YouSaid · the spoken record

Ashish Shah

lines on the record: 69
first: 2024-04-19
most recent: 2024-04-19
sittings or episodes: 1
sources: podcast

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“Low to be tax efficient. And I think your taxes change over time, particularly given the fiscal situation. If you're earning good money, your taxes rates are likely to rise. Right, and you should be happy to pay them that you're successful enough to pay them, but make sure you're investing your money through a tax-efficient lens.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the smartest people lose the most money The most disciplined people actually generate strong returns over time. The second thing is when in doubt, do what works over time. Don't try to time the market. Just, you know, be humble in what you understand about what's going on and then do what works over time because that's the highest likelihood you are to deliver returns. And then the final thing I wish I had learned this one earlier in life is that particularly as an individual investor, that if you don't think about after tax returns when you're making investment decisions, you're missing the whole game is the highest hit ratio, the lowest cost that you will ever face is to really align your investing approach to be”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Leave you with kind of three observations that strike me that have really kind of accumulated over the last 30 years. So three things. The first is discipline works over smarts.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so the first thing I tell you is read voraciously about markets and then build yourself a model portfolio because the best way to learn is to actually be doing things, to use that to figure out your style and from a style investing style perspective read about other investors. Every investor has a tale of how they've lost money and the lessons they've learned through that, it's a lot easier to learn from someone else's mistakes than from your own. You'll make plenty of your own, but like make sure you're reading about how others failed and really try to get to the core of it, not the kind of polished version. And then the third thing I would recommend them do is be process oriented, right? Build a process, say, you know, be really conscious about how you're making decisions and why.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Great kind of leadership and startup book and how to think about kind of running an organization. And I'd also throw in that the latest Elon Musk book is fantastic. It's a really interesting read, kind of an interesting personal dissection, but a great read around how to think.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say I read a lot outside of industry, but things that are going on. And then I love me a good like, you know, Navy SEAL that is going and taking down the terrorists and defending a country kind of book. So in that genre, I read a lot of Brad Taylor, Brad Thor, Vince Flynn, you know, give me anything that's like a techno thriller and I'm there. When it comes to reading for content, one of my favorite books I've read kind of more recently in the last 12 months has been Chip War, like the history of the chip is amazing. The gene was like eye-opening around how genetics really works. And there are a lot of implications to investing and the way you design investing systems, particularly with AI. The hard thing about hard things by Horowitz is a”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“He's such a fantastic individual. I own a lot of my career of success. So the two others I would call out, Eddie Raha, who is my first trading boss, ex Solemn Brothers trader, is out there in Duncan Hennis who ran markets at Bankers Trust, ended up being one of the CIOs at Soros Group, three kind of really early mentors. And then more recently, and my former employer was Peter Kraus for giving me the opportunity, learned a lot about leadership from Peter, as well as Doug Peoples, learned a lot about investing and asset management from Doug. So really, really appreciative of there's a much longer list of people that I would love to shout out because I've learned from Pretty much everyone I've ever worked for.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so three that stand out to me early in my career, Dr. Jeremy Siegel at the Wharton School, who I work for three years was just fantastic in terms of educating me, in terms of frankly feeding me with the pay he gave me. And you couldn't find a better person to learn about markets and macro than Dr. Siegel.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“I got involved with Minds Matter because I followed a girl that I really liked. She was volunteering every Saturday and this May is going to be the 30th anniversary of me being married to that young woman. So my wife introduced me to Minds Matter. I've always cared about education as a path for people to be able to better themselves. And, you know, Minds Matter serves over a thousand students in fourteen cities across the country. It helps those students get into college. It helps them believe that they belong in college and succeed in college. And then it helps them post college build the network that they need to to succeed in life.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think that's part of their charge. They do look to liquidity in treasury markets, which is absolutely critical. But I think with this level of debt and this cost of debt, if we don't grow, if growth slows down, it can slow down really hard. And that can cascade into a real problem for the Fed, which is employment, right? And so, you know, I think that Fed is watching very carefully the evolution of some of the debt stacks where in commercial real estate, let's say, where rates are very high and it's impacting the value of that commercial real estate as it sits in the banking system and other financial institutions. And were that to become even more problematic and spill into growth and cause deflation, then I think you would see or disinflation, I think you would see the Fed move. Pretty rapidly”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Medicare, and frankly, these were things that we were looking at 30, 40 years ago when I was in school and are finally taking place, which is we're having the baby boomers retire and the fiscal, you know.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think the comment was more around, and it probably came from the fall around we will get these times that Treasury has to auction off a lot, right? The deficit is quite large and structural. And so, to the extent the curve doesn't represent value, it is going to cause auctions to tail, right? This is not going to be the first time that we've seen it. And it's really critical for both the US government, right, US Treasury, to focus on kind of managing its liability side as well as investors to be thinking about whether there's good value or not. I think that a lot of investors are very concerned about the long-term stability of running deficits at the pace that we are. And that's going to require political solutions and choices over the coming years. A lot of this is tied to demographics, social security.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And so there are these long term trends in places like Japan and India and a lot of value even in other parts of the market that we think represent near and longer term opportunities to diversify your portfolio. And so one of the things we think a lot about is when something's gotten overdone, when it's crowded, right? How do you tilt out of that area and into places that are going to work for you either in the short term or the long term and we see that as material opportunities particularly in India and Japan that are going to be long term and even more broadly in the industrial space when it comes to global equities?”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“We have been watching growth very carefully, as I mentioned. Central banks outside the US are actually becoming more accommodative with the exception of Japan, and underlying growth is actually looking pretty good and diverse, right? Economies are growing and companies are being very disciplined on the cost side, which is leading to earnings growth at outpacing kind of nominal growth. And so for those reasons, we do think that equity markets have continued runway. Having said that, the other thing we have realized is that parts of the market, you know, particularly around technology and AI, have run up so fast, right, that the risk return is setting up for potential for corrections. And so they're”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a reminder of when the coast is clear, everyone's going to go for yield and it's going to be too late. And so You know, since then, we've seen kind of the data revert a bit. Growth has been strong, which is good, right? We want growth to be strong, you know, for our overall portfolio, but inflation has ticked up a little bit. So it broke its nearer term path. Every data point that we end up seeing kind of confirms that the long-term trend is still towards inflation normalizing. And so Our ethos, our focus has been look, you're going to get these periods of time of retracement. You want to make sure you have room to add into those because you don't want to miss it because when inflation turns, it's going to turn quickly and everyone is going to jump in.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So we had seen late last year really started, I think that quote was from either late October or early November. We had seen kind of a steady pace of inflation coming down so the Fed's hikes were working. The economy was normalizing and we felt that rates were too high relative to what was necessary to continue to see inflation come down. I think in six weeks of 2023 we ended up seeing the rally that we were hoping to see in 2024.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so one of the cores to our culture, core values of our culture is around collaboration. And so on a regular basis, i.e. weekly and monthly, we have collaboration across public and private investing where we share, again, with appropriate governance around it so that we're not sharing things we're not supposed to, but we share insights around what's going on in markets for the benefit and broader benefit of our investment teams and ultimately our clients that we're investing on behalf of.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Culture is foundational. You can't succeed without it. And every day we wake up, we ask ourselves what we can be doing to improve our culture, to continue to invest in our culture, end our people, because that's the only way we keep up. This is a competitive environment, right? It's one of the most competitive games in the world is markets. And so if you're not always training to get better, you're going to fall behind. And we've seen plenty of players do that, their performance wanes, and suddenly you wake up. They've been gobbled up by someone else, or they're out of business.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“I gotta say, I have the best job in the world, right? I get to see every investment process, every investment decision. I get to interact with the smartest people that genuinely care about delivering performance to their clients and helping their clients solve their problems. Like every day I wake up and I can't believe how lucky I am to be able to walk in and learn something new from my investors every single day. That frankly is one of the things I think differentiates our organization every organization has smart people, but the density of smart people and their humility and willingness to learn from each other and willingness to teach other people, and particularly newcomers, but even for me as a CIO, one of the most senior people within the investment org, every day I'm learning from my team.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“They're increasingly looking for customization so that the returns match up with their needs and that they're delivered in a tax efficient manner and delivered customized specifically for them. And so when it comes to direct indexing, when it comes to an SMA of Munis and taxable fixed income, those are things that we're able to deliver with the quality of institutional quality portfolio construction and insight, but all the way down, as I mentioned before, to a hundred thousand dollar minimum size, and we're able to kind of take all this knowledge, all this investment expertise, and really use it to solve client problems, which is the solutions dimension of our business.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Into our portfolios and our portfolio decision making. The final thing really goes back to that story around innovation, which is I don't think a lot of asset managers out there are like, oh, we have systems, we've outsourced our systems. That's a good way to fall behind the evolution in the marketplace. If you look at innovations like what's happening in AI, the only way to keep up and deliver strong performance going forward is going to be to be investing in your data and analytics. And that requires a scale and a focus that very few CIOs actually put in. And so from my perspective, all those things come together in delivering strong performance. But I think the other dimension of this is that clients are looking for more than just a return number.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, got it. And people is obvious your investors making sure you're checking in on them, investing in them, catching up with them on what they're focused on, what needs they have, what resources they need. Process, we're constantly doing performance and process reviews across our different strategies. And really the goal there is to make sure that our team members are learning from best practices across the entire platform and that we're bringing the insights across not just public, but public and private.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think like a lot of investors, like frankly, a lot of advisors. I wake up every day, get in, and the first thing I'm looking at is markets and the prior days worth of performance. Performance is job one for any investor, and so that's exactly what I'm kind of focusing my time. And then from there, it's really going to go around three things that deliver performance over the long haul, which is people, process, and platform.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so we have a very large effort to invest in private assets across credit and equity in order to make sure that we were also investing in our public investment strategies. We felt it was important to kind of unify those strategies under public investing structure. I think that when you think about and look at the evolution of public markets, there's a lot of change going on, both from a trading perspective, a market structure perspective, you know, hedge funds, non-hedge funds, ETFs, passive, active. And in order to really leverage the capabilities we have from a data analytics perspective across all these strategies, we felt bringing these historically kind of completely independent strategies together. To deliver better performance for clients made a lot of sense”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Gather more perspectives, wider set of perspectives on investing markets, he came from more of an emerging markets background market credit background. We mixed kind of macro and bottoms up and we're able to do, I felt, a really good job, but it requires investing in the relationship. You have to make sure you're communicating all the time. You're doing a lot of kind of weekend calls to make sure you're caught up. But it can be quite powerful. And it prevents you from missing things.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Have a partner, obviously it takes effort when you have a partner, you have to invest in a relationship, you have to communicate and overcommunicate, but it's fantastic what you can accomplish where you have different perspectives, different points of view, and the geographic and kind of resource span of two individuals. So my co-head and co-CIO when I was leading fixed income sat in London. And because of that, we were able to cover more of our investment leaders.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it includes public stocks and bonds managed both fundamentally and through our quant business and in individual sleeves as well as multiple.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I spent more of my time with the New York markets team, so Haley Boski and her team. Because I was a technical individual, right? Like I'm a market expert. I'm not a policy expert, but I would say that some of the work that I did ended up turning into some of the programs that the Fed actually launched, including the TALF, where I can trace back through some of the books that have been written, including the one where I'm a small character, that some of the work I did turned into policy, which was reassuring to know that I did work that helped students get student loans through that period of time when banks weren't able to finance those loans.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's that economy that impacts so many people in the country, both their wealth, their well-being, as well as the country's national security. And I think that, you know, a lot of folks look at our industry and they question whether why we exist, whether we need to exist. I think that history has shown that the ability to grow the country and invest in innovation and infrastructure is really subject to the ability to finance that infrastructure. And so one of the things I find amazing about working at Goldman Sachs is that that is very much our purpose, right? We're here to help fund the growth in the economy. Yes, we do that to make money as an organization, but ultimately that benefits so many people from their longer term kind of growth.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And for me, it was a calling around making sure that I didn't just operate within an organization and with narrow goals, but rather that the importance that the financial system plays when it comes to the US economy and the strength of the nation is absolutely critical and that we can't take that for granted. And there's a higher calling for anyone that works in a seat like I do today, which is you have a responsibility to make sure that the country benefits from the work that you're doing. And so I've always through that period of time one of my biggest takeaways was any policymaker calls, I'm going to provide them the best advice I can, the best insights I can so that they can do the best job they can for the US economy.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so look, I think there are a couple of different things that I took away. The first and foremost is you take care of your people and you take care of your clients and everything else is going to take care of itself. I think that that period of time for me, because I was very involved in working with the New York Fed around what do we do to stabilize things and provided, despite having gone bankrupt, provided a lot of insight and ideas around actions that could be taken to really stabilize the U.S. financial system.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“It was about 18 months until Linesburn gave me a call and said, hey, we're looking for a head of credit, any interest in talking to us”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“We had been through crisis, and I think for managers that have been through crisis have had to manage risk through crisis, that you get used to it, you learn the lessons, you're able to roll them forward. And frankly, it's one of the things that I think I do really well is in these periods of difficulty and crisis that I'm able to zoom out and understand how to deal with a crisis, kind of slow things down, get people to pull people together to communicate and to solve things as if there are problems”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“In the same building, although we moved around, but it was surreal. But I think when you work in financial services, you're used to change, you're used to disruption, probably not at that scale and at that speed. But the other thing I would tell you is that what the organization was able to accomplish. And what we as individuals learn from that experience was just like priceless. I mean, once you've been through an environment like that, everything else kind of pales by comparison, you kind of wake up and, you know, You're able to deal with any sort of crisis, right?”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Which was painful, but it was literally the fifth round of layoffs that we went through at the time. And again, we said goodbye to a lot of really good people who thankfully most of the people end up landing well over time. But it really told you a lot about the people that you worked with and how they operated. And for me, it was definitely formative as a leader to be able to go through that difficult period of time to try to do my best to support my team and to serve my clients.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“It was quite a bumpy transition. It's pretty awkward position to be interviewing for your own job. We had a fantastic franchise, right? The Lehman franchise was really known for research and for was very, very strong in credit and in the derivative space. And we were known for serving clients within that space. And so that transition happened. It was messy as you can imagine, but also we kind of very quickly got back to work because there were opportunities in markets, clients needed advice in markets. And we needed to figure out what was going to happen to the financial system.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And someone in equities has the hilarity of playing God Save the Queen over the hoot. But the number of emails that I got around from clients saying, wow, we've always respected your work, but to go on and to do your job in servicing your clients on this day of all days is like hats off to you. And so I think that was one of the things that I think it's lost in all the stories and the media is that you had a group of people here that really did care about clients and went out of their way even when the chips were down to keep doing their jobs.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Sorry, that's Monday night, midnight. Call goes on on Tuesday. We show up on Tuesday morning and we're going over the internal hoot and there's probably 300, 400 clients dialed in, however many more. Everyone looks up and they're like, We can't believe these guys are still going and in fact I think it was about an hour later that over the hoot the CEO of Barclays comes over and announces that Barclays is buying Lehman Brothers, right? The US operations.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And all of our clients, right? And I sat with my team and I said, look, I want to do this because it's the right thing to do. And I don't know what our outcome is here. But I don't want to go out this way. I want to go out with everyone knowing that the last thing we did in our jobs was we tried to serve them, right? And so, you know, one of my team members, God by name, Krishna Hegday and I worked till probably 1130 or midnight that night, put together the presentation. The next morning.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Post bankruptcy, we don't know if we have salaries or health care for that matter. And my team and I are sitting down. Everyone's kind of at different stages of what do we do. And we have this call that we do every week that is the following morning. And so myself.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And being interviewed on the outside by the media. But Monday morning, I walk in. I'm wearing a suit ready to go and saying, and we're all standing around not knowing what to do.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I tell you that the number of stories I have around the fall of Lehman in 2008, that was a period of time that obviously a very difficult time for the economy, for everyone involved at the human level. But it was a tremendous leadership kind of experience because you really got to understand what you were made of, who you were about, and you got to develop a reputation from my standpoint, the story that stands out to me. So, you know, I had taken over from Rick Reeder doing the weekly credit call. So on a weekly basis myself, or Eric Felder would do a call really surveilling from a macro perspective what was going on in markets and specifically credit markets. And so Lehman had failed. On Sunday, right, gone bankrupt, had gone in, taken my box in, and cleaned up my desk.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I didn't directly watch the mortgage side of the business. I was on the corporate credit side of the business. But without question, the overall fixed income franchise was growing. And so we were able to cascade that into growth in our franchise and product innovation that really was serving our clients, which were largely both hedge funds and asset managers.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it was super high energy. This was the world of fixed income, right? Fixed income was booming. The growth of structured credit, of mortgage credit was really kind of expanding the opportunity set. And there was a lot of credit being borrowed, right? To fund companies in the aftermath of 2000, 2002, that credit cycle, there were secondary opportunities from a distressed debt perspective. It was just a high energy rapid growth area. And so it was exciting to be there watching what was going on, helping to influence what was going on in terms of product creation and client education.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And so that cascaded into people realized that wait, this person understands credit. They understand derivatives. They understand these alternative strategies. And so I was able to cascade that into running all of credit strategy, including kind of some of the prop research analysts that work within the organization.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“And so when you looked inside of the credit business at Lehman, the people that understood derivatives didn't understand credit. The people that understood credit didn't understand derivatives. And I happened to be one of the rare individuals that had grown up understanding credit, understanding derivatives, and understanding what a hedge fund, what types of trades a hedge fund would be interested in doing. And so I came into the role with ostensibly the title of hedge fund strategist. And my job, my day job was really to work with the traders and the salespeople to come up with trade ideas for hedge funds. And so all I was doing was looking for ideas for myself that I found was interesting.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think I should be managing capital right away. But there was a real change going on within fixed income markets and specifically within credit markets, which is derivatives were coming into the space. Hedge funds were coming into the space.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I was a client of Lehman's back in the early 90s, mid-90s. And so I had a lot of relationships there. And I had always loved fixed income as an investor. Unfortunately, fixed income became a lot less interesting in the later 90s. And so my team had really pivoted towards more equity strategies. And so I was coming back looking to get back into Wall Street from the technology and telecom space, Lehman was one of the phone calls I made, Tom Corcrane and Rick Reeder were people that knew me that had done business with me and they said, hey, you know, what would you think about trading prop within Lehman Brothers? And I said, look, I haven't traded fixed income markets for coming up on five or six years.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“Certainly on a year to date basis, if you look at your full portfolio, you've done pretty well. And that really comes from the... And you have economic growth and earnings growth on the equity side, those two things are working together to generate a pretty good return in absolute terms.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source
“In the curve, and from a longer term perspective, look at what are the real rates relative to the real ability for the economy to grow, we're pretty attractive here, right? The one thing we do know is that if growth does slow down in a way that like cascades into inflation, that bonds are going to do their job on the price side, which is they're going to diversify the equities that you hold.”
2024-04-19 · Masters in Business · Goldman Sachs Ashish Shah on Reading the Market With AI and Technology · IDENTIFIED FROM THE TRANSCRIPT · source