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Tony Kim

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72
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2024-12-12
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2024-12-12
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  1. “And invariably that is a function of specialization, I think. And of course I'm biased in that because I am focused on a specialized area, which is the technology area. And then within the technology area, there are many further subspecializations. And I think those that have broader depth of domain knowledge, hopefully that is the advantage and that gets expressed in an active fund. An ETF or a mutual fund or whatever. And as I've been in this technology industry for a long time, 20 years ago, tech was. 20% of the SP. It's over 40 And it's probably going higher as now we're entering the AI era.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Well, I think the future of active management, as you correctly pointed out, I think. There are generic sections of the market where it is the broad market exposure, S&P. I think continue to be under pressure as it moves to. Those passive indices. But you said something very interesting there. The industry is specialized. You know, sector is thematics. In the container of an active ETF, I think that is more representative maybe where the future of active industry is going, where one can express a differentiated view.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “That's not active this is Yeah. So now we're joining that party as well. We have now active ETS. We launched two recently, one on the AI site. So where we fail that dynamism, especially an industry that is in rapid change like an AI. I think you need a lot of adaptation to flexibility because things are changing so rapidly.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So, the passive industry, passive part of BlackRock is separate to the active part. Would be one trend is that we are also launching many active ETFs, which is the container in which Most of the passive funds are traded at. And then there's passive decisions, a lot of the passive indexing is now an active decision, I guess you could say. Hey, it always has been. It always has been. Right.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, that's right. And you're buying the whole thing, or you're representing or you're selling the whole thing, or you're selling pieces of it, and you're working on one company and another, maybe two companies at a time, and you want to get. every number right, every comma, every nuts and bolts to as many as much detail as you can. So the precision and the accuracy and the information fidelity is much higher. Because that's what you're just working on, that one transaction versus, like you said, you're looking at hundreds of companies and you can make a decision with the push of a button and sell or buy. And so the time spent on that analysis will... Invariably be less than the time spent on this one definitive transaction.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “30, 40 portfolio managers across four or five investment firms. And that was like, I guess, my second era here was to learn the skills of investing.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “But yet you have persistence because you're able to look at sectors and industries and companies for a longer period of time consistently. And so you build deeper domain knowledge And so that was one. The second is that you're no longer working for a client. You are working to find the best investments and put your own capital at risk. And so that was a change of the mindset of how to assess because you're not working really, you're not just servicing a client. Here you're putting your own capital at risk. And, you know, that. That was the first big change of just assessing how that works. And then going from and then learning many, many, many domains. And then that was the working with many different kinds of investors, different kinds of investment philosophies. I must have worked for.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yeah, I think that was a transition. The financial analysis is the same. Maybe it's even more intensive on the MA side because you're doing much more detailed work. The way you're looking at industries and companies are relatively similar. It's that on the transactional side, you work on projects for a short duration of time and then you move on and move on and move on. And hopefully over time you have persistence and you learn more about that industry and that domain. When you go to investment side, I started as an analyst. I wasn't And here you are looking at a wider array of companies. You're doing financial analysis, but not as detailed as you were working on one deal, one transaction for months at a time.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Yes, in that time. And these were the deals when Cisco was going crazy. And there were, you know. So many transactions and networking, there was optical communications boom, some of the original software internet assets. And so I did transactions in this, especially a lot in the networking telecom. I remember working on one or two software deals. And I did that for a while. And then I decided to leave investment baking, which I learned a tremendous amount, especially. The strategic nature of looking at industries and companies, and of course all of the financial acumen, the rigor of doing very intensive financial analysis. But you're always working at the behest of a client, right? You're working, it was transactional related. And this is when I decided to go and take a career path change to the investment side.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Drago still is a chiffon right now. But those were the original days, and then the transactions, this was pre-.com and the internet was just getting going.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “A guy named Dragorochkovic, who is now vice chairman of JP Morgan, runs the Tech MA. This guy, Michael Leitner. And then myself, and then we work for this guy named Rob Stewart, and then Mark Schaefer above led the group. But Mike, Michael at Tenenbaum, BlackRock later acquired them. And he was one of the partners at Tenemo. And then recently BlackRock bought GIP. And then Rob is one of the partners at GIP. So three of the four of us, Rob, myself, Michael, all ended up at BlackRock”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “or at least became a powerhouse towards the back half of that decade. Yeah, so it was very much New thing for them in the West Coast. And so I went and I still recall to this day there were several of us that were the origins of the M&A group on the west coast from Merrill Lynch. In fact, three of those people 20 some years later were back joined at BlackRock. And I can tell you the story of that.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Brooke Pincus? That became SBC Warburg and then UBS bought and then the Warburg name went away. But I was there right at the time when Warburg was acquired. And that transition. And then Merrill Lynch said, Go West, young man. Okay, so I remember Merrill Lynch during the 1990s was absolutely a powerhouse.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Late 90s, early 2000s, what sort of deals were you working on? Yeah, just that transition, you know, I was originally hired by SG Orbury, which was a British investment bank that got acquired. And then after the...”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “But the finance is what pulled me in on the investment banking more so than the consulting because of that angle, I think. And your timing was perfect. The 1990s, great time to be doing.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “You end up doing investment banking. In New York in the mid 90s, what was the transition from being Engineer slash operator to an investor. What was that like? Well, when I went to Columbia, I worked at an engineering company and I thought I wanted something, a higher level, more strategic in nature. I actually thought I wanted to. I wanted to try to get into consulting. That's a classical. Classical role for an MBA. None of the consultants would want to hire me, but somehow the investment banking side. Or I found them. And it was an engineer. Here's a guy from Engineering with engineering background. And at the time, those are the early days of pre-.com. It was a new emerging industry. And so I think they saw that linkage between some technical expertise with finance maybe working with that industry. So that was.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “The manufacturing base in this country. I was working on the East Coast. And everything from pharmaceutical to automotive to what a distribution network looked like, what tier one, tier two kind of systems integrators were. With the technology of automating manufacturing. And so we're working on different projects and see. Across a lot of industries. But I realized I didn't want to other ambitions. Led me to going to graduate school. So let's talk about some of those other ambitions.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “This is first Job, right? First job, first real job out of school. It really, it was the first entree into a company, not only a company. This was an automation company that's often known for, works with many industries, but helping automate. I was working on projects to automate manufacturing. They had these things called PLCs, which are basically industrial computers with sensors, with drives, drive systems, motor control, robotics, and all of these things. And then you package them together and you work with many different kinds of manufacturing companies in the early days of automating manufacturing processes across many industries. So that was my first entree in seeing the diversity of”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Yeah, the origins of the career. You know, I grew up in the Midwest. It's the first phase of my life. And growing up in the 80s in Illinois, I'm from Korea, actually. Natural, I was a STEM kid, and that kind of propelled me into the engineering side. But I always had other interests outside of that. But the reason I went to Champaign, we were all from the state of Illinois and my siblings and I all went to school in the state of Illinois and I gravitated initially to engineering. And that's kind of that got into that. And then eventually I ended up in New York and then transitioned into finance. We're going to talk about that transition in a minute, but before we get there, Really begin your career as an engineer at Rockwell Automation. What did you do there?”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Barry. It's a pleasure to be here. Pleasure to have you. So let's start out with your background. Bachelor's in industrial engineering from University of Illinois and then an MBA from Columbia. Where are their career plans? Career plans. Yeah. First of all, thanks for having me. Your show titled Masters in Business. I am no master in business. Well, you have an MBA, so you automatically qualify. Yes, for sure. That's a master's, right? Yeah, that's true. That's true.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Helping to oversee all of the active technology investments, BlackRock makes, in addition to being a portfolio manager and running a number of mutual funds and ETFs, he is just a world-class technology investor who understands the sector like few other people do. Not only has he put up a very impressive track record, his entire approach to the ecosystem of technology covering everything from robotics to AI to software to semiconductors is really quite fascinating. If you're at all interested in technology, in AI, in the process of thinking about tech investing, then you're going to find this conversation to be absolutely fascinating with no further ado. My discussion with BlackRocks, Tony Kim. Thank you.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “This is Masters in Business with Barry Ritholtz on Bloomberg Radio. Another extra special Tony Kim is managing director at BlackRock, where he heads the Fundamental Equity Technology Group.”

    2024-12-12 · Masters in Business · From Technology in Focus to Finance with BlackRock's Tony Kim · IDENTIFIED FROM THE TRANSCRIPT · source