YouSaid · the spoken record

Joe Moglia

lines on the record: 61
first: 2021-06-25
most recent: 2021-06-25
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 in terms of, I've often said that I was a much better bond salesman. I think in a Wall Street executive because my experience as a coach. And then when I went back to coaching as a head coach, I think I was a much better head football coach because of my experience as a business leader. And when you think about football, you need to be able to make decisions very quickly. Your entire career is dependent upon what you do on Saturday. You have an incredible stressful 80-hour work week. There are no days off in the spell of the span of a five-month season or so. You need to be able to understand people. You need to be able to motivate, inspire. You need to be able to discipline. You also need to have a very, very well thought out strategy that would handle contingencies in terms of your opponents and what happens. But you have to be able to simplify that strategy in order to execute.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“So we needed to kind of restructure our entire business, but it was not to do something that we couldn't do. It was to focus on the ability to be able to trade, not the day trader, just an active trader platform. So at the time, the industry, there was tremendous in the consolidating industry, there's far greater supply than there is in terms of demand. But trades had certainly significantly dropped off. leading the industry in consolidation and focusing on the emphasis that we focused on, we started to do more trade than anybody else.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“You know Barry, you can almost make a parallel to what's going on today. Back in the 90s, when everything was going incredibly well for everybody, the day trader, because of the internet, became alive. One of the things that Ameritrade did, they really did everything they could. They tried to do a lot of other things, but they tried to focus on the day trader. Strategically, that was not a great decision because the day traders, once the market blew up per year reference, the day traders wound up going out of business.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“That we were really a technology firm and a financial service wrapper. And we needed to focus on core competencies were so we could leverage those into competitive advantages. So we could be leaders in the market niches that we chose to participate in. And by doing that, I would take half of, we were seven or eight different countries. I got out of virtually all of them. We were doing different businesses and different products. I got out of all of them. And I took that money, half of it, to offset the losses that we were having. And the other half, I poured back into our core competencies. And core competency was transaction processing. Well, in the financial world, that's buying and selling stocks. And that was when we became very, very, very significant in that arena. And once we kind of got our sales straightened out, the recession after the dot-com bubble versus March 2000 to March 2003. And this is around the middle of that. And consolidation had not begun.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that I was leaving one of the greatest brands in the history of finance. I think it's the time, I think we were an 80 billion dollar company. You know, we had, I think, 60, 70,000 employees in 47 different countries. We were double A-rated bond. And I was going from a company that had incredible stability to a company that was blowing up as the dot-com bubble burst. Ameritrade was losing a lot of money. The market cap had gone down to about 700 million. And I hit done my homework before taking this job. And I thought it was probably a 10% chance we might go out of business, a 10% chance we might hit a real home run, but 80% chance no matter what, I was going to make it better. And then after I got there, I realized that there's a 25% chance we'd go out of business. And one of the things that I learned pretty much early on, I'm not an expert.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“I was the first person in the firm to go from the executive management team on the institutional side to the private client side.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“Horrible 377 million dollar mortgage-backed security loss. And that was very significant for us at the time. Back then, 377 was very real money. But I think Wall Street was learning also that you needed your leaders, your real leaders, to be an executive management position. So they just weren't producers that wind up getting promoted. But my ability to learn what's going on in the markets, how critical fixed income is, the role of the Fed, all of those things, which have a significant impact on the equity markets were all those things that I learned during that period.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“I would agree now. After I went through my training program, I became an institutional bond salesman. So it was also an interesting time in the bond world because I didn't realize that up until then, but you take a lot more risk on your trading desk and fixed income than what you would have in the equity world. And rates were high, but they did. The bull market wasn't just in equities. The bull market was also in fixed income because rates were coming down. And there was a tremendous amount of things that, you know, I needed to be able to learn. But frankly, I already knew how to handle myself under stress. I knew how to listen. I knew how to have an impact on people. And I think I was without question, a much better bond salesman because of my experience as a coach. So for me, frankly, and I became a pretty prolific bond salesman. And then from there, I went moving into executive management. In the late 80s, Mary Lynn had”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“That also told me very clearly that means I can't stay in football. So I majored in economics and I always had an interest in Wall Street. So I thought that I really wanted to pursue a career on the institutional side of Wall Street. Not easy to figure out, but ultimately Merrill Lynch gave me an opportunity in their institutional MBA training program. There were 26 of us, 25 MBAs are one football coach. And pretty much everybody said this football guy is not going to make it here, but ultimately the majority of those MBAs were working for me and wound up turning out okay. But that's the transition from football to Wall Street the first time.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“Championship. And they're secondary coach, Mike Archer, took the hedge job at LSU and the following year the defense coordinator was going to the Cleveland Browns. And they offered me the opportunity to go down as a secondary coach and then later on succeed Oliver Dati, the current defense coordinator, as defensive coordinator. So I'm going from defense coordinator in the Ivory League to defensive coordinator in the national championship team. I could not have a more perfect next step in my career. Could not have been more perfect. But a football coach works seven days a week, about 80 hours a week. Five months, you don't get a day off. That's literal. There's no days off. And especially back then, coaches didn't make that much. And I'm going to be living in Carl Gable, Florida, where my children are going to live with their mom in New Hampshire. And I couldn't afford to fly it back and forth. So the most difficult decision I ever made was I turned down that job, but I didn't think I could do that job as a coach if I couldn't live up to my responsibilities as a father.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a little bit of a story behind this, of course, but I will jump to the transition time. So I coach for 16 years, and it was 1981, it was my first year as defensive coordinator at Dartmouth. And we had four children, and we were in the middle of a staff meeting and the sheriff from Hanover, New Hampshire comes in. And he needs to see me. And I thought there was a death in the family. He's coach, I'm sorry, he hands me divorced papers. So I couldn't afford to live independently and support my wife or four children. So I got permission to move into a storage room above the football offices. I didn't mind that it was small, but it had no heat. And this is New Hampshire. So I could see my breath in the wintertime. I lived there for two years. Now, my goal as a coach, Barry, was one day I want to be head coach, a major, major school, you know, in Michigan and Notre Dame, Nebraska, whatever. But that was my goal. Well, that year, January 1984, in the Orange Bowl, Miami upset Nebraska for the next.”
2021-06-25 · Masters in Business · Joe Moglia on Going From Football to Wall Street · IDENTIFIED FROM THE TRANSCRIPT · source