How do you go from that to being a financial columnist? You started as an assistant editor at Vogue Magazine in the late ’70s. So, let’s talk a little bit about your kind of interesting career. So, with no further ado, my conversation with NBC’s Gretchen Morgenson. I found this to be a really interesting conversation, and I think you will also. So, when she dives into a space, really, she does not leave any stone unturned.
She’s won Loeb Awards and just about every other journalistic award there is. It appears some of the performance advantages may have gone away.Īnyway, Gretchen is a legend on Wall Street. It’s really a kind of fascinating aspect of this as it’s become more and more mainstream. It’s now become giant, dominated by four firms, and no longer generating outsized returns. Really, private equity used to be a small, outperforming sector of alternatives. We looked at everything from retail to nursing homes to hospitals to insurance companies to manufacturers. But we talk about some really fascinating things, 30% of operating rooms are managed and run by doctors employed by private equity. Yes, there’s a legitimate need and use for private equities, especially in mid-markets where, to be blunt, Wall Street has just abandoned that space and gone upmarket, creating a vacuum. When we spoke, the focus and conversation really emphasizes the largest of the large private equity firms. The current book is called “These Are the Plunderers, How Private Equity Runs and Wrecks America” That’s a little bit of a sensationalistic headline.
Her last book was a bestseller, “Reckless Endangerment” is all about the mortgage crisis. She has worked at “Money Magazine”, “Forbes”, “Worth”, all over the place. She currently works at NBC News as an investigative reporter. Gretchen Morgenson is the Pulitzer Prize winning investigative journalist for “The Wall Street Journal” and “The New York Times”. All of our earlier podcasts on your favorite pod hosts can be found here.ĪNNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio.īARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest. You can stream and download our full conversation, including any podcast extras, on iTunes, Spotify, Stitcher, Google, YouTube, and Bloomberg. The transcript from this week’s, MiB: Gretchen Morgenson on Private Equity, is below.
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