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

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

“Like, you know, you got to take in what you're getting today, but you got to have one eye on where we're going. And I think in all those meetings, just trying to think through, get in front of where we're going, whether that's markets, positioning our business, people strategies, et cetera.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, man, I get up at 3:45 in the morning. Is that true? Yeah, I think it's true. I thought I was an early person by an hour. You know, I think, you know, people always say to young people that come into the business, you know, why are you coming into finance? You got to really love it. And I love the business and I love, you know, it's dynamic. So I get up at 345.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“But I was, my background was in credit, but we had so many talented people in mortgages, and that obviously a huge part of the fixed income market that I felt like that team could take my shallow knowledge to the hopefully to the next level. And so then I became CIO then. And yeah, I guess I've been doing it for over a decade now. It's pretty unbelievable.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“There for six months, and Larry says, Hey, I got a new case for you. I think it was, it must have been, it must have been August of thinking through it, August of 10. And I know it was a little bit of trepidation. At the time, it was still a big place, and it was a little bit of trepidation, but it's incredibly exciting. And like I say, so many of the team had come with me and I got to know some really great people across the organization. So anyway, I was honored to do it. And I've always been investing in different parts of fixed income. And the heritage of BlackRock was in the mortgage business.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“For them, essentially. Yeah, so I mean, the idea coming over is we were going to operate our hedge fund and work within the credit business at BlackRock. And somebody ended up leaving the firm who was the CIO. And anyway, opened up a spot for me. And I was a huge honor to be chosen to do it. So that was, was that 12, 13 years ago?”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“42 people. And like I say, many of whom are still with us today. So, you know, the fact they were willing to do that, and quite frankly, even at the time before BlackRock was this big, I felt like it was much the epicenter of finance. And I thought I wouldn't have gone. Our hedge funds started to do well again. And I wouldn't have done it anywhere else because I thought this was a place that Like, how could you turn down the ability to be at a place that was if you liked financing, you liked what we did, this was a chance to work somewhere that was, you know, the epicenter. This is before it got to be the size and scale it did.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“The right opportun So I had known Larry Fink and Rob Capito, our CEO and president for a number of years. In fact, the only other place that I almost left Lehman to go work for was BlackRock. And because I had such great respect for the people running it, there were actually more people than that. But Larry and Rob being the main drivers of the company. And then, you know, after I would say the fall of 09, going through that duress around a hedge fund and being in, you know, it was a tough spot around the markets coming under pressure. You know, we started talking and we were back and forth having a conversation about coming to BlackRock. And I remember Rob and Larry saying we've been talking about for years. Why don't you do it now? And I had a big team with me. And whatever reason, I haven't worked at places for a long time, very loyal. And I said, but I've got to bring my whole team. And anyway, it was a massive honor. They took...”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so the idea being that we could analyze, dissect companies anywhere from senior securities secured down to down a distress. And we had a great team, many of which are still with me today that I'm super honored by. A lot of us have worked together for 20, 30 years, a couple of over 30 years. But the idea being, you know, we were good at analyzing companies and could do it across CapStack, different sectors globally. And we have a great team in Asia and Europe. So, yeah, I mean, that was the idea. And I say that's part of why it's translated to a number of people coming to BlackRock and being with me today.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Being in credit, I think people underestimate. Like, I don't, I don't really think top-down analysis works. Like trying to analyze the economy from the top, I think it's too hard to do. Being understanding how companies drive inventory, hiring, CapEx spend, and to this day, when I have a view on the economy, or usually I have a view on the economy or inflation, it's usually driven because I read so many corporate earnings reports and understand, try and understand why they're cutting inventory, why they're laying off people. Anyway, so it's been having a credit corporate background has been hugely powerful because I tend every analysis we do, big picture starts bottoms up. And that's what informs, I find that's the most effective way to inform your views.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“But if you don't make the turn at the end, if you hit the wall, it doesn't count. 100%. No, that is right. But I found, you know, I was a financial analyst and I was literally per what we talked about. I was going to go and do that again. I loved looking at companies, both my parents were entrepreneurs. I loved how businesses worked and to think. And, you know, for some reason, naturally in school, I had a really tough go early in my school career because I didn't really understand philosophy or psychology, but business always made a lot of sense to me. And looking at companies, analyzing them, figuring out how they drive cash flow, how they manage their liquidity was, I mean, I found it phenomenally exciting. So anyway, so I did it. I did it for a long time. I still to this day.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. Well, I mean, it was, I mean, you think about it, that was 87. It probably had, you know, it probably was a good 20 year runway after that. I jokingly say you could.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“And then I ran the corporate bond trading desk. And then I did that for a while. Then I ran our credit business across emerging markets, money markets, loans, preferreds. And then I went to the principal strategies area before I left in May 08. Oh, really?”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, I started, and while I was going to go into mortgages, and that was where I was taken out of the place from the training program, I went into a six-month training program in Lehman and I found the corporate bond business to be incredibly interesting. And I got to meet two people. And you know how you learn in life that it's, and I've learned over the years, it's all about the people. Sure. And gosh, I found two people who were extraordinarily, I mean, I thought smart, capable. I love their business. And so I started in corporate bonds. And then I started trading international Yankee bonds. So foreign bonds denominated dollars. Did that for a while. Then I did crossover. between investment grade and high yield.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Four years. By the way, it was interesting that 02, you know, why didn't it happen in 06? And so you think about what happened when monetary policies stayed too easy. And while I thought Chairman Greensman was incredible, he kept policy too easy. Remember the housing market was starting to bubble? They should have started tightening in 06, and we should have had the recalibration in 06. And the fact that it didn't probably created more pressure two years since.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“And then punctuating with obviously 2008, but boy, I mean, I went through, I think I still have the scar tissue to this day of all of these, and by the way, I think it's an interesting cyclicality to markets. That every four years you need to recalibrate. You know, people are comfortable leverage builds. And then all of a sudden, sometimes violently, it recalibrates. But I tell you, going through it again in 22, you just know that the next couple of years are going to be pretty good because you just reprice things again. But I'll tell you, going through those years, I'd love to skip those in my career.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“It was. So Alaman paid a billion dollars free of button. And they took, I was very lucky, there were 35 of us in the training program, and it looked like we all were going to get fired. And they took two of us. And I'm not sure how I made it through the strainer. And I found somebody who I really liked on the mortgage department. And the mortgage agency mortgage business and took a liking to me and they went into the training program. And then, by the way, it wasn't like the crises ended between 1990 and the recession and the SNL dynamics and then in 94 and 98 and you know all had a different stream of 2002. By the way, it seemed like every four years.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so market crashes. And then we don't think that, you know, it doesn't look like EF Huntington's going to make it or potentially he's going to go out of business. They get absorbed. Lehman buys them.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“Of all time. And I think people, yes, people still remember them. And then, which was absorbed into Lehman, and I got lucky to go there and got a job in fixed income. And the ball started rolling. But I probably two years prior to that or three years prior, I didn't even know what fixed income was.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think it was ever in the cards, actually. Yeah, so when I graduated Wharton, I wasn't one of those people who had my family was on Wall Street and I didn't really know what direction I was going in. And actually, I was going to go and do something different. In fact, I was going to be a strategist, financial analyst to work for a bank and write research reports. And somebody convinced me to go into sales and trading, and I decided to do that. And I loved, you know, they talked to me about sports and, you know, I love markets. And anyway, I got into fixed income. And I really liked the macro element to it. I really liked how you think about big picture. And one thing led to another. There was a job opening in, like I said, I graduated, went to EF Hutton, and nobody remembers anymore.”
2023-02-10 · Masters in Business · Rick Rieder on Fixed Income Investments · IDENTIFIED FROM THE TRANSCRIPT · source