Life’s Lessons from Byron R. Wien, Vice Chairman, Multi-Asset Investing, Blackstone

I recently came across the below life tips in an investor deck from Byron R. Wien, Vice Chairman, Multi-Asset Investing, at Blackstone. Good reminders to keep life heading in the right direction!

1. Concentrate on finding a big idea that will make an impact on the people you want to influence. The Ten Surprises, which I started doing in 1986, has been a defining product. People all over the world are aware of it and identify me with it. What they seem to like about it is that I put myself at risk by going on record with these events which I believe are probable and hold myself accountable at year-end. If you want to be successful and live a long, stimulating life, keep yourself at risk intellectually all the time. (more…)

I’m Back!

After 3+ years of hibernation due to the silence required by my technology investment banking role at Credit Suisse, I’m excited to be back to writing!

When I left off in 2012, my posts were getting increasingly long and complex, and as a result, more time consuming. I enjoyed long-form writing when I had a lot of free time. However, nowadays, I have less time for writing due to increased demands from work and a growing family. As a result, now that I’m back to writing, it may be more sporadic and it will certainly be more brief and less heavily edited. (more…)

Howard Marks & Charlie Munger: It’s [Investing is] Not Easy

As I continue to unwind from investment banking, I have been enjoying reading a lot again. I have already worked my way through more books in the past six months than I did during the the three years of working at Credit Suisse. At the same time, I have been back to writing more, too. My writings have mostly been investment memos at work, but I am beginning to consider posting on my blog again as well. Overall, I am feeling more reinvigorated than ever before.

At the same time, it feels like our little tech sector corner of the universe is reaching a turning point. It seems like the pendulum that has been swinging within the industry from fear to greed since 2005, (more…)

On Hiatus

Thanks for visiting my website.  This used to be a forum for my business school lessons learned.  However, given the privacy requirements associated with my job, my website is on hiatus.

If you want to learn more about me, you can do so here, and I always enjoy an email, so don’t be shy about reaching out via the contact form (here).

Thanks again for stopping by.

USC Student Investment Fund: Annual Performance

This past week we held the USC Student Investment Fund (SIF) annual meeting.  The annual meeting is an event that draws approximately 60 SIF alumni, during which each of the five student-run mutual funds presents its annual performance to the crowd.  Based on last year’s interrogation of the students by the audience, which featured some tough questions about Netflix (among others), my classmates and I (pictured left) were a bit nervous leading up to the event.  However, we did a great job – we effectively presented our performance, investment rationale and fiduciary duty.

Over the last twelve months I, along with my classmates Kai Wang and Abhinav Anand, managed the California Small Cap Fund (CSF), an approximately $1mm mutual fund which invests primarily in California-based small cap companies.  Kai, Abhinav and I put a lot of work into managing the fund and the SIF coursework; however, it was work that paid off.  We learned (more…)

Remembering to Keep it All in Balance

As school comes to a close and I head off to do ibanking at Credit Suisse, keeping it all in balance seems to be a closing theme.  During my TEC (The Executive Committee) meeting last week, I discussed this issue at length with my mentor, Pete.  He reminded me that it’s great to be successful in business, however, it’s even better to be successful in business and life.  Pete then told me the stories, lives, and careers of people he knows.  Some sounded great, success in business, family and friends.  Others sounded downright miserable, complete with family members suing each other. (more…)

Succinct and Timeless Business Advice

A few weeks ago I got some timeless advice from a guest speaker in my TOC program, an on-campus forum for MBA students to interact with classmates and seasoned executives to better manage one’s business and career.  The guest speaker, who requested no attribution for this post, gave me and my classmates the below advice.  This is one of the best, succinct, lists of management principles I have come across, so I thought it would be nice to share it here for a broader audience.  The italics are my own notes.

Lessons Learned Along the Way

The three critical elements of a company are: Market, Management and Money.  You need all three for a good business.  Never forget, growing companies need money.  Growth is affected by external financing needs, margin, ROE, etc.

The Market

  • Know now your company’s value proposition (i.e. why customers should do business with you). (more…)

A Note on Competition: Avoid the Obvious

“The more challenging and potentially lucrative the waters you fish in, the more likely they are to have attracted skilled fisherman.  Unless your skills render you fully competitive, you’re most likely to be prey than victor.” – Howard Marks

Which is better: Seizing the ripe opportunity in front of you, or hunting down a mediocre one on the fringe? I would argue the latter, which I want to demonstrate with something that has been a big part of my life – surfing. Yes, surfing. I realize this is a stretch for non-surfers, but with this story I think you will see the parallels to opportunities in your life, whether they are business or personal ones. (more…)

Stock Pitch: Avery Dennison Corporation

I have been working on my stock pitches for my SIF class.  Using my template, I put together another pitch to present in class next week.  Pitching Avery Dennison is a little more difficult for me because it’s further from my tech roots, but I enjoyed learning about a new industry and business — even if it’s not as exciting as technology.

As you read this pitch, please keep in mind that this is purely for academic purposes.  This is not a solicitation to buy or sell shares of Avery Dennison.  (more…)