YouSaid · the spoken record

Brian Hamburger

lines on the record: 171
first: 2023-04-21
most recent: 2023-04-21
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

“I got a call from a reporter and they used the words in these unprecedented times. Right. And I had to stop for a moment and I said, how old are you? Because these are precedented times. Like we know exactly. You know what we're dealing with, and hopefully we don't go back to that again. But I think it just gives you a sense of place, right? And at the end of the day, isn't that what we all yearn for, even, you know, even as a young person starting out their career, you want to find your tribe, you want a sense of place, and you want a purpose.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So I would only typically read them after they've been out for a month, two months, sometimes six or 12 months, right? And the knowledge that I gain by how wrong people are with 2020 hindsight was absolutely amazing. So what started out as a really bad habit was so helpful to me in putting things in context because now naturally when I read something every day, I say, well, they don't know that. They're asserting that, but they don't know that, and it's really helped me out a lot”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Start with the why. What's my thesis? What am I trying to go after? I just want to tell you, my best investing skills came out of a really bad habit, which is I would get the newspaper, typically the Sunday paper, but on Wednesdays there were a certain section, Thursday, and I would grab them and I would pile them up in my office. And I used to have piles of newspapers everywhere. And I would read certain people's columns pretty religiously, but late.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I also wish I knew that I know more than I thought I knew. I wish I had a little more confidence. And now I'm confident not because I know a lot. I'm confident in my ability to recover from failures quickly and to change course. And I think most business owners, we find ourselves like fish in a tank, right? You hit the glass, you just change direction. Whereas, when you're earlier, you don't want to touch the glass. You don't want to hit that glass. And so, and probably the last thing I would wish I knew back then was just to start with the objectives in mind. Because even with investing.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So easy. I wish I knew not to listen to financial media when they would say markets are up today because of blank or markets are down on fears of blank. I used to think, Barry, that I was missing something. I used to think that I was just, you know, like, how do they know that all of the millions, billions of inputs and outputs in the market all came down to that? And the fact is they don't, right? They're oversimplifying a very complex problem. And I wish I knew that back then.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's amazing. And so I would never preclude that. But, you know, part of what we do stems from a degree of confidence in your skills and capabilities. And in order for, I think in order for any child to get that, they have to prove themselves in the open market. They have to go out there and do it for themselves so that when they come back, their soul is fulfilled, right? They don't feel like they've worked for dad their whole life.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“That was plenty. Well, no, it wasn't plenty. Actually, I still love, my daughter and I still work together all the time. She's a sales force consultant. And she is one of the easiest people in the world that I can talk to because she knows where I'm going with things before. There's a shorthand there.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So, do you only want a job that exists in the finance sector? Or do you want to find a job that's transportable elsewhere? And so speaking to Jake about that, he had experience working for us. He had experience working within the investment banking side, working for David Davo. He had experience working within with a venture capital firm. And when it came time to find a full-time job, my advice to him was You want a flight to quality that's not in the finance space, but hones your skills in finance. So he's going to do a CFO rotation at one of large pharmaceutical companies. That to me is a good first step out of college, right? Finance ability. I know all the hype is around startup and is around fundraising and private and public investors. I just don't think that that's where”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So, my eldest daughter just graduated from Pitt last year. My middle, that was Ella, my middle one, Jake, is graduating from Georgetown next month. And my young is Sydney is a freshman at University of Miami. Both Jacob and Sydney are in our finance majors. And so these have been real talks. These aren't just theoretical. What I would tell them is that the finance industry can be a lot of things to a lot of people, that there's not a single career within the finance industry. There's an entire world. It's great to work for a sector that's on top, but remember that our entire economy is cyclical, right? If you're picking a job today, I understand the hot jobs are in finance and pharmaceuticals.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“There's other books that stuck with me. Freakonomics is one. You know, how to make economics interesting to the masses. I just love the approach that those guys took. And I'm just a nerd when it comes to economics, to technology and all that sort of thing. And building a business in 2000, it was tough to avoid books like The EMI. This concept that business process drives consistent results, which wasn't necessarily a foregone conclusion back in 2000. And so I thought it was really compelling.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah It's just very poignant. And to this day, I think about that when we think about the inequity that exists between financial institutions and retail customers and the good work that since that book was written that advisors have really done to democratize investing.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's hilarious, right? I mean, it's about this guy walking through Wall Street basically saying, hey, wait, I see all the yachts from the people who work here, but where are all the customers' yachts? And I thought that was just a really good take.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“There's no doubt that if I could sum the book up in one word it was moderation. Is that enjoy just don't enjoy the success, right? And it was such an offset to popular culture at that time, which was celebrating success, right? It was athletes and entertainers just like that was the look of millionaires until I read that book. I also, a little later on read, where are all the customers, yachts?”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“And I can't tell you anything about the book itself, but what I can tell you left me with is that you always have control over what you spend, right? And less over what you make.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So, like, I always love having a variety of books that I'm reading that kind of check the box whether it's hard finance books or it's strategy books or it's empathy and emotional books. But the stuff that I read when I was younger kind of in my late teens, early 20s.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's awesome, right? It's just genius, yeah. Y So you can. And I'd say it's a light read. It's probably not a light read, but it is more of a time management book. Then a book about our own mortality”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's some logical confluence there, right? In setting yourself for luck. I'm getting to that point that people recommend books about how much time we have left. Someone recommended this book 4,000 weeks.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“But where's that right balance, right? Do you want to be, you know, you don't want to be so pompous to say that there is no luck. But you also don't want to be. So soft as to say, like, oh, it's all luck, right? It's not. It's some logical.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And I love his take on we're not talking about the hard issues, right? Like I think through things that people call luck or things that people call happenstance. And I think I love to think through all of the permutations that led to that point in time, right? All the decision points and even lack thereof. And he kind of starts to get to some of that things.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I totally agree with you. I mean, there's too many books that I read the first chapter like nine times because I keep picking up and I'm like, all right, if I'm not into this, it's okay. Like just, you know, toss it to the side. I also started reading a book, The Hard Thing About Hard Things. It's a fascinating book. Who? Who? Who?”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I think he's in six right now. Sixth edition. So here's my disclosure about books, right? There are certain books I read when I was young that had such an impression on me. And nowadays anytime someone tells me about an interesting book, I buy it first and I start reading it. So I've begun reading, I looked knowing that you were going to ask me this question. I have 144 books that I've started reading and I'm in progress at some.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“And hey, I'm not from Texas, but. Probably not, but that's where I pull my latest book from the speaker they had that night was Jeremy Siegel, the professor.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Many, many years later, we continue to stay in touch and I had the privilege of helping him and his team leave Mary Lynn. Yeah, and it was fascinating. And then many years after. Someone's life”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I think. I think everyone that I came across did in some way, shape, or form. You know, I used to. I used to hate this question about who's your idol because I never thought that that was a fair assessment of anyone. But in terms of mentors, I had so many and continue to have so many that came before me that I learned from some I strangely learned what I didn't want to be and the road I didn't want to take, right? A lot of other people's mistakes that I would learn from. But, I mean, the list is just so plentiful of people that literally would just give me a hand up. I had a very unique and special type of relationship with the gentleman who was my boss as I interned at Merrill Lynch, one of my first jobs in the securities industry in undergrad.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, like something like that, right? And then I have that on my TV. So if I'm watching with any of my kids or my girlfriend, they can go into that treasure trove and be insured that it's something I wanted to watch at some point in time. And so that's usually our deal.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Awesome, and undeniably, anytime you get into March Madness, it's one of the best times of year. So I don't really obsess over much on TV. I will put on anything on NatGeo or History channel and kind of geek out over that stuff. But my deal is I use one of these services where anything I find interesting, I just tag it as a to watch.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Throw on a Yankee game, I could hear the announcer and the inflection in the voice, throw on a soccer game. I love watching soccer. Actually, I love having soccer on”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not hard. I know it's not hard, but I'm one of these people that almost prefers there to be crap on TV. So that I can do other stuff and have that on in the background. So I love putting on sports in the background that I'm marginally interested in.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Really embarrassed. I wasn't rapping. Okay. And I call it old school. It's only old school sitting here today. Right. Right. It wasn't old school back then”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Thursday night in college pregaming, right? And so we. We were doing our thing, unbeknownst to us, there were ratings. I didn't know anything about ratings. I knew you had to get an FCC license, but I didn't know anything about ratings. Unbeknownst to us, we hit the You know, as the top program in that time slot in New Haven and got all sorts of crazy recognition. But we were just, you know, two roommates getting on and doing an old school rap show.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So I was convinced to do college radio early on our freshman year. We got a show. It was the worst time. It was during Monday night football, right? Who listens to radio during Monday night football at college? Nobody. But that was freeing, right? Because we can kind of do whatever we wanted on the air and make mistakes and no one really noticed. And so over the years, we got bumped up to the point that we got our slot Thursday night, 8 to 11, which was like prime time. That's a big. Everyone listened to the radio”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And so I love the camaraderie of the group. And one of the programs they had, they used to call the Auk Chef program, the Auxiliary Chef program. Now they call it Auxiliary Food Service. But the program is about augmenting the capabilities of the gold side so that someone can take a few days leave or when they run low or when they're having a special event. talking about food safety, taught me about food quantity. And I just I've always loved the I've always loved the gratitude of pulling off what people don't know how you did it and it's kind of an extension of what I do. That sounds fun.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“The Coast Guard Auxiliary. It's a group of largely retired servicemen and women who get together to help support the U.S. Coast Guard. They call it the U.S. Coast Guard the gold side, and we're the silver side. And so I joined.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“And anytime I'm interested in something, I want to know how people do it. I want to know how things work. And so I joined the Coast Guard Auxiliary when I bought a boat back in 2006. So we're not talking about.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Or it's on social media, right? And so these criminals are scaling down. It's a scalability issue. They're scaling down to the point that they can go after these individual crimes. And they're succeeding.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Fantasy, they're getting clever, they're getting adept, they're getting more nimble. Their small advisors are not the primary subjects of a denial of service attack. I mean, that's what big financial institutions are after. What they're going to get duped because of the feigned familiarity that they have to have with their clients. or emailing saying as you know i'm going on a cruise how did the criminal know this because they went through sally's emails and she's they see she's booked on a cruise right as you know i'm on a cruise or she's dumb enough to put it on instagram”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's exactly why you don't have access to these financial reports. These cyber criminals are getting, and I hate to call them that because people are thinking.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I got an email from one of my colleagues years ago, and he received an email before that that said, hey, as you know, I'm flying out to this conference. There's a well-known conference in our space. I'm not going to be available, but I need you to send me the following financial reports. To which he replied to me and he said, I don't have access to those financial reports. And I replied to him, what are you talking about?”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, let's just touch on cybersecurity. Cybersecurity is a people problem. It's just that the root of where they're getting the data is technology. Social engineering is the data. But it's almost all coming from people, right? It's you're en route to a conference or I'm en route to a conference and someone is specifically targeting your colleagues.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, as an objective advisor, your job is to shine a mirror and say, just imagine for a moment there was a bad actor. Could we do this? Which is, listen, I don't want to get off on another tangent on you here, but that's why cybersecurity and fraud, cyber fraud, is such a problem for advisors because they're running a business that has a foundation in familiarity. They can't have a client call and just say, what's your social security number, right? What's your mother's number?”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“How are you feeling right? I feel great really because I'm looking at your blood sugars, I'm looking at your weight, and the numbers are telling me a different story, right? And so that's what happens with advisors. They are so blinded by their own good intentions and their purpose that they don't see the harm that they could do.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Like this RAA thing is crazy. Like, my sense is that so long as you disclose that you are stealing $10,000 a day from the client, that so much of the recourse is precluded. She just laughed at me and she said, You're a quick study, right? And so clearly there are anti-fraud provisions, but disclosure is a key component The advisors act, and one that so many advisors have trouble with. They have a trouble, yeah, because, I mean, think of it, right? The last time you went to your doctor, what do you say?”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Powerhouse of a litigator, Sue Curtin. I don't know how I just remembered her name. I couldn't tell you what I had for breakfast.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So there you go, right? There's one of them. How about the other one being if these are funds that you are recommending an allocation, you're not going to recommend your own fund, get paid for the investment advice and then get paid out of fund expense. That's right. That's right. So there are some conflicts that are just too far, right? The SEC is going to say you could disclose who you want. But in my second week working at the SEC in the enforcement division after I took Chuck Senator's class that we talked about earlier, he assigned me to work for this.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Of conflict. So use that example, right? Where you disclose that you have this venture fund is your own fund. And by the way, one of the things.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So going back to mostly, but I just want to, I don't want to just have mostly hanging out there. Mostly, but it doesn't resolve at all, right? And some conflicts are simply improper, right? You simply can't disclose them away.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“And they could see what you've disclosed. And most of the time, when you talk to advisors, they say, Well, that's not a conflict because we would never do that. And that's just a real significant misunderstanding about what a conflict is. And you need an objective party to step in and say, hey, I know you guys are good people, right? But this is a conflict of interest. What we do to mitigate that conflict or eliminate that conflict is another issue, but we have to call out the conflict and disclosure.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's so easy to mess that up. Really? Absolutely. I'd say more advisors mess up their fees and their conflicts of interest than anything else, right? Because with their fees, advisors want to be aspirational in their disclosure. They want to say our fee is 1%, right? They don't want to get into all of the qualities they look at when they discount that fee. They don't want to disclose conflicts of interest that come along with the way in which they structured that fee. And we are definitely getting into inside baseball. But conflicts of interest are by and large the biggest area that the SEC can find without even stepping into the office or talking to an individual and it's because they can see your business practices.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Either that or one is so vague that it could be argued that it's misleading, right? I mean, what if I just talk about their fees? This is a really big area because”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, because it's as simple as this. They're pulling your Form ADV disclosure statement. Right. They're pulling your marketing collateral, they're pulling your client agreements. And sometimes they're asking you for this in advance of the visit just for this. Most of the time for advisors that existing advisors that are onboard with us, there are conflicts just within those agreements.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source