Why there are no brave old people in finance:
interview on Wall Street an hour early, because I didn’t want to be late. I sat in a Chock Full o’Nuts coffee shop nursing a cup of coffee, the one cup I could afford, checking my watch every couple of minutes. When 9:00 a.m. arrived, I went into the headquarters of Donaldson Lufkin Jenrette at 140 Broadway, up to the thirty-sixth floor.
So we formulated a clear set of expectations, which I laid out in a welcome speech to our new analysts. It boiled down to two words:. If we delivered excellent performance for our investors and maintained a pristine reputation, we would have the opportunity to grow and pursue ever more interesting and rewarding work. If we invested poorly or compromised our integrity, we would fail.we hired a young banker from the corporate finance division at Drexel Burnham Lambert.
And right on cue, a few months after we closed, steel prices began to nosedive. Edgcomb’s inventory was now worth less than they had paid for it and dropping in value every day. The profits we anticipated, which were to pay our borrowing costs, never materialized. We couldn’t make our debt payments. Edgcomb was imploding, just as David Stockman predicted it would.
I had fallen into a trap common to many organizations. In my enthusiasm to give a new partner a shot with the Edgcomb deal, I had made myself and the firm vulnerable. I had succumbed to a good sales pitch. I learned later that one of the analysts on this new partner’s team had opposed the deal. He couldn’t see it ever working. But the partner had told him to keep his doubts to himself.
We decided to involve all of our senior partners in our discussions of investments. We would never again allow one person single-handedly to green-light a deal. During my career, I had gotten things more right than wrong, but Edgcomb had shown that I was far from infallible. My colleagues had decades of experience. By working together, arguing and applying our collective wisdom to evaluate an investment’s risks, we hoped we could examine our deals more objectively.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Why Jennifer Aniston, Scarlett Johansson, and 12 other celebrities hate social mediaHere's why celebrities like Jennifer Lawrence, Mila Kunis, and George Clooney live social media-free in today's uber-connected world.
Consulte Mais informação »
Why streaming services are the new credit card rewards bingeCredit card issuers are moving beyond gas, groceries and restaurants into things prized by young people, such as streaming services.
Consulte Mais informação »
Why I Kicked My College Graduate Out of the HouseYou, as a parent, have to be decisive about the fact that your college-graduate kid's “safety net” of living at home is coming to an end, says WSJ Wealth Management Expert Ted Jenkin
Consulte Mais informação »
Why a Friends Revival Will Never, Ever HappenAnd more tidbits from the show’s 25th anniversary panel at the Tribeca TV Festival—including which Friends character is now in therapy.
Consulte Mais informação »
These fast-food chains have dropped menu items this year — here's whyTaco Bell and McDonald's are among the fast-food chains that have trimmed their menus in 2019.
Consulte Mais informação »