The Innovation of the Time

In 78, i would say that my time in equity research and my time as director of research didn't go so well. The bank had a terrible record thanks to its participation in the nifty 50,. And so, you kno, new broom came in and changed personnel. I'm lucky i didn't get fired. But he asked me start up a fund to invest in convertible bonds, and then a little later, hio bonds. Prior to 77 78, it was literally impossible to issue bonds for a company that didn't have an investment grade rating.