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Simon Lack

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140
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2017-03-10
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2017-03-10
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  1. “He calls them econs, right? These theoretical people. And of course, you get booms and busts and all kinds of emotion because of human activity and really appreciating the impact of human decision making on markets is something that I've come to appreciate much more. In the last five or ten years relative to when I started out earlier on.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I mean, I think behavioral finance is so fascinating. I mean, it explains so much more. This is something that Richard Taler talks about in finance misbehaving is that so much of economic theory assumes people are just these agents.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “For instance, finance. Well, the first thing is have a career strategy. I mean, one of the ironies I found for myself is I've had more of a career strategy as I've got older. But of course, the time to really develop a strategy is when you're young and you've got your whole career ahead of you. Have a strategy. Stay focused. The people who are successful. Pick the right goals and they stay focused on achieving those goals. I think that going into finance, totally make sure you're doing things that are going to be demonstrably good for clients. make sure that whatever you're doing there's a clear value add for the client and it's and it's got some meaning for the client because then it's more likely to be sustainable”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Yeah, there you go. I need you around. I need you around. And you have to. Well, earlier in the week is easier. The Sunday cost. Well, Monday is fabulous.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “I've never been into Crosswords and I just, hey, this is easy. I get on my tablet anyway, I'll do it in bed. And yeah, it's pretty cool. I think it's good to test your brain and to work on new challenges. One of the ways that you don't age as quickly as you would otherwise.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yeah. So I belong to a club down in Florida as well. I used to play a lot of chess. New York's a fantastic place for chess. Now I can play online. Walk right over.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Software is doing everything. So there's a whole global community where you don't know the people that you're trading with. And that's had all kinds of ramifications that and the speed has led to an even greater focus on the short term.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Well, it's the speed, isn't it? And it's a lot less personal. I mean, it used to be when I started in the business, transactions happened face to face in many cases or over the phone with people that you knew. So you had a lot of iterative transactions with familiar people. And of course, exchange floors have largely gone and everything about trading is so impersonal now.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “All around the building of this cathedral. For people who are not royalty, but regular people living in 16th century Britain.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Yeah. Oh, look at this. That's a fascinating. It's one of those stories that you're sorry when it's finished because you were so into the characters. It's sort of a multi-generational story.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “That's what it took, right? He was one of their peers, right? So all of the book on the financial crisis, I thought, were really good.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “I really, because imagine that meeting where Paulson gets all the CEOs in a room and says, here's the deal. You're all going to take $10 to $25 billion of capital and you're not leaving until you go. So he's got Jamie Diamond in there and Lloyd Blankfine and people who are not used to being told that. And who else could pull that off?”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Bernanke's book was good as well. We were so fortunate to have people like Paulson and Bernanke in the positions they were in at that time.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “I mean, I thought Hank Paulson's book was back from the Hank Paulson's was. I forget that it was his, but that was terrific back from the brink, I think, was his. That's on my show.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Well, you know, I read finance misbehaving by Richard Tala last year, which builds on the work by Kahneman and Tursky. And so”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Well, you know what caught my attention is Andrew Rossorkin commented on it and he said like every great Pixar movie has a happy ending as well. And I'm looking forward to that. So I'm reading that.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “I'm looking forward to that. Yeah. I mean, listen, I read Moneyball. Listen to me, right? I mean, it's fascinating. You've forgotten more than I know about baseball. And I loved Moneyball. It was fascinating. It was a great book. I just read The Undoing Project.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Well, just the idea that you want to have a moat and that you want to be holding things that you'd want to own forever. And it's a hard thing to do because that's not the timeframe that a lot of investors have. And we found that two years ago when energy infrastructure was down a lot collapsed. Yeah. And we found just how high quality our investors really are. Because they stayed with us. And in many cases, they added money. We picked up new clients. But that's sort of a self selection that we had clients who understood that we're not going to get you out at the high. We're going to be invested for the long run. So that really helped a lot.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “And he was just tremendous. He was a great leader, is a great leader. He really exemplified integrity and strategy with detail orientation. There's another fellow who's retired now, Bill Pike used to run government bond trading when I was there. He's about 13 or 14 years older than me. And I was in my 20s when I was first working there. And he was running government bond trading. And it was just always fascinating listening to his interpretation of market psychology. And how people were thinking about bonds because that's what I was trading at the time. And so they're two people that I work with in those days when I was a lot younger and still have tremendous respect for both of them.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Yeah, I get, you know, I spent a lot of years in trading, and there's a fella called Don Layton, who's now the CEO of Freddie Mac, who ran the trading of J.P. Morgan.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “That's infiltrating. Maybe so. I always had this idea that it would be nice to move back to North America. And New York was obviously a much bigger financial center than Toronto. So I moved to New York. And at the time, I thought maybe I'll move up to Toronto at some point, but drop that idea because once I got here, it was just like, why would you be anywhere else?”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “You know, I was born in Canada, and so I'd spent some time in Canada with my dad. My parents split up when I was young. So maybe it's.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Well, money broker deals with big banks and other institutions, trading currencies or derivatives or euro dollar deposits. And that's what I did for a short time. I did that for a few years. And then I moved over to banking and joined. What became JP Morgan in the 80s”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “I work for a company called Desut and Bevan, which became part of Barclays. And I was a money broker for a short period of time. And I transferred with them to New York.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “So it's a one pager. And they say, here's what you're going to live on this year. And I say thanks. So it's I work it and I have my accountant. So far that seems to be”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “The complexity is mind-boggling. I mean, you're probably like me. I have a tax return that's probably 200 pages. I mean, it's amazing they get any money. It's so complicated.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “The House, the Senate, and it'll be great if we got bipartisan approval or tax reform. That might be naive to assume that we'll get there, but at least we get some Democrats on board with that.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Wow, wouldn't that be great? I mean, Reagan was the last president who really oversaw any sort of big tax reform. And so I think that it's well, well overdue.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “I mean, it looks that way, right? The consensus is that we'll get some simplification, lower corporate tax rates. Fewer personal brackets for taxes. So you”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “And accountants overstayed it. I've talked to a countess who complain about it, and I say, why don't you just charge more for that? How much do you charge to do the camera? Well, I don't know. I just don't like the word. Well, they charge out.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Well, AFund gives a $10.99. So we basically do it. We take the K1 out of it for the client. The client gets a $10.99, but they get exposure to MLPs, but they don't have to deal with the K1s that happens at the fund level.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “But they do issue a K1, and lots of investors love that. They hate K1s. They like the fact that MLPs don't pay tax, but they hate the K1s.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “You just can't because they're private. In the MLP business, you can actually buy the MLP general partners. And that's what we do. And the beauty of that is that MLPs are growing. MLPs are growing their assets because we need more infrastructure because the oil and gas is in place as it wasn't always. North Dakota was not a big place for crude oil. Pennsylvania was not a big place for natural gas. So MLPs are growing their assets. And you know if you invest in hedge fund managers when hedge fund assets are growing, you know that's going to be good because more assets, more fees. And it's the same thing with MLP general partners. So our mutual fund, which was last year's best performing mutual fund, is up 65%.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Whatever liability there is. That's right. Now, it turns out that an MLP general partner runs an MLP the same way that a hedge fund manager or a hedge fund GP runs the hedge fund and you can buy MLP general partners and they have the same type of preferential economics that hedge fund managers have. So it's sort of like if you could buy hedge fund managers or hedge funds, what would you buy? Well, you'd buy the hedge fund managers.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Well, you know what's really cool about that strategy is we found an analogy with hedge funds, believe it or not. Oh, really? So MLPs, Master Limited Partnerships are partnerships that own pipelines.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “I mean, it depends on the play, but you could easily have wells that'll pay you back in 30 days if it's a very high producing well.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “Even smaller cracks open and allows better production from well. That's amazing. There's lots of innovation and technological improvements that are happening all of the time. And it's less than $5 million to drill a well, which sounds like a lot.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “I mean, it's 95% water by volume. There's some other chemicals. But the sand is critical because when they push the water down, it fractures the rock. And the grains of sand prop open all of these tiny little cracks in the rock. So now one of the innovations has been that more sand with finer grains.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “And now they're producing, they'll use actually more sand. So sand is one of the things they pump down into the ground when they do the fracking. And the grains are water.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Yeah, I mean, imagine who would think you could do that? So, yeah, drilling sideways longer laterals, they'll have spider formations now where you drill down a well and then go laterally in multiple directions so you can be more efficient. They use the drills for less time. So they finish a well more quickly. So obviously that costs less money. The drill goes in.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “One of the fastest growing place, there's a land rush going on there to get in because the new technology is making it possible to extract crude oil from areas that were thought to be basically non-economic anymore.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Well, North America, a lot of that depends on the price. And so North America, which obviously including Alberta and British Columbia with all the tar sands, At a high enough price, there are Saudi type reserves of crude oil there, but it's very expensive to extract. So typically those estimates of what's available, you know, ultimate recovery depends on the price and the technology. And so they can change. I would say that recoverable oil in the United States estimates for that keep going up every year because of new technologies. I mean, look at the Permian Basin in West Texas. We've been drilling there for almost 100 years.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “And so that's put America in a fantastically strong position in terms of providing more and more of our own energy. And as you said, being a genetic?”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “Yes, basically. That's right. A huge drop. And so it takes a while to bring new crude oil supply on, right? In America, shale production happens very quickly. And when the price goes down, they stop drilling. They have these drilled uncompleted wells. The price goes up. They start drilling again. 90 days is the payback time typically from when you first start the when you get enough cash back to pay for the cost that you've incurred.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Well, and here's the thing You've had a trillion dollars of cutbacks in exploration budgets for crude oil because of the price collapse a year ago. Over what time?”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “Lighting the fire, cleaning up after it. So here's a cool thing, right? We've exported natural gas from Pennsylvania Pipeline down to Louisiana to the Sabine Pass where it's liquefied and put on one of those big tankers and shipped out to the United Arab Emirates in the Middle East where they are awash in natural gas. Why are they black?”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “But then they wouldn't drill because methane is the basic commodity that you're getting out of the ground. And so methane captures improved and leaks have gone down dramatically as a percentage of natural gas extracted over the years. So there's lots of data to show that we're getting more efficient at that and better at it over time.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “Well, methane is what you're burning, right? So methane is what goes into the natural gas supply. So there can be leaks and so on. But there's a lot of regulations around capturing that. And clearly there's an economic incentive for the companies to capture that.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “I think that's an example of where there's certain geologies that you learn maybe we shouldn't be tracking there and so we learn right but America has been fracking for decades drilling wells thousands and thousands of wells and so there's always this feedback loop and you're learning and that's the learning process that's going on there”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “Yeah, so when you frack, when you drill down and you frack for natural gas and crude oil, you're going much farther down than the water table. Typically aquifers are a few hundred feet down and drilling goes down, 5,000 feet. And so accidents can happen. But there isn't anything about the overall technology of fracking that is bad for drinking water. And yes, of course, there was that Gasland movie. Right. But I think generally, you know, we drill thousands of wells a year in America. It's another very, very highly regulated industry. And I think that that's the exception.”

    2017-03-10 · Masters in Business · Interview With Simon Lack: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source