저자: LarryFink · 외국인
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래리 핑크의 커리어 다큐. 1976년 퍼스트보스턴 입사 후 모기지 증권화를 주도해 고수익을 냈으나 1986년 금리 베팅 실패로 100M달러 손실을 겪고 퇴사. 이후 1988년 블랙스톤 공동창업에 합류, 1994년 GE 자산 청산 등으로 성장. 블랙록 운용자산 0에서 6조 달러 성장을 리스크 관리 문화의 결과로 설명. 자산 가격 전망 발언은 없고 과거 경력과 리더십 회고 중심.
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that you went from zero zero dollars under management to $6 trillion basically in three decades Larry Black Rock CEO Larry is Black Rock chair and CEO Larry fin 30 years old 0 to6 trillion but Black Rock in particular made some unbelievably crucial moves Larry think comes to the four one of the things that I think is just not a story that's very well told or really understood is the remarkable story of Entrepreneurship that is your company if you could put pinpoint what made this work in such a stunning way what was it so uh Larry uh has a very interesting background when Hollywood is thought of as a way of life rather than a place on the map let's go back to you're growing up in Los Angeles yeah the 1950s uh you go to UCLA right and uh you CLA business school what propelled you to go all the way to the east coast when the weather is better in California presumably life was great in La why why did you want to go to the east coast I met a uh um a couple U partners of various Investment Banking firms and I was intrigued about it uh and I I was asked for a bunch of interviews in New York uh and it was just something that was very foreign to me and intriguing and keep in mind when I joined Wall Street in 1976 uh first Boston hired 12 people that was the size of the training program I think Goldman Sachs was 15 the first Boston's market capitalization in 1976 was $30 million I think Goldman's partnership part uh was 50 million people have no idea what has transformed that this industry how it changed itself at first Boston he was a Pioneer in developing an obscure Financial product that was pretty much under the public radar until we had a little event called the Great Recession signs were every aware but now it's official we are in a recession the research group that makes that determination made it today and said the recession actually started a year ago but the question now when will it end I'm of course talking about mortgage fact Securities in the 2000s investors in the US and abroad looking for a lowrisk high return investment started throwing their money at the US housing market the thinking was they could get a better return from the interest rates homeowners paid on mortgages than they could buy investing in things like US Treasury bonds which were paying very very low interest well actually I was in the mortgage area I mean I started in the mortgage area and the mortgage area was just beginning was only Jimny May Securities in and then my division started the whole Freddy ma trading and can you explain to the average person what securitization of mortgages is you were a leader in that what while still in his 20s Larry made a lot of money for first Boston I read something from one of your former partners at first Boston that said this is a guy who always wanted more than he had he was the guy whose nose was pressed against the window he you could sense his ambition what was driving you this whole time because you were you got big pretty fast um we were the most profitable division in first Boston in 1981 82 83 84 85 um and what they did was they gave you more capital uh we had no idea how we were making money we had no technology to understand the risk and let's step back as I look at Steve sitting in front of us it wasn't until 1983 that you had a computer on a trading desk so Larry fin kicked off his career Journey Back In 1976 at first Boston an investment Bank based out of New York City there he Dove head first into the world of mortgage back security trading eventually during the ship as the head honcho of the bond Department you know I I was a superstar at the firm I was the youngest managing director over in The Firm when I was 27 um I was on the executive committee management committee at 31 and I was an at 34 so at first Boston he wasn't just a cog in the machine he played a key role on the management committee held the prestigious title of managing directors and even co-led the tax possible fixed income division not one to rest on his Laurels he also set up the financial Futures and options department and spearheaded the mortgage and real estate products group think meticulously contributed a growth of $1 billion to First Boston's assets but as life often does it threw him a curveball in 1986 his Department took a $100 million loss due to a Bad Bet on interest rates and in 1986 uh uh we we lost money we Steve Jobs was fired yeah Jeffrey kenberg was fired and you were fired yeah uh but uh I never forgave myself uh that we had no knowledge of the risk we were taking his Traders had assumed a significant Market position based on F's forecast of rising interest rates however when rates unexpectedly fell not only did these Traders suffer losses but the protective measures meant to mitigate at them also failed think described a rapid shift in reputation from being looked up to to being shunned as his colleagues ceased communication and ostracized him the lack of computer systems and risk assessment programs became evident as they were unable to accurately gauge the impact of crucial variables like interest rate fluctuations reflecting on the experience think consistently emphasized I the importance of regular assessment of portfolio risks even during periods of profitability to prevent excessive risk taking I wasn't fired but I was I quit before I was near fired if you had stayed you wouldn't have had the job yeah but I know I quit uh but there's a different story I knew I knew for you know the the $ million event happened in 8 886 and I left in ' 88 okay so I stayed around cuz but I knew I was leaving at that moment the way how the firm did that drive some of this too I was so angry at myself now it drove you were angry with yourself I was just mortified at myself so Larry thinkink now had to begin a New Journey the chairman and CEO of black Rock Larry Fink so the history of these two firms is that back in the late 80s when Blackstone was first getting started he met a guy Steve Schon met a guy named Larry thinkink who was a very successful mortgage Trader um at first Boston thinkink left his job there is that you you you went to Steve schwarzman who was only the firm was only three years old I think no it was a year and a half old year and a half old okay and you went to them and said I want to start this firm I came up with a business plan told them what we were going to do told them what type of money we needed I actually had they were going to fund me to start my own company and I because of the first Boston experience I did not have that uh confidence in myself to do it and I came to Steve I helped Steve I was asked by a partner of first Boston to help Blackstone raise their first fund so I got to know Steve and Pete through that effort and it was through that effort we went to them after they just finished raising their I think their first private Equity Fund of like 530 million uh I went to them and uh showed them gave them a business plan and I became the fourth partner of the blacksman group and um and so it took us took me a year and a half to assemble my thoughts and and and I told it I told the story to Steve schwarzman and Pete Peterson and uh they loved it and they they had more confidence in me than I had myself they wanted to go right ahead and we did that and it all you know we started making we actually started making money within two weeks I mean the outpouring of our of the of of competitors friends clients that I had for my years at first Boston all okay and schwarzman said come work with me they made beautiful music together for a few years then they had what each has described as a fairly bitter corporate divorce and black rock and Larry thinkink went on its way and over the subsequent 20 years or so these firms really existed in parallel and became the dominant firms in their respective Industries um and I knew we need to evolve but I do believe believe the whole Foundation of risk management was the key characteristic that differentiated us as a young little firm in 1994 when GE was having a bad time with kider PE bu and they had to liquidate it they didn't call one of the Wall Street firms to help them liquidate kid we were hired but we finally over after one or two years people started realizing that we represented was a cheap stock we were living up to the promises that we told her shareholders stock went to 28 we started doing more but then it was it was really the discovery that I thought we had the culture to do Acquisitions today you look back on your your your legacy what do you most proud of you built the biggest money management firm presumably you've made money for lots of people so that's a good thing what are you most proud of having achieved um my um my legacy is not about will not be about the moment about the time I was leading the company my legacy will be about how well the company does after me not not while I'm there and so that is really important probably the proudest moment for me will be and I haven't executed this yet if I when I leave the firm that I could that I could watch The Firm grow do better without me that would be the ultimate accomplishment of a Founder right and so I'm sticking around longer than I probably otherwise thought I was going to stick around to make sure that next gener ation is ready and when I believe they're ready I will be out um and so I don't know I know I I never I don't plan I never planned what this outcome of what black rock is today um I am absolutely excited about other opportunities um and I know I have one more gig so whatever that next gig is I'll be I'll be around ladies and gentlemen Larry than thank you very much thank you
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