YouSaid · the spoken record

Jeff Gramm

lines on the record: 109
first: 2016-08-19
most recent: 2016-08-19
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

“I think it's probably that same point of I think that back then I bought into this idea of, you know, well, I'm going to outwit the market as opposed to the idea of like I'm going to do a lot of hard work and we'll try not to make too many dumb mistakes. And I think that in investing, it's a lot about just avoiding the disasters.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm sure that you've seen this where I mean, in fact, like I talked to someone well not that long ago that was an undergraduate that was extremely into biology And, like, you know, they had this whole idea of like, well, I'm going to get a master's in this. Like, I'm not going to get a PhD because, you know, what I want to do is advise either funds or investment with bankers will biotech stuff. So I'm like, well, why do you want to do that? You know, why would you want to be an investment banker for biotech? It's like, well, yeah, you can make a lot of money. And I was like, I don't know, I mean, that's like, what are you thinking? If you're a 19 year old and you love science Before just deciding to be an investment banker, well, maybe you should pursue science. It's got to be a new advice.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, I mean, specifically in terms of a finance, I mean, I don't give a lot of advice on if it's the right job or the, I mean, I mean, only they know that. Obviously, investing is extremely fun, and it's a great job. I do think they need to be in it because they like doing it. I mean.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, outwith the whole market. And so, like, I really try to tell them it's less about your, you know, wisdom, like a judgment than you think. And at your first job, you're going to be paid to do hard work.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's one thing that I see a lot in my students is, you know, they want to sit and think big thoughts about a company. They're less inclined to do the hard work it takes to find the expert that's out there that can really explain it to you. And that's the way that our business works. You have to pay your dues for something. Yeah, like you're doing work to find the experts. You don't just lean back in your chair and say, I'm going to.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think so. I tell people that I mean, that ultimately you're. A smart kid, and you have good judgment, and your judgment over time will develop. But at these early jobs and as you learn the business, you're really being paid to do work, like to learn to do research. You're not being paid to be wise. And I think”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, for the millennials and my students, like the first thing I say is all of the cliches about we'll get to work first, like in hard work are totally true. And you'd be surprised that how few people act on them. Oh, really?”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You came from Renaissance, so you're going to be good at this Know, I don't, I mean, there's no, I mean, like in our business, it's a lot about how hard you work. There's not lots of special sauce, you know?”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think like a lot of good things, like I assume we'll risk controls are way better. I assume the blow-ups are less pedestrian. But then there's also, it's just like you see this pedigree matters now in this way that like it didn't before, if you came out of a good shop, then it's like, you know,”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, in some sense I'm not the right guy to ask because I work at a small fund that's like that's on the fringes. But, you know, to the extent I've seen things change, they've gotten a lot more mature, a lot more institutionalized. As we talked about on the radio segment, like when I got my first job in the industry, like Anyone on the trading desk, if they had an idea, like it could go in the portfolio and like, you know, well, you could write 13 Ds and it was just a crazy time. And now it's a lot more institutionalized. And, you know, with that, well comes.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, even if you don't believe in Darwin, the book is just like to read the book and to see his reasoning. It's an incredible learning experience. How can you not teach it even if it's wrong? It's so compelling.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I do like all those like the Stephen Jay Gould books. And like as a kid, I loved Darwin, all that stuff. Yeah, I mean, like the idea that”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's a little bit of like an inside account of these, you know, academic researchers in the Galapagos. It gives you a feel like these people have devoted their lives. Like they go back to the Galapagos every summer for 30 years.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I always thought that one day I would take some time from work and do a science book. But then I had a book idea about something that I knew about. It made much more sense to write what you know. That's the class”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I love the journalistic ones where they get out. Like, there's a book called The Song of the Dodo. Okay. And it's about extinctions and extinction on...”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, my band has a poster in their record store. Oh, really? Oh, that's awesome at the time it was extremely exciting. Oh, that's like, oh, we're making it big. Our posters in this movie.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so there's two great music books. Please Kill Me, which is like an oral history of punk rock and then the Motley Crew memoir written by Neil Strauss is incredible. Pop science. I love... Wait, before...”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Slowly working. Well, like you just got to read the speeches, you know, but it's funny. I mean, I love that stuff, but I do think that sometimes from an investing perspective that we as an industry Overdo the kind of a thinking clearly stuff. I think it's important for individual investors to understand the nature of misjudgment and psychological bias. But at the same time, I think that we as an industry have perpetrated this idea that if I pick stocks that I'm a game of wits and I'm like the wiser guy than the person on the other side of the trade. And like to me, the longer that you do it, the more that you realize that you're just trying to not make mistakes and to do your Charlie Ellis.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's the best one. It's just. Just there, like, are some vignettes, and they're like, you know, when the Solomon Aboard will try to tell Charlie Munger about. Like the things that they've uncovered, and he let immediately will see through all the BS and begins to ask all the, like, who talk to whom will win? Who did you know? All of these inside stories in that book are incredible.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but I think at some point they had a falling out. And I mean, it's funny. So this year, I go to the Berkshire Hathaway meeting every year. But this year, but it was like the first time that I did the book thing. And there's all these book events.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it did well, but I think they were kind of a banking on Buffett supporting it. And like, he ultimately withdrew his. His involvement. Alice Schroeder.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, or the making of a modern American capitalist. But the snowball has the access, and the access is incredibly valuable. And it blows my mind that these, you know, young kids who are obsessed with Buffett have not read that book. I think it's a shame that that book is not as popular as it should be.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say, you know, like when young people come to talk to me about what value investing, I'm always shocked when they have not read the snowball. They'll have read the Lowenstein book, which is great. They'll have read, which was one of”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think my favorite of his is a recent one, a Mountains Beyond Mountains. It's about a Paul Farmer, the Doctors Without Borders guy. But he did house, hometown. I mean, he's a... He's a fantastic writer. It”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so he did a soul of a new machine, right? So, you know, that was like among his. On his first book, he's like among the first of these immersion journalist types.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Whole thing, I mean, I remember in the Germany chapter, I was, you know, well crying tears, you know, so, I mean, you know, I love that kind of writing, the Tracy Kidd or Michael Lewis. I loved. What's the...”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, but, you know, he had had Lyars Poker, which was great. And then that, you know, made a splash on the release, like the new, new thing did. I love Boomerang. I think that's my favorite one of his. That's his collection of Vanity Fair.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, if you read those two books and the chapter in Peter Drucker's Adventures of a Bystander about a Sloan. That's incredible reading. You know, I like a journalistic business book. I loved all of the late 80s corporate radar books, like a Predator's Ball, a den of thieves. I obviously love Michael Lewis. I assume that everyone's just.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or something like that, I think 60s. And then if you read that alongside the John DeLorean book about the decline of GM. From a distance on a clear day, you can see General Motors.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, well, I'll begin with the business ones. I mean, I do love business books. Doing this book, I got to read so many incredible business books. Just if you look at GM. Like the library of Of incredible books about GM is just incredible. There's the Alfred Sloan book, My Years with General Motors. And if you read that”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know, but he seems very funny. Like, I've seen him in these fireside chats, or I've seen him, you know, give talks. And he's engaging and funny.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I do think for me it really kind of all boils back to Buffett. Like he kind of covers all the bases with his writing. Like I certainly, I read all the munger speeches. Like I read all of the Seth Claran stuff.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But, like, for sure, when we were doing the touring stuff, sometimes we'd be playing in Jackson, Mississippi or something, and there'd be this contingent of young Republicans there would show up to the totally baffling. So that occasionally happened.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he just knew so much and was always really took the time to kind of show me the right things to read and like to ask the right questions about public companies.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And then, well, professionally, I mean, like that Joel Greenblock class was very important for me. And then at my first job, like I worked at kind of a dysfunctional hedge fund, but I had the director of research at that job was this guy named Greg Schrock. He had been a Wochtail Lipton lawyer in the early 80s.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I think that Arthur is the main one. I mean, I think he really helped me get into business school in the first place. And then he's just been so supportive of my career and he's been very supportive of this book. And, you know, I mean, I think. Arthur is the son of a politician.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it made all of us just like relax a little bit. And I think that it was like, I mean, like, we're all, you know, doing well professionally. And I think it was a valuable experience.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Gotta hope the thing doesn't break down again. And you really learn about your own emotional buildup. Sure. Because if you're too uptight or you're too tense, it can be pretty miserable, you know?”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and being in a touring band is an incredible experience. It really teaches you to get along with people. Teaches you a lot just well being in a small vehicle with four people.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He was a friend of my dad's, and like, you know Know, I just like, I tried to think about what would be a versatile degree that would allow me to at least discover something that I would be good at.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's called Aiden. Spell that A-O-A-D-E-N. Oh, sure. And we ultimately just weren't that good. And the other band members, like, were kind of beginning to think about the future too. And I remember I was in DC and I met with Arthur Levitt”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, like we really weren't that successful, right? Like we kind of. Know we did well in the sense that other bands liked us. What was the name of your band?”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty much through college, like. I think I kind of in college will majored in being in a band. And then I graduated in 96 and pretty much from then until I went to business school in 2001, I toured. And then when I was not on tour, I lived in DC. It was interesting to come to New York because people in bands in New York have real professions and actually will have real jobs. But in every other city, you're a bartender or a temp or work at a restaurant. And so I basically, I toured in Temp.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And I think that I had never heard of that stuff and the whole idea of buying a 50 cent dollar really resonated like with me. And so I began just to consume everything I could. And that, of course, will lead me to Warren Buffett. And, you know, that is how I got into it”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The market. And before that, he wrote a book called You Can Be a Stock Market Genius. That's about restructurings and spin-offs. I think this. Like the subtitle is Uncovering the secret hiding places of, you know.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Know they like to say that and it. Like it was true for me. And I mean, I, like, after college, you know, I played music and I had no business background. Like I didn't know accounting, like I had never heard of Warren Buffett. And so when I got to To Columbia, I didn't know what I was going to do. I took a lot of different classes and I took a class with Joel Greenblott.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it gave me historical perspective like a lot of the history I didn't know. But, you know, I think investors learn best from losing money. And I kind of had lost enough money through bad governance to learn the lessons of the book. I think lots of the value of the book is explaining how the system works and how we got to now. And we're trying to do it in an entertaining way. And I think. A lot of the things that I fundamentally learned were about just the power of these behind the scenes passive investors. But in terms of affecting my personal investments, in value investing, you do have to take into account the governance. But I had already learned the hard way about that. So, I'm not sure it's affected it that much.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“From existing companies. Look, and I think that the history has shown that as secure as you think you are, if when you look at GM in the 1950s and you say, this is a durable competitive advantage, they have a cost advantage, they have like a dealer network, they have the best brands. And in two decades, they lose out to the Japanese who have no capital. Have a terrible brand, you know, like I'm a reputation. And, um, They have no dealer networks. And, you know, so, I mean, even a mature great business, as we've seen, like in Coca-Cola can.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, you have to decide what to do with your excess cash if you will pay a dividend or buy back shares or pursue opportunities in M&A. And so all of those.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I think that ultimately a fundamentally, like they're all very similar. They're companies. And they often have governance issues, and like you have to decide who is the right person to lead this company. And you'll see people say, like, oh, well, this is a complicated high technology company. And so you really need to be sophisticated so activists have no place there. And that's just clearly not right. I mean, if it's like a highly complicated company, then it matters who the CEO is. And it matters that you don't will tolerate bad governance for long periods of time. And then you'll see people say, oh, we'll Colgate or Coca-Cola. There are these mature businesses that can run themselves. Like, who cares about the board? Like, like a monkey could run the company. That's also clearly not true because with a mature business, like you have to allocate the capital.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source