YouSaid · the spoken record

Rick Rieder

lines on the record: 119
first: 2023-02-10
most recent: 2023-02-10
sittings or episodes: 1
sources: podcast

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“Because you can't just over intellectualize it. You got to prepare. And I find today that now every single thing I do, I spend a lot of time preparing for it. And similar to the way I finally got better at college was you got to do the work and put in the preparation. But I find that young people that come in every day and they think, I just read this and I can do it. It's all about the preparation. And I've learned a bunch about that over the years.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I try and do it. You know, I find if I can do the work organically and come up with my own ideas, you know, a lot of people go every night to roundtable dinners and listen to other people's opinion. I feel like if I can do my own work and my own analysis, then I probably come to a better conclusion, especially if it's already been played out in the market. So there's a bunch of things like that that I've learned over my career. And then the one last thing I will say is I learned in my career, similar to why I struggled earlier in my academic career, is you have to prepare for everything you do. I used to think like you just come in and do it. I did well in school early on and then I started to not do well.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, we talked about one of them was just taking a step back and letting the superficial work work its way through. You know, when I first came into the business, I used to want to read everything. It's like, the more I read, the smarter I'm going to be. And now I've really tried to boil it down to the things that I think are going to be the most relevant, the researchers that I think are the best, and do a lot of the work on my own. The research, the information that gets out there, it's usually homogenized, and it's usually if somebody else already had the idea, it's probably been expressed in the markets.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So don't top tick the market, in other words, no, and be thoughtful about where do you go. And it's so much about people. Do you find the right person, the right mentor, the right group that you fit in with culturally as opposed to, gosh, this seems to be the path. I worked for somebody else.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Usually, you don't want to buy the hot thing, you want to buy the thing that's maybe trending down and that may come back. But I remember when I was interviewing, you'll appreciate this, that Drexel was the hard friend, was a hard firm that was impossible to get into. And of course, I didn't get a job there, thank God. But anyway, people always on what's in front of me today, but think about where are we going longer term and then where's the area that maybe I can grow. As opposed to the place that maybe has already figured it out or the area that's already figured out. I think people, particularly coming out of school, tend to all move in one direction. It's amazing. Like the interview when I was at Wharton, how everybody want to interview with the exact same places.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“At first song, I mean, if you really am, and a lot of people, I watched him in the industry do it because I hear it's a way to make a lot of money or a way to make money, and I just think that I watch it, people come in and then they leave because they're not driven by, make sure you're driven by it. And then I think most people that come into this business or any business always feel like they follow the person who did it well right before them. And what was the hot firm? What's the hot firm? What's the hot area?”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“And deal with some of the stresses. So there's a lot of cool things that I've been investigating over the last few months.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I read a lot of books on technology, and I'm today, I say less a book that I'm reading today, but I can't read enough about deep research papers on artificial intelligence. Including the chat GBT, and I was spending a bunch of time this weekend playing around with that to understand it. But that, I mean, technology to me, I mean, the best book I ever read was The Second Machine Age that talked about where technology was going to go. And now I'm all about what is the next evolution of technology. And like I said, I think this AI is going to change the world in many ways. But I also like to read, I like to read books on things like good to great, et cetera, that are, you know, that how companies ran their businesses and how momentum changes, things like the tipping point. Malcolm Gladwell, I think, is extraordinary. So the whole myriad of them, and I actually started reading some books, the one I just finished called Permission to Feel, which is a book from Yale, our students in our schools undergo a lot of stress, particularly during COVID. And this is how emotion and letting emotion out allows you to be more effective.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Like separating the news from the noise, some of those people are extraordinary. We live in a world where, we talked about earlier, things like Twitter, et cetera, we live in a world where it's constant sound bites. Those people have an incredible ability to separate the news from the noise, interesting, interesting, that matters. And those people have been really, really helpful to me in terms of getting to understand how they think about things and what drives their persistent success”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“On tennis. Really Do a really good job I mean So, first of all, the person who hired me many years ago, a guy named Bart McDade, was extraordinary in making, I mean, I still to this day think about what would Bart do in that. He just had this incredible ability trade, invest people, have confidence in people, let them make mistakes, not too big. But anyway, he taught me a ton. I mean, he taught me more. He's one of my best friends today, and he was extraordinary. But I have also learned from the best investors in the world. I had a great honor to get to know David Tepper's, the Stan Drucken-Millers, Paul Tudor Jones. And I've learned a bunch from each of them and a few things about investing.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Wasn't it? Maybe the best I've ever seen. Yeah. But I love understanding what drives people, how they get to the next level. Similarly, when I read books about how do you get to business to the next level. But that's what I watch a load of those.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Unwatchable. Yeah, that one I didn't spend a lot of time watching, but I watch a lot of sports. I'm particularly intrigued as you would imagine. I like a lot of the shows. ESPN does a ton of shows on getting into people's mentality and how do they win. And so it was Michael Jordan. There was an incredible.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I do, I mean, because I'm going to work a million miles a minute every minute of the day, I tend them my releases on sports I mean, I watch tons of sports. When I get home, I love to watch. Man, that's San”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, a big deal around, and I've learned this in my career, it's part of why North Star was so near and dear to my heart. We call it, and there's a number of books our lead director Paul Bambrecht started. It's called Driven by Data. It was one of the most famous books in Education for a long time. We analyzed the data, where are students performing, where are they not performing, how are we doing in literacy versus math versus science, and we study it and we're maniacal about the data, where are we not fulfilling the needs? And then we adjust relative to that similar to investing. And then it's been really successful. And by the way, it's permeated not just the city of Newark, but in many countries around the world. They're using sort of our methodology around data analysis and making sure we're keeping our kids up to a level and trying to, and the number of our students that take AP exams and succeed is just extraordinary. So I know I'm super proud of what the team.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I so early on somebody asked me to get involved with the Harlem Children's Zone, which is an extraordinary place. But I lived in New Jersey and I said, oh, gosh, I'd love if something comes up New Jersey. And then this opportunity came up in Newark and I got to meet somebody named Norman Atkins, who's I think is one of the best educators in the world. And I know I was motivated by what we were doing. It was just one school at the time, Corey Booker, was on our board at the time as one school. And then we got ability to grow to the point now where 6,000 kids, big part of the population in Newark with extraordinary performance from our schools and our students. I mean, the number of students we send to Ivy Leagues and graduate to college is incredible.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, less involved, and so I was on the national leadership. So, my biggest endeavors today, I chair the board of North Star Academy, which is where 14 schools in Newark, New Jersey charter schools that I'm biased, but I think it's the highest performing set of schools in the country. I'm super, super proud of what the team does there and how we've been able to build that. And I started something called Graduation Generation Atlanta, which puts together the city of Atlanta, communities and schools, and Emory University to try and create the whole package around a student from social work, tutoring, mentoring, healthcare. So anyway, those are big drivers of my passion and my life. He's giving people particularly in urban education, you know, giving them a kickstart and a chance to succeed. And we've watched it in our schools in Newark. I mean, it's extraordinary, including.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, no, I asked the firm a couple of years ago, and I probably should have gone and done it. But anyway, that to me, I mean, at the beginning of 2008, struck me as, my God, there's going to be volatility, there's going to be opportunity. We got a really good team. Let's go strike out on our own and do this. And so it was an exciting point in time to do it. Like I say, I didn't think the system would come to an end as it certainly wouldn't have done it if I thought that were the case.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Been good to me I mean, you know, we thought, first of all, I have strong passion around. By the way, we started this company called R3 Capital. And so R3, people think it's my initials. Actually, it was for reading, writing, and arithmetic. And so part of one of the things I was super excited about was to start a fund, and actually 20% of our proceeds were going to go into urban education in the country. But I thought this was, I had a great, great team, many of which are still with me today. And I thought, and I had asked the firm about it two years prior, about, gosh, I'd love to go and try and do this on my own. You got permission.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Maybe yeah, probably. I mean, like I say, there are decisions that get made, and I'm sure not everyone was the right one ultimately. But, yeah.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Unlike Bear. Yeah. So I think the track record was pretty good. And what's sad, I mean, I find it sad that there were a lot of amazing people at Bear Sterns, Lehman Brothers, a bunch of places. By the way, many of those people go into fruitful careers in other worlds. But it's sad that it ends up that way.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. And yeah, I mean, in a lot of respect for him. And listen, I think their decisions that I think anybody in their career, anybody who's running a company or a business would like to have back. But listen, you know, the firm had a really, really good track record for a lot of years. 200 years. That's the pretty. And by the way, including going through the 94 crisis, 98 crisis, you know, all of the long-term capital management.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think that'll ever happen again because I think policymakers will react to that a whole lot sooner than they did.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Subprime was a problem, and you knew the housing froth was so extreme. But then it just kept going. I mean, you remember in 07, you know, we thought, okay, there's going to be regulations, there's going to be change, the central bank will move. And you never think, you never thought that policymakers would ignore all of these signals along the way and then we'd go down what was this tumultuous point in time, you know, started with Bear Stearns, and then all of a sudden financial institutions are levered entities. Once the dominoes start to fall, and you know, you have, whether it's derivatives or you have intertwined financial system, once the dominoes start to fall and you think about what would have happened to other firms as well. So listen, this went on for longer. 0607 felt, certainly 07, felt a little queasy about like, why is nothing happening? And you had this incredibly overzealous house.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but no, I mean, first of all, I was doing credit. And as a credit hedge fund, it's pretty hard to run big shorts in credit. So I didn't think there was an issue what I think was hard to believe at the time, and we got back to the discussion of Greenspan and or Treasury, that it was hard to believe that you knew from 06-07.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I left in May 2008. By the way, if I thought there was any issue there or any other place, then I wouldn't have started a hedge fund. I mean, think about the volatility that I would have created.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“News comes out and it just builds. Totally. But one thing I've realized over doing this for almost 36 years now is you got to put, you know, think about those crises. Think about how do you manage the risk of them and what's the downside? What's the odds of it happening? And then, you know, you still have to invest and you still have to take risk. And one of the things I've found that I've tried to fight against for my whole career is, you know, the longer you get, you've done this and the more crises you see, you know, less you, you know, when you get punched in the stomach, like it doesn't feel good like I've got to like to do less of that and you got to think about we're still in the business of taking risk. How do you manage those things effectively that you've got your tail wrist downside? So to this day, you know, there are things like I've been through, whether it's, gosh, years of trading Korea. And every time there's something in North Korea, think about, oh my God, we've got to hedge that. And I've learned over my career, gosh, I spend more basis points buying insurance. And think about if I just run my portfolio.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. And so that was and how, but still to this day, Black Monday wears on you. By the way, including on Mondays, there's a specific reason that Mondays happen because of liquidity, et cetera, that tends to be or news. Plus all the stress over the weekend.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I tell you, you know, every time, well, a couple of interesting things I think about that. I mean, every time you go through one of these crises, you think about, usually crises don't happen the same way the second time. So usually, and by the way, usually regulation solves yesterday's general.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, the one thing I will say, active is going to live with passive for ever and the growth of, you know, we obviously are proud of the iShares development. People can fixed income. I use a ton of them. So passive has a place, but then the ability to use it as active in your process is, and by the way, parts of EM are hugely effective at using, and we've been doing a bunch of dead-end equity to get into merging markets where at times getting scale is hard on the individual securities.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, we're not doing a lot in Turkey. We're not doing a lot in South Africa. But Mexico, you think about who the beneficiary for a world that's becoming more regionalized and who is the US's partner, Mexico is interesting. Brazil has done a pretty, you talk about central banks and has done a pretty good job. Brazil is a good place. Indonesia. So there are places and the way we've grown, and by the way, there's some corporates that are domiciled in these countries that are oftentimes better credit than the sovereign. So we've worked on, we've increased our emerging market exposure, but I would say we're doing it in a way that is less emerging market volatility sensitive to it.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, one of the things I've learned over my career of running emerging market businesses for a long time is you have to take EM and dissect the asset class. I mean, there's sometimes not a monolith. No, and so, you know, the difference between Mexico and Argentina and South Africa to Turkey is immense. And so part of what we try and think through is where are we comfortable today when we are taking more risk and building some income in emerging markets. But gosh, there are places today that...”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“We're going to go through a potential debt ceiling crisis issue. There were dollars of reserve currency in the world. I don't think people really understand. It's two-thirds of the trade flow in the world. It's roughly two-thirds, three-quarters of the liabilities in the world. It's the collateral, the U.S. Treasury is the collateral in the world that is underneath most transactions in the world. The dollar is such a critical dynamic. We're going to go through and always find like, when do you set up for these trades? When do you set up for positioning your portfolio? We're going to go through sometime three to six months from now what could be an incredibly volatile period and then the dollar becomes your lever and how you think about that is going to change and evolve. And like I say, it's crazy that we'd ever, because of the immense benefits that accrue to the US.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Today, I would argue we're on the other side of that mountain we talked about in the dollar doesn't need to appreciate. And actually, you could start to do things because the volatility markets have come down. I think there's one important thing with the dollar.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, well, 2022 was the only hedge we had. I mean, literally. The dollar, really. Yeah. So 2022, you think about normally interest rates work against beta, against your risk assets, you know, normally volatility markets. We use a lot of, you know, think about call options, put options, the equity market, when volatility spikes, not a good hedge. It's too expensive because everybody's trying to buy insurance. The dollar was a good one because you knew that as the central bank was going to tighten, the dollar was going to appreciate and risk was going to have a hard time.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Have done a good job with is when you need to move, be decisive and get it and tell people this is where we're going and shock the system when you do it, but let them know. Now we're going. And I think that's powerful. But then otherwise. Back off and let the system do what the system is going to do. By the way, it's harder in Argentina because you get, you don't have, I mean, we have such technology, innovation, adaptive human. Think about it. I did a presentation I showed what it was 30 years ago. They used to look for a job in the classifying unit circle and go get a job. Now you think about getting a job today with all of the immense online, you have fluidity of employment that we're watching play out. Fed doesn't need to do that much other than the shocked period.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“You could argue how far it should go, but zero wasn't the right number. Listen, I think one of the things that he has brought to the fed that I think has been extraordinary is collaboration and, you know, a collaborative decision making that across and taking in tremendous amounts of information. The thing that I would, you know, that I always say, let's say, and I've said this before, if the Federal Reserve said the funds rate's going to be 2% for the next five years, would the system operate better or worse? And if you were a CEO or CFO and said, okay, I know I got to figure out what my inventory level is, what my supply chain dynamics, but I know that I'm going to be able to fund myself off of a relatively constant interest rate, certainly the risk-free rate. There is huge power in that. And I think people underestimate this, get us back on the curve and get us back on A. I tweak it less than they do until you need to, and then you move decisively. And I think one of the things we've learned, you know, that central bankers do it.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“But like I said, with all the, you know, due respect, I thought last year it was crazy around keeping or the year but keeping rates easy for too long and doing QE. I mean, in January last year, $120 billion a month going into the system. Certainly it's zero.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Part of what I'm trying to think through is it's less important for me to be right six months hence, but if the markets are going to focus on this course CPI report for the next two to three months and maybe the Fed is going to focus on core PC, that I put at the top end of my priority set because I've got to buy and sell within a market. And so I spent a lot more time trying to think through what's the market reaction function and what is the data the market's tuned into because that changes over time.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what happens, we have incredible AI, data assimilation, where we look at billions of prices and try and go where is inflation going? But the markets focus on core CPI. So, you got to try and put together what are the markets going to react to? And oftentimes it's much more important to me to understand what is the psychology of markets than it is understanding what is, like where are we really going because you get leads and lags, apartment being the big one, there are huge lags in terms of when apartment gets into the reduction in prices. So, you know, we try and think through all of that. And, you know, at the end of the day,”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the things I always think about for investing, and I say to our teams all the time we're not in the business of being right, we're in the business of generating return for clients.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Huge That's substantial. You know, when you see retailers, the targets, Walmart's, you see, they're changing in terms of dropping price, and you're seeing customers that are actually now shifting using more couponing, trading down, buying in higher quantity as opposed so they can get scale and purchase. That's real. And that means inflation is coming down. And all these things factor into what do you build into what's happening in inflation because that one is hard to say, this is the number. And by the way, I think markets do that. Like the employment cost index, like that's the number, and then it goes to this one. Listen, I think markets like to have superficial information to drive big picture thoughts.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. And by the way, by the way, if you take, I mean, we looked at this stat the other day, if used car prices and shelter are coming down, which we know they're coming down. If they continue to come down, everything else could stay at four to five and you still get in the mid to high twos. So meaning it's pretty hard for us not to have seen the peak. But one thing that part of I always in my business would try and think of what are your constants that you could evaluate the variables? Inflation is a hard one to think about the constants. And if you don't, part of why I read inventory numbers at retailers, what's the, you know, you talk about semis earlier, I think you have to think about the whole construct of what's driving top line revenue for companies. You know, you're seeing Tesla just did. You're seeing companies all of a sudden are dropping prices.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I think so. I'm always, you know, what do I look at? I look at, I mean, CorePC is important. I look at wages a lot. I look at the commodity markets a ton”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“When necessary totally, and if you pin yourself in the past, the Fed has pinned themselves to what date and say, we're going to move that, that's crazy, or to one number, like CorePCE is the most important. But why would you pin yourself to Core PCE because there's weird nuance that happens to Core? You have to look at the abstract, give yourself some flexibility, allow the system to do what it's going to do, and create normal volatility to markets as opposed to defining. You have to be here.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I think, quite frankly, I think these SCP, the dot plot, is crazy. Like, why do you need to tell the world where we're going to be two years hence? You don't know where you're going to be two years hence. Why do you need the price the treasury market to the two-year forward or the three-year forward? You don't know where. And, you know, for your back to your back to”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, part of why, like I say, the Fed stays in policy later is credibility is such a big deal. Once you lose credibility, and it's part of why I think they've done a And this is part of the idea like go away for a bit, stop defining every single”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“All right. So, I mean, I watched them for years, and I've seen very few people, including Gay, the honor, presenting to him many times. I've seen, I mean, the way he analyzed the data, the way he reacted to the data, the way he commanded policy. I'll never forget when Greenspan said we're going this way, he had immense credibility to execute it. Listen, I think, but I think your point is the last year or two, it didn't make a lot of sense for him. I think people knew Subprime and the mortgage crisis. The mortgage wasn't crisis, the mortgage dynamic, the housing dynamic was creating a problem. That would put a real damper on what was, I think, an immaculate central banker.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Sold to you. I'm short Alan Greensman. All right, Sean, and we'll continue to be. I am long puts. I will write calls whatever you need to do. I'll take the opposite side of the maestro tree. All right.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, man, if you go back in the annals of time, I think Alan Greenspan may have been, at least in my generation, the best central banker I've ever seen. I'm on the other side.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Anyway, I think there's a time that you need the central bank to be on the front page, but I think we're leaving that news story.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source