A Quote by Ravi Subramanian
The opportunity to create wealth in foreign banks exists only in the investment banking space. Working in a local company teaches you to think long term.
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On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence. But I can't blame [the Republicans]. This wasn't something they forced me into. I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [banks] to go into the investment banking business as continental European investment banks could always do, that it might give us a more stable source of long-term investment.
At the end of the day, the Irvine Co. is slowly being transformed. Our long-term goal is to transform what was once an agricultural company to a development company, and to that, the next, final step is to create a large real estate investment company.
Young people, under the social contract, suggest a long term investment. What we have today is a government that believes that young people - since they are a long term investment - are a liability. This is system that only believes in short-term investments.
I started in investment banking at Allen & Company in 1991. It was the go-go days of media mergers, and we were incredibly busy with one deal after another. Unlike typical investment banking groups, even in the midst of merger mania, we didn't have a formal face-time culture - and I felt empowered by that.
Being captive to quarterly earnings isn't consistent with long-term value creation. This pressure and the short term focus of equity markets make it difficult for a public company to invest for long-term success, and tend to force company leaders to sacrifice long-term results to protect current earnings.
Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.
I think it's really useful to create parameters. The term you use can be forwarded into something more like a grid, a rubric, a system that you apply to all environments, and in so doing you create a situation in which you can locate local color, local differences within new environments.
I came to the conclusion that it was unlikely that a man as really awful as I think that Steve Jobs was could possibly create a great company for the long term. I just don't believe bad guys do well in the long run.
We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
The most important thing that a company can do in the midst of this economic turmoil is to not lose sight of the long-term perspective. Don't confuse the short-term crises with the long-term trends. Amidst all of these short-term change are some fundamental structural transformations happening in the economy, and the best way to stay in business is to not allow the short-term distractions to cause you to ignore what is happening in the long term.
I have nothing against investment banking, but it's like massaging money rather than creating money. If you're in physics, you create inventions, you create lasers, you create transistors, computers, GPS.
I think the critical point, really, is that we need to focus black economic empowerment more on the creation of new wealth rather than on these big deals that have been characteristic of this process in the past, of people going to banks, borrowing a lot of money, buying this and when the shares don't perform very well, the shares go back to the banks, because there's other people who own this anyway. I think we need to re-focus it so that it really does impact on growth, new investment, new employment and a general, better spread of wealth in South Africa.
During the 1990s, when India opened up to foreign investment, Japan was so mesmerised by the China opportunity that it chose to yield market space across a wide swathe of industries to South Korean competitors.
Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.
The onus should be on the banks and their compliance officers to ensure the analysts are kept separate from investment banking and they should be punished for breaches.
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