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Gina Martin Adams

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78
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2016-08-26
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2016-08-26
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1
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  1. “So it was really tough as the best word that I can use to describe it because it was in a lot of ways somewhat indescribable because it was such a unique experience”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “As long as home prices were falling. Going to take everything in its path It was pretty awful. I mean, I don't want to say it was debilitating. We still were producing research and kind of wondering what the point was, but nonetheless. You were in Charlotte then, right? I was in New York. Oh, you were in New York. I was in New York and had just for a year been doing equity strategy at that point. So it was tricky because you kind of wondered where are we going to end up? On a daily basis, my colleagues and I would discuss what's going to happen to us, right? It was as much as we wanted to do business as usual, so much of your day was dedicated to following what's happening in the financial news, what's happening in the financial stocks, you know, who's crashing today. Where's the next crisis and how are we going to survive this?”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “That was the catharsis. That was the big moment. And that was going to be it. And then suddenly you had this just wave of trouble that occurred in the fall. So even though that summer, we think of it as, you know, that was when everything happened, it was really the fall when everything happened because the summer was a quiet period. It was, oh, you know, things really don't seem stable, but the market seems somewhat stable. What's going on here? And then it just absolutely fell, you know, through the floor. People forget.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So ridiculously stable. What does the market know that I don't know? And you think back to that period, and there were a lot of people saying bear was the big moment.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “March 08, something like that? The spring of LH. And then the big moment for us, obviously, was the acquisition of Wacovia by Wells Fargo in September. The markets were actually remarkably stable during that period. They were bouncing up and down. They were bouncing up and down, but they were range bound. And then September happened, and it was an absolute crash. But I distinctly recall sitting in my office during that summer and thinking, why is the market?”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yeah, it was brutal, to say the least. I mean, what was amazing about that summer is if you look back at what the market did between the Bear Stearns collapse, which was, let's call it.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Thousand percent history run. Right. It was just incredible environment where obviously you owned stocks for the long haul. And obviously you put money to work into stocks. And your pension was clearly going to be there for you because the equity market was constantly rising. Bonds were in a bull market at the same time. And then in 2000, really starting in 2000, those assumptions started to break. And I think that that's a huge change for the industry at large is what does the investor want out of us? What do they command out of us? And what is their perception of assets in general and their willingness to tolerate the risk that comes along with ownership?”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “And investors today think very differently than the generation of investors prior to that. If you think about how the baby boomer generation sort of came up in the workforce, they went through the 1982 to 2000 biggest bull market.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “The other thing I think is investor appetite for risk. And this sort of speaks to what the retail investor is doing with their capital. You go all the way back to 2000. That was pretty much the peak of household ownership of equity, right? And we have yet to recover.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Yes. Right, exactly. Think about it. There was no Blackberry also, right? In the late 90s, nobody carried around a Blackberry until right around 2000. Your cell phone was for voice. Stop and think about that. That's a very big change. You could barely.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Right. I mean, just a totally different business model. And I was fortunate enough in my rotational training program that we referenced earlier in the program, I was fortunate enough to sit on a desk where we designed the automated trading in mutual funds on the investment side of the business. Yeah. So that was in the late 90s.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “The other big change that I see is, you know, there are really two. One is technological advancement is obviously changing the way in which we do business. And that's changed from when I started in this business to make a trade in a mutual fund. You had to call a company. Right, I mean, it wasn't very different. End of”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “That's fascinating. It's very Absolutely. Power throughout the entire regulations is a tremendous challenge. You also have a level of conservatism. And Wells Fargo has always been a very conservative organization. So I think, you know, we're certainly unique in that aspect. But there's a level of conservatism across banks and especially in investment banks that maybe didn't exist. The risk-taking is not as extreme. There's always risk-taking. It is an investment bank, but I think the decision process is a little bit different considering the regulatory angle. I mean, obviously, There's been a shift in even the capacity to trade in these divisions is pretty much gone. So I think, you know, there have been a lot of changes, but a lot of them are related to regulatory pressures.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Well, you know, the first thing you observe is that the fastest growing divisions of banks are the regulatory and compliance departments.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Yeah, post financial crisis, but also post tech bubble bursting. Oh, really? You know, I go back to the late 90s and I did have a few years of experience in the 90s, in the absolute boom years, you know, in the years when the investment bank was not entirely separate from the research division. While I was on the buy side and only peripherally noting these things, the changes from 2002 to 2004, I think, were very profound for the investment banking industry. And now the changes post financial crisis have been very profound for the banking industry at large. So you had two post-crisis periods of regulatory change. And that's, I think, been the most profound change to the financial services business.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Yeah, it's very different. It's 10, 20 years. Absolutely. And I didn't see that in my career because I was on the buy side for the first several years of my career. And then I was an economist. So, you know, I've only been in the equity business specifically for the last 10. And I didn't see that over the last 10 and certainly don't see that today.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Still, but I think, you know, I have to admit there have been remarkable changes just in my career. And I meet a lot more women doing what I do and a lot more women that sit across the table as clients today than I did even nine years ago when I started an equity strategy and certainly more than I did 20 years ago when I started this business.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “You know, the way that I see it is being a woman on Wall Street is both a blessing and a curse. I mean, I think that there are a lot of blessings that come along with being a woman on Wall Street. You are immediately recognizable. Right. Right. You're not another guy in a blue suit with a white shirt and a red tape. Right. So, you know, on that hand, it's a blessing. It's a curse because you don't 100% fit in.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “It was just easier on us. So, from a personal perspective, and for my colleagues as well, there weren't any competitors internally within Wells Fargo. So there was a chance that we could survive, as opposed to going to somebody they had city heads.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Yeah. I mean You know, I don't know all the details of everything that happened. I can say internally. There was a lot of rooting for Wells Fargo because Wells Fargo didn't have an investment bank.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “You were Wakovia It was tough. You know, I can remember many days, especially over that summer after Bear. Many days of a lot of question marks as to where we were headed.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “In the charts. So, So in 2007, it was great. I actually worked as an economist for John Sylvia, our chief economist, for several years before 2007, and then moved in 2007 from Charlotte to New York to start this equity strategy product. Our entire equity trading business is in New York. So it made a lot of sense for me to be here. So the move to New York was fantastic. You know, a lot of big changes. We had about six months to design a product and start putting it out. We were putting it out in 2007 to early 2008 when things started to get a bit rocky. And then the summer of 2008 hit, and we had really just gotten comfortable with getting the product out there, understanding the client base, and then it just went bananas. So suddenly the title went out.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Does it's you know, it's not interesting just because of the content, which I think is always interesting. You know, whereas the equity market headed and how do we take advantage of different trends in the macro economy in stocks, but it's also interesting in the client base and the struggles that they've gone through and the changes in the client base have been pretty phenomenal. I've been doing equity strategy now for nine years and my product has changed a lot, but also the client has changed a lot over the last nine years.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Work with. So I'm dedicated to the institutional client. So the portfolio managers of the world, the hedge fund managers of the world, the pension funds of the world as well. Professional investors are my audience.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Every day is different. You know, the basics are you break my job into Research So coming up with an idea, researching those ideas, then writing those ideas into a report, and then communicating those ideas to the world. So you think of it in sort of three parts. Researching an idea, writing an idea, and then communicating that idea, getting that idea out is really what I'm focused on. So some days are very research intensive, some days are very communications intensive. It sort of depends.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “No, it was in Charlotte, North Carolina. Charlotte. Yeah, it was in Charlotte, North Carolina. So they did a big recruiting down at the university. I ended up in a program called the Capital Management Group's Training Program, so where the securities business, the investment banks all have their two-year training program for bringing analysts into the investment bank. We had one for capital management, investment management. And I joined that, rotated around, got to know the various divisions of capital management and ended up in the investments group.”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Okay, so I actually joined the company known as First Union right out of college. I went to the University of Florida, thought I was going to be a marketing major, took my first finance course and literally fell in love, added that to my docket”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Okay. I think there are about 100 of us. Oh, really? In the world now, maybe getting closer to 200 now. And how many CFA?”

    2016-08-26 · Masters in Business · Interview With Gina Martin Adams: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source