Patrick O'Shaughnessy: evaluation

Transcript context

…Oh my gosh. I did too. I started working in the Analyst Program at UBS in the TMT group there. I remember, whenever it was when those hedge funds blew up and JP Morgan acquired the assets of Bear for $2 a share, somebody taped a $2 bill to the revolving door on Bear's headquarters in Midtown. I remember hearing the news in March. Again, I started—and it sounds like you too—our careers on Wall Street thinking wow, this is a great place to be. The market seems to just go up. I didn't really have the 2000 stain on my brain. My awareness of the market was ‘02–’07, which was just like up in the right scenario, and the first several months were more of that in my career. I was very green. I hadn't studied finance or business. I really didn't know anything. The shit hit the fan. The famous thing that I remember—because we knew so many Bear people—was thinking that someone had screwed up the price. That it wasn't $2, it must have been at least $20, right? There's no way it could be $2. I'll never forget that image of the $2 bill plastered up against that beautiful Bear Stearns building, which was part of the deal when Lehman acquired Bear. Just that building alone was like a $1 billion building and they got it for nothing. Looking back, the aftermath of the crisis was really hard for me because it forced me to learn so much so quickly in a very stressful environment with clients that are angry and upset about losing a lot of money. Ultimately, that was formative. I'm glad that I started my career with that event. Better than having late in one's career or after a rosy period. What does that look like when you take the firm and spin it out of Bear Stearns structurally? How do you do something entrepreneurial like that with the existing assets of an asset management firm?…

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