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

“Well, I mean, I love writing, and I've always, you know, thought that I had the writing chops to do a book. But really with this one, you know, I'm a full-time fund manager. Like, I didn't have the time. I had two little kids. You know, when I got the letter from Warren Buffett, like it kind of, you know, turned this idea that I had vaguely had. I'll write it. Like I'll see if you'll do something. And then all of a sudden, like I had this pressure of like, well, I have this thing. I can kind of burn the hole in my pocket. Like I got the buffet letter and the Ross Perot letter within weeks of each other. Hard to say.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Buffett. Yeah, he famously wrote a letter to American Express in the 1960s. And so I just wrote Buffett just explained the concept of the book and can you share the letter? And I got to work one day and there's an envelope with the letter in it. No kidding.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, you know, the kind of hook of the book is, it's all case studies. And each of the cases comes with an original letter. And so for lots of them, I knew the letter existed in the Benjamin Graham chapter. That's the first chapter in the book. He ran a proxy fight against the Northern Pipeline Company. And he had written, you know, there's a whole chapter about that proxy fight in his memoir. And so I knew the letter was out there. It's just a question of trying to find it. And like I talked to his family and his biographers and no one had it. And ultimately, I found it at the Rockefeller Archives. But lots of them I just asked. I mean, like, you know, with Warren Buffett, like I knew from the Snowball that he wrote.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You think about the principal agent problem, in this particular case it's extremely thorny because the principal are the shareholders and that's a collective group that often have differing incentives and goals And the agent is a board of directors where they're often, you know, they're not that engaged in the business. Like the information that they get about the business is fed to them by management. So it's a principle, an agent problem, and there's also some inherent issues with the principle and the nature of the agent.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, like, I think through history, like you've seen, you know, will owners medal And then, you know, like you do have this inherent problem in the system.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and they were very clear that they thought that it would be extremely bad for the neighborhood of Wrigleyville. If they put lights on Wrigley Field and that the board made the judgment that that was the right thing to do. But in the long run, economics wins.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Lost basically the defense of the Wrigleys was that, look, I mean, you know, we care about the shareholders, but we care about the stakeholders too, including the community.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because they're like on a Wednesday afternoon, you know, people have to work. And so he thought, well, you know, this is feeding the poor performance of the Cubs. And he sued them as a shareholder, saying that, you know, you're neglecting your shareholders by refusing to put lights onto Wrigley Field.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he decided, like, look, you know, we've all been enduring these years of terrible baseball. And he thought it was driven by the fact that they did not have lights on Wrigley Field.”
2016-08-19 · Masters in Business · Interview With Jeff Gramm: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source