YouSaid · the spoken record

Dave Butler

lines on the record: 104
first: 2018-07-13
most recent: 2018-07-13
sittings or episodes: 1
sources: podcast

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“Advisor do a great job Of sitting down and providing the human element, understanding the client in a way that a stockbroker 30 years ago wouldn't and couldn't, they're having those conversations now and they're part of that person's life to be able to help them deliver on the experience that's going to be the right one for the client.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“And so the lessons that I learned from that, you know, in business school, you learn about discounted cash flow and how to price a stock and whether you should buy that stock or you should sell that stock short. That's one aspect of finance. But the broader aspect from an investment perspective for the average person from my mom, how does my mom get comfortable with that she's going to be okay in retirement? Well, she needs to know about just the simple averages, the simple averages that come with the capital market returns. She also needs to know what you just pointed out earlier with value or size or the markets in general, is that that return's not going to be there every year. So there's a lot of lessons around a big picture backing off and understanding what is the stock market return? What does small cap stocks return? What do large cap stocks return? Why would you diversify internationally? Why would you have fixed income instead of equity? And all of that goes into this big puzzle that I think, again,”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the aha moments for me was I got ahold of this thing called the Matrix Book. See it? Yeah, the Matrix Book is a book that basically shows the returns of the capital markets over time.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I just read an article flying out here yesterday that was really great and it was a commencement speech. It was a guy, I can't remember who it was, but his basic line was grab a mop. As in, don't be afraid to do the hard work, don't be afraid to do the dirty work, don't be afraid to quote unquote, come at it every day with your best effort. Because what's going to happen, and I tell the younger people, the millennials around dementia, is look, people are going to look at how you work. They're going to look at your optimism, your enthusiasm, your energy. And when opportunity comes and a name pops into their head for that opportunity, it's going to be the person who's done just that, who's worked hard, who's enthusiastic, who's optimistic, who's smart, who's collaborative, all that stuff. So you want to put yourself in a position to get quote unquote lucky by preparing yourself and doing things really well and hopefully somebody sees you and taps you on the shoulder and says, you know, Barry, this is the person that we want to have run this or we want to have this person go do that.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I used to play that back in my youth. Yeah, that's the challenge. Just try to keep playing two man as many years as I can. So I'd love to get to 60 and still be playing two, man. That would be a good, an ultimate goal for me.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, I think my fun now, my knees and ankles and stuff from basketball are probably a little banged up. So I do catch and shoot for the, or I catch and pass for the kids, the boys. But I play sand volleyball. So that's sort of my passion. My two daughters play sand volleyball now. It's nice on the legs. I can get a good workout at my age and feel good the next day, not feel bad. Two-man, four-man. Two-mans. I'm still playing two mans.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And I think have the passion, find something that you're passionate about because at the end of the day, if you fail and you get knocked down, if you're passionate about something, you're going to keep coming back until you get to that quote-unquote success platform.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, failure. Like we all, I've failed many, many times and the lesson I give the kids is, look, you're going to fail in terms of losing or getting beat or getting knocked down or whatever it might be. And the question really is, did you prepare yourself to succeed as best you could? And if you did not succeed, as in, i.e. a loss, did you get back up and dust yourself off and do it again? So I think that's the lesson you learned from failure.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“That we identified 30 years ago that we thought, and again, we didn't identify them for marketing reasons or for business reasons. We identify them because we thought independent advice and multi-factor investing and holistic wealth management and human element of the advisor, the necessity for the advisor to get great results for the client. We thought that was the right thing for the end client. And that's what's played out.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd come back to the aspect of trust in the financial services space. I think a lot of trust was lost back in 2008 and 2009. But I think what we've come out of that segment of time in is that I think holistic wealth management has taken its position. I think independent advice has gained its rightful spot. I think indexing i.e. and then multi-factor investing, which again, which is dementia has been doing for 36 years. I think that's front and center. So it's satisfying to me to look at all these trends that”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“My view is if you follow that in a conceptual way, it's tough not to have success in something. And success meaning that you've given it your all and you've worked at it. And even if you don't win or win or lose, the knowledge, the satisfaction, you've worked really hard at something I think is success in itself.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, anything John wouldn't, I read that stuff all day long. Give us a title. John Wooden, The Life. There's a book that just says John Wooden. But John Wooden, I think, you know, and I tell the kids this all the time. If you look at what John Wooden stands for and how he built his pyramid of success and what's involved in the pyramid of success.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a time when small cap stocks back in the 1980s when small caps underperform for 10 years. The S&P 500 by 10% that people question whether a dimensional as a firm was really a firm that could deliver small cap stock returns. So there's always going to be a struggle along the way. But what's inspiring to me is to watch how that struggle then translates into an action that then leads to this success that we've seen. So it's fun to watch.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Have that. Gradebook. Because it's so big. So big. It's a little intimidating. It's a great, great book. But all of these things really, to me, it's about the struggle It's about the journey. You know, people see quote unquote success from people, and what you realize, and this is what I've told David Booth, even with dimensional, people look at dimensional say, well, what a successful firm and how amazing and how great. But there are time periods when the concept of indexing wasn't accepted by anybody.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I am all about the biography. Autobiographies about the journey. I love just understanding people and how they got to where they are and why they act the way they act. So some of the books that I've read recently, read Shoe Dog, Phil Knight, Nike. I just read Bruce Springsteen's Born to Run.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Working down the list Merton Miller. I got to meet Merton when I first interviewed. All of those folks have transformed the capital market experience and the investor experience in ways that were unimaginable at the time. But the whole energy and the passion and the enthusiasm for the fact that markets work, that prices are fair, that you got to invest in a way that's diversified and low cost and tax efficient. Those concepts didn't even hit the radar screen 25 and 30 years ago. It was sort of poo-pooed and laughed at. And now we push forward today. And this, you know, when you talk about independent advice, you talk multi-factor investing. You talk about holistic wealth management, those concepts are front and center for any client experience. So to see that transform, and I know that these guys were a part of that and then really elevated is really fun to watch.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“So I actually took that into our team at Dementia for some time, and we had the same kind of approach. We had nine or ten people interview a new team member. And it never was my decision, and I passed it to the team, we'd start with the youngest person first, and we'd say, hey, do you want to play with this person? This is a person that's going to be on your team that you have to play with. And do you want to do it or not? And so that's, I think, a great way to think about building out a team. You want to find ways to elevate the collaboration and the enjoyment of the team.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I take it to my team and I say, look, here's something that we ought to think about, and here's something we ought to view and look at as well. So quick example is just on hiring. I can remember asking him when he played the University of Arizona. These teams were great. The players that I had met were great people. And I said, how does that happen? And he says to me, he says, well, he said, Luke Olson, who was a coach at the time, he says, we have an approach where we bring a player in for the weekend. And on Monday morning, we get together as a team, and Lute asked the question even if it's the number one player in the country, says, do you guys want to play with this guy?”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“A team of Is just genius. And I don't know if people give him the kind of credit that he should get, but it's an amazing thing to watch. I read stuff about him quite often. Do you laugh about it?”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“He and I played together on a U.S. national team back in the day. We got the room for a month together. No kidding. And I have to say, I've taken a lot of inspiration from watching him coach.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Than I did earlier. Here's one because it's pretty relevant. So Steve Kerr just won the NBA Championship of Golden State. I think he's got eight rings now. Right. As both a player”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Is it another day of doing X or Y? It just takes one conversation with a really satisfied client that makes you feel like, hey, I got it. The original reason why we started this was we wanted to make the client experience great. We wanted clients to feel good about their retirement, feel like they were going to be okay. And when you get to see that through the advisors who are working with these clients for a long, long time periods, it's just a really feel-good kind of a thing for anybody that works in that space.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“To a holistic wealth management view, it's changed to start thinking about people's hopes, their dreams, their children, their charitable giving, and doing that in a very systematic, efficient way from the capital market perspective, using building blocks like dimensional delivers to be able to execute on the client's expectations. And so I think by executing on the client expectation, then the aspect of trust develops and it continues to build over time. And so I see these great relationships. I've been in this for 25 years and we've got advisors who worked with us for 25 years and they're clients who've worked with them for 25 years. And when you see those types of clients come into the office and talk about their experience, their journey, the fact that they feel okay about their investments and about their retirement and where they want to go in the future and other kids. That's a great feeling. It's an amazing feeling. And so whenever I get, you know, you wake up some morning, you go, gosh, can I?”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the advisor's contribution to the end client result that comes from this interaction at a human level. So when I sit with advisors now, the concept of trust has elevated quite a bit. And trust comes from a couple different areas. One is competency. So dimensions level, we've got to be able to deliver access to the capital markets the most efficient way. And I think we have. We've got a 36-year track record of competence. For the advisor, the advisor provides a lot of different wealth management activities. They know the client intimately. They know about their hopes and their dreams and so forth. And so when I think about the movement of financial advice, it's gone down that path where historically 35 years ago, when I started the business, it was about trying to sell a stock or get a commission off a stock purchase or sell.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“For me, I think the bigger change, and I've been really inspired by recently, is I think this, I would call it the human element of advice. Behavioral.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, there's always going to be another academic paper or another area of research that helps us refine how we think about the capital markets. And we've seen that recently with profitability, for instance. So there's going to be more of that.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Aspect of investing. There are available options for them. So we feel really good about that, and we think it's been a real success for all sides. And going forward, I'm sure there's going to be more interest in that from clients and so forth on the go forward.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“That looked very much like what your solutions are today, but with a focus and a detail around social and sustainable. And so we went back to basically the lab and we came back with portfolios that were very highly diversified. They were low cost. They did recognize a lot of these ESG issues in terms of portfolio management. And we're able to come back with a portfolio that we thought from a capital market perspective made sense for the end client with the nod towards being sustainable or social or whatever the issue might be. So that's been a huge success for us. We've now got 10-year track records in those areas and those portfolios track really closely to our standard portfolios, the core portfolios. So the performance has been terrific. The expectations have been met. And for clients and for advisors who are interested in that.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. It's a great example of how we've worked with our clients in the past. And that basically clients came to us and said, listen, when you look at those areas that ESG and so forth, the options out there for the advisor weren't that great. So high expense, highly concentrated, bad performance and so forth and so on. So the question was, could you mention?”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think we're very client centric. So, you know, we've had discussions about ETFs with clients for many years. As a matter of fact, I think it was probably 10 years ago where David Booth and I went out and talked to clients about their interest and need for an ETF from Dimensional. And at that point in time, there wasn't that high of an interest for that. But that doesn't mean that we wouldn't review it again. For whatever reason advisors, for instance, came back and said, listen, it'd be great to have an ETF for these reasons. And we think you're the right firm to do that. Then obviously we would listen to that and be approachable around that. So when you look at our orientation around our various funds, I mean, we have sustainable funds and social funds. My next question.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Bloomberg does an article on dimensional, and advisor is able to third party piece, and advisor is able to hand that article to a client. And the client says, oh, okay, I get a little bit better sense of who dimensional is. That's a positive for that client and for advisor and for the dimensional. So we're in the business of trying to do the right thing for the client, being very robust from an academic perspective and a research perspective, working on the edges, if you will, from an implementation perspective. And we think our implementation and our delivery of the portfolios are as efficient as they can get. And that's probably a part of the story that we don't describe enough differentiating ourselves versus competitors.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think we, you know, I don't know if it's purposely or not, but I think we've always allowed our clients to talk for us. So if you or any other advisor or institutional client thinks positively of what we've been able to do for them and for their clients, then they're going to speak highly of us. And that's a way, that's a public presence kind of a concept as well. So we've always sort of limit ourselves in the public presence type of a space. We're not advertisers. We've talked to clients in the past. They don't necessarily want us to advertise. They don't mind having an elevated public presence.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think he became an employee, I think, a couple years into it, so maybe 1991, 1992. So, you know, Dan's an interesting guy, and he was a broker in his prior life, and he would use the term the never having to say your sorry approach to investing. So he felt as a commissioned broker or a stock broker that he felt there's a lot of times when he'd go and pitch a stock to a client and then the stock wouldn't do well and he'd have to go back and say, hey, I'm sorry it didn't work out the way we expected. And so his view was if you could move away from that, you could get a client educated on the capital markets, get them very comfortable about the expected returns in a market, and educate them in a proper way that you wouldn't have to have these, oh, I'm sorry type of conversations with your clients. So it's a very unique way to view the investment space.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“He'll participate. He's been a great chairman. He'll act. He'll participate in big questions and big strategic issues. He'll keep a close eye on what's happening and make sure that he sees things happening in the way he thinks they should. But he also is very good about giving somebody some space to run with an idea that he thinks is pretty positive. And going back to the advisor business, Dan Wheeler was the guy that came in with an idea to use these funds with advisors, i.e. the retail business. And David, to his credit, contemplated that concept and thought about it thoroughly around are these assets going to be compatible? He made a decision to allow Dan to go do that in a methodical way that would be different than what's been out there in the past. I give him a lot of credit for that.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“He's a great voice to have. He's a great person to have around. I'd also give him credit. I use some of his kind of views on management and how people react. He's definitely a macro manager. So he's willing to give people a chance, i.e., Gerard and myself. Delegate it to”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Dave is great. I've worked with him now for 24 years, and he's a super insightful guy. He's a very modest guy. When we talk about even our body of work and the fact that Dimension has had this portfolio out there for 36 years and it's outperformed the benchmark by 140 basis points for 36 years, those are the types of things we haven't necessarily talked about quite often enough in my view. I think the idea of our competence in our body work, I think those are things that I think could be elevated from a dimensional perspective. But David's a very modest guy, he's super insightful, very strategic. He makes great business calls very, very quickly. So I've been around him long enough to know when David makes a comment about a particular business situation. His insights are very, very good. And they usually are very, very right.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“You're going to win, but if you don't win, it's okay because you prepared yourself, you've done as best you can, and you've worked hard at it, and you've delivered what you said you were going to deliver.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“The creating last year, but it laid down, it made a point, which is about the client, it's about doing the right thing for the client, doing what's best for them. And when somebody says a story like that and people hear that and it resonates culturally around the firm. And so I think dementia is very, very unique in that respect. I can't imagine being somewhere for 24 years without feeling really good about what we're trying to accomplish. And back to my story of meeting Dan the first time is like, you know, I think we've been on a mission. I think the mission has been about delivering the right client experience and doing it in a good way. We've never been worried about goals or getting it to a certain size. It's always been about, hey, if we do the right thing, do it well, the success or size or whatever might come from it is going to happen on its own. And it's sort of the John Wooden analogy, which is just, you know, you prepare yourself, you tie your shoes, you work on certain things, and then you go into the game and the expectation.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a combination of both, but I think culture starts with leadership. Culture starts with expectation. Culture starts with a view that the leadership says we are going to be a team and we're going to be a collaborative team and we're going to have success doing that. I think it's vision. I think it's, you know, we always talk about stories. You've listened to a particular story about a particular team or about a particular company. And those stories go a long way in terms of setting the culture around how things work or don't work. I'll give you a quick example. David Booth did a video a while back. And just as a side kind of toss in, somebody asked him about his childhood and how what his first job was. And he basically told the story about his first job being a shoe salesman in a small town in Kansas. And he said, you know, he said, I used to sell shoes to women. And basically,”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that's right, and we both grew up in the firm, so I've been here 24 years. He's been here 14 years. We know each other. We've known each other well for all that time. And I don't think there's this, I think maybe we're COCOs go south occasionally as if you got two people coming from different backgrounds or even different firms and they get squished together. Right. And then there becomes sort of a political question about who's going to be the lead, who's going to outdo the next guy or gal. And we just don't have that at dimensional. And that's saying I give David Booth a lot of credit around culture. I'm a big culture guy, being an old athlete and being on a bunch of good teams and a bunch of bad teams. For me, it strikes me that, you know, culture is the paramount issue around success”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“How do we want to go about the business? What do we see going forward? If we continue to grow and we're a trillion dollar or two trillion dollar money management firm, what do we need to do to be ready for that kind of stewardship around assets of that size? So it's been a great collaboration. Co-COs or co-anything can be problematic if you have people that are political or not overly engaged in being transparent and collaborative. But Gerard's been terrific with that and very happy with how that's worked out.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, people ask that often about CoCOs generally. It's a tough gig to make work. It's a tough gig to make work. I think if you look at Gerard's background, so he's CIO. He's been at Dimensional 14 years. He's a Caltech PhD, so he's a rocket scientist. So he's got the right pedigree. He's an investment guy. He can go toe-to-toe with the famas and the Frenches and talk about investment issues in a significant way. I've been, you know, grew up more on the sales side, the advisor side and so forth. So we're both involved in the entire aspect, entire broad part of the firm, but we're also probably more focused on our individual areas. The key with COCOs is you got to be collaborative. You've got to be open. You got to be transparent. And frankly, Gerard's been just a terrific partner in terms of just.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Is that David Booth, founder, chairman, who's very involved in the firm, so he and I and Gerard O'Reilly, who's the other co-CEO, we spend significant amounts of time thinking about the business and about where dimensional needs to fit into the business generally and how we want to prepare ourselves to be viable partners, if you will, to the advisors out there in the space.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“I've been telling friends that have asked me about this COCO role. What's it like and what do you do on a day-to-day basis? And I always tell them, you know, I've been in the advisor business for 25 years. So as an old athlete, it's sort of like a basketball coach who's been a coach for 25 years now becoming the athletic director. And you got to know a little bit about softball and water polo and so forth and so on. So I'm in the stage of actually learning about a lot of aspects of the business outside of just financial advisor space. And that's been a good learning curve. And I think the bigger point for me.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there's a natural, I think, plateau I'm sure at some point. I'm not sure when and where that is, but we do know people consume their retirement and so forth at 4% or 5% or 6% per year. So the bigger the asset base, the larger the outflow is going to naturally be just from consumption. So we recognize that. I think the big issues that I think about on an industry basis is obviously wealth transfer. So we're coming up on this. Big generational wealth. Big generational shift. Advisors are thinking about succession planning, technology is becoming a big question. How do clients and how do advisors access the capital markets and how do they interact with one another when they're thinking about this client relationship going forward? So those are things that I think Dimension wants to be involved in. We want to support the advisor and make sure that they're as competent and well positioned.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“We need to have a prepared work team to be able to handle that kind of change in the size and growth of the firm. So we're hoping that from an education training perspective, we're hoping to build out quite a few things around dimensional.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and it wasn't a here's the projection and here's where we want to be. It wasn't that. It was more of, look, we're stewards of client assets. We're stewards of this business. We need to make sure that we have the ability, the infrastructure, and so forth, to service those assets in the right way and do it in a client-centric way. And so it was a challenge to all the managers to make sure our infrastructure was built out in a way that we would be able to do that properly, whether it was portfolio management or research or trading or sales or whatever it might be. So I look at that from a dimensional perspective and say we actually have the same growth rate. Over the next 15 years”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Quite a growth rate. And if you look at that growth rate and whether we'll match that growth rate the next 15 years or not from a size perspective, one of the challenges that David Booth laid out to the firm in 2003 was, look, if we stay on the same growth path that we've been on up to 2003, we're going to be a $500 billion firm by the end of 2018. And here we are at $600 billion.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think on a dimensional level, I think for me, it's just our growth. So we've grown from 50 billion back in 2003 to $600 billion today. That's quite a”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source
“That people can need to recognize and see. And I think we spent quite a bit of time counseling and advisors counsel their clients to say, look, we've built an investment plan, an investment policy. We've allocated the assets in this way. We're confident that you're in a position that you can withstand ups and downs in the markets or ups and downs in particular parts of the market. And if you can stay with that long term, you're going to be highly and well rewarded over that time.”
2018-07-13 · Masters in Business · Dave Butler Discusses Finance and Basketball · IDENTIFIED FROM THE TRANSCRIPT · source