Never Forget the Deja Vu of the GFC and a Love Letter to NYC
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 16 October 2020
⏱️ 22 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Late in 2006 I was running a practice at UBS Wealth Management and using their equity management team out of Chicago for a lot of my equity management services. I would go to Chicago and meet with them at least a couple of times a year and found the process collaborative, informative, and intellectually engaging. But all of my other money manager relationships were in New York City, so when UBS asked me to go to speak to their new advisor class in November that year (in Weehawken, NJ, where their operational headquarters are that they inherited from the old Paine Webber), I decided to schedule a few meetings with other portfolio relationships. I was only overseeing $100 million at the time, 4% of the assets we manage now, yet it never occurred to me that I may have a hard time scheduling appointments.
As a pure aside, this trip double-dipped as a recruiting trip for another major Wall Street firm who was pushing me to join them in the opening of a new Newport Beach office for their firm. I met with their legendary CEO, a fellow named Ace Greenberg, and heavily considered their extremely flattering offer. The name of that firm … Bear Stearns. In March 2008, they would be dead and gone, sold to the loving arms of JP Morgan for $2 per share (from over $150). Suffice it to say, I didn’t join them after those enticing meetings. God was watching.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.5 | Hello, welcome to this week's Dividend Cafe podcast and video. |
| 0:19.1 | And I am sitting here in the office in New York City on Friday morning after |
| 0:24.0 | one monstrous week. I think it's been, it's well over 20 meetings that we've had as part of our |
| 0:32.7 | annual kind of money manager due diligence marathon. And I will tell you that this year has been a |
| 0:42.3 | particularly memorable one. And I think I'm going to talk today here a little bit about why that |
| 0:48.5 | may be. The Dividend Cafe this week was devoted to kind of the history of this week, to be honest |
| 0:57.8 | with you, the history to how the Bonson Group made a really rigorous sit down with our money |
| 1:06.0 | manager relationships, a part of our story and a part of our tradition, and what that has meant to our |
| 1:13.3 | business over the years. And so in writing it, I did a little bit of a trip down memory lane, |
| 1:19.8 | not really on purpose, but it just kind of evolved that way. And then tried to lead into |
| 1:25.6 | a lot of what I think is significant for our clients and for investors right now and what this week was, what our intentions and our objectives were this week in terms of solidifying some portfolio thinking and planning in light of the |
| 1:45.9 | circumstances in which we all find ourselves. The trip began in 2006, and so this is my 15th year |
| 1:57.1 | devoting a week in the fall. It's pretty much always been October, but there were a couple |
| 2:06.0 | years where I think it may have been early November and even late September, but right, |
| 2:10.7 | you know, around this time of year. And initially, in 2006, I was still working at a firm |
| 2:16.9 | called UBS. |
| 2:18.3 | I left six months or so later, but I had been going to Chicago several times a year |
| 2:27.3 | to meet with Global As Management. |
| 2:30.3 | Gam was a proprietary equity management group out of UBS that I had a lot of client money invested |
| 2:37.3 | with. And I met with them a lot because they made it available and I learned so much from it. |
| 2:41.8 | I mean, these were kind of Buffett, Graham, deep value, intrinsic value, equity investors. |
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