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"gary brinson" Discussed on How'd It Happen Podcast

How'd It Happen Podcast

09:49 min | 6 months ago

"gary brinson" Discussed on How'd It Happen Podcast

"An art to set the valuation. How did yeah they had a pretty good sense of it? You know they like I think for our see. When they started off they took like seventy some percentage of ownership so probably wasn't far off? What a private equity firm now typically takes but they had elite enough in there for the founders and the management team to get options options? So we were you know. Incentives Shirley helped drive the valuation. So it was a little bit of Probably more art than science okay and if somebody came in and they had a hot hot company and it was it was you know close to getting FDA approval for a drug or something like that. Then they jack up the price so it it actually that once they liked like the people and the like the space usually they got the deal done if they like that okay and And then sometimes you know the valuations are crazy and no one's is going to put money in in that case so they. They were really good at what they did. It's just funny to me out from that little venture capital group because we had to funds that totaled about one hundred and twenty million in investment capital that so small now relative to some of these private because sure yeah and that wind fight went onto become really a big time player in the private equity space was just funny to me because we started off as just doing really very early stage venture investing and at that time at least here in Wisconsin. You you had to be one of the only true venture capital funds of L. A. Firms. All for sure. Yeah Yeah we were probably the I I think I want to say maybe the only like private and there were a couple of other sort of government funders and stuff like that but you know they did deals all over the place you know nobody cares you know they. They were with San Francisco Manager. Guys guys in Boston and stuff like that. Yeah sure money's money yeah okay so you get you move over to an RC. And you have this then. It's won't be your last. Rapid accelerating rapidly growing salary and company that goes public so you're coming into a startup as the CFO. You have to learn what that's like. There's a whole different. There's a whole lot of I suppose different type planning that goes on there and then six years later if I got the ages right or so six years ago or so later you're going public which is a whole nother thing how do you how did you do it. It was that was probably if I think of my whole career that was probably the most challenging Alan Djing six or seven year period. Because you're exactly right. I had to file for the federal. Id Number to get the company started. Then I took a public on Wall Street you know when we had the second-best appreciating IPO in the country that year number one was callaway golf clubs. They went public at the same time. So this is nine hundred ninety four or when people went public. I remember we were out at fidelity in Boston where everybody would go on the road show. Everybody was trying to raise. Money went to fidelity and There had to be twenty companies. It was literally like they'd call. Our number is like a non-political casting thin. Yes number. Twenty Seven Alternative Resources is your conference room twenty two or something to go in there be analyst down but so that that going from a pure startup then having done the the pressure of fleeting die. Peo- and I had an entrepreneurial boss the founder was the CEO and he wasn't really cut out to be a public company. See I can say that. Because he wouldn't admit it ED admit it. Yeah so I had a really be the stability and the the careful Part of the team because Larry was started the entrepreneurial guy and he it's like why do I have to be careful what I say. I'm like because we're going public and you gotta learn how but that means so. It was a great experience and I was thirty three when we he actually took it public and you know along the way. They'll what really changed my whole direction. Was I was a cfo of the company. But I was a very sort of sales. Awesome marketing oriented CFL. It sounds a little bit crazy not just a number. CFO on just a numbers guy. Did the numbers. I think it's good at it but I really I would insert myself. I'd say Larry. You're having a sales meeting. Can I come to that. I JUST WANNA learn more about how are sales people are pitching and what are the issues that they're encountering manure talking with clients and stuff and so he's like as long as you get your work done on a care if you wanna come along so dead and I saw everything in that that seven year period. I saw how you open offices. Higher sales people manage growth com manage compliance. Deal with the board saw everything and So that that was just such a fantastic experience And that really gave me the confidence then to do Jefferson Wells. which was the company that I started from scratch as the first I had never been? CEO Before so But that's part of the reason I left when I did as I really wanted to see if I could do my own company and be the founder and sort of be the person that had a get everything done from getting a business plan put together and getting people to leave perfectly good jobs to come to my new little startup Larry was that guy at the and I was sort of his right hand. Man I wanted to prove to myself that I could do it so when I left Dr See. Everybody looked at me like I was crazy. Maybe I it was But you know we were flying high. Our valuation was fantastic. I was a board member But I left and they kept me on the board asked. I'd said I'd love to stay on the board. I know so much about the company and investors know who I am and they said Yeah. We're going to keep you on the board so I got to stay around. Probably another five ears with them. which was kind of a nice Transition candling how long did you stay a CFO post The public offering about two years. Two years yeah because it'll be did a follow on offering as well so the stock was so hot that win points at now. You know they did well on the IPO. But then they did a big secondary offering than they sold all the rest of their shares. And that's really okay and so that EXP. Yeah so that experience just sort of seeing how Larry did it being integral all in the process being his right hand man sort of complimenting his skill set and all that that gave you the confidence to say that I can. I think I can do this. I seen it. I know I've been in it. I can do it. I actually felt totally exactly what you just said but I also felt like. I almost felt like I needed to do it. I was so fortunate to have that seat. You know for those years at air. See that I I I just thought to myself if I'm ever GonNa go do something really again from scratch. I gotTa do what I just learned how to do. Let's take it and there's one other little funny Anecdote so when I was getting a little bit antsy so I'm Eddie. RC Go public. It goes really well but I've been there now. Seven seven or eight years and I felt like I did what I was going to do there and so I said you guys. I learned a lot the last seven or eight years and we're really a staffing the company. That's who we are. What if I start up a division for us that does accounting and finance staffing because we did all it work and they they said no well? We just don't think that's the right thing to do. We branded ourselves as an IT business. Okay I get that and they said and Mike you know you don't have any experience running anything I said. Okay okay I said. Are you sure that you don't WanNa put me in charge of an accounting and finance new division. Yep we're sure I said are you really sure they said Yeah. We're not GonNa do it and then I said okay. I'm going to quit and go do it myself so I did give them the keys and they said no no no and I said yes. I'm GonNa go do of myself and that obviously changed my whole life. I'm really glad they said No. Yeah right the best thing they are exactly right. And and and so. Were you in Michigan. That whole time with air sea or was that I was We were in Lincolnshire Illinois. Okay so Larry had to start in Detroit to start there but then you okay at a one year non compete and then quickly we were everywhere. Got It so a company was right off at Half Day road ninety four. Okay okay still a long dry for me. I lived in resigning. Drive down an hour It's funny were dating myself but there were basically no cellphones. I got a bag phone when it first came out and so you couldn't really work like you can't be on the phone. Yeah driving down a back had to stop at every tollbooth exactly. Hey there were no. I don't think there was any open when it call it open road open open tolling. Yeah best invention ever yeah. That's a good one. I'll tell ya so. See Given this opportunity they say no say thank you. I'm going to go do it myself. And would how'd you put it together so it's really interesting. There was a gentleman from wind point. His name was Bob a blank and Bob was a sort of an associated at one point when I was there and then So and Bob was on the board of alternative resources all those years and then he left he went to another venture capital group It was actually called Brinson partners. Gary Brinson was the founder of it. Now it's part of UBS. But so bob blink went over there probably I was still at when he did that. And and so we stayed in touch. He's a great guy and then I called him and I said Hey Bob Do you have time for a beer. And he goes you thinking about doing something else. He knew it right on this and I so I bet them in Barrington or wherever every load we had a beer and this is gonNA saw way too easy but I told them about my idea. Let's do accounting and finance staffing by. It will be cheaper than the.

Larry CFO founder Boston bob blink FDA CEO Shirley Gary Brinson Wisconsin golf L. A. Firms Alan Djing Brinson partners San Francisco analyst callaway
"gary brinson" Discussed on WAFS Biz 1190

WAFS Biz 1190

09:01 min | 1 year ago

"gary brinson" Discussed on WAFS Biz 1190

"With the. And words coming up the afternoon, Marianna were very will make old timers day debut at the stadium and the president will go for a four-game sweep of the Astros, their teams heading in opposite directions. The of one eight in a row. Wow. Houston dropped seven in a row, the Yanks getting by the stroz seven five Saturday night in the Bronx, Giancarlo Stanton collecting his first Rb is of his injury plagued season Stanton. Drove in four runs on a couple of go ahead, two run singles, the second one breaking five all time, the seventh inning GO or Sheila and Austin role mind both homered for the bombers Massieu Tanaka taking notice after pitching six innings of two on ball. It was after noon delight for the Mets at Wrigley field. They crush the cubs ten to Pete Alonzo Todd Frazier and Wilson romo's all homering for New York Alonzo, belting is twenty six of the season, tying him Daryl strawberry for the franchise rookie record of buzz around it. So I kinda just would see kind of other people. I mean, if, if other people didn't tell me that I have no idea. But I was just trying to put a go to put together a really good at bat to start off the game and set the tone Jack Wheeler to win seven innings for the win. The Mets have won two in a row. College hoops. It looks like Yukon is heading back to the big east in two thousand twenty the school had moved to the American athletic conference in two thousand thirteen no word on the future of yukons football program as the biggest does not have football. And it's unlikely that you con- will remain in the American with just a football team. I to highlight of day to the NHL draft at least on the local front, a trade made by the devils in Nashville predators. New Jersey acquired all star defenceman PK sue ban and exchange for defensemen. Steven Santini prospect, Jeremy Davies and a pair of second round picks Gallup Chaz review is six shot lead after three rounds at the travelers championship in Cromwell, Connecticut. That's a Bloomberg sports update. I'm Paul Edwards. These masters in business with Barry ritholtz on Bloomberg radio. My special guest today is Chris Brightman. He is the chief investment officer of research affiliates, whose investment strategies currently manage over two hundred billion dollars. Previously, he was the board chair at the investment fund for foundations he was the CIO of the strategic investment group, and director of global equity strategy at UBS asset management, Chris Brightman. Welcome to Bloomberg. Thank you for having me. So that's a really interesting resume. You've worked at some very storied places. What I attracted you to the field of investment management. I arrived at my university, Virginia Tech having been accepted into the liberal arts school, and after listening to the dean of the liberal arts, school address the auditorium of new students. Explaining why you've made the right choice. I approached the podium and said, I think I'm in the wrong place. I want to go to the school of business and without missing a beat or even seeming to notice, the irony. The dean said, oh, yeah. Well, you walk down three buildings over to that way. And, and I changed before I even began classes to the business program, mostly because I figured you have to understand this is the seventy s I wanted a job when I graduated, and I felt like majoring in business would would be more likely to lead to a job than liberal arts. I don't know if that was right. But that's, that's what I did. And then I clearly worked right and finance because it was more interesting than accounting. And for some of our younger listeners the nineteen seventies was a period of stagflation, high inflation, and high unemployment. What was it like coming out of school into that? Environment. The I graduated in the early eighties. And the early eighties were an awful time, there was a nasty recession, and I was really lucky. Yeah. Right. Eight hundred eighty two was horrible. Eighty three was a little better. And I was lucky to graduate in eighty three eighty four eighty five was boomtime great. But, but I graduated in eighty three and. I think really got me into the investment management industry was an internship that I had with First Chicago in one thousand nine hundred two over the summer and my internship, was with the institutional trust department at First Chicago, which later became First Chicago investment advisers, which later became Brinson partners. And Gary Brinson, the founder of Brinson partners was one was really my first mentor in the business beginning in nineteen eighty two. So you were working on the endowment side of the street. How does the endowment side differ from working with retail investors and people with money as with 4._0._1._K's in IRAs, etc? I've had about a three and a half decade career thirty five years in the business of which I took a rather brief five year detour into the nonprofit area managing the university of Virginia endowment, and it differs in a number of ways probably the. Most interesting to an outsider is the access that one gains to elite investment managers how big was the endowment at the time. Over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that and maybe this projecting. But I would imagine that running endowment and my frame reference. References all the craziness we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Ellen dominant Swenson. I would imagine there are so many political constituencies to deal with, it would be a huge distraction or at Jinnah tackle. We not seeing that sort of Cambridge craziness. It's a point of clarification. I was the CIO at the university of Virginia though. My alma mater, is Virginia Tech shit. So let's serve on the investment committee at Virginia Tech as well. So there's and I had one daughter that went to and one daughter, the Virginia Tech, so I have loyalties with both schools so so to clarify I clearly misspoke. You were the CIO at the Virginia. University of Virginia endowment and that covered what school or schools UVA. This just one endowment, five billion dollars actually fascinating enough. It's much more complicated than that. The university of Virginia has dozens of nonprofit organizations. All of whom have their own fundraising staff their own endowments and the university of Virginia investment management company, may five one three, c nonprofit creation with its own board in its own audit its own charter, etc. Serves as an investment advisor to those various pools of money. So in many ways, while I was there, I did have to address many different clients, and it is very political. You're quite correct about that. Do they all invest the same way or just each of them have different investment philosophy in different set of goals, and therefore a different portfolio? Look, you've the university of Virginia investment management company pools, the money and invested in one fashion that said all of the different pools of money don't have to invest with the university of Virginia investment management company. They can if they choose or they cannot, or they can invest part of the money for many years, the law school, wasn't convinced that it wanted all of its money in the in the pool. So just part of the law school endowment was invested in you, then co coming up. We continue. You are conversation with Chris Brightman CEO of research affiliates, discussing smart beta. You're listening to masters in business with Barry ritholtz on Bloomberg radio. You're a small business owner.

university of Virginia Virginia Tech Bloomberg Chris Brightman university of Virginia endowme Barry ritholtz Mets CIO chief investment officer dean Pete Alonzo Todd Frazier Brinson partners Giancarlo Stanton Gary Brinson Daryl strawberry school of business Virginia Chicago
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

09:49 min | 1 year ago

"gary brinson" Discussed on Bloomberg Radio New York

"The boy scouts of America has announced new efforts to prevent child sex abuse in the program in April shocking allegations announced of more than twelve thousand instances of known allegations of sex abuse within the boy scouts at the hands of allegedly some seventy eight hundred adults in the program. Survivor advocate Brady Farrell says the boy scouts hid the alleged abuse in so-called perversion file for years. Data starts in nineteen forty four now scouting has announced a series of animated videos aimed at cub scouts just five to eleven informing them about how to recognize potential abusive behavior and what to do about it, Jim Roope, Los Angeles, New Mexico's Catholic Santa Fe, diocese, stunned parishioners last year when it filed for chapter eleven reorganization joining nearly two dozen other dioceses struggling with fallout from clergy sex abuse scandals. Now nearly four hundred claims have been filed against the diocese as part of the pending bankruptcy case ahead of June. Seventeenth deadline. I'm Evan Haning. Dame Susanna Palmer from Bloomberg world headquarters, the drumbeat for a Federal Reserve interest rate cut is getting louder with one policymaker calling for a fifty basis point reduction, Minneapolis fed president Neel Kashkari said yesterday that he'd pushed for such a move at the central banks June eighteenth and nineteenth meeting, where officials ended up leaving rates unchanged comments from other policy-makers reinforced expectations that the fed is, on course to cut rates, perhaps, as soon as the July meeting, rich Clarita is Federal Reserve vice chair, we really have uncertainty in the sense that there's always some geopolitical uncertainty. But there's also uncertainty about how the global economy, navigates that a point you know, you have negative interest rates in the year zone and in Japan. And I think that is a factor as, as well, cleared a spoken and exclusive interview with Bloomberg radio and television, top Trump administration officials will attend Tuesday's regional. Economic investment summit in Bahrain, the first leg of the long-awaited Middle East peace plan being led by Jared Kushner, president, Donald Trump's son-in-law and senior adviser speakers will include business leaders, including Stephen Schwarzman, chairman of Blackstone group. Randall Stevenson, chairman of AT, and T, and Tom barrack, chairman of colony capital, World Bank, president, David Malpass, and I am managing director Christine Lagarde are also scheduled to speak, the UK's Boris Johnson pitched his bid for prime minister to members of his conservative party today recent turmoil in his private life didn't trip him up at all. You drew cheers when he dodged questions about a spat with his partner that brought the police to his London home front runner Johnson and his opponent. Jeremy hunt both made their opening appeals today. Global news twenty four hours a day on air, and it ticked up on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Susanna Palmer. This is Bloomberg. These these masters in business with Barry ritholtz on Bloomberg radio. My special guest today is Chris Brightman. He is the chief investment officer of research affiliates, whose investment strategies currently manage over two hundred billion dollars. He's previously, he was the board chair at the investment fund for foundations he was the CIO of the strategic investment group, and director of global equity strategy at UBS asset management, Chris Brightman, welcome to Bloomberg Bank. You for having me. So that's a really interesting resume. You've worked at some very storied places. What I attracted you to the field of investment management. I arrived at my university, Virginia Tech having been accepted into the liberal arts school, and after listening to the dean of the liberal arts, school address the auditorium of new students. Explaining why you'd made the right choice. I approached the podium and said, I think I'm in the wrong place. I want to go to the school of business and without missing a beat or even seeming to notice, the irony. The dean said, oh, yeah. Well, you walk down three buildings over to that way. And, and I changed before I even begin classes to the business program, mostly, because I figured you have to understand this is the seventies, I wanted a job when I graduated, and I felt like majoring in business would would be more likely to lead to a job than liberal arts. I don't know if that was right. But that's, that's what I did. And then I killed clearly works, right? As finance because it was more interesting than accounting. And for some of our younger listeners the nineteen seventies was a period of stagflation, high inflation, and high unemployment. What was it like coming out of school into that? Environment. The I graduated in the early eighties. And the early eighties were an awful time, there was a nasty recession, and I was really lucky. Yeah. Right. Eight hundred eighty who was horrible eighty three was a little better. And I was lucky to graduate in eighty eighty four eighty five with boomtime great. But, but I graduated in eighty three and. What I think really got me into the investment management industry was an internship that I had with I carbo in one thousand nine hundred eighty two over the summer and my internship was with the institutional. Trust department at First Chicago, which later became First Chicago investment advisers later became Brinson partners. And Gary Brinson, the founder of Brinson partners was one was really my first mentor in the business beginning in nineteen eighty two. So you were working on the endowment side of the street. How does the endowment side differ from working with retail investors and people with money is with 4._0._1._K's in IRAs, etc. I've had about a three and a half decade career thirty five years in the business of which I took a rather brief five year detour into the nonprofit area managing the university of Virginia endowment, and it differs in a number of ways probably the. Most interesting to an outsider is the access that one gains to elite investment managers how big was the endowment at the time. Over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that, and maybe this is me projecting. But I would imagine that running endowment, and my frame of reference is all the craziness, we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Ellen dominant. Swanson. I would imagine there are so many political constituencies to deal with, it would be a huge distraction or at Virginia Tech away. Not seeing that sort of Cambridge craziness. So. Point of clarification, I was the CIO at the university of Virginia though. My alma mater, is Virginia Tech shit. So let's serve on the investment committee, Virginia Tech as well. So there's an had one daughter that went to one daughter, the Virginia Tech, so I have loyalties with both schools so so to clarify site. Clearly misspoke, you were the CIO at the Virginia university of Virginia endowment, and that covered what school or schools UVA. This is just one endowment five billion dollars. Actually fascinating enough. It's much more complicated than that. The university of Virginia has dozens of nonprofit organizations, all of whom have their own fundraising staff, their own endowments, and the university of Virginia investment management company, may five oh, one three c nonprofit creation with its own board in its own audit its own charter, etc. Serves as an investment advisor to those various pools of money. So in many ways, while I was there, I did have to address many different clients, and it is very political. You're quite correct about that. Do they all invest the same way or just each of them have different investment philosophy? And in a different set of goals, and therefore a different portfolio. Look, you've the university of Virginia investment management company pools, the money and invested in one fashion that said all of the different pools of money don't have to invest with the university of Virginia investment management company. They can if they choose or they cannot, or they can invest part of the money for many years, the law school, wasn't convinced that it wanted all of its money in the in the pool. So just part of the law school endowment was invested in you. Coming up, we continue. You are conversation with Chris Brightman CIO of research affiliates, discussing smart beta. You're.

Virginia Tech university of Virginia CIO Bloomberg Chris Brightman Virginia university of Virgini university of Virginia endowme Susanna Palmer president fed chief investment officer Bloomberg radio chairman Brinson partners Bloomberg world Brady Farrell America Evan Haning Neel Kashkari
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:05 min | 1 year ago

"gary brinson" Discussed on Bloomberg Radio New York

"What I attracted you to the field of investment management. I arrived at my university, Virginia Tech having been accepted into the liberal arts school, and after listening to the dean of the liberal arts, school address the auditorium of new students. Explaining why you've made the right choice. I approached the podium and said, I think I'm in the wrong place to go to the school of business and without missing a beat or even seeming to notice, the irony. The dean said, oh, yeah. Well, you walk down three buildings over that way. And, and I changed before I even began classes to the business program, mostly because I figured you have to understand this is the seventies, I wanted a job when I graduated, and I felt like majoring in business would would be more likely to lead to a job than liberal arts. I don't know if that was right. But that's, that's what I did. And then I killed clearly works right finance, because it was more interesting than accounting. And for some of our younger listeners the nineteen seventies was a period of stagflation, high inflation, and high unemployment. What was it like coming out of school into that? Environment. The I graduated in the early eighties. And the early eighties were an awful time, there was a nasty recession, and I was really lucky. Yeah. Right. Eighty who was horrible. Eighty three was a little better. And I was lucky to graduate in eighty eighty four eighty five was boomtime great. But, but I graduated in eighty three and. I think really got me into the investment management industry was an internship that I had with First Chicago in nineteen eighty two over the summer and my internship was with the institutional trust department at First Chicago, which later became First Chicago investment advisers later became Brinson partners. And Gary Brinson, the founder of Brinson partners was one was really my first mentor in the business beginning in nineteen eighty two. So you will working on the endowment side of the St. how does the endowment side differ from working with retail investors and people money as with 4._0._1._K's in IRAs cetera had about a three and a half decade career thirty five years in the business of which took a rather brief five year detour into the nonprofit area managing the university of Virginia in. Endowment and differs in a number of ways probably the. Most interesting to announce cider is the access that one gains to elite investment managers how big was the endowment at the time. Over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that, and maybe this is me projecting. But I would imagine that running endowment and my frame, references all the craziness, we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Ellen dominance. Swanson, I would imagine they're so many political constituencies to deal with it would be a huge distraction or at Virginia Tech a we not seeing that sort of Cambridge craziness. So. Point of clarification. I was the CEO at the university of Virginia though. My al-matar is Virginia Tech shares so serve on the investment committee, Virginia Tech as well. So there's an had one daughter went to UVA one daughter, the Virginia Tech, so I have loyalties with both schools so so to clarify aside. Clearly misspoke. You were the CIO at the Virginia. University of Virginia endowment and that covered what school or schools UVA. Just one endowment five billion dollars. Actually fascinating Lee enough. It's much more complicated than that. The university of Virginia has dozens of nonprofit organizations. All of whom have their own fundraising staff their own endowments and the university of Virginia investment management company, may five oh, one three c nonprofit creation with its own board in its own audit its own charter at cetera. Serves as an investment advisor to those various pools of money. So in many ways, while I was there, I did have to address many different clients, and it is very political. You're quite correct about that. Do they all invest the same way or each of them have different investment philosophy in different set of goals, and therefore, a different portfolio looked you've Inco university of Virginia investment management company, pools, the money and invested in one fashion that said all of the different pools of money don't have to invest with the university of Virginia investment management company. They can if they choose or they cannot, or they can invest part of the money for many years, the law school, wasn't convinced that it wanted all of its money in the in the pool. So just part of the law school endowment was invested in you. Coming up, we continue. You are conversation with Chris Brightman CEO of research affiliates,.

university of Virginia Virginia Tech liberal arts school Inco university of Virginia Virginia Brinson partners school of business Gary Brinson CEO dean Chicago Harvard Chris Brightman CIO Swanson advisor Lee
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:38 min | 1 year ago

"gary brinson" Discussed on Bloomberg Radio New York

"To shareholders the longest weekly rally in treasuries since two thousand twelve may find an even higher gear this bond traders turned their focus to Asaka Japan where world leaders head next week for a g twenty meeting heels on tenure treasuries broke below two percent for the first time since two thousand sixteen this week, this after the Federal Reserve signal that's ready to lower borrowing costs strategists. See little standing in the way of even lower yields Hornbach is global head of interest rate strategy at Morgan Stanley Alexander has are fed call. And she has the Fens cutting rates by fifty basis points in July. So in that scenario, we think the tenure yield will end the around two percent. The ten year note was last quoted at yield of two point zero five. Percent. Boris Johnson's bid to become the UK's next prime minister was thrown into turmoil after an argument with his partner prompted police to visit his London residence officers were called to the home. Johnson shares with Kerry Simon's shortly after midnight Friday, six hours, after he was confirmed as the front runner in the race to succeed Theresa May police said they found no cause for action. But the news is dominated Saturday's UK newspapers and threatens to damage Johnson's campaign at a critical time in the conservative party leadership contest FedEx apologized for rejecting a package containing away technologies bone sent from the UK to the US. All this comes amid the US barring selective trade with wa on the grounds of protecting national security earlier this month fed ex apologized for other delivery errors with what we packages. Global news twenty four hours a day on air and ticked up on Twitter. Powered by more than twenty seven hundred journalists and analysts in one hundred twenty countries. I'm Susanna Palmer. This is. Is bloomberg. Vesey's masters in business with Barry ritholtz on Bloomberg radio. My special guest today is Chris Brightman. He is the chief investment officer of research affiliates, whose investment strategies currently manage over two hundred billion dollars. He's previously, he was the board chair at the investment fund for foundations he was the CIO of the strategic investment group, and director of global equity strategy at UBS asset management, Chris Brightman. Welcome to Bloomberg. Thank you for having me. So that's a really interesting resume. You've worked at some very storied places. What I attracted you to the field of investment management. I arrived at my university for junior tech having been accepted into the liberal arts school, and after listening to the dean of the liberal arts, school address the auditorium of new students. Explaining why you'd made the right choice. I approached the podium and said, I think I'm in the wrong place to go to the school of business and without missing a beat or even seeming to notice, the irony. The dean said, oh, yeah. Well, you walk down three buildings over to that way. And, and I changed before I even begin classes to the business program, mostly, because I figured you have to understand this is the seventy s I wanted a job when I graduated, and I felt like majoring in business would. Would be more likely to lead to a job than liberal arts. I don't know if that was right. But that's, that's what I did. And then I killed clearly works, right? And it was finance because it was more interesting than accounting. And for some of our younger listeners the nineteen seventies was a period of stagflation, high inflation, and high unemployment. What was it like coming out of school into that environment? The I graduated in the early eighties and the early eighties wore an awful time, there was a nasty recession, and I was really lucky. Yeah. Right. Eight hundred eighty two was horrible. Eighty three was a little better. And I was lucky to graduate in eighty three eighty four and eighty five with boomtime great. But, but I graduated in eighty three and. What I think really got me into the investment management industry was an internship that I had with First Chicago in one thousand nine hundred two over the summer and my internship, was with the institutional trust department at First Chicago, which later became First Chicago investment advice, was later became Brinson partners. And Gary Brinson, the founder of Brinson partners, was one of my was really my first mentor in the business beginning in nineteen eighty two. So you were working on the endowment side of the St. how does the endowment side differ from working with retail investors and people with money is with 4._0._1._K's in IRAs cetera. I've had about a three and a half decade career thirty-five years in the business of which I took a rather brief five year detour into the nonprofit area managing the university of Virginia and. Douaumont and it differs in a number of ways probably the. Most interesting to an outsider is the access that one gains to elite investment managers how big was the endowment at the time. Over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that, and maybe this is me projecting. But I would imagine that running endowment and my frame of references all the craziness, we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Yellen dominant. Swanson, I would imagine there are so many political constituencies to deal with it would be a huge distraction or at Jinotega. We not seeing that sort of Cambridge craziness. Point of clarification. I was the CIO at the university of Virginia though. My alma mater, is Virginia Tech shit. So let on the investment committee at Virginia Tech as well. So there's an had one daughter that went to UVA one daughter, the Virginia Tech, so I have loyalties with both schools. So so to clarify clearly, misspoke, you were the CIO at the Virginia. University of Virginia endowment and that covered what school or schools UVA. This is just one endowment five billion dollars. Actually fascinating enough. It's much more complicated than that. The university of Virginia has dozens of nonprofit organizations, all of whom have their own fundraising staff, their own endowments, and the university of Virginia investment management company, may five oh, one three c nonprofit creation with its own board in its own audit its own charter, etc. Serves as an investment advisor to those various pools of money. So in many ways, while I was there, I did have to address many different clients, and it is very political. You're quite correct about that. Do they all invest the same way or just each of them have different investment philosophy in different set of goals, and therefore a different portfolio? Look, you've the university of Virginia investment management company pools, the money and invested in one fashion that said all of the different pools of money don't have to invest with the university of Virginia investment management company. They can if they choose or they cannot, or they can invest part of the money for many years, the law school, wasn't convinced that it wanted all of its money in the in the pool. So just part of the law school endowment was invested in you. Coming up, we continue. Our conversation with Chris Brightman CIO of research affiliates, discussing smart beta. You're listening to masters in business with Barry.

university of Virginia CIO Chris Brightman Virginia Tech Boris Johnson UK chief investment officer Barry ritholtz bloomberg Brinson partners Fens treasuries Gary Brinson Theresa May liberal arts school Federal Reserve Virginia
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:42 min | 1 year ago

"gary brinson" Discussed on Bloomberg Radio New York

"Now this Bloomberg sports update on the baseball scoreboard and the American League. The key is win their seventh straight defeating Houston four two one two run homers from Gary Sanchez and labor, Torres, the Astros Avella six in a row. Jason kipness at a time. Breaking triple in the evening. Sending the Indians to his seven six win over the Tigers Lorenzo beat the Blue Jays intending seventy-five Christian Vasquez with the game winning two run. Homer, also tendons, the white socks over Texas five to four the twin slipped by Kansas City eight two seven Oakland Athletics pitcher Frankie mandis has been suspended eighty games by major league baseball after testing positive for performance enhancing substance. Montas was nine and two. The two point seven hour, run average in the National League, Jeff McNeil homered and drove in three runs making his first career start in right field and the Mets edge the cubs five to four Dallas conical made his Braves debut copping of three nothing. Lean is the national, it's come from behind. To defeat Atlanta for two three Marlins starter Sunday, Elkin Tara pitched into the eighth inning. And Brian holiday. Homered and Miami's two one win over the Phillies Joe grove allowing one run on five hits over seven innings pitching, the pirates to two one win over the Padres interleague action Albert who holds played his first game in sT Louis eight seasons and signing with the angels who holds singled and walked in three plate appearances as the angels, fall to Saint Louis five to one at the NHL draft in Vancouver. The New Jersey Devils selected American Center. Jack us with the first pick in the draft. And the Rangers are making finish wing. Capo Cocco, the second overall pick Jerry Kelly shot, a seven under sixty five on Friday to take the first round lead in his hometown. American family insurance, championship, classic in Madison, Wisconsin, college baseball, Michigan is reached the finals of the college World Series, after eliminating Texas, Tech with a fifteen to three victory. The best of three championship gets underway Monday when the wolverines take on. Underbilled will the Bloomberg sports update. I'm Tom Rogers. Is masters in business with Barry ritholtz on Bloomberg radio. My special guest today is Chris Brightman. He is the chief investment officer of research affiliates, whose investment strategies currently manage over two hundred billion dollars. He's previously, he was the board chair at the investment fund for foundations he was the CIO of the strategic investment group, and director of global equity strategy at UBS asset management, Chris Brightman. Welcome to Bloomberg. Thank you for having me. So that's a really interesting resume. You've worked at some very storied places. What I attracted you to the field of investment management. I arrived at my university, Virginia Tech having been accepted into the liberal arts school, and after listening to the dean of the liberal arts, school address the auditorium of new students. Explaining why you'd made the right choice. I approached the podium and said, I think I'm in the wrong place, I'm gonna go to the school of business and without missing a beat or even seeming to notice, the irony. The, the dean said, oh, yeah. Well, you walk down three buildings over to that way. And, and I changed before I even began classes to the business program, mostly because I figured you have to understand this is the seventies, I wanted a job when I graduated, and I felt like majoring in business would would be more likely to lead to a job than liberal arts. I don't know if that was right. But that's, that's what I did. And then I killed clearly works. Right. And I chose finance because it was more interesting than accounting. And for some of our younger listeners the nineteen seventies was a period of stagflation, high inflation, and high unemployment. What was it like coming out of school into that? Environment. The I graduated in the early eighties. And the early eighties were an awful time, there was a nasty recession, and I was really lucky. Yeah. Right. Eight hundred eighty two was horrible. Eighty three was a little better. And I was lucky to graduate in eighty three eighty four and eighty five with boomtime, right? Great. But, but I graduated in eighty three and. What I think really got me into the investment management industry was an internship that I had with First Chicago in one thousand nine hundred eighty two over the summer and my internship, was with the institutional trust department at First Chicago, which later became First Chicago investment advisers later became Brinson partners. And Gary Brinson, the founder of Brinson partners, was one of my was really my first mentor in the business beginning in nineteen eighty two. So you will working on the endowment side of the St. how does the endowment side differ from working with retail investors, and people that money is with 4._0._1._K's IRAs, etc. I've had about a three and a half decade career thirty-five years in the business of which I took a rather brief five year detour into the nonprofit area managing the university of Virginia endowment, and it differs in a number of ways probably the. Most interesting to an outsider is the access that one gains to elite investment managers how big was the endowment at the time. Over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that, and maybe this is me projecting. But I would imagine that running endowment and my frame, references all the craziness, we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Ellen dominance. Swanson, I would imagine there are so many political constituencies to deal with it would be a huge distraction or at Jinnah Teke. We not seeing that sort of Cambridge craziness. So. Point of clarification, I was the CIO at the university of Virginia though. My alma mater, is Virginia Tech shares. So let's serve on the investment committee at Virginia Tech as well. So there's an had one daughter that went to UVA and one daughter, the Virginia Tech, so I have loyalties with both schools so so to clarify Cy clearly missed both, you were the CIO at the Virginia university of Virginia endowment and that covered what school or schools UVA. This is just one endowment five billion dollars. Actually fascinating Lee enough. It's much more complicated than that. The university of Virginia has dozens of nonprofit organizations. All of whom have their own fundraising staff their own endowments and the university of Virginia investment management company, may five oh, one three c nonprofit Craciun with its own board and its own audit its own charter, etc. Serves as an investment advisor to those various pools of money. So in many ways, while I was there, I did have to address many different clients, and it is very political. You're quite correct about that. Do they all invest the same way or just each of them have different investment philosophy in different set of goals, and therefore a different portfolio? Look, you've the university of Virginia investment management company pools, the money and invested in one fashion that said all of the different pools of money don't have to invest with the university of Virginia investment management company. They can if they choose or they cannot, or they can invest part of the money for many years, the law school, wasn't convinced that it wanted all of its money in the in the pool. So just part of the.

university of Virginia Bloomberg Virginia Tech university of Virginia endowme CIO chief investment officer baseball dean Brinson partners Jason kipness Virginia university of Virgini American League Chris Brightman Gary Brinson Chicago National League Christian Vasquez Houston
"gary brinson" Discussed on Masters in Business

Masters in Business

04:26 min | 1 year ago

"gary brinson" Discussed on Masters in Business

"Buy your competitor? Maybe you do a little of both, but you don't invest for the future. That's the this is a scientific finding that comes out of the academy that comes out of finance professors. It's the new factor. In the pharma, French five factor model is go find companies that don't do any investing that's responding to the environment. That's be created the the the environment. The rules of the game that we have is not competitive capitalism, where innovating and investing for the future creates wealth. It's manipulating the system to create monopoly rents. That's how you create wealth. And until we change that system. We're not going to change the results. How do we change that system? Is it simply just a matter of saying, hey, your cap axe expenditure is a separate line that doesn't affect your profitability, but you share buybacks does how can the rules have can the regulatory and tax environment? I'm assuming you're saying, we want more capital expenditure. We want more investment in the future. How can we encourage companies to think long term when the market is rewarding companies that don't I don't know if I'm overstating it. Sure, I think the biggest the simplest way to describe. The problem is regulatory capture the Indus, suitable oil and energy, go down the list finance, for sure. Yeah. Finance and banking for sure. And I'll Lou back to the longer version. If you want wanna, if you want to understand the economics, I think you can do find no better discussion than Edmund, Phelps amass flourishing. And if you want to understand the legal tool. Rules to address the issue. Read Tim Wu that there are tools. We can do this. I mean, the the the robber barons were running the economy before teddy Roosevelt showed up. There's going railroad trysofi going on the list. Yeah, telegraph quite fascinating. I have to tell you, that's an intriguing thesis, you've laid out. I don't disagree with it. I'm I'm a little surprised at how forceful you articulated. I certainly think you're, you're right. And I've heard this from both the left and the right. Scott Galloway at NYU stern wrote the foreign and his recommendation was that apple Amazon Google and Facebook, get broken up there, too powerful. That's correct. It's quite quite amazing. So let's jump to our favorite questions while while we still have you tell us the most important thing. Most people don't know about your background. Boy, that was going to go with you from west Germany originally. I was I was born in west Germany. But I was born to my data mom, who my dad was serving in the military at the time. So that's really much less interesting than it sounds. How about I have never lived in one house for as long as I've lived in Newport Beach, California where I've lived for eight years? This is the longest I've ever lived in a house in my entire life. Well, every army brat tells the story of getting moved around from, you know, assignment to assignment and I guess that that stays with you. So you met, let's talk about your mentors. You mentioned one of your early mentors who helped shape and God, you career over time. Yeah, I have had the privilege of. Learning from a number of charismatic leaders one and the I was Gary Brinson. I don't think I would be nearly as successful in investment management industry today without without Gary's example, second was a fascinating woman, named Hilda Ocho Hilda was a refugee from Venezuela, who ended up at in the PHD program at Harvard University ran the pension fund of the World Bank spun that out into strategic investment group. And when I left Brinson partners, I ended up at strategic investment group, as the as the eventually the CIO, they are held us in fascinating, innovator and entrepreneur..

Gary Brinson west Germany Brinson partners Hilda Ocho Hilda teddy Roosevelt Tim Wu Newport Beach Lou CIO Harvard University California World Bank Scott Galloway Edmund Venezuela apple Facebook Phelps Google
"gary brinson" Discussed on Masters in Business

Masters in Business

05:18 min | 1 year ago

"gary brinson" Discussed on Masters in Business

"You're listening to masters in business with Barry ritholtz on Bloomberg radio this week on the podcast I have a special guest and his name is Chris Brightman. He is the chief investment officer of research affiliates, better known as RAFI the firm, which is one of the prime drivers behind the trend toward smart beta or fundamental indexing as it is more accurately called a we go off into the weeds about portfolio construction what drives returns what are the best ways to approach. Constructing a portfolio a research affiliates their models. Run about two hundred billion dollars worth of offerings. This is quite a fascinating conversation. And I think you'll find it very intriguing. So with no further ado. My conversation with Chris Brightman of research affiliates. This is masters in business with Barry ritholtz on Bloomberg radio. My special guest today is Chris Brightman. He is the chief investment officer of research affiliates, whose investment strategies currently manage over two hundred billion dollars. He's previously, he was the board chair at the investment fund for foundations he was the CIO of the strategic investment group, and director of global equity strategy at UBS asset management, Chris Brightman. Welcome to Bloomberg. Thank you for having me. So that's a really interesting resume. You've worked at some very storied places. What I attracted you to the field of investment management. I arrived at my university for Jin tech having been accepted into the liberal arts school and after listening to. The dean of the liberal arts, school address the auditorium of new students explaining why you'd made the right choice. I approached the podium and said, I think I'm in the wrong place. I want to go to the school of business and without missing a beat or even seeming to notice, the irony. The, the dean said, oh, yeah. Well, you walk down three know buildings over that way. And, and I changed before I even began classes to the business program, mostly because I figured you have to understand this is the seventy s I wanted a job when I graduated, and I felt like majoring in business would would be more likely to lead to a job than liberal art that was right. But that's, that's what I did. And then I killed clearly works, right? Those finance because it was more interesting than accounting. And for some of our younger listeners, the nineteen seventies was a period of stagflation. High inflation and high unemployment. What was it like coming out of school into that environment? The I graduated in the early eighties. And the early eighties were an awful time, there was a nasty recession, and I was really lucky session. Yeah. Right. Eight hundred eighty two was horrible eighty three was a little better. And I was lucky to graduate in eighty eighty four and eighty five was boomtime great. But, but I graduated in eighty three and. What I think really got me into the investment management industry was an internship that I had with first ACOG. Oh, in nineteen eighty-two over the summer and my internship was with the institutional trust department at First Chicago, which later became First Chicago investment advisers, which later became Brinson partners. And Gary Brinson, the founder of Brinson partners, was one of my was really my first mentor in the business beginning in nineteen eighty two. So you will working on the endowment side of the St. how does the endowment side differ from working with retail investors and people with money as with 4._0._1._K's in IRAs, etc. I've had about a three and a half decade career thirty five years in the business of which I took a rather brief five year detour into the nonprofit area managing the university of Virginia endowment, and it differs in a number of ways, probably the most interesting to an outsider is the access that one gains two elite investment managers, how big was the endowment at the time. Little over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that. And maybe this is me projecting. But I would imagine that running endowment and my frame of references all the craziness, we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Ellen dominance..

chief investment officer Bloomberg Barry ritholtz university of Virginia endowme Brinson partners dean Gary Brinson school of business Harvard UBS Chicago Ellen director founder two hundred billion dollars thirty five years twenty years five year
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:39 min | 1 year ago

"gary brinson" Discussed on Bloomberg Radio New York

"Masters in business with Barry ritholtz on Bloomberg radio. My special guest today is Chris Brightman. He is the chief investment officer of research affiliates, whose investment strategies currently manage over two hundred billion dollars. He's previously, he was the board chair at the investment fund for foundations he was the CIO of the strategic investment group, and director of global equity strategy at UBS asset management, Chris Brightman. Welcome to Bloomberg. Thank you for having me. So that's a really interesting resume. You've worked at some very storied places. What I attracted you to the field of investment management. I arrived at my university, Virginia Tech having been accepted into the liberal arts school, and after listening to the dean of the liberal arts, school address the auditorium of new students. Explaining why you'd made the right choice. I approached the podium and said, I think I'm in the wrong place, I'm gonna go to the school of business and without missing a beat or even seeming to notice, the irony. The dean said, oh, yeah. Well, you walk down three buildings over to that way. And, and a change before I even began classes to the business program, mostly because I figured you have to understand this is the seventies, I wanted a job when I graduated, and I felt like majoring in business would would be more likely to lead to a job than liberal arts. I don't know if that was right. But that's, that's what I did. And then I killed clearly works right finance, because it was more interesting than accounting. And for some of our younger listeners the nineteen seventies was a period of stagflation, high inflation, and high unemployment. What was it like coming out of school into that? Environment. The I graduated in the early eighties. And the early eighties were an awful time, there was a nasty recession, and I was really lucky. Yeah. Right. Eight hundred eighty two was horrible eighty three was a little better. And I was lucky to graduate in eighty eighty four eighty five with boomtime, right? Great. But, but I graduated in eighty three and. What I think really got me into the investment management industry was an internship that I had with First Chicago in one thousand nine hundred two over the summer and my internship, was with the institutional trust department at First Chicago, which later became First Chicago investment advisers, which later became Brinson partners. And Gary Brinson, the founder of Brinson partners was one was really my first mentor in the business beginning in nineteen eighty two. So you will working on the endowment side of the St. how does the endowment side differ from working with retail investors and people with money is with 4._0._1._K's in IRAs, etc. I've had about a three and a half decade career thirty five years in the business of which I took a rather brief five year detour into the nonprofit area managing the university of Virginia endowment, and it differs in a number of ways probably the. Most interesting to an outsider is the access that one gains to elite investment managers how big was the endowment at the time. Over five billion. Okay. So that's real money. I think interestingly, though, it's less challenging it's an easier job. I'm so surprised you say that, and maybe this is me projecting. But I would imagine that running an endowment, and my frame of reference is all the craziness, we've seen with the Harvard endowment over the past twenty years, and what recently happened with the Ellen dominant Swanson. I would imagine there are so many political constituencies to deal with, it would be a huge distraction or at Jinnah Teke. We not seeing that sort of Cambridge craziness. So. Point of clarification, I was the CIO at the university of Virginia though. My alma mater, is Virginia Tech shit so serve on the investment committee at Virginia Tech as well. So there's an had one daughter that went to UVA one daughter, the Virginia Tech, so I have loyalties with both schools so so to clarify aside. Clearly misspoke. You were the CIO at the Virginia. University of Virginia endowment and that covered what school or schools UVA. This is just one endowment five billion dollars. Actually fascinating Lee enough. It's much more complicated than that. The university of Virginia has dozens of nonprofit organizations, all of whom have their own fundraising staff, their own endowments, and the university of Virginia investment management company, may five oh, one three c nonprofit Craciun with its own board and its own audit its own charter at cetera. Serves as an investment advisor to those various pools of money. So in many ways, while I was there, I did have to address many different clients, and it is very political. You're quite correct about that. Do they all invest the same way or just each of them have different investment philosophy in an a different set of goals, and therefore a different portfolio? Look, you've the university of Virginia investment management company pools, the money and invested in one fashion that said all of the different pools of money don't have to invest with the university of Virginia investment management company. They can if they choose or they cannot, or they can invest part of the money for many years, the law school, wasn't convinced that it wanted all of its money in the in the pool. So just part of the.

Virginia Tech university of Virginia university of Virginia endowme CIO chief investment officer Brinson partners Chris Brightman Virginia Bloomberg dean Barry ritholtz Gary Brinson liberal arts school school of business Chicago UBS Jinnah Teke director
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:13 min | 3 years ago

"gary brinson" Discussed on Bloomberg Radio New York

"And that has served me extremely well that training with gary brinson and brinson partners lent to bernstein and because like me they were still believers that value investing woodwork someday he was the fifth person in the history of bernstein to be brought in as a partner and shortly after i joined six months later the firm was sold to alliance capital in that sixmonth period i had worked very closely with lou sanders and maryland feedback who are of course some of the greatest value equity investors of all time and upon that then that transaction happened i said i did not come here to join alliance i really wanted to stay with bernstein and i was first related to join the equity team and so it's a very unorthodox move from fixed income to equities less unorthodox than you would imagine on the research side a lot of the best equity researchers i know all started out as fixedincome research researcher i like to think that once you if you had your fundamental chaining and fixed income you under dan capitals capital structure you understand term struck karen you understand risk and a pharma granular level than most equity in absolutely absolutely and so that the next five years of my life were terrific i loved equity investing if he can remember that time two thousand to two thousand and for all of the darlings of the you'll market became value opportunities and so i commend disley enjoyed and think back fondly to my time in the value equities team at bernstein her so you eventually brize to chief investment officer of alliance bernstein what was that life so this was the hunter name billion dollar retailed mutual mind division dad bernstein he actually inherited it was an alliance capital business and we i joined it at a very troubled time in its history liu sanders the ceo of burns he had just ask the top ten people to leave the firm in the wake of an sec settlement and a crisis and this was a transformation at what was needed was to completely fundamentally rethink the firm's approach to.

bernstein partner lou sanders researcher disley chief investment officer ceo gary brinson brinson partners maryland karen billion dollar five years six months sixmonth
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:16 min | 3 years ago

"gary brinson" Discussed on Bloomberg Radio New York

"Jumping into things that were about on their backs as cheap as they could get being a problem solver and eventually being asked to run the team in the mid to late 90s let's move to sanford bernstein which eventually became ally hi it's burns thing you they're pretty much in the beginning of the financial crisis weren't you i was there when value was in it's not the air ninety eight ninety nine and no one was a value investor member people were actually saying oh this warren buffett guy he's lost it absolutely value investing is dead that was the headline and having been a value investor her and fixed income on my life and by the way 96 while i was at ubs the firm was bought by swiss bank and gary brinson came into my life and legendary value investor and a thinker abide global asset allocation and that has served me extremely well that training with gerry brinson and brinson partners went to bernstein the guys like me they were still believers that value investing woodwork someday was the fifth person in the history of bernstein to be brought in as a partner and shortly after i joined six months later the firm was sold to alliance capital in that sixmonth period i had worked very closely with lou sanders and maryland feedback who are of course some of the greatest value equity investors of all time and upon that than that guns action happened i said i did not come here to join alliance i really wanted to stay with bernstein and i was first related to join the equity team and so it's a very unorthodox move from fixed income to equities lesson unorthodox than you would imagine on the research side a lot of the best equity researchers i know all started out as fixedincome research researcher gina i like to think that once he if you had your fundamental chaining and fixed income you under dan capitals struck jerry you understand term struck karen you understand risk and a pharma granular level than most equity in absolutely absolutely and so that the next five years of my life were terrific i loved equity investing if he can remember that time two thousand to two thousand and for all of the darlings of the high yield market became value opportunities and sell i commend this sleep enjoyed and think back fondly.

financial crisis swiss bank gary brinson brinson partners partner lou sanders dan capitals jerry sanford bernstein warren buffett gerry brinson maryland researcher karen five years six months sixmonth
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:32 min | 3 years ago

"gary brinson" Discussed on Bloomberg Radio New York

"I think our about global asset allocation and that has served me extremely well that training with gary brinson and brinson partners lent to bernstein gene because like me they were still believers that value investing woodwork someday he was the fifth person in the history of bernstein to be brought in as a partner and shortly after i joined six months later the firm was sold to alliance capital in that sixmonth period i had worked very closely with lou sanders and maryland feedback who are of course some of the greatest value equity investors of all time and upon that then that comes action happened i said i did not come here to join alliance i really wanted to stay with bernstein and i was first isolated to join the equity team and so it's a very unorthodox move from fixed income to equities less unorthodox than you would imagine on the research side a lot of the best equity research is i know all started out as fixedincome research researcher i like to think that once you if you had your fundamental chaining and fixed income you under dan capitals struck jerry you understand term struck karen you understand risk at a of granular level than most equity in absolutely absolutely and so that the next five years of my life were terrific i loved equity investing if he can remember that time two thousand to two thousand and for all of the darlings of the you'll market became value opportunities and so i commend this lee enjoyed and think back fondly to my time in the value equities team at bernstein her so you eventually rise to chief investment officer of aligns bernstein what was that light said this was the hunter a billion dollar retailed nissan division and dad bernstein he actually inherited it was an alliance capital business and we i joined it at a very troubled time in its history liu sanders the ceo of bernstein had just ask the top ten people to leave the firm in the wake of an sec settlement and a crisis and this was a transformation at what was needed was to completely fundamentally rethink the firm's approach to the retail and master and what i really started where it was how do retail investors behave lee embraced the work of behavior economists like daniel komen who had always been a very big influence on the bernstein value investing.

bernstein partner lou sanders equity research researcher dan capitals jerry lee chief investment officer ceo retail investors daniel komen gary brinson brinson partners maryland karen billion dollar five years six months sixmonth
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:15 min | 3 years ago

"gary brinson" Discussed on Bloomberg Radio New York

"And that has served me extremely well that training with gary brinson and brinson partners meant to burn seen because like me they were still believers that value investing woodwork someday was the fifth person in the history of bernstein to be brought in as a partner and shortly after i joined six months later the firm was sold to alliance capital in that sixmonth period i had worked very closely with lou sanders and maryland feedback dak who are of course some of the greatest value equity investors of all time and upon that then that transaction action happened i said i did not come here to join alliance i really wanted to stay with bernstein and i was first related to join the equity team and so it's a very unorthodox move from fixed income to equities less unorthodox than you would imagine on the research side a lot of the best equity research is i know all started out as fixedincome research researcher know i like to think that once you if you had your fundamental chaining and fixed income you under dan capitals struck jerry you understand term struck karen you understand risk and our pharma granular level than most equity in absolutely absolutely and so that the next five years of my life were terrific i loved equity investing if he can remember that time two thousand to two thousand and for all of the darlings of the hi yelled market became value opportunities and so i commend disley enjoyed and think back fondly to my time in the value equities team at bernstein her so you eventually rise to chief investment officer of aligns bernstein what was that life said this was the 100 eighty billion dollar retailed michel vine division dad bernstein he actually inherited it was an alliance capital business and we i joined it at a very troubled time in its history liu sanders this year bernstein had just asked the top ten people to leave the firm in the wake of an sec settlement and a crisis and this was a transformation what was needed listed completely fundamentally rethink the firm's approach to the retail and master and.

bernstein partner lou sanders equity research researcher dan capitals jerry disley chief investment officer gary brinson brinson partners maryland karen 100 eighty billion dollar five years six months sixmonth
"gary brinson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:15 min | 3 years ago

"gary brinson" Discussed on Bloomberg Radio New York

"Jumping into things that were about on their backs as cheap as they could get being a problem solver and eventually being asked to run the team in the mid to late 90s let's move to sanford seed bernstein which eventually became ally it's bernstein you they're pretty much in the beginning of the financial crisis weren't you i was there when value was en it's now ninety eight ninety 99 and no one was a value investor remember people were actually saying oh this warren buffett guy he's lost it absolutely value investing is dead that was the headline and having been a value investor fixed income on my life and by the way 96 while i was at ubs the firm was bought by swiss bank and gary brinson came into my life and legendary value investor and i think our about global asset allocation and that has served me extremely well that training gary brinson in brinson partners lent to burn seen because like me they were still believers that value investing woodwork someday he was the fifth person in the history of bernstein to be brought in as a partner and shortly after i joined six months later the firm was sold to alliance capital in that sixmonth period i had worked very closely with lucy sanders and maryland feedback who are of course some of the greatest value equity investors of all time and upon that then that guns action happened i said i did not come here to join alliance i really wanted to see with bernstein and i was first related to join the acquis team and so it's a very unorthodox move from fixed income to equities lesson unorthodox than you would imagine on the research side a lot of the best equity research is i know all started out as fixedincome research researcher you know i like to think that once he if you had your fundamental chaining and fixed income you understand capitals struck jerry you understand term struck jerian you understand risk and our pharma granular level than most equity in absolutely absolutely and so that the next five years of my life were terrific i loved equity investing if he can remember that time two thousand to two thousand and for all of the darling of the highyield market became value opportunities and so i commend this sleep enjoyed.

financial crisis swiss bank gary brinson brinson partners bernstein partner lucy sanders equity research researcher sanford warren buffett maryland jerry five years six months sixmonth