There is no scientific debate about that. They also have to do a lot of calculations and calculations and calculations. They take it daily. The problem is when they look at the market price, then they start to do their calculations, they make an evaluation. They go with their gut, they make a judgment. And when people try to sell, when they try to buy, they make their judgments based on their gut, when it’s very complicated.
You used to work for JPMorgan, I understand?
Yes. I am from Chicago.
And you had an interesting relationship with Bill Ackman.
Yes, that was my problem too: I worked in Manhattan, and this guy is from Long Island. They wanted me to go work for them for a few months. And because I was at a bank and they wanted me to work for them for a few months, I thought, I’d better go. It went well for two months, I was learning. I loved it. It was very fun. And then they ended it.
You were on the outside of that.
Yeah, well, no wonder. So I just made my exit because I got too busy. Well, it was a lot faster than any other job that I’ve ever had, I’m sure.
Do you know how close they were to taking you off the job?
No, I do not. Because at one point they really wanted one of their investment banking people to hire me. I was one of four people on their board. They wanted one of their partners to hire me. This partner, he knew my name, so he said, ‘Well, let’s give it to you. We’ll buy you from JPMorgan and you’ll go to this other firm.’ I was happy with my own job. I was really happy, but that’s it. So I left them and they took me off the board.
Why did it take them so long?
I heard that they couldn’t get him to sign his contract and they went to the labor group at the Wall Street Journal. They threatened the Journal for not giving them the contract. I just got angry at that. Because at that point I had gotten very good at my job, so they got rid of me.
So you felt that they were being a little bit ruthless?
Yes. They wanted to get rid of me. But I had a better job at the firm. It was a better firm
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