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Transcript: Julian Salisbury, GS

The Big Picture

And then I was the beneficiary of the TMT bubble bursting in 2001. Risk appetite was changing. They have a different liability structure, different investment goals, different investment risk tolerances, and we have different teams. So the whole sector that I was covering went bankrupt. Capital rules were changing.

Assets 286
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Transcript: Dominique Mielle

The Big Picture

So it was a pretty different situation from 2001, where the whole dot-com bust, but more importantly, the telecom implosion. There are a ton of expenses, and they’re getting higher with compliance and marketing and reporting and investor relationship, et cetera. You have a lot — RITHOLTZ: The emerging manager category?

Assets 274