:11:07,400 --> 01:11:10,320
Speaker 1: I didn't think this through then. I certainly didn't act

1137
01:11:10,360 --> 01:11:14,599
Speaker 1: with it. But now I realized that markets, like everything,

1138
01:11:14,600 --> 01:11:19,400
Speaker 1: are driven by people, and therefore they're not always in

1139
01:11:19,439 --> 01:11:25,520
Speaker 1: the near term uh accurate or right they overshoot. Um.

1140
01:11:25,560 --> 01:11:28,960
Speaker 1: You know, I was with uh in I had a

1141
01:11:29,000 --> 01:11:32,280
Speaker 1: client named uh Sanford Burdeny, which was run at the

1142
01:11:32,320 --> 01:11:34,360
Speaker 1: time by Loose Sanders who was the CEO, who was

1143
01:11:34,400 --> 01:11:37,760
Speaker 1: a great investor, and it was uh still learning an

1144
01:11:37,800 --> 01:11:42,920
Speaker 1: investment organization today and they were value investors, and uh,

1145
01:11:43,040 --> 01:11:45,720
Speaker 1: I remember saying to Lou Now I was thirty six

1146
01:11:45,800 --> 01:11:47,720
Speaker 1: at the time, and he was, you know, he'd been

1147
01:11:47,760 --> 01:11:49,960
Speaker 1: around much longer. But I was saying, you know, why

1148
01:11:49,960 --> 01:11:54,240
Speaker 1: don't you sprinkle in some some value internet companies or something,

1149
01:11:54,880 --> 01:11:58,320
Speaker 1: you know, just mix it up a little bit, because

1150
01:11:58,360 --> 01:12:01,880
Speaker 1: they were getting crushed on a relatives And Luc said

1151
01:12:01,920 --> 01:12:05,439
Speaker 1: to me, Greg, it's a bubble and it's going to pop,

1152
01:12:06,600 --> 01:12:12,040
Speaker 1: and he wasn't going to deviate, and ultimately he was right. So, UH,

1153
01:12:12,360 --> 01:12:16,680
Speaker 1: markets are also tied to human beings who get emotional,

1154
01:12:16,840 --> 01:12:22,800
Speaker 1: who get caught up in trends, and therefore, um, you know,

1155
01:12:22,840 --> 01:12:27,200
Speaker 1: they're not always going to be necessarily where a pragmatic

1156
01:12:27,240 --> 01:12:30,320
Speaker 1: analysis would say they should be. And if you're looking

1157
01:12:30,360 --> 01:12:33,080
Speaker 1: for that, you're making a mistake. You need to understand

1158
01:12:33,120 --> 01:12:37,200
Speaker 1: these are organic too, and I've learned that probably the

1159
01:12:37,240 --> 01:12:41,120
Speaker 1: hard way. Over many years we have been speaking with

1160
01:12:41,200 --> 01:12:46,400
Speaker 1: Greg Fleming. He is the founding CEO of rockefelleror Capital Management.

1161
01:12:46,840 --> 01:12:49,679
Speaker 1: If you enjoy this conversation, we'll be sure and check

1162
01:12:49,720 --> 01:12:54,080
Speaker 1: out all of the nearly four hundred previous interviews we've

1163
01:12:54,080 --> 01:12:58,160
Speaker 1: conducted over the past almost seven years. You can find

1164
01:12:58,200 --> 01:13:04,439
Speaker 1: that at iTunes, Spotify, a cast, Stitcher, wherever your favorite

1165
01:13:04,439 --> 01:13:09,479
Speaker 1: podcasts are found. We love your comments, feedback and suggestions

1166
01:13:09,560 --> 01:13:13,840
Speaker 1: right to us at m IB podcast at Bloomberg dot net.

1167
01:13:14,439 --> 01:13:17,400
Speaker 1: Be sure and check out my Daily reads at Ridholtz

1168
01:13:17,479 --> 01:13:20,720
Speaker 1: dot com. Look at my daily column each week at

1169
01:13:20,760 --> 01:13:25,160
Speaker 1: Bloomberg dot com slash Opinion. Follow me on Twitter at

1170
01:13:25,200 --> 01:13:27,840
Speaker 1: Rid Halts. I would be remiss if I did not

1171
01:13:27,920 --> 01:13:31,440
Speaker 1: thank the crack staff that helps us put these conversations

1172
01:13:31,439 --> 01:13:36,240
Speaker 1: together each week. Reggie Brazil is my audio engineer, Michael

1173
01:13:36,320 --> 01:13:41,120
Speaker 1: Boyle is my producer. Atika val Bron is our project manager.

1174
01:13:41,479 --> 01:13:45,720
Speaker 1: Michael Batnick is my head of research. I'm Barry Rihults.

1175
01:13:45,760 --> 01:13:49,479
Speaker 1: You've been listening to Masters in Business on Bloomberg Radio.