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I'm so glad people came to the front, I didn't want to be here all on my own. And what I always tell people is take a seat at the table and go right to the middle, it's the power seat. It will actually-- especially if you're the youngest person in the room or if you're a woman or you're the only of your type, it will capture attention. It'll allow you to turn around and say hello I am so-and-so. Just do it. Try it. I have to do it all the time. I'm an investment banker. I went to Mount Holyoke College, which is a women's college. All right, yeah. [INAUDIBLE] [INAUDIBLE], there you go. Back in the Stone Age. I graduated in '76. What she didn't tell you, I'm 62 years old. I started-- I graduated in '76. I went to work for Mobile Corporation in supply and distribution, trading oil. I then did an MBA at night at NYU, which I did not finish. Because I got a job, which was the ultimate goal. And I got the job and I went to Lehman Brothers in 1980 as an energy banker. I was the only woman in my class of seven. And for two following years, as I worked very hard and was quite quiet and working incredibly hard, I was ranked number seven out of seven in my class. But they told me I dress well. So I was pleased. Actually, no I wasn't pleased, I actually got a little bit angry. And so I decided to challenge and to work in a different kind of way. Which I decided at that point, I will speak my mind. And I have not stopped. And every time I've done that and challenged as I've gone through, and I've always been on the relationship management side of the house. So I've handled some of the largest accounts. I've done some of the largest transactions. I've an expertise in valuation, IPO carve-outs, spinoffs, 355, slice, dice, finance. Finance is an art, but it's also got a fundamental aspect of some type of engineering. You're studying the case method. I love the case method, because there is no absolute right or absolute wrong answer, no matter what your professors tell you. So it is-- because it's life, it's a reflection of life. It's a-- there are at least six cases that I wrote for Harvard Business School on deals that I've done over my career. And what I typically do when they're being taught, is I bring the CEO and the teams to the classroom. See if you guys have any better answers for what we threw together over a very short period of time. Because time is of the essence. So what I thought I'd talk about for a few minutes is a little bit about what it's like, you know, what I'm seeing in the world right now. What it's been like to be in the career that I've been in. And as you said, I'm a vice chairman. I'm at Barclays, I started at Lehman Brothers. So I am living evidence that there is life beyond death. OK? [AUDIENCE LAUGHTER] Because I spent 28 years at Lehman Brothers. It was a fabulous firm. It was horrifying when it went under. But I'm still here. So resilience is important. Failure is going to happen to you. It's how you deal with the failure, it's how you deal with the challenge is what matters. I am very much about creating diversity of thought and background in everything that we do for the sole purpose as it gives us the best creativity. Which means you actually have to speak up. And sometimes you have to tell some people to shut up. Because sometimes they will suck the oxygen from the room, right? People who, I'm sure it never happens here, but somebody who believes they have all of the answers. Nobody has all of the answers. It's putting that team together. When I put teams together, to get to the right place. And I fundamentally, as I look out, I know it's mostly the vast majority of millennials, here. And there are some older people, but nobody as old as me. And millennials, you are a great gift. Don't let anyone tell you that you're not. You're not conforming to previous generations rules. That's good. Because the world that you're inheriting, that you're challenged by doesn't conform to anybody's rules. I brought some notes with me that I'm not going to be speaking from, but I wanted to use a few phrases from. Because I gave a speech a few weeks ago, the night after I had just-- we had just sponsored an event for New York City school teachers at Hamilton. How many people have seen Hamilton? All right, and well, you all have heard of it, right? So the world turned upside down. So I know here I am in Charlottesville and that I shouldn't mention Hamilton. But I'm going to do it anyway. And it is-- because the fact that, well, here we are in a world that Jefferson built. And Jefferson and Hamilton really hated each other. They didn't see the world the same way. But they could converse, they could have discussions. Some of the wonderful debate scenes if you listen to the rap is fabulous. And we're at a moment in time, here, where history is-- change is not linear. So when I come back to you being millennials, and why it helps that you challenge, this is a non-linear moment. And people who are parents will know this, but people will say to you sometimes, children grow quickly almost overnight. They do. They don't grow-- when you were a baby, you didn't suddenly-- you didn't grow linearly. There would be real growth spurts where suddenly you would just get much bigger. We're in that kind of nonlinear. You have major political changes and market uncertainty. And I always see chaos as being a point of opportunity and youth can lead that way. So right now is a really critical time. It's a critical time politically. You could see that with the frustration. You know, anger is coming from frustration, where it hasn't been expressed and dealt with. You're getting it politically. I'm at a British bank. We've had it with Brexit. You could see what's happening in France, you could see what's happening in Germany. You've got a tremendous amount of frustration. All because of a lack of economic growth. Now that's something I couldn't say to a normal audience, I'd have to explain it more. But you're MBA students and so you get that. If you can grow the pie, there's more of the pie. There's more opportunity, the bigger and better it can get. But we're in this progressive hangover from what happened in 2008. You're almost out of 2008. And you say, well why is everybody protesting now? Because it's always at that last moment. You know, and you've got people that have been left behind. And then you have the element of technological change. The industries that I have covered in my career include technology. I started as an energy banker. This will tell you all the plans that you're making, stop now. Right, so stop now. I started in 1980 as an energy banker. And you'd say, oh, of course she was an energy banker. She was at Mobile, she went to energy and refining marketing pipelines, oil and gas. Actually, it's a great area because it uses every single financial product. So you learn a lot. And it's international, so you learn about development. It's a very broad industry sector. I became very curious about breaking up conglomerates. And so I was, sadly, studied the tax code and became the person who knew the most about 355 spinoffs and split offs and royalty trusts. I executed the first master limited partnership. All these things are ways of carving out cash flows, creating securities, spinning them off. I pitched in one, the spinoff and the breakup of the Burlington Northern and broke it into five different companies within a 24 month period. And that's how I made managing director when I was 33. So OK, great. Clearly I should have a great energy career. But at that point in time, the Digital Equipment company, which was an old technology company, a legend that none of you will have heard of. But it was a big company and it was a house account. The partner who had run that account was retiring. And the company wanted a banker to lead the account. I was already a managing director for two years. A banker who would lead the account, who knew nothing about technology at all, but was a strong corporate finance banker. I had all these technical skills, products skills, grew up in a broad range of energy. And they said, oh, Barbara, we'll give that to Barbara. All I knew about-- I thought servers were like plates that you-- you know, I knew nothing about this industry. So I had to learn it and I had to build a team of people upon whom I had to rely. Because I did not know the industry sector. I had to layer in over the top. Big lesson, how do you perform as an expert when you're totally relying on a team? And then I worked with Digital until I merged them with Compaq in 1998. At which point, it was the largest M&A deal at that time. I transfer in and they asked me to run the technology industries investment banking sector, TMT. And I came in and began to call on the IBMs of this world and everyone else, and building relationships, delivering functions-- people, my teams and products. I now-- now I became, after delivering off of that basis which is great fun, there's crazy stories in that. I am not afraid of failure. Failure is just an invitation to give it another go, all right? Oh, they didn't-- you know, that didn't work. Let's try this. Let's try this. Let's go in. You know, what's the worst thing that can happen to us here? We're not in Afghanistan, they're not going to shoot at us. We're at IBM. Right, we're at Microsoft. So I have relationships now where I am at the top of the house with the CEOs and the CFOs. And you would expect me to be there. That's not pride, that's just fact. That's what my job is, to be at those and be able to make those calls to get our teams in there for access. Trusted adviser reactions, you know, the biggest thing that we do is when we tell a client, you know, I don't think that's a good idea. Right, so you're out there and you've built that out. That's where I've come from. I never thought, I knew nothing about technology. That I'd be the person that's talking to Satya Nadella at Microsoft about how to think about what we should be doing next, right? How to think about artificial intelligence. That I'm dealing with GE, which is my major account and thinking about you've got Predix as a platform for artificial intelligence as the glue that's holding your industrial businesses together. What should you be doing? How do you deal with a situation where your valuation isn't being fully recognized? How do you move a big ship of state like that? Those are skills that are built up. I mentioned at lunch to someone, it's like building LEGO. At you're-- in the world that you're in, your building, you all had LEGOs when you were kids, little LEGO blocks of skill sets that will allow you to go where it might go. In 1980, when I started at Lehman Brothers, the PC had yet to be invented. So when you did spreadsheets-- the reason why they're called spreadsheets is you had this enormous pad of paper. You had a pencil and a very large eraser. But the HP 12C still existed. So it's been around forever. It's as if it is a calculator. You don't know where the technology will go. You may think you do, but you'll be wrong. We're all going to be wrong. Even Jeff Bezos doesn't know, that's why he keeps throwing things at the wall to see what sticks. And he just has an immense ability to create and a unique proposition where he doesn't need to actually have to have earnings to be valued at a very high multiple. Because his addressable market keeps expanding as to what's within the possible. He views your margin as his opportunity. That has very disturbing consequences to society as a whole. Right, can't have all the margin in the world going to one company. So you're living in that as well from a technology perspective. One of the more frightening things, I mean when I think about the economy, I'm not too worried about the economy. The US is in a pretty strong position. But anybody watching the markets today? Anybody watched the markets last night? You can see they're like, OK. So if we didn't get health care, if this president failed on that, then they're not thinking-- no one thinks that was the right place to start. Because every president who tried to start in health care, died on that issue. But it didn't move to the next issue, which should be tax reform or infrastructure, which would have been simpler. So the markets are scaling off. And at our firm, we think he's just knocked a half a point off growth for the year. Because the ability to get to the infrastructure and the corporate tax reform, which is baked in to the projections of the numbers, people believe will get delayed. So you're at an intersection of the political and the tax perspective. I am sitting here at a British bank. I know I'm going to be asked-- I'm going to do an interview afterwards-- questions about Brexit, questions about what's going to happen in Europe. The largest single global economy is Europe. Not the EU, Europe as a whole. We really-- they're doing better than anyone expected because-- and the UK is doing better than anyone expected. But it shouldn't be to anyone who of my vintage, when Europe had various currencies, was just simply happening in the UK is that the UK currency has deflated to such a level that its exports have grown. And the UK actually, also London is the financial lungs of the world. If you think about the two great financial centers, it's New York City and it's London. And to a lesser extent, it's Hong Kong. And even in Hong Kong, a lot of those businesses are moving from Hong Kong to financial businesses to Singapore. And if you want to know why that's the case, it's because Singapore is viewed to be, from a cybersecurity basis, a safer place to put your intellectual property. And that's also another issue that we're dealing with in terms of safety and security. So but the world as a whole, the US is primed and ready to run on multiple levels. That's why you saw that run up in the stock price. You've got a lot of animal spirits. Animal spirits is simply another word for optimism. And you have major corporations trying to stake out territory. I mentioned to someone else today that two weeks ago, was the largest single market ever we've seen in leverage finance, high yield finance. And that's because people think rates are about to go up. They're trying to stake and require real assets, hard earning assets. And there are also a massive increase in research and development as well, is what we're seeing. So those are all strong positives. But to facilitate it, you do need the infrastructure spending and the lower corporate tax rates. So we'll see what happens. It is what, eight, nine weeks into this presidency. And remember I said, failure, it happens and you have to move on. I think what you assess in this presidency from wherever you come politically, I happen to be a Democrat. But wherever you come politically, can you get to a spot where they can compromise and get things done. Because really, what the American people are saying, could you guys please do something, right? And can you compromise? Can you find an answer that's in the middle and execute? And that's particularly true here in our economy, where the corporate tax rates are the highest in the world. And that-- I'm now speaking as if I'm talking to you from a major corporation. Help us, help you. Help us think about how we can do job creation and strategy. I don't think it's a bad thing to be talking about bringing jobs home. I don't think it's a great thing to be talking about a border tax, because it's basically a VAT tax. But there-- but, you know, you can work with all of these different things. From a career perspective, some of the most important things that I've learned is how to work with a team. How to work-- to bring the best from everybody in the room. Organizations deeply silo themselves in functions. Every organization does, every university does. People tend to go, well, this is my-- this is what I'm doing, right, without thinking about the whole. So the key thing and that's why the case method, it works so well, is you're forced to step back and look at the whole thing. And you're also forced to think about, whoever that executive is, or whatever who is in the case is having to make those decisions, here's what they know, what should they do. You can make assumptions, et cetera. That's sort of real life. Except oftentimes, real life is occurring and in a much more crazy time frame, under great stress. And you have a limited knowledge, limited ability to make decisions. So from where I sit, when I go into a corporate-- into a room, I will bring a team with me if I can. And I will be asking everyone that is on that team to be observing the behaviors in the room. So if we're in deep silos and you say well, my expertise is in the leverage finance portion. And you're like, I'm over here and I'm more on the tax. Who owns the whole thing? What's the motivation of the people in the room? And how do you figure that out? And you can, there's a way to do that. How do you-- how do you come into prepare? Who's got what agenda? What's the goal? What's the objective? There will be a series of right answers, what's the best right answer? That's the world that I live in. And sometimes you just simply have to shut up and listen. And look at the guy and go, all right, you're in a pretty tough position. I was mentioning earlier today to somebody else, I have a client who is in a-- a very big client that's in a very tough position. There'll be a new CEO soon. He's a CFO, he'd like to be the CEO. A lot of criticism on the valuation of the company. Why is it being valued the way it is? I have a team, he's a UVA member of that team, he's a young Associate, probably about in his third year. I have a team of maybe 10 or 12 people from various disciplines. I wanted a 15 page paper, slides about how the company was valued and why it was in the situation it was in. They did a very good job. Except what they basically did is tell the client with a client already knew, which is normal. That's the first part, you got to start with what they know. Well what they didn't do is say, OK, you're him. And this will be done by tomorrow actually. I said, in one page, I said with the title betwixt and between, please summarize your 15 pages as to if you were the CFO of this company, what do you think he needs to do? There are 11 of you, good luck. And guess what, there can only be one answer from the 11 of you so go figure it out. Now, they will or they'll come pretty close. I've never had that fail, but it's important for you to know that. Because from an academic perspective, you might think I'm a very senior investment banker, I can hold the room, I can hold the board, I can talk about just about anything. You would certainly hope after 37 years of doing this at my level that that was true. But I'm not going to own all the different levels. I'm going to have to rely on you. You might say, but I just graduated last year from [INAUDIBLE]. No, nobody knows that. You walk in, you're you. They don't know whether you're an analyst because you're all young. And so they'll know that you're not the most senior M.D. because you're not gray haired. But I am gray haired, but you'll never know. And it is-- so it is, but it is-- they're going to-- you're representing that team. So you can deliver, not just you, but your friends, right, and the peers. And you're going to build those relationships. This CFO, I gave him the title, betwixt and between. That's my, that's not even-- I hate these, agenda, executive summary. What does that tell you? Who cares, you know? It's called, the starting page is betwixt and between. It could say, you're screwed, right? You know, it could say anything. But we're going to say betwixt and between. You're at a catch-22. This is happening. Your growth is coming out here. At least you'd hope your growth is coming out here. You're trapped right here. Are you on a bridge to nowhere? How do you convince these equity analysts that you're going to get there? What signs you send, what's the signature so that you could show that that addressable market might give you some lift? Right, how have you artificially constrained yourself? What might you do that buys you run way? Time. You know, it's that thing that when you're called out in a class and you want to buy time because you have no idea what the answer is. Right, so you start entertaining yourself. But it is-- that happens. So I'm sure I'll go back tomorrow and we'll have a fun session. And they'll have done a decent job. And then I'll polish it up. And I'll teach them how to short form it and go in there, right, and take a risk. But you're delivering that team. An example, you start at whatever job you might be going into. This used to be done, they don't do this anymore. But I just say-- when I was training, there were only seven of us. They would come in, the first case is-- the problem they would give us was on convertible arbitrage, convertible securities. What do I know about convertible securities? I told you I didn't finish my MBA. I mean like, oh, my god, what is that? So you know, everybody's off with their corporate finance theory doing their valuations, right. And I'm like, I am so dead. Then I thought, you know what, I'll bet you somewhere in this building there's a convertible arbitrage desk and my job is to find them. So I went to the trading floors. I went down, I found the guys in the equity capital market. Francis [INAUDIBLE] and he goes, oh my god, are they still doing that case? That's ridiculous. [? Sako, ?] come over here. [? Sako ?] comes over. He's the convertible guy. We sit down. They give me all the answers, I've got everything. And then they invite me out for a drink. We go have dinner. Everybody else in the class is upstairs, writing their spreadsheet numbers. Next day, questions asked, what's the answer? I got the answer. The guys all said, she cheated. Did I? No. And so the guy goes, no Barbara actually delivered the firm. She decided that there was somebody in the house who knew this better than she did. She went and she found them, they gave her the answer. And she even got a free meal. So I mean, so it was a huge win, right? So this is a big huge lesson. OK, other lesson. This is my favorite story. OK, Lew Glucksman is the guy who hired me. He was a legendary, a legendary trader on Wall Street. So legendary and so eccentric that he didn't want his traders to be distracted. So even though the offices were on the 44th floor of 55 Water Street, which has a beautiful view of downtown Manhattan and the Brooklyn Bridge. He had put up panels that block the windows so the room had no natural light. In the middle was a big glass cube in which he sat so he could see. This is a true story. Legend, legend of Wall Street. He had hired me because I was not considered hire-able. Why? I didn't go to UVA. I didn't go to Columbia. I didn't go to Harvard. I was an NYU nighttime MBA. And NYU today is considered a spectacular business school. When I was there, it was a trade school, all right. That was how it was seen within New York, great school but seen as more trade. And the industry was elitist. So they wouldn't interview me. I was NYU nighttime MBA. Now Salomon Brothers interviewed me, if you've-- Drexel Burnham, now that would have-- you thought Lehman was bad, that was worse. And it was-- but and others. But getting into Lehman, I sent a letter to Lew Glucksman because Lew Glucksman was a nighttime MBA from NYU. What I didn't know-- so remember I said you should really know stuff, right, is that Lew Glucksman hated investment bankers. He was a trader and there was this like, you know, sales and trading versus investment banking. I sent this note saying, Dear Mr. Glucksman, here's who I am. My understanding is that you are no longer hiring people like yourselves, who went to the MBA program. I was told by your investment banking division that, you know, I'm not eligible. Well, Mr. Glucksman picked up the phone and he called me. And he invited me down that afternoon. And he told me that his investment bankers were all assholes, that he didn't understand why I wanted to work in that division. He thought I should be a trader and come over and work for him on the trading floor. But that if I wanted to go investment banking division, I would go with his referral. And it was the first and only ever referral Mr. Glucksman into the investment banking division. So I got hired, but then nobody could figure out who I was. You know, I tried to figure out who my father was. But my father was a mail man, he died when I was seven. So it was just an interesting experience about, just why not? Send a letter. What's the worst thing that can happen to you? Go call on a company. Figure it out, right? People say to me, I'm looking for a job. Send it. Make the connection. If you can connect with somebody in a powerful way, it can-- and you're always going to be selling yourself, selling an idea, selling the team. For me, Mr. Glucksman was key. So Mr. Glucksman asked me to do something. I told you my favorite story. Mr. Glucksman has me do some valuation for something or other. And I'm working so hard because this man made it possible for me. And I forgot the lesson of the convertible. So I come in, I got the four pages or whatever it is. It's my best work. He looks at it. And he's this overweight guy, the ties down, there's soup stains. I mean, there is nothing pretty going on here. And people feared him, rightfully so. So he's-- and he looks and he goes-- and the pencils, the wooden pencils. He picks up a pencil, I'll never forget, I'm sitting there, in the little glass cube. He picks up a pencil, he raises it. He goes, see this pencil. I go, yeah. And he breaks the pencil in half. He goes, this is you. I thought, this is not going well. That's going to end. That was a quick foray into the world of investment banking. And then he picked up a whole bunch of pencils. And he said, see this group of pencils? Yeah. And he tried to break it. He goes, this is Lehman Brothers. You can't break a team. He said, you went off and you did this on your own. That's not what I asked you to do. I asked you to bring back the best advice we had. Why didn't you talk to the-- and here, I'd forgotten that first lesson. I've never forgotten it again. If you hire-- if I am representing us, if we're going in there, we are the best we can be. I will bring the doorman if I think the doorman can help us. I will bring anybody to that team. The moment you start talking about I versus we, you're done. Because we're going to work as a we. And I can absolutely tell you that it works to work as a we. And that if you go in and your elbows are wired about how brilliant I am, it's your peers that will kill you. It won't take long either, two years. Because the moment you stumble, they won't pick you up. We all need to be picked up. We all need somebody when you're having a bad time. Something's happened in your family, your mom is ill, your dad is ill, there's a child who's sick. Something, you need people to pull you along. If you build those bridges, all right, they're going to pull you right on through. All right, they're always going to be there. I view, a lot of the talent is-- I work for people younger than me. Of course, my CEO reminds me he's only two years younger than me. But I remind him I was two years ahead of him in high school. So I mean, he's always going to be that sophomore. And he is-- so he's-- and it just did get a giggle out of him because the guy's got the weight of the world. He's a great guy, Jess Daley, he's fantastic. But you're-- but you build these people up. You could see that talent coming through. I can see it in the young people in here. And we've hired extensively from UVA, that talent. But you all bring something, you're being hired for a reason. It's not always, always the same reason. We see this in you, we see that in you. But you might develop into something totally different. Who you are today will not be who you are in 10 or 15 years. And the world will have changed, too. So whatever skills are required, so you have to be so very flexible. But it's really important. So I wanted to-- and I'm going to take questions. But I want to give you one last thing, I brought this. That's where I brought the thing is over the years, I've given a lot of speeches. And John Chambers, who is the chairman, was the CEO of Cisco, used to have me come out and talk to his diversity teams and woman in leadership, was pushing for engineers. And one time, he had me come. He said, will you come and speak to my team in Las Vegas. And it turned out to be 5,000 salespeople. So it's a different kind of speech, right? First off, you have no notes. You're on a stage. The best part about this is, for me anyway, is they give you a professional spray makeup job that makes you look-- I don't know, it's just probably what they do for corpses. But it was, I mean, you look fabulous, right? At least for that moment in time. And I'm like wow, I had no idea this is how you look so good. So what I did is I gave-- this is for the women in the room especially, bad guys, too. OK? I gave the eight lessons that I have learned, the eight lessons that I've learned along the way. And it's called the power of the dream. So do not expect perfection. You know, and I said perfection of self. The perfect is the enemy of the good. And for women, this is really a big thing. Because women, and I have three daughters and I have one son. And I'm the same way, which is you try to do everything perfect. But for man, good is good enough. And even better, if they can get someone else to do it. Now think about that for a moment, all right. So the ability, one of the things I've used, what is good is good is good enough. A lot of the work that you're doing here at UVA, at the Darden School, is so much work you're going to have to prioritize it. What has to be A? What has to be B? What can I get somebody else to do so that we can together get to, we get to the B? How do I prioritize? It's really important. And you can laugh about it, but it's also a mindset. So I taught my youngest daughter, came in once in sixth grade, Kelley, she's out in California. She was very upset, she had gotten a B in a math test and said oh, I suck at math, I'm terrible, and went away. And my son walks in off the same, shortly thereafter, puts a test down on the table. And Erin can, who is in the room, could certainly attest to this. He walks in. C-plus, didn't even study. Imagine. Imagine what would have happened had I studied, clearly it could have been an A. I go, well, you might want to think about getting an A next time. Guy, you're going nowhere. So but I mean we all laugh at that and you don't want to be too cocky, but I got to tell you something. That's a self-defense mechanism that works. Because it allows you to say, you know, it wasn't me, it was them. We're going in tomorrow, we're going to go get, right? I have learned that lesson from some of the guys I work with who would put brother to shame in their confidence despite-- I mean, they might have received an F, but maybe we could get a D. I mean it was like-- you've got a laugh. You've got to believe in yourself. You got to star in your own show. You got to be very confident. Why not? It's your dream, you can believe. Don't say I'm not this good, just say this a challenge for you but I'm going to try. Ambition, there is nothing wrong with wanting what's best for yourself. You can be ambitious. Just make sure that you, in your playing to win, you're not running over other people, OK? All right, I am going to get by him and crush him. He'll be back, OK? Don't do that. Have a great sense of humor, you're going to need it. Really, you're going to need it. That Lehman moment, that was hard to find a sense of humor but I can find it. Unfairness happens. You're going to be treated unfairly. I was treated unfairly for many years. I did not get paid the same way as the guys for up until probably the late 90s. Because there was an assumption that I was a woman, I had four children and I didn't need the money. I was even told that. I did not think that was fair. I told those guys I would be at the firm after they were gone. And I am. Take a chance on yourself. How good you are, ask for the big assignments. Take on the new stuff because there's nobody who's got an established base there. You know, when leverage finance first came out, when the sponsors first came out, when industries are transforming, go there. Because there's good territory. There's a real challenge and nobody has an established edge. Youth is a benefit. Forgive yourself and others. I practice active forgiveness. I forgive easily because I don't want to carry the burden of being angry. Plus most of these crimes are crimes of ambition or not crimes of malice. Nobody is actually trying to destroy you, they're just thinking about themselves. And know your limitations. And so you want to make sure that the balance is in your life. That's for health and wellness and humor and friendship because at the end of the day, nobody wants on their tombstone, she did one more big deal. Who cares? I mean, have you ever looked in graveyard to see that? No. Nobody talks about that. So that's really important and engaged. In career and investment banking, how did you find flexibility with family and a career? It's very, you know, I'm fortunate in that I did not have my first child until I was one year away from being a managing director. So I had in many ways had done, I'm going to answer seriously. I had done a lot of the very hard crazy hours and intense work before I got to that stage. And then of course, I had four children in seven years. I had very strong help. I worked from home on Fridays. My boss in 1991 came to me and said, hey, I think it will make a difference for you, his wife had been a banker at Solomon and had been treated poorly after she had her second child. And so he wanted to make a difference for me. That gentleman's name is Tom Hill. He's the head of real estate over at Blackstone. And that gave me almost a psychological benefit of knowing I would have three days at home. Obviously some of those Fridays I did work if I had clients in or if I was at an M&A trade, I might be away for the weekend. I'm not going to tell you it was easy. But I can tell you I did it. I did it and I was as present as I could be and should be. And Erin's here and she could tell you what that was like. But I think, not bad, right? Worked out OK. And my husband is-- if they relied on my husband to cook for them, they'd be dead. Peanut butter and jelly sandwich and spaghetti. Yeah, so if you're an investment banker, you're earning very good money. So what you do is you make sure you have incredible help. And I valued much more than fine furniture and antiques, the help that I had. And so they stayed with me a very long period of time. They were superb people and I pay them well because they had my most important people. Anybody else? Go ahead. What does your husband do? What does he do? My husband is Tom Byrne. And he runs, right now he runs his own asset management firm, High Net Worth. He's a lawyer by training. He-- one of the reasons I stayed in the workforce, and I never entered into investment banking thinking that I was going to be doing what I'm doing now. Is my husband's father was the governor of New Jersey. And when we moved to New Jersey in 1991 or '92, he was named Democratic State Chair for the state of New Jersey. So he then had this sort of quasi political career. Right now he's overseeing the New Jersey pension fund, which is a crisis in and of itself. So he's engaged in sort of the political sphere. He is working in Princeton. I live in Princeton, New Jersey. He works in Princeton. He was always around. And even more importantly, going back to the kids. My mother-in-law who died two years ago, but she lived in Princeton as well, which was a big draw to being there because it gave me that kind of extended family backup. But he's in finance and law. We've been married 32 years. Yes? You could just yell it out. Or here comes a mic if you want. I have the mic. [INAUDIBLE] Oh yeah, we'll go to you next. OK, I'll come right to you. I just wonder, what are the guiding principles that guide you through all the difficult decisions that you make, that you're supposed to make along the way? I mean, whenever you face a choice to do investment banking or trading or whatever difficult choices along your life journeys-- I don't see those as difficult, those are tactical decisions. Difficult choices are things that relate to family, that relate to what's-- I mean, that's a tactical decision. If you want trading, it's because it's-- I can tell pretty quickly in spending time with somebody where their temperament will fit career wise. Go to a trading floor. Sit down there for an afternoon, which you can do by the way at our shop, we'll encourage you to do that, see what you think. And you might-- that would have driven me crazy. And but so-- or being in an office is-- but it would drive, my husband was a trader by the way. He did trade. He traded on the stock exchange floor. He loves that. I would have been driven mad. I like being in my office thinking about projects and pushing things out there. The guiding principle is, it is very simple. You all learned it as children, right. And it's, first off, you treat everybody with respect. You know that effort doesn't always translate into great, great results. So you want to be kind but direct. Right, and you'll know you're in the right place if there's a clock up there. And the clocks important because what are you doing when you lose track of time? Ask yourself, what did I do when I lost track of time? That is a passion. Because if you've lost track of time, you're in the flow. I don't know what it is. Maybe you're a reader. Maybe you're an athlete. What is that? And what are the common denominators of that moment when you're working and you say, I was working-- I'm in the flow, I'm riding. If you've ever tried to write when no words come out-- I mean we've all been there, you stare at the page, right. But there are moments when it just comes. What's the flow? You'll know, don't overthink this. All right, I have tons of young people say, well how-- remember the LEGOs, just build the blocks, build the blocks, build the blocks. Build your life. All right, it will come. You've got the next one. Yeah, I would like to ask the question that the main character of the movie Equity that you helped to finance was asked. Which is, what is it that you wake up in the morning for? And well, we can also be more specific in what is it in banking that you look forward to or that you are passionate about? And how do you keep that even though you [? had ?] been in the career for over 30 years? OK, so the movie, Equity, right. Why did-- OK, first of all let's talk about it. Anybody see it? Anyway, it's so great. You should-- we should show it here. I could-- we should show it here, the movie Equity. And I'll get one of the principal actresses to come down and talk to you. It's great fun. The move Equity is about a woman investment banker, and it's a thriller. And it is a good movie. It's worth seeing. I backed it because a woman came to me, her name is Sarah Megan Thomas. She's the producer and principal writer. And it was her idea, about telling a story about a woman in this role. Because all the guys say, oh, woman, there are no women key producers. That's not true. I make more than most of the guys do by a margin. All right, so that's just not true. So it is-- and it is, but she is and she's different than me. But they sat down. And she sat there and she wanted to tell her story. If you think the numbers are bad in Holly-- on Wall Street for a woman, and they are, OK. We talk about, we bring in 40% females. But at the top of the house, we have only 7% women MDs and PnL positions. Yes, we have 16% in MD positions, but I'm focused on the PnL. Because if you're in a PnL position, you can drive the change. It's true in men and women. OK, so coming back to the movie. I backed her because she sat there. She had raised some money, $400,000. She needed to raise close to $2 million. And she sat there and said no one will give me a chance. On Wall Street, at least you can get hired, get your chance. Go. And Hollywood, if you can't get backed, you can't ever get a shot. So I sat there, I thought I'm in. I can do this, it took me 10 minutes. And I never read the script. I assumed she-- I mean, I knew it was pretty good. And then I had my youngest daughter, who's a script reader. And she goes in, here's what to do. And I met with the actors. I helped bring in other women because of my stature. I called them up, I go it's going to be great, come on in. All right, put up. And you had to call people who could afford to put up $100,000 and lose it. Because your odds were you were going to lose it. So you had to think about this as a charitable enterprise. So we build it as, we'll have cocktail parties. If we get to Sundance, we'll go to Sundance. We'll hang out in the hot tub, we'll go skiing. It'll be a great experience, it'll be fun. Come on, let's do it. It's a girl gang. And it's a girl gang, it's a girl gang of all of us who have suffered the slings and arrows. And that's what we did. And we did it, we had a blast. We did get to Sundance, we've had a lot of fun with it. It's up for being a television series now. But you said, she said, what do you get up to do in the morning? And this woman has written, I mean there are many flaws to the characters she's written. Most of all that the only pet she ever seemed to have was a fish, which really disturbed me. But anyway, it turned out that was the cheapest animal we could have on set without a pet handler. We didn't have the budget for it. So it's amazing what you learn, that you didn't know. I'm like, oh, I had never thought about that. But so why do I get up? I get up every morning because something new and different is going to happen that day, right. We're going to have to-- what's happened in the market? What happened down at DC? What's happening in Asia? What's happening here? But my biggest reason for getting up is people just like you. So I am investing for the future. I am fighting battles for a legacy at this point in time. I don't like the fact that I am unique because I don't think I am that unique. I think somebody who's been, who's just stayed at it. And I have the benefit of being heard. And so if I'm out there fighting those battles right now then the garden of people that I'm-- is bigger, right? So I can challenge, right? I could say, no, we need to do more than this. So added to the woman in leadership index, let's do this, right? I can fund stuff, right. I could say, let's go get this done. Let's do this. Let's do that. And not sit in endless interminable-- I hate meetings where people come in and go, well for the next hour, here's our agenda. We're going to cover the following 10 items. Who cares? I mean, let's go into the meeting. What's the goal and the purpose of this session? Why are we here? Who wants to own this? Own your successes, even more importantly own your failures. All right, who owns it. So you go in there. Be courageous, have a point of view. I get up every day and I go in, and I have a point of view. You may not like it, that's OK. You may not like me, that's OK, too. There are a lot of people in the world, I'll find somebody who likes me. So it is-- so if you have that mindset, you'll be fine. Really, I mean you could get fired. I got fired from an account last year, it was a blessed relief. It was like, thank god. These people were driving me crazy. But anyway, just to be optimistic. Anything else? No tax questions. OK, here we go. Not a tax question. Thank you for coming today. My question is you talked about the importance of diversity of thought and also made reference to times when you're in the room and someone's doing a lot of the talking. So I wondered if you had suggestions for leaders who are trying to make sure the best decisions happen and it might mean you need to draw certain people out so that you get the benefit of the diversity of thought in the room. If you could talk about any good practices for that, that would be helpful. Yeah, that's important. Because extroverts are-- oftentimes extrovert is seen as the leader and the introvert, the follower. And that's not true. So what you do-- what I do is I will say that is a great-- I call. I stop and I will call upon people and say, who else has a point of view? But it's also upon you as a person who is more introverted to figure out how do I stick myself in here, because life is not a classroom. So one way to do this that I've taught some people to do, guys and girls, is to ask a question. You just said x. Is this such and such? What if we were to look at it this way would that make sense? Stop. You know, just a wedge issue. Just get wedged in there. Usually you got somebody that are rolling on and on and on and on. Stop them, right. Wedge issue, question. Open question, that will help. Most decisions, you're working as a team, they're not going to be kumbaya moments, right? We're not going to sing and we're all-- someone's going to lead. Someone's going to bray, I've heard you. I've heard you. I've heard you. Great idea. Great idea. Great idea. We're going this way. And you're like, I thought he said he liked my idea. He did like your idea, he's just not going to use it, right? He's going this way. So you have to do that. I had that happen to me last year with my boss, the CEO. And I knew that. I mean, I'm experienced enough I knew he was listening to me, he had a lot of respect for me. But he wasn't going to go there. And he goes good try, Barb, good try. Thank you. OK, I'll play again tomorrow. So you have to take a risk on yourself. If you're-- and it isn't always going to be the biggest talker who's going to win. You might have the best work, but you can partner up with somebody where you work together. You can be-- you can even go into a particular kind of meeting where you want to have a young woman managing director who is in mergers and acquisitions. And she said to me, the guys keep talking over me. And they were, right. I said stand up. Stand up at the next meeting and stand in back of Larry and put your hand on his shoulder and talk. He won't move. He'll be like frozen. He won't move. OK. And it is, I mean, there are just certain things to-- and then afterwards say to Larry, Larry, I did that because, you probably aren't aware of this, but you are undermining me as we do this. Now what I will oftentimes do is run interference and go tell the guy that's what he's doing. He's not doing it out of malice. I mean sometimes you have to, it's like yak's. You know with yak's, they just keep coming at you. And you have to like, people throw bricks at them. Some of the guys I work with is like boulders, you know? Stop. But you can't take it personally. Speak up and try to-- if you're running the meeting, if you're the senior person, try to get something from the quiet person who's been doing endless nights of running the models. And just stop and say, we'd now like to hear from Sarah, now that she's conscious, to tell us what she found out, right? And then you're allowed to show if that's what your expertise is, you will shine brilliantly. And you become hey, well I need that person on my team because I totally trust their work. But you have to work at that. It's hard. And it's hard-- you have to really work at it because you have to-- we have to constantly watch the room to figure out where you're failing the people in the room. That's I see as my failure. Anything else? A quiet bunch. Well, thank you very much. I appreciate it. [APPLAUSE]