YouSaid · the spoken record

Boaz Weinstein

lines on the record: 112
first: 2022-05-13
most recent: 2022-05-13
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“A lot. Not a little bit. So he would say what are we paying you for? You're here to play chess with Delucia. That's why Goldman Sachs is paying you as if it was any of his business. So what did he do? He didn't teach me much about the market. That I learned from some of the other guys on the desk, but I would have to get broker quotes in the morning, Murphy Durier, or Garband. I'd write down where all the bond prices were. And I barely knew anything at the time. But what he would do during the course of the day, and remember, this was Wall Street in the early 90s. They would make bets. So he would yell over at Jim Zelter, how many synagogues do you think there are in Montana? And Zelter would say, not more than three. And he would say, I'm going to buy three. Boaz, go to the library and figure it out. And this was pre-internet. So you want to know how many synagogues are in Montana? It's going to be a lot of work. And so I would settle that bet. I would settle, were interest rates ever negative. They were briefly during World War II. I would settle, you know, bets of all kinds. And in the meantime, I would also learn a lot.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“They jammed me in with the summer NBA. So I'm a college freshman and I'm there with the HBS and Wharton NBAs doing training and all sorts of And the desk I was assigned to, his desk was we had a three by two row, so six seats. He was directly facing me. It was a murderer's row. On my left was Bill Troy. It was really an amazing mentor to me. He was a co-founder of a fund called Grey Wolf Capital. Next to him was Jim Zelter, who's one of the heads of Apollo. And then in the other side, Jonathan Kolech, the founder of Redwood. And then last but not least, a guy who was named David Tepper, but he was not the David Tepper we all know and love now, larger than life. He was a distressed analyst that was working for a group. I can't even imagine him the way he was then versus now. He's an incredible superstar, one of the greatest investors of all time. And I got to work with the five of them every day for, you know, for months.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Minute meeting. The woman says, Thanks for coming. Your college freshman, why don't you come back in three years and shows me to the door? And I said, okay, can I use the men's room? And on my way out, I went into the men's room and who's standing washing his hands at the sink is David Delucia. He says, what are you doing here? Come on back. And that began five rounds, five interviews per round. And finally, after 25 interviews, he calls me back and he says, we tried to do everything we could. There's no program for you. There's a program called SEO to give minorities a chance to come to Wall Street. There's a program for sons and daughters. We just couldn't fit you in. And I said, one thing is never give up. So I said to him, it's really too bad you have a program for sons and daughters, but not brothers of sisters. And he said, let me try that one. And he came back and I had another two sets of meetings. And they, they...”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So look, anyone who comes to Wall Street needs to read Liar's Poker. It doesn't matter. We're talking now 10 years ago or 50 years from now. And there was a minor character in that book, David Delucia, who Goldman hired from Solomon to set up the junk bond desk. And he had an incredible love of chess. He actually has the world's greatest, I'm going to say something that's not going to sound so great, world's greatest chess book collection. Hopefully no one's gasping at that. But he has 15th century books and the busts of the hand of the world champion from the 18th century. And so he was obsessed with chess. I admit him at a chess club. And I came to Goldman Sachs to interview for a summer internship. And I had a very perfunctory meeting with the HR person. They even met me, I think, only because my sister was working in private client services then. So I have this 25.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“And so there was no one, there were no adults to learn from. I got to learn from experience. And Russia defaulting and LTCM blowing up gave an incredible path to those lessons. And so Deutsche Bank kept giving me more and more responsibilities. Each year they promoted me. And I think another bit of luck was not just being at a place that wanted to expand in this new area, but also Goldman Sachs had hired away my boss, an amazing guy, Ron Tanemura. And I think Deutsche was a little afraid that I might move over to Goldman. And so, you know, earlier than one would have expected, they made me an MD.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think it's either youngest or second youngest. Let me not overstep it, but still, I was 27, and usually it's not until you're in your 30s. And I have to say there's so many aspects to one's career that have to do with luck and timing that have to go along with skill almost all the time. Sometimes you can even avoid the skill part. Just be ultra lucky. But my luck was that this market creditors basically started when I started and even a year or two after. And I was waiting for it. It was like I was waiting for it to be created because I was never going to be the credit investor that can read through the 10K and do the deep fundamental work and accounting work that was going to, I was not going to make my mark in credit that way. I needed something more quantitative, more tactical and creditor to have started really in 97.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So the people at Merrill Lynch that I first worked with out of college had moved really en masse to Deutsche. Edson Mitchell legendary Merrill Lynch, head of global markets, wanted to recreate that at Deutsche Bank without having the deep institutional capital markets relationships. And so he really wanted to build up trading quickly and credit derivatives was a new market. And he had someone named Anchu Jain, who's really been an amazing mentor to me. A huge amount of resources into making Deutsche, if not the best, the top two year in and year out.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“And a man for all markets also is, I think, a fantastic book. And so I learned how to count cards when I was a summer intern on the Risk Garb desk at Goldman from the partner in charge, Frank Brozens, Amos Moron, some of these legendary hedge fund managers. And I got pretty good at it. And I was sent over to London when I graduated college with Merrill Lynch. And I found that the games in London had a weakness that the games in the US didn't. They had a certain side bet that was very crackable. And I had to kind of figure it out. There was no internet, you know, to look up everything back then. And I became quite a skilled card counter.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I knew I wanted to be on Wall Street well before I knew how to play poker. In fact, I didn't really learn poker until I was in my mid-20s. Blackjack I learned a bit earlier. Maybe we'll get there. But Wall Street was always something I was interested in. My parents would listen to Watch Wall Street Week with Lewis Rukaiser. I can tell you the postcode for Owings Mills, Maryland. It's 2117 because they would always do that right in the middle of the show. And so I was able to parlay that interest into getting an after school job when I was a high school student in New York City at Merrill Lynch and then summer internships at Goldman Sachs, which were really among the most fun times in my career on Wall Street.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So I became really obsessed with it. And so in three years, I went from a beginner to number two in the country for age 15, 16.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So I had those parents that would drive us on weekends. I have a sister, actually, she's been on Bloomberg many times, Ilana. But my parents would take us to Saturday morning workshops to learn about model rocketry or chess or what have you. But I didn't actually play in tournaments until I was 13. I got to junior high school and I was interested in the game and there was a kid here above me and I saw that he was ranked in the top 50 in the United States and I thought that's amazing. How do I get there?”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Depends where you're from. In these parts, that would work. And it's really a typical Israeli name, and it would be Boaz.”
2022-05-13 · Masters in Business · Boaz Weinstein on Credit Investments · IDENTIFIED FROM THE TRANSCRIPT · source