YouSaid · the spoken record

Kathleen Fisher

lines on the record: 61
first: 2018-03-23
most recent: 2018-03-23
sittings or episodes: 1
sources: podcast

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“And when we look forward, we think a lot of those good things are still in place. The challenge, though, is we would also argue that a lot of the good news is already in the market.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“You captured all the anomalies, and no one knew going into 2017 that they would occur. So it's a great reminder that you don't know in any given year what's going to happen, especially the overseas returns for dollar-based investors. We started the year with all the focus on the U.S., but the global synchronous recovery, the benefit to earnings around the world, all of these were very positive surprises that led equities to do quite well. But the fact that there was such calm around the globe, despite the geopolitical issues, which the market really has absorbed very nicely, the calm made the sharp ratio for the year probably one of the highest on record, right? Returns relative to unit of risk, given the volatility in the market, was really quite remarkable. It was an extraordinary year. It was actually probably at a perfect year and that we had no months when there was a negative return on the global stock market. So lots of record breaking events in 2017.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Am I oversimplifying that? That's very good. And it's actually, we're not the portfolio managers ourselves. We're making the asset allocation advice using the portfolios that are managed at the firm.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Our core model does indeed utilize a Monte Carlo engine, but it's one that we have developed ourselves over the years because we as a research-based firm want to make sure we are informed by history and therefore we want to take responsibility for embedding relationships that make sense over time. So it's our model, but using a lot of the important quantitative techniques that are important to getting that right. The other team is the team, the private client investment policy group, which works on asset allocation advice and strategies for clients once they have made the appropriate decisions about their goals and objectives, and also the specific”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“While I am blessed to work with a team of 35 extraordinary experienced professionals who are in two separate groups, one is the Well Strategies Group, which develops the models that help our clients pre-experience the likely financial outcomes of decisions they can make, whether those decisions are around wealth transfer strategies or retirement or charitable giving. The idea that you have many variables that you can control and therefore how to think about different asset allocations, different structures, we help our clients think through all those options”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I joined in 2001. The merger occurred in 2000. So I came post the Alliance Bernstein merger. I joined Alliance Bernstein because several of my colleagues from JP Morgan had migrated to Alliance Bernstein over time, and therefore they enticed me to join the firm.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“And you had to get your head around that. And the important thing is, in a world that makes sense over time, it did make sense for the banking industry to shrink. Those job cuts would come eventually. Those mergers accelerated them. But it was something that you had to stand back and say you know it's going to happen over time regardless of when.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“My timing at JP Morgan was incredibly fortuitous because I did a lot of bank M&A at a time when bank M&A was absolutely a huge trend in the late 80s, early 90s, mid-90s. So it was a very active space and tons of activity. So it was a really, a wonderful experience and one that captured both all that one does in M&A and corporate finance about valuations and the right price to pay for a deal. But also it brought in the human side of things because with bank mergers, needless to say, cost reduction meant people reduction.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“Memorable experience? I was covering bank stocks at a time when bank stocks were very much out of favor and therefore no one wanted to hear a word I said for quite some time. So let's just say that in and of itself was a great experience”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“To be a bank stock analyst, and that's how I get into equity research, which back then it was still a relatively new field, very exciting. And for me, very intellectually rewarding to focus on relative valuations, but to also learn that what you think is so right often takes the market much longer to agree with, or perhaps never agree with. So it was a great learning experience.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source
“instead of Kathleen. you know, let me back up and say, I started as a young economist. I started the Federal Reserve Bank of New York. I was there for three years. I did monetary research as well as GDP research. It was an amazingly wonderful learning experience to do high quality research. It was very academic, but I learned the importance of getting your facts right, which today is more relevant than ever, isn't it, when we have a word that's called fake news. Fake news. And it was a great learning experience about the importance of footnotes, about citing your sources. That has followed me in everything I've done since then. Having come to New York, though, to do that job, I did start meeting people who weren't investment banking and equity research. And lo and behold, someone I met gave me an opportunity to go to Morgan Stanley.”
2018-03-23 · Masters in Business · Kathleen Fisher Discusses Diversity in Finance · IDENTIFIED FROM THE TRANSCRIPT · source