YouSaid · the spoken record

Ilana Weinstein

lines on the record: 138
first: 2019-11-22
most recent: 2019-11-22
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

“You can have more confidence in terms of relying on things like your non-intellectual judgment and your willingness to take risk and be wrong. So I do think those pieces fit together. And it's about being somewhere which can really help you develop the right foundation.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Certainly for us, and I'm not sure how much of it can really be taught. I don't think you learn this stuff at Wharton or it's hard to, it's just, there's a DNA composition to it. and it comes to passion. I know it when I see it. I know somebody who's really into their subject matter. You can't fake that Intensity, an intense desire to learn and grow. We spoke about this earlier, humility. Arrogance is a killer in this industry. It's what kills performance. You have to be willing to pivot and come at things differently and evolve. And I think, but I do think the art can be made better if you're somewhere that can make the science better and gives you the tools to refine your process and come at research more effectively then.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“We're looking for velocity of ideas. I want somebody who's constantly thinking out of the box and coming up with things regardless of how tough it may be. Want somebody who can run a scale business, you know, being able to deploy $10 million is different than $100, is different than a billion. For our clients, I need the guy who can deploy a billion dollars successfully and generate consistent alpha over time. And that goes to my last point on science. I want somebody who can be effective in different kinds of markets. It isn't just a one-trick pony. So that's a toll order. That's on the science front. But you can have people who have great science and no art and can't really generate P&L. And art is a, I think it's a little bit know it when you see it.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think there's a special cocktail of art and science. That goes into what makes the best people. And when I look at the people I thought were good 15, 20 years ago, when I see them now, a lot of these people, I'm like, what was I thinking? It's just what, so our judgment has certainly become a lot more refined as we've seen people evolve through different markets, but there are certain things that are common traits is what we've distilled from that that I know now that I wish I knew then. So those fall into two categories, science and art. On the science front, what we're looking for is a defined process. We're looking for people who come at things through systematic research, through systematic independent research, not through talking to their hedge fund buddies.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“It sets up a work ethic, which I think just serves you well in life. That's the ethos. I live by still to this day. It's the ethos of my firm. It's just being paranoid that you're missing something and making sure that every last stone is uncovered.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they need to understand whether it's finance, whether it's investment banking, or it's going directly to a hedge fund. Or really, my advice would be no different to whether it's consulting anything. They need to be prepared to work harder than everybody else if they want to differentiate themselves. And I tell this to my son all the time. Everyone thinks they work hard. The truth is, as you and I know, Barry, most people don't actually work that hard. And I think particularly with millennials. I don't think people these days we interview young kids from Goldman even to join our firm to my firm. They're not working the way I used to work when I was a Goldman. And so working hard that hard and being that overprepared in the beginning is what will set you up for success because you'll be ready for unexpected questions.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, I don't think. And again, all those funds that I mentioned that are now shells of their former selves, right? We talked about the AUM drops of funds like green light and Corvex and Discovery and fir tree. So that's not indicative of funds that have delivered great performance for the past four or five years. Again, this year excluded. So I don't agree with that. I think now what is the differentiator are really funds that have set up an infrastructure that bestows competitive advantage to their people.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think that this shakeout is going to be for the better because I really think the industry has gotten tagged with the poor performance of the majority of hedge funds. And if they go away, then I think what we're left with are the guys that are actually really delivering. On a business model that works for LPs. And so as much as this is a painful moment in time for a lot of funds, I think the shakeout will happen the way it's supposed to. Before we”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Provence, Croatia. Other parts of France like Ile-de-R ⁇, which is off the coast of La Rochelle. It's kind of like the Hamptons of Paris. Costa Rica. Oh, so really an eclectic mix.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Calories a day, it's cheesy. You see stuff you would never see as a tourist. You know, you really, and we pick places that are just that are like, you know, they're beautiful to cycle.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“And they went through Italy, then they went through. I do this in style. I'm not like, you know, I mean, so there is a van that follows us. We stay in phenomenal places. We eat Crazy, copious amounts of food because we can. We're cycling 50, 60 miles a day. You go”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So I've discovered my inner athlete in the last few years. Growing up in New York, I. Know, I didn't like it. I went to Stuyveson. It wasn't like I wasn't a big sports person. I took ballet, that was about as athletic as I was. So I found that I love cycling. I go on all these cycling trips now, like all over the world.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I know. But, you know, I ended up doing was calling the guy who was the middle initial A guy and asking to meet with him. And we ended up having lunch. And as it turns out, he wasn't nearly as upset as I think the guy who called me into his office was just having a bad day or whatever the case was. But it taught me about dealing with things head on and not letting someone else speak for me. And diffusing the situation again by just having a candid conversation, you know, sort of person to person. And so it was, I know, it stuck with me because it was a ballsy move, but it ended up okay as a result.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I can't make this up. I had left off the middle initial of the partner who was the ultimate recipient of this analysis. I had left off. I think it was an A, I remember to this point to this day. I don't remember his name, but I remember the middle initial was an A. And it was so insane. Wait, wait.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I'm going to cite something that happened early on in my career. Like inconsequential looking back, but I remember it because it was so scary and crazy at the time. And this was my first, this is my first job. I was a Goldman. And I had done this analysis. And submitted it. And I got pulled into the partner's office who ran my division. And he started reaming me out, like totally carrying on and screaming and yelling and I'm sitting there white knuckled, grabbing the chair, wondering what the heck did I do. I worked so hard on this. Like, how did I screw this up so badly? And I just, my head was exploding. I was listening. I said, well, I don't understand. Because it had been submitted to some other partner that was more senior than him.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's all real stuff, which is amazing. And the premise being we can hack the genetic code the same way you can hack a computer, which we know we can do things now with the genetic code to make people healthier, to make them smarter. And it's just, I'm only midway through it. But it's both the ethical challenges inherent in that as well as the socioeconomic challenges. If we decide something's not ethical, but another country decides it is, does that create sort of a superior population to us? There's so much in it that I think is interesting and it's written in a way that a non-medical person like myself can totally understand.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Give me one more. So I'm in the middle of one right now, which is not something I normally read, but someone sent it to me and I'm actually really into it. It's called Hacking Darwin. Have you read this”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“What I do as a headhunter is finding the people who see who can come at things differently. Who are able to generate alpha consistently over time in spite of everyone else? And what do they and what does that mean in terms of where they can be most successful and where the industry?”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“And he takes these stories and builds these, not builds, but brings to life these characters that were interesting and esoteric and dynamic in their own ways and contrarians. And then there's this, that's why I call it a thriller, like, how is it all going to come together? And how did they figure this out? And how do they all sort of end up interweaving and tells a story which is so multidimensional? Brilliant”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Love, love. In fact, it's funny you bring that up. I was on a long flight a few weeks ago, and I didn't reread the book, but I did see the movie again. And I actually called a number of my clients and said, you have to watch this again. And I made my son watch it again. It's so good and I have so much respect for how Michael Lewis did that, how he, you know, he find, it just, it's so many. It's a tough subject to understand for a layperson. He totally explained it well.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“It's great. I read it a few years ago. It's a woman's young woman's travails and experience at undergrad. I think it's meant to be a big TENS type school and everything she goes through. It's a very thick book. But I thought it was so on point in terms of what the undergraduate experience is like. I'm sure based on characters that he... Knew well, maybe even his own family. Sure”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I love books by, and I think there are some commonality between them. I love John Crackauer, Tom Wolfe, Michael Lewis. They all write real stories that are almost read like thrillers. And Tom Wolfe is fiction, but he's really writing about moments in time that are reveal. Bonfire of the Van.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it might be a cliche answer, but my parents are tremendous mentors My mom in particular, even though she was a stay at home mom, she is an incredibly bright woman who kind of managed the family. I'd say in some ways similarly to how a CEO manages his, you know, best employees, but with lots of love, but very no nonsense, very kind of like the advice I gave this girl at U of Mike get up and go for it. Stop whining. Just get it done. And that gave me, you know, and forcing my, and that made me strong and creates wins. And then it creates real confidence. Other mentors were just, you know, I've cultivated great relationships, great relationships with my clients who've given me great advice along the way. I mean, everywhere I've worked, I've just had the good fortune of finding great people who I learned a lot from.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. I mean, it's just more, you know, it's my alter ego non-work persona. It's you have to have a yang and a yang. Okay, that's fair. My yang or yang or whatever you want to, whatever the opposite one is that we're referring to is, you know, it's just, you have to enjoy life. And that's a big part of who I am.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I've never driven a car. Yeah. And you know what? Everyone in this industry knows me as like a very, which is true, to the point, no nonsense, say it like it is businesswoman, all true. But Barry, I do have a soft and gooey center.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I would love that. It's a blast. I should do that with my 15 year old who tells me in stark contrast to myself, he's going to have his learner's permit when he's 16, which I'm terrified of. But, you know.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Never owned a car, never drove a car. I took a few lessons like 10 years ago and I was just like, this is a waste of time. I'm never, I'm never going to create the muscle memory to know how to do this. I'll probably kill someone or myself. So let's get you.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“We all witness some elsewhere. So enough of that kind of stuff happening is the differentiation between the founder acting out of sort of panic and emotion and not really understanding what's going on and this guy pointing to consistent P&L and where he's gotten tripped up is when he's been overridden by somebody who isn't taking a more measured approach.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“And so looking at P&L over a period of time gives me insight as well as some of the what makes some people vulnerable, which is the founder is often more volatile than they are in that, again, I'm not talking about behavior, although that comes with it sometimes. You mean decision making? I mean, decision making. It's a guy who comes into my office and says, you know, this happened two years ago. He sat at a large hedge fund. He was responsible for a big chunk of it.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm looking at consistent PL over time. And whether you do that by standing on your head or, you know, crossing your fingers and toes and screaming or whatever the case may be, if you can generate, particularly in the last four or five years where it has been so difficult and there's not been this tailwind to performance, if you can generate consistent P&L over time, that to me says you are somebody who possesses a whole bunch of other qualities which come with that. You're somebody who is flexible and humble. You're not so wedded to your positions that you can't take new inputs and shift on a dime where you need to.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. You know, it's funny. I had drinks with a woman that I'm not going to name her, but I was so pleased when she did end up being the successful candidate for search we did a year ago. Very successful PM, one of the few who ran a lot of capital where she was. She ran $2 billion. Now she's running $4 billion, has a real team underneath her. And we were talking about somebody that she recently had to let go. And it was just so, I had such a smile playing on my face as she was describing how emotional he was. And he wasn't making rational decisions and he was constantly complaining about, you know, where his P&L was at. And she's like, I know where your P&L is at. I'm watching it get with it and fix it. And so, you know, anyway, it's just a sort of sidebar on there is no difference.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if it's changed completely. I'm sure again, like, you know, we just saw with Fisher, there are still people who act out of turn. But in an industry that is measured minute to minute and you're only as good as your last P&L, you cannot do things which are going to scare away the very people that can have a real impact on your business. It's just, it's so, there's so much clarity in terms of who the winners and losers are and to have half the population not be a source of talent is insanity. And there's no hedge fund manager that would think that way. That's going to be successful.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“That can't go on anymore, and it doesn't. You see, Ken, what happened with Ken Fisher's comments? Right. Right. So it's not good business. It's not good business. It's not going to lead to a successful outcome. And come back to at the end of the day, there are so few talented people. If that person happens to be a woman, there is no hedge fund manager in his right mind that will do.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Whether you're a man or a woman, you have to sort of buck up. And as I said, go for it. And this idea that because we're female, we're somehow disadvantaged by our very nature. Pisses me off. And I sort of said that to her. I said, There's like, you know, this sort of cotton padded idea that you need special handling or there's something about you that we need to treat differently. Why? I mean, you know, as long as we're all being good actors and behaving correctly, why should we need sort of a different way of treating you? Well, that can't.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“What can women do? How do we become more fearless? How do we go for it? How do we set ourselves up to be more successful in life? And I answered the question in terms of just having, you know, you may not have the confidence early on, but that comes with success and building it over time and just sort of not going for it. That's the bottom line. But what bothered me about the question is I do think that there is sometimes a little bit of a orientation of like, how do we, how can we be set ourselves up better for success? How can we be more, as she put it, fearless? Why are we coming at the world as though we have a handicap? Everybody's scared when they're young. Everybody's scared to make a mistake. But you just, whether you...”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“This is an industry that salivating for talent. And it is totally meritocratic. And if you're talented, nobody cares if you're a man, woman, or otherwise. It's just this is like, you know, it's that's what the focus is on. And one of the women toward the end, when we had the Q&A, asked me the question of,”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in terms of coming Trying to bring women into the industry earlier on. Last week, and I am trying to, you know, I'm doing what I can. Last week, I actually went out to the University of Michigan to be the keynote speaker for their undergraduate investment conference, which is like the SON conference for exactly for undergrads. And really to signal to them that this is an industry that wants women and try to encourage all these undergrads to come, if they're interested, like this is a.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“The odds are very much against that. Right. And so I think that that's the issue, as well as the fact that there's something about the P&L and the volatility of the P&L that is, you know, you can't control it, even in private equity, you have more control than you do in the public markets. You have 10-year money.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“That's my man Knows more about this stuff than you ever will. But it's true. There are so few women. So we need to do a better job of pulling women in earlier and explaining to them that this is an industry that is not just hospitable to women. We are dying for women. It is rare that I do a search. Where the client at some point does not say to me, you know, we'd love for the successful candidate to be a woman. And the problem is. We have a fiduciary duty to hire the best person, not the best woman. And so by the time we get involved, which is really at the most senior end of the industry, if you think about a mountain, if at the base there were so few, it's that pool. You start out with a pool that's 95% of winners. And then by the time we get there. Statistically,”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“But it's still the dairy. It's still so much better than the hedge fund industry. It really is. So that's where I was going with the hedge fund industry.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. So back to women, so one, they don't really have role models. Two, again, the industry is still fairly young when you compare it to finance, like investment banking or you compare it to consulting or you compare it to medicine. Those are all industries that have been around much longer. So they've had more of a chance to for women to have a bigger percentage.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Influential funds. No. So, and again, think about the fact that back in 16, 10% of the AUM, which was around 2.9 trillion back then, was controlled. So 10% of hedge funds controlled 90% of the AUM. So that's even smaller now. It is very much a...”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, there are women quote unquote air quotes running funds, but they're two bit players. You know, that just it's not”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“There's really hardly any. There's Lida Braga. Who spun out of bluecrest, and there is Don Fitzpatrick, who's the CIO of Soros. But those are really the only two that come to mind that run scale businesses. And Dawn didn't found Soros, right? So that's a different.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“I have thought about this question a lot. So there are a couple of things. One is there is a catch 22 at work where Look, people are attracted to industries and into roles where they see people like themselves having success.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“It's exactly so this operates kind of like, I think it was modeled in some ways after the old Goldman Sachs partnership. It really is a group of engage people who make the important investing in operating decisions for the firm. And when Tony moved up, they very wisely took two of their people of that group of 14 and made them co-deputy managing partners, signaling to LPs there's already a plan in place when and if Tony retires. And the place operates, again, in a way where the strength of the firm and its secret sauce is not just one guy at the top”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Thinking about the world in the right way and sifting through their ideas and saying this is interesting, this isn't, let's size this, let's short that, this is the car that sort of Runs on its own. And then the other model would be the multi strategy model. And we saw this very recently with Tom Kempner stepping down, name on the door, Davidson Kempner, one of the original founders, and turned over the reins to Tony Usilov. And they did not miss a beat. And the reason they were able to do this is it's a real partnership with 14 engaged partners, decision making is done in unison. It's not like partnership, a lot of hedge funds partnership is a nice thing to put on the business card, but at the end of the day, it's still this sort of partner.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Succession going on. These guys are in their 40s, right? But for the, but there are some that have done it successfully. And I think we can look to them for how to do this. One, it can't just be one founder in his brain that LPs are investing in, right? And like a bunch of investment analysts around him, they have to feel like there is an infrastructure there which will continue to do as well with or without him. And I think there are two models that lend themselves to it. One is the multi-manager construct where there are multiple PMs that have autonomy and are managing capital. And there's also sophisticated risk management in-house to help them be as successful as possible. That's not the founder everyday walking the floor making sure these guys are”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, the industry is still relatively young, so we haven't had that much succession that's gone on, right? So the same way I'm still running IDW and I'd like to think I'm still young, right? You are. Thank you. Many of these funds that started about the same time, there's no”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source
“They have two people that manage half the AUM. Those two people literally have like two people underneath them. And there's no infrastructure. There's no, I think there's like five data scientists at the entire firm. There's no real, they haven't built the fund in a way which bestows competitive advantage on its people. And the problem with that construct is.”
2019-11-22 · Masters in Business · Ilana Weinstein Discusses Hedge Fund Recruitment · IDENTIFIED FROM THE TRANSCRIPT · source