I was in Denver this week for what was my last business trip with my firm. I resigned a few weeks ago because I’m starting a new job with a large insurance company. Job is very similar to current job – running around the country trying to get people to talk to me about investments that I’d like them to include on their recommended lists for 401k plans.
I love what I do. I really do. I’m not sure why, but I think it has to do with the fact that 401k plans are important and yet most people don’t really understand them. Plus, it’s probably true that in the spectrum of investment management jobs, 401k sales is on the “light” side of the aisle….maybe eking out cash management by a smidgen.
That’s just fine with me because – as most readers know – I have no business in this business and don’t need to get out over my skis in some big discussion about private equity and puts and promotes and par yield curves.
So the big new job promises about 50 products where my current firm had one. And there will be a half dozen of us on the 401k team instead of my current 1 ½. And the firm is already a big player in what we call the “bundled business” so we already have a brand in the market where my current firm has none.
But I’m still a little sad to say goodbye because I liked my REIT and I liked that after a few weeks on the job I found myself saying things I’d never said before and sometimes I even thought I sounded like I knew what I was talking about. Like “three-quarters of valuations are improved by cap ex and the rest is leasing activity.” Or, “We like markets with limited infill and price insensitive tenants.”
Yeah, I learned about rents and leases and water views and why grocery anchored retails beats big box and why La Jolla beats downtown San Diego and Princeton beats Manhattan. Plus, I had fun going to Denver and eating at Panzano’s where they make the best fetuccini carbonara on the planet.
So, starting in a few weeks I’ll be back on the road with a new arsenal of things to talk to people about and hopefully a few good travel stories to share. In the meantime, I’ll be blogging about other topics and am happy to take requests if there’s a subject you think I could opine on and haven’t seen me do so yet.
For now, enjoy your Thanksgiving and please, please let the Birds cook the Boys today.
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