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Doug Braunstein

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66

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2021-02-19

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2021-02-19

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1. “Investors get better coverage from research analysts, tell their story succinctly and clearly. And then perhaps the most important thing we end up doing is helping the company position themselves strategically for a lot of these small companies. They participate in businesses where scale ultimately can be a real competitive advantage. And oftentimes our investments and the companies we invest in end up being required by much larger strategic partners. So that's the philosophical approach. It is very active, but much of what we do, almost all of what we do, is typically behind the scenes out of public view, consultative with both”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

2. “You know, I think the way to think about it is I think we try to take up private equity-like approach to public market investing. And what I mean by that is we invest in companies where we think we can add value by helping them from an operational standpoint. We can add value by helping them allocate capital efficiently. And that doesn't, by the way, mean share repurchases or dividend. That means for small companies, how do I put a dollar of investment to work in my business to optimize my return on investment for my shareholders? We look at how to help the company reposition themselves in the capital markets, attract better long-term”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

3. “Remarkable network of current and former chief executive officers and other senior executives that I had built over that 30-year career and try and offer that wisdom and expertise and mentoring and judgment to small and mid-cap companies where we could make an investment and try and help those companies to improve their performance. So that was really, it was the excitement of doing something entrepreneurial and really sort of leveraging those capabilities and relationships I had built over three decades.”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

4. “Thanks for asking Barry. It actually. It was a function of some of the most extraordinary people I had met over a 30-year career on Wall Street had been a successful entrepreneurs. In fact, my wife had been a very successful entrepreneur. thought that it would be an exciting and invigorating opportunity to launch out at 55 and start my own business. And I wanted to do something different and exciting and energizing and I came up with the idea of building an investment firm around the notion that I could tap into this.”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

5. “We were a fortress balance sheet and we were able to take on those businesses. And I think in hindsight, both have created a lot of value for the JP mortgage shareholders.”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Also, good for the country that we would do that. Washington Mutual was a different set of circumstances and a different process and different regulators, as you said, Barry. And as it turned out, we had taken a hard look at Washington mutual previously. And it was also, to be fair, a simpler business and a less complicated balance sheet. And so that process was less time constrained, though obviously important, and it was really run in a very different way. Interestingly, at the time, if I'm recollecting correctly, the FDIC, which ran that process, they actually required you to bid over a fax machine, which even at the time was unusual. And so we actually... Had to put our bid letter in over the fax machine. And both of those transactions, obviously the opportunity set arose because”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

7. “Yeah, it was for you guys? Yeah, there was, but that was less at issue, actually, for us. Again, because of the fortress balance sheet and the vast amount of liquidity we had others incurred problems, we thought we would be fine, but it wasn't necessarily a good thing for both the economy and the country. And so at the time, there was a real sense that if we could do something that”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

8. “Yeah, I mean, Bear Stearns obviously we had this weekend. There were businesses we were quite familiar with, but we knew in part that if we didn't act over the course of the weekend and Bear Stearns filed for bankruptcy, which they were preparing to do, That there would be this cascading effect that could potentially impact many others.”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

9. “Yeah, so it was actually, I did get to participate. It was an extraordinary experience. At the time, I was in my role of running banking and M&A. And so I ended up doing what was a very short lead advisory assignment for our work at the company. So we knew mid-week That Bear Stearns was having what ended up being a devastating liquidity crisis. And we originally, as you may recall, were called by the Fed to provide Bear Stearns a loan. And then literally over the course of that Friday, Saturday, Sunday, I helped to organize and lead teams around diligence and then obviously helped Jamie and the senior management in the negotiation of the actual transaction. So, you know, the process itself Given the time constraints and the risks involved was one of the most fascinating ones I've been involved with.”

   2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Was accurate, transparent, that we were clear and consistent with that reporting both to the public and obviously to our regulators. And the last thing that was really fascinating about the job was I took on that role right on the heels of the implementation of Dodd-Frank. So at the early days of a post-global financial crisis, if you will.”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

11. “You came in every day with this feeling of responsibility to make sure that the company was both safe and secure in a good place for them to work. We had millions of consumer customers, millions of small business customers and obviously we were banked to many of the largest businesses in the world. And then, of course, you have a $2 trillion balance sheet. And at the then time, six independent lines of business. So it was a privilege to serve in that role. You worked every day to make sure that we were maintaining a fortress balance sheet. Obviously, my responsibility in communicating with the external investors was to make sure that what we said”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

12. “it Yeah, you know, it, I mean, to be fair, Barry, I think it was in aggregate a remarkable privilege to be the CFO JP Morgan. It is, I think one of the world's great companies, and obviously I got to work directly for what I believe is one of the world's great business leaders in Jamie. You know, the remarkable part about it is what I believed was this awesome sense of personal responsibility because the company had 250,000 employees. And while we had bankers and dealers, we had literally thousands of people in teller jobs and back office jobs and the security teams that greeted you on your way into the office. And so you just, you”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

13. “Yeah, well, my first to be fair my first exposure to Jamie was I was I was helping Bill Harrison as advisor to JP Morgan in the merger discussions with Bank One. And actually I can remember distinctly forceful conversation around the exchange ratio at a conference room table with what I And I got to develop an even stronger relationship with Jamie and quite a number of the members of the operating committee. And so I think when I was approached to do the CFO job, as you might expect, I spent a lot of time talking actually to Mike Kavanaugh, who was my predecessor in the role speaking to literally all of the operating committee members before deciding that it would be a great opportunity for me and hopefully the right decision for the bank.”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

14. “Five million dollars. I think actually Joe's pizza shop and M&A group probably ranked higher in the league tables. And I had a wonderful, we'll talk a little bit about it. I had a wonderful close to 20-year career at J.P. Morgan. But when I left the role of head of M&A, the business was doing about a billion six, about seven or eight years later. So it was a remarkable run in building out that business with the firm.”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

15. “Well, I took my boss at the time at first Boston who's running the MA group brought a bunch of us about six senior bankers to Merrill Lynch to help build out their M&A practice. And I was there for four very good years. But I got a call actually from the late Jimmy Lee and he was at Chase and they wanted to build out their investment banking businesses and he and Bill Harrison convinced me that I could come and make a difference. So I joined that organization in early 1997 to run at the then time their healthcare investment banking practice. To co head their MA group. And I think the year before I joined the Chase M&A group's revenues were about 30.”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

16. “Yeah, so Barry, in some sense it was a little bit circumstance. I was actually, I went to law school and I had planned actually to be law school professor. That was my objective. And I read this remarkable article in the New York Times Sunday magazine section on lawyers becoming investment bankers. And it sparked my interest. And that year was the first year, the first Boston came to campus to recruit directly. And I dropped my resume into box because that's what you did back in the 1980s. Incredibly exciting, and so that's where I went. I spent close to eight years at First Boston working originally for Bruce Wasserstein and Joe Perella in the M&A group and just had an extraordinary start to my career.”

    2021-02-19 · Masters in Business · Doug Braunstein on Investment Banking (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source