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Slate Money: Movies: Wall Street

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Slate Podcasts

News, Business, Society & Culture

41.1K Ratings

🗓️ 9 March 2021

⏱️ 61 minutes

🧾️ Download transcript

Summary

Welcome to Slate Money Goes to the Movies, a miniseries in which Felix Salmon, Anna Szymanski, and a different guest each week discuss popular business-themed movies. This week, Felix and Anna are joined by Josh Brown, CEO of Ritholtz Wealth Management and Wall Street superfan, to talk about Oliver Stone’s 1987 ode to yuppie culture. They’ll discuss the corporate raider culture of the 80s, the era of “smiling and dialing” and the wonky legality of insider trading. Email: [email protected] Podcast production by Jessamine Molli. Twitter: @felixsalmon, @Three_Guineas Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hello and welcome to Slate Money Goes To The Movies The Wall Street Episode.

0:18.2

I'm Felix Amon of Axios. I'm here with Anna Shimanski. Hi, Anna. Hello.

0:24.8

We are here with, I have to say, on this entire series of movie reviews or recap sort of

0:33.3

you want to call them, only one person has shown up on a Zoom call wearing a tie.

0:39.1

So Josh Brown, who are you and why are you wearing a tie in a pandemic?

0:45.5

I work in the wealth management industry and my days these days consist of many Zoom meetings

0:52.0

sometimes I wear two different ties during the course of one day. So you run a wealth management

0:59.9

company? Yes, I'm the CEO of a registered investment advisory firm. We're a national firm with

1:06.7

about 1.9 billion in assets under management serving somewhere around 15 or 1600 client households,

1:15.1

pensions, endowments, etc. And so basically what you do is you phone people up and say I've

1:21.3

got a hot stock for you. You should go into this, right? That's your job. No, in a previous life,

1:26.1

that was that was my job. These days most of what we do involves financial planning and really

1:32.4

giving people a sense that the money that they've earned throughout the course of their lives

1:36.4

can be employed in the way that they want it to be and showing them the satisfaction they can get

1:43.6

from having investments tied to actual goals and objectives. So we work with people on everything

1:48.9

from portfolios to insurance to medical issues, the whole gamut of things that people are concerned about.

1:56.0

But my big question is, is any of those goals and objectives ever like I want to

2:01.5

rip apart a paper company or an airline? Not yet. I'm still waiting for that client come through my

2:08.1

door who wants to do a little financial planning and a little corporate rate. We haven't come across

2:13.3

that yet. It hasn't happened yet. So anyway, we are going to talk about the greatest corporate

2:18.9

rateer in the history of the movies. Oh yeah. Mr. Gordon Gecko himself as indelibly portrayed by

2:25.7

Michael Douglas. We're going to talk about how realistic it is, whether it was even illegal,

...

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