YouSaid · the spoken record

Doug Braunstein

lines on the record: 66
first: 2021-02-19
most recent: 2021-02-19
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

“Well, on the investing front, I'm going to go back to the duration of your capital can be a remarkable competitive advantage. And the reason I say that is what I've learned over the last 30 years is it often takes time to build a successful company. It's hard to really manage these businesses and build them and grow them and create competitive advantage. And capital needs to be long in duration in order to see that life cycle through. And so for me, it's all about matching the asset and liability duration in this particular instance. You're investing in companies. Is the asset, and you want to have capital that's long in duration to match the life cycle of that investment?”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Talent that they can train and develop behind. But then ultimately, I think to be successful, you have to do things that you're passionate about. You know, work is hard and you want to do something that's not only hard, but what you enjoy doing. So really spend the time figuring out what makes you happy because that allows you to put your very best foot forward. And then the last thing I encourage people to do is look to go to organizations that reward performance. Young people work hard, put their head down, do as good a job at the things they're asked to do. But the reciprocal requirement is that the companies they work for recognize that and promote and compensate.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I would, you know, obviously at JP Morgan, we literally recruited hundreds of college grads and graduate school students every year. You know, what I would say, first of all, I think the training and experience that you get in any of these large programs, I think, is extraordinary. And I think that is true of many, many of the large companies both in finance and healthcare, in technology. I really encourage young people to spend a couple of years in one of these well-run companies to learn the processes that make these companies successful and to be around senior”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm excited to read it. I have, to be fair, I have a pile of books sitting next to my bedside that I haven't cracked in in about four or five months. There's lots of downside, but the ability to be active and efficient remotely has really changed the workday in a way that no doubt. Doesn't let me get to very many books these days. Right.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so right now, actually, I haven't read a book in the last couple of months. It's just been really busy. I would say on the favorites front, probably my all-time favorite book is Team Arrivals by Doris Kearns Goodwin. I love the story behind Lincoln building out the cabinet. It's just extraordinary lessons in leadership. I have to give a shout out to Andrew Sorkin for too big to fail. We spent a lot of time talking about the global financial crisis and having had a front seat to most of it. I think Andrew did a remarkable job with that. And then I am kind of a sucker for a bunch of Michael Lewis books. I love... I loved money ball, for example. And I try to read periodically books that my children are reading so we can have some interesting discussions. So I probably have to give a shout out to Lord of the Rings. That's one of those.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of them gave me great advice and more importantly they kind of put me in positions where I had to swim on my own and every once in a while they would give you a nudge one way or the other but they just gave me great opportunities to develop as a professional and obviously I've talked a little bit at JP Morgan about you know the extraordinary experience of working with Jamie but I started my career working for Bill Harrison and I think he had an enormous influence on my development professionally so I've had a string of great folks to work for”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I'm a big believer, by the way, for young people, the importance of mentorship, I think, but for the mentors I had my career in life would have been really different. I actually go back to college. I had an extraordinary professor in college, a guy by the name of Sam Bacarak, who really changed the trajectory of my academic development. I worked for him for a number of years in research and it was just great training. And then when I went to First Boston, I had the privilege of actually working for both Bruce Wasserstein and Joe Pirella. My long-term boss who ran the M&A group, Mike Koenig, I think all three.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What's entertaining me? So I will tell you, to be fair, I am happiest, happiest at work, and I will tell you that I spend the vast preponderance of my time looking for spac candidates and investment opportunities. Now, having said that, when I do have a moment, I love the Queen's Gambit and my children would be very upset if I didn't also say that I”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And if you aren't prepared for both. You're not going to be successful in the race. And I get back to the remarkable position and seat we all sat in at JP Morgan is, you know, we had both the capital and the liquidity to manage through this. And our ability to try and help the system through the financial crisis was, you know, for me, one of the parts of my career I'm most proud of.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of your life, but someone puts a pillow over your head at night and you can't breathe, it's not going to end well. And for many of these financial institutions, they believed capital was sufficient and in the end you need both capital and liquidity. And the system starved them of the oxygen they needed at the time they needed it most.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Important and ultimately financially not necessarily successful, but at least financially neutral to the government. But, you know, part of the lesson barrier in all of this is financial institutions run a little bit like marathoners, right? They're in great shape and that shape is their capital base, right? How prepared are they to weather a crisis? But they also need liquidity and matching the duration of your assets and liabilities is critically important. And for a marathon runner, it's the oxygen they take in the race. And you could be in the best shape.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, to be fair, I was busy. Lehman and AIG kind of those bombs went off at about the same time. So it was quite an interesting period of time because there was a group down at the Fed trying to find a solution for Lehman and many of those individuals weren't aware that literally a block or so away there was another quite frankly larger financial institution that was also in massive distress. I think in hindsight The markets, the Lehman bankruptcy obviously sent the markets into a material tailspin, which accelerated the issues at AIG and a number of other companies. And, you know, at the end of the day, the Federal Reserve decided to, and the Treasury decided to step in an AIG to try and put the finger in the dike. It ended up being very...”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Downtown to AIG's offices, and we spent quite a few weeks working with the management team and the board to try and find a private market solution. Ultimately, we weren't able to do that and the government, as you know, had to step in. But we were both looking at businesses as a potential acquirer and we were actively engaged with businesses as an advisor to try and help them manage through the crisis.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think because JP Morgan was a bank, if you will, to so many other banks, we had either the benefit or the challenge of being a front row seat to almost every large financial institution and how they went through the financial crisis. We actually were called to evaluate Lehman, and that was a short discussion. It really didn't fit what we were doing strategically. AIG, on the other hand, actually called us to help them try and find a solution. And it was one of those examples during the financial crisis. I was actually happily on my way to work one morning and I got a call from Jamie and he asked me to rewrite.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the benefits of scale matter. And quite frankly, if you want to take the paradigmatic example of the benefits of scale, my old employer, J.P. Morgan, is the perfect example of that. They are, you know, they're a dominant player in the space, in part because of the scale.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“About the investments that I make in some of these small or mid-sized businesses, their targets of larger companies, because there is a driving force that benefits through scale. So we've owned a number of medical device companies. Great product, but it costs an enormous amount of money to run a sales and marketing organization globally and large medical device companies have those sales and marketing organizations in place. So they're able to take a great product and put it into their channel and distribute it. And what I will say is asset management is no different than large financial institutions is no different than medical device, which is these businesses over time.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Barry is unique and different. And I think the forces that are driving consolidation in the asset management side is really the prevalence and the amount of capital that has gone to passive investing with far lower cost structure. And so the traditional asset management model of active management and fees associated with active management has been squeezed. And when profits and margins are squeezed, one of the things that a company can do is look to improve that profitability or margin by merging and taking out excess costs. So what you see happening in asset management is that's a different driving force than what we talked about for the global financial institutions. By the way, if you think”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Resilient than it was a decade ago. Having said that, there is no question that there remains what I would characterize as excess capacity or suboptimal returns. That could certainly be enhanced through mergers. And so my expectation, I think others' expectation is that there will be another round of consolidation and that may very well, you know, it may take some time to get there, but there is no question that for a number of these large banks, gaining more scale, creating more efficiencies will ultimately over time both improve returns for the investors and actually Build capital from a regulatory standpoint to keep these banks safer. So yes. I'm not sure we'll see it today, but we will see it.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great question, Barry. And I want to step back and say one of the real, you know, if there are benefits that came out of the global financial crisis is the standards that were put in place, whether it was the Fed stress tests and capital requirements, the Basel III requirements, all of these designations that you mentioned, you know, systemically important financial institutions, means that today those large banks start from a position of relative strength, both in terms of their capital and liquidity. So the good news today is in the course of what has been a very challenging economic environment in the pandemic, the banking system is far stronger, far more”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't know whether we'll pick the bottom, but because we're long term investors, Barry, we know when we're investing, we're not taking the top. And that to us is the important part. So this is a big, complicated global institution that had to go through a fundamental change in leadership, in management, in culture, and in strategic positioning. And that takes time. But if you're a patient and you've made the right bets in the early parts of an investment, it ends up being a very rewarding experience.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To turn over the Yeah, well, sometimes, unfortunately, you realize that when the rock is turned over, there are lots of critters. This one, the critters had already been released. The question was whether or not the management was up to the task. And that's where the work that I talked about that we do on the front end leads us to make investments based on the confidence of that deep due diligence and domain knowledge and expertise. We don't want to be the earliest. We don't need to be the first. What we”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Have both rolled out that repositioning and now executed on it. And what Deutsche Bank really focuses in on from an investor standpoint is in a world in which the macro environment is very challenging for banks. Much of the operating performance improvement of Deutsche Bank is driven by self-help. And we believe that Christian and his management team who have now successfully executed on their plan for close to two years is really on a path to returning this company to both substantial profitability and generating a lot of excess capital that can ultimately be returned to the shareholders. For us, in an environment that's otherwise challenging for large banks given the interest rate environment,”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was troubled by a variety of shortcomings and mistakes of prior managements, a lack of cultural focus, a lack of investment, and leadership. And ultimately trying to compete head-to-head on all fronts with companies like JPMorgan when that wasn't really their strategic direction. And so I invested after Christian Sieving was named the new chief executive officer. We were actively involved with the company in helping them think through their strategic repositioning. And we have been working actively with the company for the last several years as they”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Deutsche Bank is a really interesting investment. And when we made the investment back in 2018, we were clearly quite the contrary an investor. But with the benefit now of two years of execution and hindsight, I think the management continues, the new management continues to take this company in the direction we think is going to create lots of value for shareholders today. What was compelling about Deutsche Bank is it is the largest bank in one of the world's largest economies and obviously one of the most important economies in Europe with a number of businesses that if executed properly were leaders in their space and the bank”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In talk space, which is a digital behavioral health company, that business in many ways is now the future of behavioral healthcare, whereas pre-pandemic it was an important vehicle, but it wasn't as clear that it will ultimately be a winner as it is today. And so I think it's really the pandemic forces value investors and individual stock pickers to reassess the strategic positioning for many companies. And that's what I think the long-term consequence is going to be of the pandemic.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But investing isn't, you know, there are some folks who are market timing investors. We really are focusing on fundamentals of businesses that have that long lasting, sustainable competitive advantage. And what is clear is that the pandemic has accelerated and highlighted trends that will make for different winners and losers in the market going forward. So on a long-term basis, I think it has really changed the nature of how companies will compete effectively and be successful. And you see that, for example, in healthcare in the digital delivery and acceleration of digital healthcare. So, Barry, we talked about our investment.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, it actually is remarkably different in tone, nature, and I would argue over time the impact of the pandemic on the way companies do business, I think will be far more long-lasting and different than the global financial crisis. The speed at which the market recovered, I think, created a very small brief opportunity for folks brave enough to step in. In some senses, it was similar to March 9th of 2009, right? If you put money into the market on the 10th and walked away, you would have done extraordinarily well.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And when Well, as you know, Barry, I mean, though Cartronics is headquartered in the UK, public company boards have a fiduciary responsibility when selling a company to optimize value. And after our transaction was announced, the board received a series of inbound inquiries from a whole host of companies.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In the pandemic, the stock took a very significant hit, despite the fact that the company operated exceptionally well through the pandemic. And as a result of what I thought was an ongoing long-term opportunity, but a short-term disruption, I partnered with Apollo, global management private equity firm, and actually made an offer, which was ultimately accepted by the board to take the company private.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Seven of the ten largest retail locations. So if you go into a CVS or a Walgreens or a Target or a Speedway and you see an ATM in there, that ATM is owned and operated by Cartronics. And the company at the time we invested was struggling. They had just made two very large acquisitions, levered their balance sheet, operating performance, had gone south. They had lost their largest customer. And we invested in the company based on, again, months of diligence using our network of chief executive officers and our relationships. And obviously my own personal background in the banking industry. and worked with the Then new CEO to help reposition the company and change its strategic focus. And over the last several years, that CEO and his management team have done an extraordinary job in repositioning the company.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It is. And maybe I'll actually step back. So we still do own that stake. We acquired that stake a little over three years ago. And the logic behind it, Cartronics is one of these interesting small companies that many people have never heard of but have a remarkable market position. They are the leading provider of ATM machines, independent ATM operators in the world. They don't make the machines. They actually run and manage a network of almost 40,000 ATMs in the United States and many outside the United States. And what's unique about them is that they're in”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then execution. And we've talked a little bit about our new and growing SPAC business. They are all actively involved in that as well. So it's an extraordinary group of professionals and literally many of them have helped build and run and create some of the world's best companies.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of corporate development. And when I started Hudson, the first $250 million of capital that I raised was principally from that group of executives. And what I asked of them was not only for their capital, but I asked them to help to identify opportunities to invest, to help provide mentorship and guidance to the companies that we invested in to make recommendations for board members or for management team members, and really to be actively involved. And so we use that group. They've been with me for six years as an investor. We use that group for all aspects of identifying opportunities and diligence.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I would actually say if you met these folks, Smart wouldn't do justice to the extraordinary capabilities of these individuals. So I had the remarkable opportunity having worked running banking at JP Morgan is I got to work with many of the world's great companies. And I developed relationships over those 30 years with a lot of chief executive officers, CFOs who became CEOs.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We think it not only creates a lot of value, but it's actually personally quite rewarding to work with some of these companies and see them doing a better job delivering for their customers, for their employees, and ultimately for their shareholders.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We only make three to five investments per year. We're very concentrated. And so we have to make sure when you make very few bets, you want to make sure that those bets are good ones. The other piece is after we've made the investment, how involved we are with the companies. We will be involved assisting the management, providing advice, mentoring as it relates to their operational execution, as it relates to how they position themselves in the capital markets, as it relates to how they allocate the shareholders' capital to optimize value and returns. And ultimately, how they position the company strategically. And so we will often”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Barry, it is a combination at the front end of rigorous due diligence. So before we make an investment, it oftentimes it takes us four to six months to complete our work. So we'll be following a company for a long period of time. And we try to dig in as deep as possible to that business. Now we're aided by the fact that, you know, we have this network of current and former chief executive officers that have lifetimes of experience and domain knowledge in the industries in which we invest. And so we often rely on them and their networks to help us analyze the businesses that we invest in.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is a SPAC like a merger at the end of the day, many, many mergers are successful or fail on the chemistry and interaction of the two companies. So this partnership concept actually matters as much, if not more, oftentimes than the underlying economics of a deal.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Cost of capital than an IPO. And you're actually a spec means you're choosing a partner. And in an IPO, you don't have to do that. So each company that goes through this evaluation has to decide to the benefits outweigh the cost. For Hudson, what we articulate to our SPAC partners, and we did this with TalkSpace quite effectively, our partnership, because of this network of executives and our experiences actually accelerates growth and adds value to the company and therefore over time, the shareholders should be better off with that partnership. So we think that's, and I go back to your question about”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Gives you, I think, a greater degree of flexibility to raise both more primary and secondary capital in most instances. And then the last piece is the actual disclosures of a proxy, a merger proxy, versus an IPO filing means that you can actually provide your investors with projections. And it allows particularly for growth companies, it allows them to tell a much more fulsome story to the investor and the corresponding opportunity is the investor gets a lot more information when making that investment decision. So those characteristics are offset by a spat can be marginally higher in terms of its”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, honestly, it's less about size. So let me just step back for a second. And from our perspective, what I've come to firmly believe is there are some very significant competitive advantages of a spack over an IPO. It's a faster process, so speed can sometimes be important. It's actually a more certain process in terms of pricing because you don't actually end up announcing the transaction, the actual merger, until you've raised the pipe. And the pipe confirms the price, right? So you've pre-sold at that given price. And so you know in a relatively short period of time, not only you're going to effectuate the go public, but you know the price. Structurally, the spec...”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so Barry, there have already been several that are a billion or multi-billion that have been launched. And there is no question that there's the investor appetite for that. To me, you want to have the right tool in your toolkit for the right opportunity set. And what's really exciting for us is SPACs in that 250 to 750 range plus the ability to raise capital through pipe gives you an enormous flexibility to really optimize the number of potential merger partners out there. You know, the larger you... Get, the shorter the list comes of eligible transactions. And so we'd rather, to us, it's less about the headline you grab and it's more about finding really good businesses that generate a lot of value for our investors and for the shareholders.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The appropriate level of sponsor capital to really help effectuate smaller and larger transactions. So for us, we think this is a new and I think long-lasting corporate finance tool that private companies are going to look to utilize. It won't be perfect for all companies, but it will be really an excellent capital market solution for many. And we think we're going to be, you know, we're built to be successful in this asset class.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What turns out to have been the benefit of 30 years on Wall Street is we've got wonderful relationships with the M&A banker community on Wall Street. So we are getting more than our fair share of opportunities that we look at. And then my partner and I, Doug Bergeron, we've got longstanding historical relationships on both the East and the West Coast into the venture community and the private equity community. So for us, raising capital is really reflective of the opportunity set we see in front of us. And we've been very purposeful in sizing those two specs quite differently to reflect the different size of the opportunities so that we've got, you know,”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, it is certainly there's a lot of activity. I can't speak to the logic behind others. For us, one of the things that we have found is that our business model has created really even for me, I thought it would be a good level of transaction flow. It's been an extraordinary level of transaction flow. We source the businesses from really a multitude of sources. We have this network of my founding CEO partners, almost 35 executives that are out looking for opportunities for us to merge with in the SPAC. We have a full research team that's doing bottoms-up work. That's part of the Hudson Executive. Investment team. We have”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of it is you actually have to find a great management team to help execute that vision. And then the third piece is, is this a business that you can be an effective partner with? And do you share a common vision? Do you share a common mission? Do you think about how to build that business and create value for shareholders consistent with the management team? And, you know, in talk space, we found each of those three opportunity sets were fantastically filled by the company. Both its management, the core business, which I'll happily talk a little bit about. And our shared vision of what the opportunity set is for the shareholders over time.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's actually remarkably similar in many ways to a traditional M&A transaction. So the important part of ultimately finding a successful transaction is identifying businesses in our view that have long-term sustainable competitive advantage, right? Because you're going to be merging with a company that ultimately for us we think we want to look out and be successful shareholders, not just at the transaction, but two years, five years, ten years out. So it's important as part of an M&A process to identify companies that you think are going to create long-term value. The second piece”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To these private companies and the SPAC structure in going public. So we launched our first SPAC in June of 2020, so right on the heels of the turnaround in the markets following the pandemic's initial impact. And we've been very fortunate. We announced a merger for that first SPAC early in January with a company called TalkSpace, which we're really excited about.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great question, Barry. And I began Hudson a little under six years ago, and we were simply investing principally in public companies, companies that were already public where we could go and acquire their shares. And I was, to be fair, over the last several years, I was somewhat skeptical of SPACs. The history for me with SPACs was one that typically involved very troubled companies. And some very dear banker friends of mine worked very hard to convince me that this market was changing and that the skills that I just described that we use in Hudson to help position public companies would be directly applicable.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The CEO and the management team and the board. And we find if we can do that, it usually gets to the place we want to get to faster and more efficiently, and it ends up working out much better for the shareholders.”
2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source