Marc Rowan on Financial Market Evolution and University Governance
Conversations with Tyler
The Four Elements of Success in the Finance Industry
Success in the finance industry requires four key elements: capital, long-term low-cost liabilities, trust from investors as good stewards of capital, and acquiring old blocks of business to achieve scale and obtain a large amount of low-cost business. Despite capital being essential and seemingly easy to raise with a long-term business plan, public companies in the retirement services sector have struggled to raise capital, primarily due to a lack of investor trust. In contrast, the speaker's company secured capital in 2008 and went on to succeed by acquiring low-cost liabilities through buying old blocks of business during a tumultuous period in the market.
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