YouSaid · the spoken record

Lawrence Calcano

lines on the record: 67
first: 2026-05-01
most recent: 2026-05-01
sittings or episodes: 1
sources: podcast

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“Weighing computers, not Charles Wang. That's right. So those companies all got replaced, you know, first by client server.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“The reality of what was happening was even wilder, if you will, than what our projections suggested, i.e. the adoption rate of the internet and how it would fundamentally change people's lives, the way they bought things, the way they reviewed things, the way they communicated with each other. It was so powerful. And we saw that wave, you saw the communications equipment wave, now we're obviously looking at a different wave. And for me, there are several like massive lessons there, one of which is you're never safe. When I started, the big technology companies were called DEC and Wang. You remember those companies? Oh, sure. Probably most of your Wang.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Kept pace and at times exceeded the sort of hysteria, if you will. But even though the valuations came back at the end of sort of mid-01, the internet valuations came down, mid-02, the Comtech valuations came down.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“It was wildly destructive. And it was all happening so quickly. And as you recall, people were trying to figure out how do we even value these companies, you know? But there was one thing. We used to, we had a great team of folks, the research team, the salespeople, the bankers. We all worked really well together. And we would go out and we'd sort of make presentations to potential clients. And we'd always talk about where we saw the market going. Apart from valuation. So what did we think the adoption was going to look like? And we had these, what then was viewed as wild assumptions about internet adoption. At the time, people were afraid to put their card numbers in a computer, you know, to buy anything, right? But what happened was for a while, technology, the valuations sort of.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“This is early 90s. He's a third year associate And I did it, and it was great. It was sort of late 92, early 93. And, you know, we started to win some business. And as you recall, the internet started to really kick in with Netscape's IPO in 95. We went from having a really good business to being on fire and drinking from a fire hose given all that was going on with the internet.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Just evolved. I was a generalist in corporate finance. It was then called Global Finance, actually. And my Morgan Stanley friends used to make fun of me and call it intergalactic finance. But it was global finance. And I did that as a generalist for a couple years. And then I was asked to start the East Coast Tech Group, which I did.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“There were several things from that experience that really stuck me starting with business principle number one, your clients' interests always come first, and then secondly, broadly just the importance of working as a team. And my wife used to make fun of me because I would be in the office early. And if there were a party or some social event, I was always the last to leave. And she would say to me, dude, you don't have to actually be there till the end. But it was just, I just, I loved it so much. And I just thought that camaraderie was so, it was powerful, you know, smart from a business perspective, but mostly as a person, it was just fun. I mean, it was really fun being in that group of folks.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so they are different. And by the way, there are a lot of different ways to skin the cat, right? Golman had a very team-oriented culture. And I think Morgan does too, but Goldman, it's sort of right there in front of you. They've got 14 business principles, the first of which is our clients come first. By the way, you think about what are the things you learn early on in your career”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Did I applied to all the summer internships and obviously coming out of Morgan Stanley was pretty helpful to my candidacy? Ended up getting an offer to be a summer associate at Goleman, which I took, and was fortunate and pleased to have an offer to come back on postgraduation, which I did and spent obviously a long time there and had a very, very good experience there.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so when I went to business school, I sort of said to myself, I'm going to think about all the different things I can do. And after about two months, I said to myself, you know what? I really did like finance a lot and I want to go back there. And so I applied for summer internships and had a few offers. More than one?”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I just was sort of wrapped with it. You know, I went up there. It's a small school. When I was there, there were 160 or so in the class. It was very focused on team, you know, study groups and teamwork and so forth. And it's hard to say I just felt really like it was the right place for me. And I wasn't too worried about it if I didn't get in. I was going to become an associate of Morgan Stanley. So it wasn't like I had, you know, it was putting all your eggs in one basket, so to speak.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“I applied to one MBA school. And part of the reason for that is I had accepted the job to become an associate. And I went off to the visit, as I mentioned. And I just had this sort of feeling like I was making the wrong decision. I just staying was the I loved Moria. It was a fantastic firm, but I just had this sort of sense that maybe that wasn't sort of the right thing to do. And going off to business school for two years would be the right decision. And I loved it. I mean, it was an incredible two years. I'm on the board of talk.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“This is late 80s. Yeah, 85 to 88. And then I put in one application to business school, a good friend of mine who was an analyst before me left and went off to talk. I visited him. I had an offer to stay on at Morgan as an associate, but decided that after my weekend at Tuck, that would be a good thing for me to kind of stop reassess, figure out what I wanted to do. And I went off to talk.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“I was at Mortgage Finance, so we were both helping SNLs raise capital, do M&A, and also structuring some of the new products like some of the Ginnie May securities, Fannie May securities, Remex, CMOs, things like that. A lot of the structured type investments.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Anyway, it was a lot of fun. I was offered a role as painter in the diary of Anne Frank as a follow-up. And I had also at that point gotten an offer to go to Morgan Stanley. And I was sort of in an early trade-off mode. Ultimately, I figured I needed to eat. I had a lot of student loans, and I decided to go off into the world of finance.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“It was called The Murder Room. It was a James Sharkey slapstick play, and I played a young Texas millionaire who was engaged to a wealthy British woman. And the play takes place at her father's manor in the UK. It was full of sight gags and jokes and so forth.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source
“Boy, I don't know that I had one coming out of the gate. My dad was raised in an orphanage. His dad had died when he was two. And so he was in an orphanage till he was 18. He went into the army. And then he came out. And he had to sort of put himself through school. And so he didn't have a regular sort of path that would sort of lead him to say to me as a teenager, here's the way to do it. And so he was learning and I was learning a little bit. I was a hockey player and I did get recruited to Holy Cross to play hockey. And when I was there, I was an economics major and a theater minor. I spent a lot of time doing theater there as well. And then I went off to Morgan Stanley. And that was a really interesting decision because I was in a professional play and had sort of been asked to be in a second play. And I had a little bit of a career crisis, if you will, early on in terms of what was.”
2026-05-01 · Masters in Business · Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano · IDENTIFIED FROM THE TRANSCRIPT · source