In conversation with Dave Breazzano, MBA '80, Founder and CIO of DDJ Capital Management, LLC, and Chair of Johnson Advisory Council
1. You have had a successful career in asset management for over 30 years, having worked at marquee names in the business and subsequently starting your own firm. Let's start at the beginning - how has the business of asset management changed from when you first started in the business relative to now?
The asset management industry, and high-yield bond market in particular, has witnessed significant change over the past 35 years. Technology and automation have led to the development of sophisticated modeling systems, such as Excel versus hand-written spreadsheets, rapid data dissemination systems (Bloomberg, Internet, etc.), and automated/computerized trading, just to name a few innovations. The deregulation of Wall Street has been followed by the reregulation of Wall Street, most significantly after the financial debacle of 2007-08.