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This is Masters in Business with very Reholtz on Bloomberg Radio.

This week on the podcast, I have an extra special guest. Michael Carmen is co-head of private

markets at Wellington Management. Wellington is a fascinating company. They've been around

literally nearly a century. At one point in time, Jack Bogle, founder of Vanguard, was

chairman of their mutual funds. Just really a fascinating history from a private company,

to a public company, back to a partnership. Really interesting. And Michael has had a bird's

eye view of this for really the past 25 years. He is uniquely situated because he has

run both public mutual funds as well as private, including late-stage venture, private

equity, credit down the list. He really sees all sides of the elephant and his capable

of describing it in a way that I thought was both fascinating and informative. I found

this to be an interesting discussion. And I think you will also, with no further ado,

my conversation with Wellington Management's Michael Carmen.

Thank you, Barry. Thank you for having me.

So let's talk a little bit about Wellington, which has really a fascinating history, not

only if they've been around since, I think, 1925, almost a hundred years old. And one

point in time, Jack Bogle was their chairman, at least of the mutual fund division. Tell

us a little bit about the firm's history and how it's evolved over the past hundred

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