Speaker 1: This is Mesters in Business with Very Renaults on Bluebird Radio.
Speaker 1: This week on the podcast, I have an extra special guest.
Speaker 1: Her name is Gene Hines and she is the incoming
Speaker 1: CEO of Wellington Management, a nearly hundred year old firm
Speaker 1: which manages over a trillion dollars in assets. Gine is
Speaker 1: a fascinating investors. She's got a great history both as
Speaker 1: she started her early jobs at Wellington, eventually taking over
Speaker 1: the Vanguard Healthcare Fund, the largest healthcare fund in the country.
Speaker 1: As a managing partner at Wellington and soon to be CEO,
Speaker 1: she simply has a unique perspective as to what's going
Speaker 1: on in the world of asset management. That includes everything
Speaker 1: from governance issues, who's becoming CEOs, who's rising up through
Speaker 1: the ranks across the entire industry, what the impact active
Speaker 1: sustainability is going to be on the entire asset management.
Speaker 1: We talk about private equity, we talked about passive versus active,
Speaker 1: pretty much we covered everything there was to discuss about
Speaker 1: investing these days, and really there aren't many people who
Speaker 1: have as unique a perch to look out on the
Speaker 1: world of finance and and have an informed opinion. I
Speaker 1: thought This was a fascinating conversation and I think you
Speaker 1: will too. So, with no further ado, my interview of
Speaker 1: Wellington Managements Gene Hinn. This is Mesters in Business with
Speaker 1: very Results on Bluebird Radio. My extra special guest this
Speaker 1: week is Gene Hynes. She is the incoming CEO of
Speaker 1: Wellington Asset Management. The firm manages over a trillion dollars
Speaker 1: in client assets. She began as an administrative assistant at
Speaker 1: Wellington UH and currently also manages the fifty one billion
Speaker 1: dollar Vanguard Healthcare Fund, the country's largest health care fund.
Speaker 1: She takes over as CEO of this June. Gene Hines,
Speaker 1: Welcome to Bloomberg. Thank you very much, Barry. I'm happy
Speaker 1: to talk touesday. So I'm kind of intrigued by all
Speaker 1: sorts of parts of your career. You come out of
Speaker 1: a college with a degree in economics, but your first
Speaker 1: job is as an administrative assistant. Seems a little disconnected.
Speaker 1: Explained that early career choice. Well, Barry, if I go
Speaker 1: back and maybe just give you some context. You know,
Speaker 1: I'm from I'm a daughter of Irish immigrants, and so
Speaker 1: when I went to Wellesley College on a scholarship, I
Speaker 1: didn't really know anything about the stock market UM, and
Speaker 1: I remember being in the crash of seven. That was
Speaker 1: my first experience and in hearing about what the market is.
Speaker 1: I took a sociology class and was about work, and
Speaker 1: so you had to find an internship at a play
Speaker 1: of work anywhere around Boston, and I found an internship
Speaker 1: at a brokerage firm UM, and that introduced me to
Speaker 1: the market, which I loved UM, and I particularly like
Speaker 1: the research part of it. I wanted to find out
Speaker 1: what made stocks go up and down UM and so
Speaker 1: UM in the context of which was a mini recession.
Speaker 1: If you remember, there weren't many jobs. I went out
Speaker 1: trying to find that job where I could UM, learn
Speaker 1: about the markets and UM and do research UM. I
Speaker 1: was interviewing at two different jobs that they were similar
Speaker 1: jobs who one had a much better title UM and
Speaker 1: one the one at Wellington was an administrative assistant. And
Speaker 1: you have to imagine back in Wellington's UM was under
Speaker 1: three hundred employees were now so it was much as
Speaker 1: much smaller organization, very flat. UM. I didn't know I
Speaker 1: was going to come in and do UM maybe fifty
Speaker 1: percent of my job would be more typical research assistant work. UM.
Speaker 1: And I remember back to the head hunters or tell
Speaker 1: you mean that this is a special space. You're never
Speaker 1: going to regret going to Wellington's. There's gonna be lots
Speaker 1: of growth opportunities for you. UM. And that's why it's
Speaker 1: just a job. And I guess I you know, I
Speaker 1: really did. For the first couple of years, maybe fifty
Speaker 1: percent of the job was administrative. Fift was really getting
Speaker 1: to know the markets and learning how to model and UM.
Speaker 1: And then about eighteen months and I started working with
Speaker 1: Ed Owen. So let's talk a little bit about Ed Owens.
Speaker 1: He has been called the best investor you never heard of.
Speaker 1: He ran the Vanguard Healthcare funds for quite a long time.
Speaker 1: What did you learn from working with Ed? Had the
Speaker 1: privilege of working for Ed for twenty years of my career. UM.
Speaker 1: When I think back, and as I said, I started
Speaker 1: UM working with Ed in early and that was a
Speaker 1: period of UM intense UM. I p O activity in
Speaker 1: the bio in the biotechnology spector. He was the he
Speaker 1: was the analyst, the biotech analysts, he was the pharmaceutical landilists,
Speaker 1: and he also ran the Vanguard Healthcare fund and so
Speaker 1: I just got to go deep with him right from
Speaker 1: the very beginning. Uh, you know, when we started working together,
Speaker 1: if I had to take a step back and say,
Speaker 1: what are the three things that Ed taught me that
Speaker 1: will that sort of live with me now and how
Speaker 1: I both show up as an investor and show up
Speaker 1: as a leader. I think one just the concept of
Speaker 1: very deep research. You know, when we're thinking about how
Speaker 1: we're going to make money for our clients, it's you know,
Speaker 1: how will the fu what will the future hold, what
Speaker 1: will change that is going to UM really create value
Speaker 1: for the world, And I think Ed was early taking
Speaker 1: that perspective UM. I think the other one was also
Speaker 1: following all companies any market cap global. I think he
Speaker 1: was global before UM. Many many investors were global, and
Speaker 1: that really helped us build mosaics. So, for instance, if
Speaker 1: a company was building was working on a specific met
Speaker 1: anism of action for a drug and there was a
Speaker 1: small company in UM San Diego working on it, there
Speaker 1: might be a Japanese company also working on it, and
Speaker 1: that just helped us UM fleshed out what was happening
Speaker 1: and and really trying and really helped us figure out
Speaker 1: who might be the winners. And whether this was really
Speaker 1: going to be a drug, was just really going to
Speaker 1: change medicine, And so I think that sort of deep
Speaker 1: research um and instilled an. Secondly, it's just um, you
Speaker 1: know what value is, So it is a value investor.
Speaker 1: I consider myself a value investor, and that is very
Speaker 1: much linked to trying to see what the future is.
Speaker 1: So what is this company going to be worth it
Speaker 1: if this drug is successful or they or they gained
Speaker 1: this market share in this medical device. And it's not
Speaker 1: necessarily a low pie type of investing. It's really what
Speaker 1: what companies are worth. And and then just really tying
Speaker 1: back to what the stock is that so our job
Speaker 1: is not to predict the future of medicine. Our job
Speaker 1: is to buy stock um, not concepts. So we're or
Speaker 1: is that where is that value versus fundamental um? And
Speaker 1: there has to be room um in the value of
Speaker 1: the enterprise for us to make money for our clients.
Speaker 1: And this finally flexibility. Ed was a very long term,
Speaker 1: low turnover investor, but he was anything but complacent. Um.
Speaker 1: He was just very flexible to change his mind when
Speaker 1: something changed our long term thesis. I think I'm much
Speaker 1: better at that in the past decade. I think that's
Speaker 1: something you learn over time. I think it's a very
Speaker 1: important important in my leadership as well as we think
Speaker 1: about the firm. That sort of flexibility UM is very key.
Speaker 1: So I want to flesh out some of the results
Speaker 1: from that approach to investing in healthcare with some numbers.
Speaker 1: When Ed retired in twelve, the Vanguard Healthcare Fund that
Speaker 1: he was managing was the top performing fund over the
Speaker 1: previous twenty five years, over three thousand per scent for
Speaker 1: an annualized return of more than fourteen point eight percent,
Speaker 1: far ahead of its benchmark or the SMP five. So
Speaker 1: what sort of pressure was it like taking over a
Speaker 1: fund that had those sort of numbers. Well, I I
Speaker 1: worked with Ed, as I said, for twenty years on
Speaker 1: that fund, so I was int you know, very much,
Speaker 1: very closely tied to the research, as well as some
Speaker 1: of my colleagues on the team. So I guess when
Speaker 1: I took over the fund, I just felt very comfortable
Speaker 1: that we had built a team and we had learned
Speaker 1: from Ed, we had the privilege of learning from me
Speaker 1: for twenty years, that we would make him proud and
Speaker 1: and carry on um the you know, carry on the
Speaker 1: great results over over the long term that he has
Speaker 1: created UM. I would say a couple of things as well. UM.
Speaker 1: You know he as I said he for over twenty
Speaker 1: five years. He really brought that very science based long
Speaker 1: term best health care is a growth industry. I think
Speaker 1: it will continue to be a growth industry going forward.
Speaker 1: And so that is you know, really bringing that lens
Speaker 1: to UM to the fund UM. He was also very
Speaker 1: much a contrarian and and again this value investor, and
Speaker 1: you know, when you think back to big, big moves
Speaker 1: in the index, you know he made had made a
Speaker 1: big move in in um N and two thousands towards
Speaker 1: healthcare services and medical technology, which had been very much
Speaker 1: out of favor for many years UM. And that was
Speaker 1: of the index back in thousand. Now it's closer to
Speaker 1: So that shift to looking broader than just the pharmaceutical companies. Also,
Speaker 1: you know served us well during that period really interesting.
Speaker 1: And you became one of Wellington's three managing partners. What
Speaker 1: has that experience been like knowing that you're the key
Speaker 1: troika that's responsible for directing over a trillion dollars. So
Speaker 1: so one of Wellington's core edges is our private partnership structure,
Speaker 1: and that structure has been in place now for almost
Speaker 1: forty two years. It's it's UM gone global, it's it's
Speaker 1: scaled us to a trillion dollars UM. And I would say,
Speaker 1: you know, the the concepts of the private partnership structure
Speaker 1: have been in place now for forty years, forty plus years. UM.
Speaker 1: The three managing partners are responsible for the governance of
Speaker 1: the partnership. And I guess now after my seventh year
Speaker 1: of being a managing partner, I just really appreciate, you know,
Speaker 1: one the brilliance of our partnership structure, UM. The fact
Speaker 1: that UM, you know, the partners, those the partners and
Speaker 1: the employees need to trust us to do our homework
Speaker 1: and leave our biases, UM, you know, leave our biases behind. UM.
Speaker 1: So again, when I think about my last seven years,
Speaker 1: I've just learned so much about the business the manager.
Speaker 1: It's about what people the coming um partners and becoming
Speaker 1: managing directors. And it's about sharing the economics of the firm.
Speaker 1: And so again those two things being their fair UM.
Speaker 1: Knowing that businesses can make right decisions are things that
Speaker 1: have that have helped me be one of you know,
Speaker 1: helped me be one of those managing partners that are
Speaker 1: our partners trust. Quite interesting, So let's talk a little
Speaker 1: bit about Wellington's. I know they have a big birthday
Speaker 1: coming up soon to be a hundred years old. Having
Speaker 1: that sort of history, what does that mean to the firm?
Speaker 1: So our our hundred year anniversary is still a few
Speaker 1: years off. We trace our roots back to when Walter
Speaker 1: Morrigan founded the first balanced mutual fund, which is now
Speaker 1: the Wellington's Fund that is sponsored by Vanguard. Our modern
Speaker 1: history of the firm is almost forty two years old
Speaker 1: when we formed our private partnership and took the company
Speaker 1: from being all being private partnership back in nine and
Speaker 1: the firm currently is running over a trillion dollars in
Speaker 1: client assets. Tell us about some of your clients. I
Speaker 1: know that pensions and endowments and foundations as well as
Speaker 1: other global wealth managers are some of the clients of Wellington's.
Speaker 1: So what we do one thing um at Wellington and
Speaker 1: have to manage money for our clients. Um. We have
Speaker 1: a large subadvisory business in the US and around the world.
Speaker 1: We have a very large institutional business and that's from
Speaker 1: governments around the world to pension funds to endowments and foundations.
Speaker 1: We as you mentioned, we have a growing private wealth
Speaker 1: business for private banks. UM. Again, our singular focuses on
Speaker 1: providing investment content investment products, and I think that singular
Speaker 1: focus really helps us deliver investment excellence over time for
Speaker 1: our for our clients around the world. So one of
Speaker 1: your largest clients is Vanguard. That's a longstanding relationship. Obviously,
Speaker 1: Jack Bogel came out of Wellington to launch Vanguard. Tell
Speaker 1: us about the relationship between Wellington Management and the Vanguard Group.
Speaker 1: So Barry, as he said, as he said, Vanguard and
Speaker 1: Wellington had very similar routes back in when Walter and
Speaker 1: Morgan founded the company, and we went different paths in
Speaker 1: the nineteen seventies, with Wellington focused on investment management and
Speaker 1: investment content and Vanguard focusing on the mutual fund distribution business. UM.
Speaker 1: I would say we have a very very strong partnership.
Speaker 1: There are our largest clients, UM, and I just have
Speaker 1: enormous respect for how well they've done as a business. UM.
Speaker 1: And so you know, our goal with Vanguard is to
Speaker 1: to really make sure that we're delivering investment excellence over
Speaker 1: over the long term. And I would say, one of
Speaker 1: the things that I really appreciate appreciate about Vanguard is
Speaker 1: they really have a very long term horizon and they
Speaker 1: are evaluating us on five years and ten years. And
Speaker 1: I think that that that sort of partnership sert us
Speaker 1: well over time. Interesting you mentioned earlier that Wellington is
Speaker 1: a partnership, not publicly traded. I have to imagine that
Speaker 1: over time there were offers to either go public or
Speaker 1: to be sold. Why stay private? What's the advantage of that?
Speaker 1: So one of the most important advantages of staying private
Speaker 1: is that we can be very long term, long term
Speaker 1: in our investment horizons, long term and how we evaluate
Speaker 1: our talent um and thatt I that really does align
Speaker 1: with the long term objectives of our clients. So what
Speaker 1: are our what are we trying to do? We were
Speaker 1: trying to deliver investment results, investment outcomes for our clients,
Speaker 1: and ultimately there and beneficiaries which which which could be
Speaker 1: retail individual investors um around the world, that could be pensioners, um.
Speaker 1: And and they have very very their time horizons are
Speaker 1: extremely long term. And so again I think our private
Speaker 1: partnerships serves us quite well, and it might be the
Speaker 1: optimal structure UM to run an investment UM asset management business.
Speaker 1: And I would say the other thing is that this
Speaker 1: is not a capital heavy business, so we know we
Speaker 1: don't rely on the financial markets or or banks for
Speaker 1: to run our business. And so again there was never
Speaker 1: any necessity. And then maybe one final thing is that
Speaker 1: we have grown organically because I started we were approximately
Speaker 1: sixty billion, and as you said, we're over a trillion
Speaker 1: dollars now. UM. That's all been through organic growth, adding
Speaker 1: talent um along the way to grow, to globalize or
Speaker 1: grow our fixed income business. And again we haven't needed.
Speaker 1: We now have at at our size, we have the
Speaker 1: global scale to invest in our business without relying on
Speaker 1: the market. So tell us a little bit about the
Speaker 1: firm's morning meeting. It's been described as a quote signature
Speaker 1: of tell us a little bit about that. So we
Speaker 1: start the morning meeting has been going on to ninety
Speaker 1: eight UM. It is something that has started in UM
Speaker 1: in our Boston office, but now also happens we have
Speaker 1: an Eurasian morning meeting that happens in our London Eurasia
Speaker 1: meeting that happens in our London and that connects to
Speaker 1: our Asia offices. It's really a place to get together
Speaker 1: and UM debate what's happening in the markets, whether that's
Speaker 1: UM individual stocks or individual credits, or individual or what's
Speaker 1: happening on a macro level. UM. It really does bring
Speaker 1: the firm together in terms of a focus on on
Speaker 1: on how you know the news of the day. Sometimes
Speaker 1: those meetings they're very topical and sometimes they are forward
Speaker 1: looking and we try to share unfinished ideas. I think
Speaker 1: most importantly, Verry, if I could leave you with one
Speaker 1: thing about our firm is that we have a very
Speaker 1: collaborative culture. And what that means is that there's no
Speaker 1: chief investment officer UM. Each individual portfolio manager we have
Speaker 1: about fifty plus boutiques UM can go back and practice
Speaker 1: their own philosophy and process. But we have this open,
Speaker 1: collaborative platform and Morning Meeting is is critical part of that.
Speaker 1: And what you want is debate and challenge on any topic.
Speaker 1: And I think over the I think the Morning Meeting
Speaker 1: has allowed that that forum where UM portfolio managers and
Speaker 1: analysts can can have debates and have different views and
Speaker 1: different perspectives UM. I think that has really helped our
Speaker 1: collaborative platform. And you mentioned attracting talent. What has it
Speaker 1: been like this year to attract or develop and retain
Speaker 1: talent given the challenges of the pandemic and having to
Speaker 1: work remotely, not necessarily being able to interview people face
Speaker 1: to face, what's it been like this best year? But
Speaker 1: we have a tracted so again, as you said, it's
Speaker 1: surprising how you know, we're almost a year into really
Speaker 1: having to work from home and and we've been able
Speaker 1: to run the firm virtually and that includes attracting talent
Speaker 1: from all over the globe. So we have onboarded well
Speaker 1: over a hundred people in and even more starting in
Speaker 1: twenty one, and so that's has seen seamless. But again,
Speaker 1: the most important thing is how do you integrate them?
Speaker 1: And how do you integrate them um into your teams.
Speaker 1: We've had two new team members on the health care team,
Speaker 1: so I know, first Ham, we're trying to integrate them
Speaker 1: into our processes and into our team culture. UM. And
Speaker 1: again I think it takes work. It takes it takes
Speaker 1: work to make sure that you're connecting and you're getting
Speaker 1: to know them and that you're spending a lot of
Speaker 1: time with them. UM. I think the apprenticeship model is
Speaker 1: one of the things that we will as we think
Speaker 1: about the future of work that will be very important
Speaker 1: to having in person, both the combination of both in
Speaker 1: person and potentially more flexibility in the future. But again,
Speaker 1: we've we've we've done, we've we've tried a lot of
Speaker 1: different things that make sure we are both integrating new
Speaker 1: talent as well as keeping teams together during this pandemic,
Speaker 1: and technology has really helped, and it's really a lot
Speaker 1: of every day making sure people are connecting either through
Speaker 1: our morning meeting as we talked about, or through more
Speaker 1: team meetings, or through one on one conversation. So you're
Speaker 1: founded in Philadelphia, headquartered in Boston. How has the pandemic
Speaker 1: changed how you recruit and retain people? Does it open
Speaker 1: up more opportunities? I do think what we've learned from
Speaker 1: the from working from home is that you know, one,
Speaker 1: the technology work, so we can work more virtually UM
Speaker 1: and and we can we can we can be more
Speaker 1: flexible in terms of UM how we use technology to interact.
Speaker 1: So I would suspect first of all, will there will
Speaker 1: be more flexibility in the workforce, and that does allow
Speaker 1: us to think about other locations where we can attract
Speaker 1: talent so other other parts of other parts of the
Speaker 1: US where we don't have UM, we don't have offices.
Speaker 1: That's something we're looking at. No decisions have been made,
Speaker 1: but that's something that I would suspect will look at
Speaker 1: over time UM as well as other parts of the
Speaker 1: world where we don't have offices, Like how how do
Speaker 1: we how do we take a fresh look. We have
Speaker 1: a group of our leaders now studying we have a
Speaker 1: business challenge, studying the future of work UM. I think
Speaker 1: in the next couple of months will will see what's there.
Speaker 1: And they've done such extensive work in terms of serving
Speaker 1: other companies and serving our employees, and I think they'll
Speaker 1: come recommendations about how will work in the future. And
Speaker 1: I assume we'll have more flexibility and that will allow
Speaker 1: us to think more broadly about where our employees are located.
Speaker 1: So what's going on Gene in the health care industry today?
Speaker 1: What insights do we have on the vaccine and innovation?
Speaker 1: This has really been a hell of a year for healthcare. Yes, Berry,
Speaker 1: I think when you think about health care, and I
Speaker 1: did mention earlier that healthcare is a growth industry and
Speaker 1: what I mean by that is that when you think
Speaker 1: about demand, what with the population aging as well as
Speaker 1: in many many and virgin markets such as China, more
Speaker 1: people entering the middle class. That just increases health care demand.
Speaker 1: So health care demand is increasing at a brisk rate,
Speaker 1: and then we have payers around the world try to
Speaker 1: figure out how to control that natural growth of health care.
Speaker 1: So that's what's on the demand side. I think on
Speaker 1: the on the supply side, we are in and I
Speaker 1: really like to say we are in a revolutionary period
Speaker 1: of biology. And so when you when you talk about
Speaker 1: the bio pharmacide by a pharmaceutical side of healthcare, Um,
Speaker 1: this is the most exciting period in my five plus
Speaker 1: years of following the industry. And I think in that technology.
Speaker 1: The power of that technology really came through when you
Speaker 1: think about how fast um, the vaccines and the and
Speaker 1: the antibodies, and you know how fast they were able
Speaker 1: to be developed during this pandemic. So last year m
Speaker 1: r NA was the new tech. It really showed its
Speaker 1: stuff in developing the COVID vaccine. What are some of
Speaker 1: the next great healthcare technologies? What when are the nanobots
Speaker 1: gonna eat the cholesterol that's built up in people's vascular systems?
Speaker 1: Or is it something else entirely Yeah, I think if
Speaker 1: we take a step back and think about the history
Speaker 1: of biopharmaceutical and you had small molecule drugs that those
Speaker 1: are small drugs like you know advil or aspirint and
Speaker 1: then in the nineties you have the discovery of that
Speaker 1: you could deliver proteins, and the late ninety nineties you
Speaker 1: have the discovery that you could um deliver monoclon landi bodies,
Speaker 1: which we went after much larger receptors UM in the body.
Speaker 1: That has opened up biology UM. So again, when you
Speaker 1: think about the past twenty years, it's it's been the
Speaker 1: growth in the industry and the and really being able
Speaker 1: to treat many different diseases has been about using these
Speaker 1: biologic um to treat diseases. I think we're in a
Speaker 1: we're in a completely new era now in when you
Speaker 1: think about the ability to target d NA and in
Speaker 1: a completely new way. So we think about those the
Speaker 1: history of all medicines, those three modalities, and now we
Speaker 1: have small interfering RNA as you mentioned, messenger RNA, gene
Speaker 1: therapy eventually cristoper. We have new modalities called bispecific antibizes
Speaker 1: which targets to targets at once, and even small molecules.
Speaker 1: Because you understand biology at at a completely new level,
Speaker 1: small molecules are are becoming more targeted with less side effects.
Speaker 1: And so when you look forward to the next twenty years, UM,
Speaker 1: as we unravel biology, we're just going to have many,
Speaker 1: many more modalities. UM, I'm not sure. I'm not sure
Speaker 1: if we're going to have nanobos, but I do think
Speaker 1: that these technology platforms will be used broadly across all
Speaker 1: diseases to treat diseases. And I think if we look
Speaker 1: back thirty years from now, we will have made a
Speaker 1: substantial in roads into disease and treating disease and UM
Speaker 1: and that's that's very exciting and encouraging, and we'll create
Speaker 1: a lot of value for the industry. What about oncology
Speaker 1: and cancer, We we've seen a lot of progress, but
Speaker 1: it turns out cancer is not one disease but hundreds
Speaker 1: of diseases. What are we looking at in that space
Speaker 1: and how important is genomics for pursuing a broader cure
Speaker 1: for cancer? So when you think back to ten years ago,
Speaker 1: cancer was treated with UM with chemotherapy, which are like
Speaker 1: poisons and chemotherapy really has resulted in you know, really
Speaker 1: controlling cancer or treat helping to treat cancer. But it's
Speaker 1: been the past ten years where you've you've used you've
Speaker 1: had the ability to use genomics and use genetic information
Speaker 1: to both understand how why cancers grow. And like you said,
Speaker 1: it's you know, breast cancer or lung cancer is not
Speaker 1: just just because it's in the lung doesn't mean it's
Speaker 1: being driven by the same kinds of mutations. And so
Speaker 1: just a better understanding of my patients UM what's driving
Speaker 1: their cancers has led to much better identification of targets
Speaker 1: and much better identication of drugs. And so when you
Speaker 1: think about cancer now you have you still have chemotherapy
Speaker 1: as a backbone. You have immuno oncology which helps the
Speaker 1: immune system UM overcome UMM overcome the cancers, and you
Speaker 1: have targeted therapies in terms of UM driver mutations, the
Speaker 1: ability to target those UM driving mutations. I think in
Speaker 1: the future some of the interesting areas are going to
Speaker 1: be UM antibody antibody drug conjugates, which is more precisely
Speaker 1: delivering chemo through an antibody. Though that though those platforms
Speaker 1: I think will expand going forward you have you know,
Speaker 1: they're the first of carts. I think those those could
Speaker 1: possibly be used much more broadly and other and other
Speaker 1: diseases as well. So I think we're on the We're
Speaker 1: on the brink of really making dramatic changes in ecology.
Speaker 1: And interestingly, when you look at the industry, when you
Speaker 1: look at the biotechnology industry, I think half the companies
Speaker 1: are oncology based and approximately half of a half of
Speaker 1: R and D spending in the industry is oncology. So
Speaker 1: when you think about the combination of really unmet medical
Speaker 1: need and um being very susceptible or driven by genetic mutation,
Speaker 1: that's the perfect marriage in terms of really making progress.
Speaker 1: M quite quite interesting. So what does this mean for
Speaker 1: longevity and future lifespans? Are we looking at someone being
Speaker 1: born today with the high probability of reaching a hundred
Speaker 1: I I always suspect that lifespans are going to be
Speaker 1: prolonged going forward. I think you're you're already seeing that.
Speaker 1: I think that just recently the death rate from cancer
Speaker 1: has a clined in the last five years. We just
Speaker 1: talked about the number of new technologies, So you're already
Speaker 1: seeing it in the data, So that would be one.
Speaker 1: I think that also the the ability to have gene
Speaker 1: therapy for these are hundred monogenic diseases that potentially could
Speaker 1: be susceptible to a technology like geen therapy. That if
Speaker 1: you give those two newborns, that could dramatically change um
Speaker 1: the lifespan and the quality of the lifespan of individuals
Speaker 1: with those genetic mutations. So that would be another area UM.
Speaker 1: And I think when you think about the large um
Speaker 1: large parts of the market that really drive mortality, you know,
Speaker 1: really really it's UM. It's cancer, and it's also cardiovascular disease.
Speaker 1: And I think we've made progress in terms of congestive
Speaker 1: part failure and in blood pressure, and so again, if
Speaker 1: we can crack those and you have more people at
Speaker 1: an earlier stage controlling all of those risk factors, that
Speaker 1: will also likely lead to longer lives in the future.
Speaker 1: Quite quite interesting. So let's talk a little bit about Wellington.
Speaker 1: I think of you guys as an investor in the
Speaker 1: public spaces, but you have a pretty robust business in
Speaker 1: alternative assets like private equity and venture capital. I think
Speaker 1: that's over thirty billion dollars. Now, tell us a little
Speaker 1: bit about what's attractive in that space, and so we
Speaker 1: have an over thirty billion dollars at alternatives, which are
Speaker 1: both UM long short funds as well as UM an
Speaker 1: emerging private equity business. If I think about the private
Speaker 1: equity business, UM, we and you mentioned that we were
Speaker 1: a public company. One of the things that we started,
Speaker 1: you know, right around two thousand and fourteen is fifteen
Speaker 1: is is launching a late stage crossover fund. So that
Speaker 1: was our first private funds. You know, came out of
Speaker 1: the observation that companies were staying private longer and there
Speaker 1: weren't as many I p O s and it was
Speaker 1: a very natural adjacency to our to our public investing UM.
Speaker 1: We've just launched the third of that platform UM and
Speaker 1: a few years ago we also launched the first of
Speaker 1: a biology based private funds UM. Again, I think the
Speaker 1: big observation when you step back is that there are
Speaker 1: more companies staying private longer, There are more companies that
Speaker 1: are private UM. When I when I think of biotechnology,
Speaker 1: there are more private companies relative to public companies now
Speaker 1: than any part in my career. UM. So it is
Speaker 1: a very right area for investing it and it really
Speaker 1: is very much aligned with how we invest in the
Speaker 1: public market. Um, it's very adjacent to our public market investing,
Speaker 1: and I think if you think about wellingting going forward,
Speaker 1: we'll have more platforms beyond those first two. It's an
Speaker 1: area that we're investing in as a firm. So some
Speaker 1: of the older alternatives that are out there, hedge funds
Speaker 1: seem to have gotten very crowded over the past twenty years,
Speaker 1: and and some people have argued the same is true
Speaker 1: for the venture capital side. A lot of money is
Speaker 1: chasing only a finite amount of deals. What does the
Speaker 1: risk look like in private equity? Is there the possibility
Speaker 1: that that becomes a crowded space. Also, I'll go back
Speaker 1: to what I've talked about in terms of a number
Speaker 1: of private companies. So again, when we think about our
Speaker 1: process and think about Wellington's very rooted process in terms
Speaker 1: of both valuation and assessing fundamentals, I think we think
Speaker 1: that there's plenty of opportunity right now for using our
Speaker 1: skills as public investors, using the skills we've generated, you know,
Speaker 1: skills we've told you know, skills we've honed over many,
Speaker 1: many years, to apply those to the private market. And
Speaker 1: I think the observation about maybe the productivity of the world,
Speaker 1: that there are just a number of private you know,
Speaker 1: a larger number of private companies than probably any time
Speaker 1: in history UM and and creating real value for the world,
Speaker 1: and that that's the opportunity really interesting. Let's talk a
Speaker 1: little bit about sustainable investing. Wellington is known for its
Speaker 1: sustainability and alternatives approaches. You guys have a partnership with
Speaker 1: Woodwell Climate Research Center. What are some of the physical
Speaker 1: effects of climate change on capital markets? How how has
Speaker 1: climate change affecting asset prices? So, UM, let me take
Speaker 1: a step back and talk about sustainability and then talk
Speaker 1: about our would Well Climate Research partnership and then how
Speaker 1: it impacts UM the market. UM. In terms of sustainability,
Speaker 1: it's it's I would say that it's broad. It's it's
Speaker 1: if you think about E, S and G, environment, social
Speaker 1: and governance. UM. I think governance has been UM, you know,
Speaker 1: an important part of our process for the past twenty
Speaker 1: five years. Governance has always been important important part of
Speaker 1: our process. That we now have more, we now define
Speaker 1: it more and we are interacting as a firm more
Speaker 1: with companies as well as boards. In terms of in
Speaker 1: terms of our oversight of governance of our of our holdings,
Speaker 1: and I think that will continue. Um. I think in
Speaker 1: the last number of years the environmental has really become
Speaker 1: quite important in terms of, you know, new regulations being
Speaker 1: put in place in in certain parts of the world.
Speaker 1: And again that we have this very exciting partnership with
Speaker 1: would Well Climate Research Center, and we're working with a
Speaker 1: few of our clients on this partnership and we're asking
Speaker 1: questions such as how does climate impact asset prices, and
Speaker 1: they just spend fascinating insights into how water shorter shortage
Speaker 1: for example, or heat map. So we're we're bringing that
Speaker 1: climate research down to very specific parts of geographies and
Speaker 1: then connecting them and trying to connect them then to well,
Speaker 1: this businesses in this geography and it's not going to
Speaker 1: have an impact potentially on municipal bonds for example, or
Speaker 1: even on the equities um in the in the in
Speaker 1: the media too long term. So that what we're trying
Speaker 1: to do is take those insights, make sure we're asking
Speaker 1: the right questions, take those insights and bring it down
Speaker 1: to very specific mapping of climate risks, and then trying
Speaker 1: to connect back to actual stocks and credits UM and
Speaker 1: so we are in the in the process of doing that.
Speaker 1: It's a very exciting partnership UM. And we're also doing
Speaker 1: with that data doing climate reviews of our portfolios. So
Speaker 1: again what our portfolios look like from a climate perspective.
Speaker 1: If I take a very big step back, I think
Speaker 1: the next the next stage will be social and you know, again,
Speaker 1: how how does social interact with the public markets UM,
Speaker 1: And I would suspect starry that we are going UM
Speaker 1: that sustain ability is UM is not a fad, A's
Speaker 1: here to stay and it is really going to impact
Speaker 1: how the markets evolved in terms of where assets go
Speaker 1: into what kind of funds. And so it's a very
Speaker 1: important area of investment for Wellington in terms of you know,
Speaker 1: both talent in terms of the talent that comes with E.
Speaker 1: S G background, as well as a technology investment for
Speaker 1: us in terms of how we can use our climate
Speaker 1: for example, or our governance insights into portfolio construction. UM.
Speaker 1: I think if we're early in the process, but eventually
Speaker 1: it will become part of the dialogue of all stocks
Speaker 1: UM in a number of years. So in June you
Speaker 1: take over for Brended Swords as Wellington's fifth CEO since
Speaker 1: the firm went private nine. You're the first woman to
Speaker 1: serve in that capacity. You're only one of two female
Speaker 1: CEOs amongst the largest asset managers. UH. What does this
Speaker 1: tell us about governance as an issue both in corporate
Speaker 1: America generally but in the finance sector specifically. So I'm
Speaker 1: going to answer that in two parts. One would be
Speaker 1: very Wellington specific and then maybe one about a comment
Speaker 1: about UM corporate, you know, the world of corporations and
Speaker 1: what the future might hold UM from from a Wellington perspective. UM,
Speaker 1: as you said, I'm going to be the fifth generation
Speaker 1: CEO of the of the private partnership eras in ninety nine.
Speaker 1: I think the most important thing to know is we
Speaker 1: really value stewardship. We really really value passing the baton
Speaker 1: to the next generation, leaving the partnership in a better place.
Speaker 1: Like my goal is that this partnership in this firm
Speaker 1: will be thriving fifty years from now. So that's very
Speaker 1: important in terms of that's a very well in specific
Speaker 1: stewardship of the firm. UM. If I shift and think
Speaker 1: about governance, you know, I you know, I just have
Speaker 1: an observation you know, I think it is a novelty
Speaker 1: now that as a female becoming a CEO, and it's
Speaker 1: very exciting to see a number of peers in the
Speaker 1: industry and in the other in other in other industries
Speaker 1: becoming CEOs And hopefully, hopefully it will be a novel
Speaker 1: it won't be such a novelty in ten years. And
Speaker 1: the observation I'm going to make and I and I
Speaker 1: and I, it's an observation based on seeing what's happening
Speaker 1: in the healthcare industry um and seeing broader data, is
Speaker 1: that I do think it's more women in all industries
Speaker 1: have more experience running parts of the business where we
Speaker 1: are going to see more females become CEOs and and
Speaker 1: hopefully I'm you know, hopefully ten years from now, there
Speaker 1: will be a lot more deserving women who have had
Speaker 1: the opportunity to run business is being prepared to be
Speaker 1: CEOs of corporations around the world. You know, when I
Speaker 1: think about myself being a managing partner that we talked
Speaker 1: about earlier, that really provided me that experience. That experience
Speaker 1: for me, it really brought in my perspective and I
Speaker 1: got to know the firm and got to know both
Speaker 1: the clients and the firm and the talent throughout the
Speaker 1: organization that has helped me prepare for for the next UM,
Speaker 1: for the for the upcoming succession from Brendan. That's quite interesting.
Speaker 1: So over the past UM, let's call a decade or so,
Speaker 1: certainly since the Great Financial Crisis, we've seen a lot
Speaker 1: of assets flow towards passive. You guys seem to have
Speaker 1: done pretty well l as an active manager. What are
Speaker 1: you doing to compete more effectively against passive? Is that
Speaker 1: going to be an ongoing shift or is this eventually
Speaker 1: going to reach some form of equilibrium. I strongly believe
Speaker 1: there's a very important place for active management UM. There's
Speaker 1: also a very important place for passive. And it's our
Speaker 1: job at Wellington being an active manager and that that
Speaker 1: is our strategy going forward to how do we how
Speaker 1: do we deliver UM, how do we help our clients
Speaker 1: UM achieve their investment outcomes? And when you think about
Speaker 1: our clients and again back to what are we trying
Speaker 1: to do for clients? We're trying to help them with
Speaker 1: their their future liabilities or you know, how how do
Speaker 1: they fund their pension funds for example, or how do
Speaker 1: people retire with more assets so they can live a
Speaker 1: fulfilling retirement. That's what we're trying to do, and we
Speaker 1: believe that we can deliver our investment excellence that the
Speaker 1: alpha part of the alpha party, the equation will become
Speaker 1: even more important going forward. So when you think about
Speaker 1: where interest rates are, you know, what is the outlook
Speaker 1: for bond returns going forward? When interest rates are um
Speaker 1: you know, close to work, close to zero uh. With
Speaker 1: the equity market, you know, having a strong run for
Speaker 1: the past twelve years, we think alpha will become an
Speaker 1: even more important part of the outcome for our clients.
Speaker 1: And so again maths are that's where our that's our
Speaker 1: number one focused investment excellence. We can deliver our clients.
Speaker 1: We will do well and help them solve their problems,
Speaker 1: hopefully gain more of their trust and gain for their
Speaker 1: business over time. That's interesting you mentioned interest rates. How
Speaker 1: much attention do you pay to the macro? Does is
Speaker 1: what the Federal Reserve is doing? Um impact how you
Speaker 1: adjust your portfolios. Do you think about the state of
Speaker 1: economy or is all that stuff background and you focus
Speaker 1: on finding companies at the right valuations. So I'll talk
Speaker 1: about Wellington and then I'll talk about Jean and how
Speaker 1: she incorporate, how I incorporate interest, race and what is
Speaker 1: happening at the at the macro level. So we have
Speaker 1: half of our business is fixed incomes, so what happens
Speaker 1: on the Federal reserve or the European government is critical
Speaker 1: to investing UM in fixed incomes. So it's a very
Speaker 1: important part of our dialogue at the firm. We have,
Speaker 1: you know, a very strong macro research effort at Wellington
Speaker 1: to help support um are both our equity as well
Speaker 1: as our fixed income and credit at fixing race investors
Speaker 1: as well as our credit investors UM with your investment.
Speaker 1: So for the firm, macro investing is very important UM.
Speaker 1: I would say for for myself as a health care investor,
Speaker 1: I probably would lean more that's fundamentals than we talked
Speaker 1: about health care what's happening. I would spend most of
Speaker 1: my time thinking about what's happening with mechanism of action
Speaker 1: or how cancer is going to be cured. That's that's
Speaker 1: the most important thing to get right. But I found
Speaker 1: it very important over my career to make sure that
Speaker 1: you're focused on the macro. And there are probably two
Speaker 1: macro things one would be, UM, what's happening in regulations
Speaker 1: around the world, regulatory bodies, what's happening in politics. That's
Speaker 1: a big important macro um effort for us in terms
Speaker 1: of understanding what could influence healthcare fundamental. And then its
Speaker 1: secondly would be what's happening with interest rates? Because biopharmaceutical
Speaker 1: stocks are long dated, you know, you're looking so far
Speaker 1: into the future in terms of how you think about
Speaker 1: earning streams, so you know, making sure that that's part
Speaker 1: of the process in terms of valuations and how much
Speaker 1: you want to pay for those long data assets, that
Speaker 1: it's part of the equation that is very necessary to
Speaker 1: think about when constructing portfolio. Is I have to ask
Speaker 1: you a little bit about some of the craziness we've
Speaker 1: seen in the market. Uh this past month we had
Speaker 1: game Stop going wild, but we've also seen a little
Speaker 1: bit of frothy activity in bitcoin in Tesla. UH. What
Speaker 1: are your thoughts on the question of is this just
Speaker 1: pockets of froth or are we looking at a more
Speaker 1: significant bubble? I guess the observation I would have is
Speaker 1: that we're twelve years into a bowl market um valuations
Speaker 1: are are higher than they have been and that's partly
Speaker 1: due to the low interest rate that we talked about
Speaker 1: the FED policy around the world. So again getting making
Speaker 1: sure we know the future direction of interest rates will
Speaker 1: be very important to valuation. I'm not the expert on
Speaker 1: Tesla or or other areas, but I do observe that
Speaker 1: some parts of my investment in Universe um that the
Speaker 1: relationship between growth and valuation is that extremes and in
Speaker 1: some parts of that not certainly, most parts of it
Speaker 1: are very attractive value ation. So I guess as a
Speaker 1: value investor, that's just a very interesting relationship to me
Speaker 1: that I'm watching very closely. So I think of the
Speaker 1: CEO role as a full time job. I would also
Speaker 1: imagine running a fifty one billion dollar healthcare portfolio as
Speaker 1: a full time job. You're going to continue managing the
Speaker 1: Vanguard health care funds. That seems like a lot to
Speaker 1: do at once. How are you going to juggle the two?
Speaker 1: A couple of things. Want Number one, we are naming
Speaker 1: We have named a president. My my managing partner, colleague,
Speaker 1: Steve Klar, will be president. So he will he will
Speaker 1: be a partner with me in terms of running parts
Speaker 1: of the organization. So that would be number one. UM
Speaker 1: number two, I'm really believe in empowering the empowering the
Speaker 1: leaders and so we have a management team both in
Speaker 1: terms of running the business as well as running running
Speaker 1: our regional offices. Very excited about our leadership team UM.
Speaker 1: And that's a group of twenty people. So that would
Speaker 1: be an observation number two. And then I would say
Speaker 1: in terms of US observation number three specifically for health care.
Speaker 1: You know, we have UM expanded the team over the
Speaker 1: last number of years. The team is has matured and
Speaker 1: they're both their research and risk taking skills. So again
Speaker 1: I'm going to be able to leverage that fifteen person
Speaker 1: plus team very significantly UM as I go forward UM.
Speaker 1: And then and then maybe the last UM, just the
Speaker 1: last thing to share with you, Barry, is that one
Speaker 1: of the things that I think this is very specific,
Speaker 1: but one of maybe my super strength is that I'm
Speaker 1: very organized and again making sure and I've spent a
Speaker 1: lot of time thinking through how I'm going to spend
Speaker 1: my time going forward and and and again, then it's
Speaker 1: up to me to execute that plan to make sure
Speaker 1: that I'm both ending UM significant time on UM managing
Speaker 1: healthcare assets for the Van Guard Care hole or as
Speaker 1: well as the firm and all the clients with the firm.
Speaker 1: So I feel very comfortable in the plan going forward
Speaker 1: and how I'm going to be spending my time UM,
Speaker 1: and then just hopefully there are benefits. The benefits of
Speaker 1: it will be that I'm going to be staying very
Speaker 1: close to our investors. I'm going to be you know,
Speaker 1: we're gonna be UM in the morning meeting together, We're
Speaker 1: gonna be in company meetings together, and so staying close
Speaker 1: to investors hopefully will help me think about how we're
Speaker 1: going to evolve as investors. How are we going to
Speaker 1: use more science, how are we going to use more
Speaker 1: technology to help us evolve. So again there're synergies to
Speaker 1: both the roles UM, and I think as we hopefully
Speaker 1: at the end of my term at Wellingtons CEO, that
Speaker 1: will that will look back and say that was a
Speaker 1: benefit that you know that that was the benefit both
Speaker 1: to the firm as well as to UM as well
Speaker 1: as to Vanguard shareholders. So let me throw a curve
Speaker 1: bawl at you. Gene becomes CEO, and then Gene notices
Speaker 1: UM the manager of the Vanguard Healthcare Funds is falling
Speaker 1: behind prior performance. How are you going to fire that manager? What?
Speaker 1: What are you gonna do? Swapping hats that way. So government,
Speaker 1: we talked about governance and our our producer responsibility at
Speaker 1: Wellington is another area that we take very seriously and
Speaker 1: so we have a plan in place. So first of all,
Speaker 1: it will be Vanguard's responsibility to to decide, you know,
Speaker 1: how well of a job I'm doing, So Vanguard will
Speaker 1: be the ultimate decision maker there. And then from myself
Speaker 1: we have again you're it's very important that we have
Speaker 1: do you share the oversight of me as an investor
Speaker 1: as well? And so we have a plan in place,
Speaker 1: UM to make sure that happens makes sense. I assume
Speaker 1: that there was some mechanism that you guys weren't just
Speaker 1: spit ball and not not with that much money. UM.
Speaker 1: So let's jump to our favorite questions that we ask
Speaker 1: all of our guests, UM, starting with what are you
Speaker 1: streaming these days? Tell us what's keep can you entertained
Speaker 1: either Netflix or or podcast? Or what are you doing
Speaker 1: for entertainment at all? So one of them, you know
Speaker 1: one of the things I you may or may not
Speaker 1: know that I have four daughters and so they're they're
Speaker 1: in their um early twenties and late teens, and and
Speaker 1: so I've been pretty busy over the last twenty two
Speaker 1: plus years. And so one of the things, one of
Speaker 1: the things I'm streaming now is these Theories that I
Speaker 1: never got to watch as I was working full time
Speaker 1: and raising a family, and so UM I watched West
Speaker 1: Wing was a big west Wing year for me. I
Speaker 1: never watched the Theories, so that would be one. And
Speaker 1: then UM, this British series Bridgerton, that was a big
Speaker 1: series with my daughters over the holidays. We you know,
Speaker 1: we binge watched that, um when they were all home. Yeah,
Speaker 1: that's that's funny. It's always interesting to see what people
Speaker 1: go back to. We never saw Madmen, and we ended
Speaker 1: up just watching that very interesting period piece, just like
Speaker 1: just like West Wing. Tell us about your early mentors
Speaker 1: who helped to shape your career, Well, we already talked
Speaker 1: about Ed. I would say, you know, Ed was just
Speaker 1: so vital um someone that I worked alongside with for
Speaker 1: twenty years and I and I again back to Ed
Speaker 1: being just giving me the space to grow, um, the
Speaker 1: space to learn mistakes. So he was very critical. There's
Speaker 1: another person, Phil pearlmother, who was one of the managing party,
Speaker 1: was a managing partner. He since retired. He's recently retired
Speaker 1: from Wellington's, but I would consider him a sponsor. He
Speaker 1: was always looking out for me. He was a midcast
Speaker 1: growth portfolio manager, so I guess I was helping him.
Speaker 1: But he was always making sure that my career was
Speaker 1: moving along. Let's talk about what you're reading these days.
Speaker 1: Tell us about some of your favorite books and what
Speaker 1: you're reading now. So I really like historical fiction, um,
Speaker 1: where you learn about a place or time through fiction.
Speaker 1: So I think my favorite book this year was Educated Needed. UM.
Speaker 1: I am on my bedstand right now. I have UM
Speaker 1: Barack Obama's book. So that's my next some my my
Speaker 1: next book to read UM in the coming run. Sounds good.
Speaker 1: What sort of advice would you give to a recent
Speaker 1: college graduate who was interested in a career in either
Speaker 1: stock research or asset management or working in finance. I
Speaker 1: would give two pieces of advice. One would be always
Speaker 1: all just always be learning. So when I when I
Speaker 1: observed talent at Wellington, I get very excited about the
Speaker 1: talent Wellington's, the ones with this growth mindset that are
Speaker 1: always learning, always UM, challenging the status quo of how
Speaker 1: we do things UM. The you know, it's just very
Speaker 1: exciting to see. So again, always have that curiosity growth
Speaker 1: mindset UM, always thinking about what what more could you
Speaker 1: be doing in your in your in your role. So
Speaker 1: that would be an important piece of advice. Then secondly,
Speaker 1: just at the asset management industry and you know, research
Speaker 1: UM in terms of researching stocks and it's just such
Speaker 1: a great business UM. So I would encourage I would
Speaker 1: encourage people graduating from college to think about the asset
Speaker 1: management industry. And and and again there's a significant broader
Speaker 1: purpose here in terms of serving individuals and beneficiaries all
Speaker 1: over the world to help them UM lead better, better
Speaker 1: lives long term. And so how do we attract talent
Speaker 1: to that mission? UM? Of how and again it's how
Speaker 1: are we you know, we're allocating capital to companies UM
Speaker 1: that are going to make UM the vaccines that save
Speaker 1: you know, that really get us back, that save the
Speaker 1: world and protect the world. I think that is the
Speaker 1: kind of mission that that I'd like to make sure
Speaker 1: that everyone knows. And and just how you know, how
Speaker 1: exciting it is to be UM to meet companies and
Speaker 1: to meet heads of R and D, and to meet
Speaker 1: CEOs and and and see how they're changing the changing
Speaker 1: the future of the world. That is just intellectually, I've
Speaker 1: never I've never when I wake up every UM, I
Speaker 1: never had this Sunday night that I don't want to
Speaker 1: go to work the next day. It's just such a
Speaker 1: great business to be in. Quite interesting and our final question,
Speaker 1: what do you know about the world of investing today
Speaker 1: that you wish you knew thirty years ago when you
Speaker 1: were first getting started. UM. I think when I when
Speaker 1: I think about the when I think about the world
Speaker 1: of investing, I think about it in three phases. And
Speaker 1: we talked about being a deep researcher, being an investor,
Speaker 1: and I and I take being an investor meaning to
Speaker 1: can you do recommended can you take all your research
Speaker 1: insights and make recommendations, and then finally being a risk
Speaker 1: taker and taking taking risk in portfolios. UM. I guess
Speaker 1: if I had to UM, if I had to know
Speaker 1: back thirty years, it probably would have been really perfecting
Speaker 1: each stage and getting maybe more training. I think that's
Speaker 1: one of the things we're going to we're really focused
Speaker 1: on at Wellington is making sure we're training during those
Speaker 1: pivot points. So that would be one thing. You know,
Speaker 1: these are these are skills you can be you can
Speaker 1: learn and skills that you can get better at with development.
Speaker 1: And so that's a very important initiative on my part
Speaker 1: in terms of how do we develop investors along that
Speaker 1: path um. And then I think, you know, personally, just
Speaker 1: being very flexible UM pivoting when you have new information.
Speaker 1: That's what I think really hard. It's hard to do
Speaker 1: after you, after you maybe you might have invested two
Speaker 1: or three years and into a stock and then something changes.
Speaker 1: That ability to be flexible at pivot I think is
Speaker 1: critical to investment success. And you know, the earlier you
Speaker 1: can learn that, the better. Terrific stuff. Thanks Jane for
Speaker 1: being so generous with your time. We have been speaking
Speaker 1: with Gene Hines. She manages the fifty billion dollars Van
Speaker 1: Guard Healthcare Fund and is the incoming CEO at Wellington Management,
Speaker 1: which runs over a trillion dollars in client assets. If
Speaker 1: you enjoy this conversation, well be sure and check out
Speaker 1: any of the previous three hundred and eighty seven prior
Speaker 1: to such conversations we've had over the past seven years.
Speaker 1: You can find them at iTunes, Spotify, wherever you feed
Speaker 1: your podcast fix. We love your comments, feedback in suggestions
Speaker 1: right to us at m IB podcast at Bloomberg dot net.
Speaker 1: Give us a review on Apple iTunes. You can sign
Speaker 1: up for my Daily Reads at rid Halts dot com.
Speaker 1: Check out my weekly column on Bloomberg dot com slash Opinion.
Speaker 1: Follow me on Twitter at rit Halts. I would be
Speaker 1: remiss if I did not thank the crack staff that
Speaker 1: helps us put together these conversations each and every week.
Speaker 1: Reggie Bazil is our audio engineer. Michael Boyle is my
Speaker 1: producer slash booker. A tink of Valbronn is our project manager.
Speaker 1: Michael Batnick is our head of research. I'm Barry Ritolts.
Speaker 1: You've been listening to Mascuw's in Business on Bloomberg Radio