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Ellen Zentner

lines on the record: 97
first: 2025-08-22
most recent: 2025-08-22
sittings or episodes: 1
sources: podcast

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“More affluent countries. It is a natural way of things, countries that are able to, let me just say, roll with that. Right, and boost productivity by making fuller use of your existing labor pool are those that still continue along that path of affluency. The US has not just higher birth rates than our major trading partners. We've got higher rates of productivity. It's part of what U.S. exceptionalism is built upon is that not only have we kept birth rates higher, which population growth and specifically growth in your labor force goes into the potential growth in your economy, those calculations, but we're also making those more productive. And it's part of our secret sauce of success. When I talk about US exceptionalism, I'm not even referring to markets, financial markets. I'm talking about the U.S. having more flexible labor market where we have higher rates of productivity, very important that we continue to hang on.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Good at something Europe is not very good at or you can replace that labor with AI and robotics. There's your incentive. There's your incentive for countries like China, like Japan. Maybe not like India right now, but India's demographics are not good when you look further out a decade from now 15, 20 years from now.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Some big themes, and again, it's hard for me to get away from some sort of flavor of AI So, as an economist, I'm going to go back to demographics every time. What are the incentives for adopting AI? Incentives for adopting you've got to replace labor shortfalls. That's a huge incentive. And so if you are a country with falling birth rates and you can make up for that in several different ways, one is your existing population. You can put in policies to boost labor force participation. So have a more full participation from your current population. You can be sure that you are not just having an open immigration system. And I don't mean just opening your borders to indiscriminate flows, but an open immigration system, a traditional open immigration system, where you have a sound process for integrating immigrants into the labor market, something the U.S. has been very”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And they become part of the fabric of that generalized technology that all companies end up using as AI diffuses across the economy.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it's very difficult to not have those big, big tech names, let's say in a multithematic portfolio or if you're trying to take advantage of an AI theme because they are big players in the space. I mean, as soon as someone in this country moves into contracts with the US government, you've got an incredible amount of funding. Look at someone like Elon Musk who is a creature of the government”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“AI threads through all of that. It threads through all of it. So when I think about, say, conviction weighting those themes, your highest conviction weight is going to be on the AI tech and diffusion. Because it does thread through everything”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“But artificial intelligence, it's a very broad. And so I would gear it more toward AI tech and diffusion. Which has been a key pillar, thematic pillar for Morgan Stanley. But here's why it seems like my answer is just so easy and almost like not well thought out, almost flippant in a way. AI is a generalized technology, so it flows through everything. So whether you're thinking about a multipolar world theme, which importantly includes defense, we had gone long global defense back in January, and it was based on the fact that you've got your palanteers of the world and open AIs of the world working with the US government to modernize defense for tech and AI. And so if you think about four themes, say longevity, AI tech and diffusion, multipolar world, and the energy. Of everything”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think the NIMBY really is a symptom of or a side effect of the regulation, or sorry, the NIMBI not in my backyard leads to, is part of what leads to the heavy-handed regulation, right? And heavy-handed regulation by far is a key contributor to the cost of overall housing. Then you add the cost of labor in a sector which has had a shortage of labor since 2008. And we only started to make up for that shortfall during the what I call the immigration period, where we were bringing in millions of immigrants a year in 2022, 2023, and part of 2024, only to see that reversal now put labor pressures on that sector again. And then tariffs on materials that go into construction. So it's just cost upon cost upon cost that homebuilders are having to deal with that help drive the affordability issues for the home buyers as well.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Right now, housing is not in a great place. In the US, affordability is terrible. And it's not just an interest rate problem. More of the home price is made up from regulatory impacts than anything else.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And so single family renting will be in high demand. We're going to need to build those units. Home builders are going to have to respond by building smaller, less expensive homes. We think modular housing will have a big role to play as well. And then you start to think about all the different ways we need to build homes as well. That shortfall in order to ensure all those homes, we're going to have to think about climate-friendly building materials more climate resistance building materials, all the different ways that we can appease the insurance companies so that we can actually build in the areas and make up for those shortfalls. So I think housing is certainly from a thematic perspective, something that can, it's a great example to me because it's something where this is a longer run. structural theme, but it can fall out of favor at times cyclically because it is very interest rate sensitive.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Think about that, that's currently, and then you grow that over time, you pair it with affordability, you pair it with the fact that our surveys do show that millennials in Gen Z by far still want to live in single family homes. They may not all be able to afford single family.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Force going to peak? When do we hit peak earning years and peak working years? And therefore, first time home buying years, et cetera, et cetera. So you mentioned housing as being one of our key calls in 2019. Well, that was only accelerated during COVID. There were many themes that were accelerated during COVID. And housing is one of those in terms of the incredible demand. I mean, we are going to be underbuilding housing for a decade.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“But our birth rates are higher than our major trading partners. And so comparatively speaking, that is something that's very important that drives the backdrop. Now, economists love demographics. Demographics make the world go round. And demographics, when you look at any point in time, how well did the Census Bureau get demographic projections pretty well? Because it turns out we sort of all age kind of along the same track. And what we know from detailed government data is we know how we tend to move through the world and spend and behave at certain age ranges. So you as an economist, you can just let your demographic cohorts age through those buckets and know kind of how the spending shifts are going to take place, when or participation rates in the labor.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So we're here. We're in it. And we were at the cusp of it then. Millennials were already starting to outnumber baby boomers. That's right. And then you've got Gen Z coming up behind them at that time that were just as large. So when you combine the two, and that's what we mean by the youth boom, you've got a demographic.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, thank you, UK, for bringing some business back to us because here's a country that is dying. Their birth rates are non-existent. Population has been shrinking. So, how can GDP be growing? There's no fundamental basis for it. So it must be some sort of tectonic shift like Brexit”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Adrenaline, you're tested, your limits are tested. And what a great story to tell. I was also on the trading floor at 1 AM when Brexit happened. I had gone to sleep at 11, set the alarm for midnight. The alarm went off. I know that my husband immediately checked the phone. I heard him say, oh, and I was like, what? What? And I was like, oh my God, I had to get in the shower and get to the trading floor by 1 a.m.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And we had just put out our year ahead outlooks because those come out in November. And so I was there standing at the front of the room and I just left my PowerPoint presentation on the front page, the holding screen as a holding screen and said, let's go. Ask me whatever questions you have. I'm not going to have all the answers, but let's talk. And I don't even remember what I said. The time flew by. I then went back to the airport, tried to get on an earlier flight to go back, was still delayed, finally got back at 11 p.m. at night to New York, could not fall asleep still either on the flight or when I got home. And ultimately finally I just gave up sleeping went into the office and 42 hours I went without. Sleeping.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“To the gym, okay, not going to the gym. Wait, I need to order some sort of dinner to the room. Okay, I can't eat. Then it was, oh gosh, Asia is awake. Got to get on calls with Asia. Then it was, oh boy, Europe's waking up. Got to get on calls with Europe. Calls with my colleagues, calls with these clients, calls, calls, calls, calls, calls. At 11 a.m. in the morning, which was now more than 24 hours later after I had gotten up, I decided that maybe I should at least try to close my eyes for a little bit. I closed my eyes, couldn't fall asleep. I had to go downstairs at the hotel to deliver an economic outlook to what had then become a standing room-only event because look what's just happened, let's hear from the economist.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“So I had gone to D.C. the morning of the election. I had already voted in early voting. I had left on a 6 a.m. flight, which means I had to get up at 4 in the morning and went to DC for meetings. Then I flew on to New Orleans to prep for a conference and decided that I would go to the gym as I love to do when I'm at the hotel and then buckle down and get ready to watch the fun election results come in and watching the election results come in and then answering client questions at the same time and then seeing all of that unfold in a way that was surprising to many people where this cycle kicked off where okay wait I thought I was going to go”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“I like to think back of periods in my career when my limits were tested. And it might be the financial crisis. It might be some other recession. It might have been COVID. But certainly 2016, we had a presidential election year, and my limits were absolutely tested, both physically and mentally.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh gosh, about a year and a half So, Vincent and I were able to overlap for about a year and a half before I took the chief economist role. You may or may not know that he and Carmen reside in Boston. And so being able to work full-time from Boston continue to support Carmen in her role at Harvard. And also a role that fits him so perfectly well as the chief economist, the financial chief economist at BMY Mellon is just the perfect place to be. So I am very thankful for the time that we were able to spend together overlapping there at Morgan Stanley. And so in 2015, I then became the chief U.S. economist.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“I knew of him. I did not know him on a personal basis And it was an absolute surprise to get that call. So, it wasn't just the Morgan Stanley name, which is wonderful to go to a place where just the name alone gives you a certain amount of gravitas. I was the same economist I was previously doing the same work and the same methodologies employing the same tools, but suddenly it was like, oh, she's at Morgan Stanley. So just changing the name to such a well-respected firm meant all the difference in my career. But to specifically be able to go and learn from an economist who sat at the right hand of Alan Greenspan for so many years, being a Fed watcher and being able to then work for the quintessential Fed Watcher and sort of plug the holes in my knowledge, it was just an opportunity I couldn't pass up.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Reinhardt and Rogoff Reinhardt and Rogoff fame. Well, Reinhardt, Reinhardt and Rogoff. So the Reinhardt and Rogoff mostly is Carmen Reinhardt.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Make a company more profitable by selling to you. So it is a bit different. But if the government can employ those techniques and give me that kind of detailed data on our population, I would use it all day long”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and it's true. But if you think about it, if we tie that back to the old days of just having to send out surveys for data and such, you know, as an economist, I want as much data as possible. I want it to measure everything you could possibly, you know, look at sideways. And I appreciate having that detailed data. My husband used to get irritated because, again, back in the old days when someone might actually call to do a survey, I would be the one that would give them the time of day and answer the survey because I knew that as a practicing economist, I would really appreciate having that detail. Instead, now because it's being done by algorithms and machines and there's not a personal call behind it, we're sort of alarmed that someone is getting that much information. But it's also because a good deal of it's not used to make the government more data more accurate, right? It's used to”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Saw an ad one time for dog food. Now, I don't have any pets. So I clicked on that ad and it started showing me dog food ads. So I stopped purchasing things because this was the problem. I'm an impulse buyer. So I would purchase things on Instagram. And so, but then Instagram started, it got my number, it knew what I was doing. And so then I thought, okay, I need to click on the dog food ad and now poke around in that site a little bit. And then, okay, I need to poke around the site a bit and then add something to my cart and then just abandon it. So for a while, I was able to train. If I just did that a couple times, then for 30 days, I would get dog ads and I easily could continue to enjoy Instagram without buying a thing.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Contacts. And so I really think that's where, and certainly that's where I was like, okay, maybe I should keep up with people through LinkedIn. But I'll tell you that I have learned how to train those algorithms. So with Instagram, which I have sent since dropped altogether. But when I was on Instagram, I got so tired of being marketed to as a 50 plus year old woman. It was every single ad was the best mascara for insert, you know, or it was the best insert, you know, blank for women over 50. So it was the best mascara for women over 50, the best shampoo for women over 50, the best whatever, and it would always somehow show this beautiful woman that happened to be over 50.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, because you have access to sensitive information. Like that's how for most of us in finance, that's how your departure is going to look one day. And so if you had joined LinkedIn, it was the way that you didn't lose all those.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Maybe not anymore. Yeah. But in 2015, What do you mean? Yeah. Yeah. Well, I think for 2008, you know, in finance, oftentimes the jobs we have, when your time is up, you're ripped out of your seat. Yeah. With the body?”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. So never experienced anything like it. And so. And you know, I really think that that's when LinkedIn took off because I had signed up for LinkedIn at the time, but didn't use it. I'm still not a huge fan of social media. I know that's terrible to say. How can anybody be successful today without using social media? I'm going to tell you.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Sorry, this is when I could make a joke about certain news that came out after you feel free. But no, I shouldn't. But anyhow.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“From MUFG, which the check is written from Bank of Tokyo Mitsubishi. So that happened. And what was interesting was when I eventually ended up at Morgan Stanley to hear what it was like for my colleagues from the other side on a Friday being told, you know, go home and we'll let you know on Sunday if you still have a job, if the doors are going to be open, and then being told on Sunday that you can go back to work. And the fear that they felt versus I didn't feel total job security because for the first time I was seeing economics teams just on the whole just being cut. And you had never seen that poor. The economists are sort of, you know, we're kind of, we've got decent job security compared to the rest in finance.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Of our own that had lasted a long time. Japanese firms were sitting on a pile of cash, and it was at that time that the ceremonial check was walked across Broadway to purchase 20% of Morgan Stanley to keep Morgan Stanley afloat.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I think of NAB as being my partner in my career since I joined NABE in the late 90s. Long story short, I get this great job at Bank of Tokyo Mitsubishi as the senior economist there. I basically was a one-man band, which was great because I had to wear every hat as economist for smaller institutions or with smaller research arms have to do. And what's so interesting about my time there, and I was there for eight years, is that during that time, the financial crisis hit, and I felt so lucky to be at a Japanese firm at that time because we had not taken part in mortgage-backed security investing. We had already gone through a financial crisis.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And their jobs board, which was extremely antiquated then, well, it didn't seem antiquated back then. People would be appalled at that jobs board now, but I actually found my job at Bank of Tokyo Mitsubishi through the Nabe Jobs Board, which is still econjobs.org.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And mailing them, so many of them, but also, you know, I have a long rich history now with the National Association for Business Economics”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, not closed every other year. Although I do sometimes long for the boring days of working at the state. So I knew that I needed to go to either. A DC or Chicago or in New York, I wasn't quite sure where. And so while I was job searching, which back then involved looking in the newspapers, or which is going to sound, I mean, people are just going to be like resume.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“It is a big jump. So part of it was that I felt state government was not where I wanted to be for the long run. There's something about something in my DNA, as it is with many people in finance that attracts me to just a fast-moving environment. I needed something that was much more dynamic.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And I've propelled many an economist off of the back of bringing them onto my team and saying, here you go, here's a huge consumer platform, learn it and run it. And they have gone on to do amazing things. One of them still with me at Morgan Stanley. Paula Campbell Roberts, one of my shining, shining achievements in my career is seeing her career at KKR. Flourish”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“In the late 90s, there was this thing called day trading with no restrictions in a firm. You just sort of like have fun and be like, oh, I made a few thousand dollars today, day trading. No, it was sort of a, let's put it this way. It was a wonderful way to start where I could really dive deep into topics such as studying the fairness of the tax system in the state of Texas, doing economic development studies. We were a part of the study that helped attract the first Toyota Tundra plant to the state of Texas in San Antonio and working for Tamra Plout, who was”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Tell us a little bit about this guy that used to be the governor of the state of Texas, you know, and but no, that was great. So I I got my master's degree in economics and said, Well, what do I do now? And so made sense to go back home to Austin. Now, at that time for economists, your option was to work for the state, or you could work for UTemco, which is University of Texas investment arm. Like, there's not a lot of areas for economists that now there's a thriving investment community, hedge funds, you name it. But then you worked for the state. And so it was a great way to start Texas legislature as a biennial legislature. It's only in session in odd years. So I think I worked really, really hard for five months every other year. And it was a wonderful way. What do you do the rest of the time? The rest of the time, let's see.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“I had seen snow in Austin once every six years on average it snowed. And so we made a snowman with a lot of rocks and sticks in it and leaves. But it was a snowman. But my mother had spent summers in Boulder. So my grandfather taught both my grandparents taught at University of Texas. My grandmother got her PhD from Cornell in the early 30s. My grandfather got his PhD from Columbia here in New York. They were both teaching at the University of Texas. He founded the physical education department at the University of Texas. And so there was a legacy. My mother grew up spending summers living in the dorm in Boulder because he would teach summers at University of Colorado in Boulder. And so she always talked about the mountains. And just when I decided to leave Texas for school, I said, that's where I want to go is the mountains. Even though I had no idea exactly what I was saying.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Are still in the state of Texas. Then you go through one tiny corner called Raton Pass. That's where my Texas comes out. Ratone Pass right there where Colorado and New Mexico and Texas come together and you just slip right through into Colorado. And so we registered sight unseen. My mother woke me up. I was sleeping in the backseat of the car. And she said, Ellen, look. And I woke up and I looked out of the window and I saw the mountains. And I was like, mama, I'm home. I had never seen mountains before.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“It was a little strange. So we had registered sight unseen. My parents and I, we drove up the 15-hour drive from Austin, Texas to Denver. The first 12 hours are in the state of Texas, and then you finally get out of the state. That's crazy. That's starting in the middle. Wait, so New”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, you could afford to live on your own. So I remember turning 18 and my mother looked at her watch and basically said, why are you still here? And so I moved out with my friends and was just having a great time. And so by the time I decided to get serious and said, hey, you know, I want to go somewhere else for university. I was starting university when my friends were graduating. And so I wanted a commuter campus. And University of Colorado Denver was just a phenomenal place to be with an amazing economics department.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“And I know that's a Yeah, bachelors and master's from Denver, University of Colorado at Denver, which I think surprises people even more. So I had gotten a late start as I would put it with university after high school. I was partying, having a great time. It was, well, it turned out to be an unplanned gap year. And, you know, in the state of Texas, there's a lot of room. You don't need to live at home, or at least back then, you didn't need to live at home in order to afford.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source
“Hi Barry, thanks for having me. I'm really glad that you got my title Correct and without losing your breath because it's a long one.”
2025-08-22 · Masters in Business · Tariffs, The Fed, and Macro Focus with Morgan Stanley’s Ellen Zentner · IDENTIFIED FROM THE TRANSCRIPT · source