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Authors: Michael Ridpath
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comfortable with the owner, his casino, and the industry.
Cash sensed this. He had not become Bloomfield Weiss's top salesman by bludgeoning alone. New junk bond issues carry the highest sales commission, and he was prepared to go a long way to try to land a sale, even if there was only a half-chance of success.
'Look, Paul. If we can get satisfactory answers to your questions, will you buy these bonds?'
'Well, I would need to think about it some more. But there is a good chance I would, yes,' I said.
'OK. Let me suggest two things. First, Irwin Piper is passing through London in a couple of weeks' time. I've met him. He's a great guy. I may be able to fix for you to meet him. Have an informal drink. How does that sound?'
'That would be very helpful. Thank you.'
'OK, I'll call you tomorrow to tell you where and when. The other thing I wanted to mention was our annual High Yield Bond Conference. It will be in Phoenix at the beginning of September. There will be an opportunity to visit the Tahiti in Las Vegas at the end of the conference. You will also get a chance to see the management of a number of other companies that issue high yield bonds. Would you like to come? It should be fun. Cathy and I will be going.'
'Well, thank you very much,' I said. 'I will have to check with Hamilton first, but that does sound interesting. I suppose I will get a chance to see the savings and loan Cathy mentioned earlier.'
Cash's blue, piggy eyes looked at me questioningly for a moment. Then he coughed uncomfortably, and looked at his hands clasped in front of him.
'I'm sorry, client confidentiality. I understand,' I said, although I didn't quite understand.
With that, the meeting broke up.
As soon as the lift doors had closed on Cash and Cathy, Rob turned to me. 'Phew! Don't you think she's gorgeous? Can you believe those legs?'
I couldn't argue about the legs. I could argue about the girl.
'She's all yours, Rob. Talk about arrogant. She makes Cash look as sweet as a kitten.'
'You just didn't like her showing you up like that,' said Rob. 'She obviously knows her stuff. Beautiful, and intelligent too. I'm sure she was looking at me all through that meeting. I think I'll give her a ring and see what she's doing tonight.'
'You must be out of your tree. She'll eat you alive,' I said. But I knew it was no use. When it came to women, Rob was definitely out of his tree, and he would probably enjoy being eaten alive.
As we walked back into the office, Hamilton called me over. 'How did it go?' he asked.
'Pretty well,' I said. 'I'll need to do a fair bit more work on it, but I may well get comfortable with the credit in the end.' I told him some of the details of our discussion. 'It certainly will be worth while seeing the owner. Cash also invited me to their high yield conference in Phoenix. He said there would be a number of companies that issue junk bonds present. What do you think?' Hamilton could be tight on expenses and I feared the answer would be no.
But I was wrong. 'You should go. I'd like to begin buying a few junk bonds soon, and it will be a lot easier if you have seen the managements speak. You might learn something from other investors, too. It's always worth gathering information.'
'Fine,' I said. The idea of going to Arizona appealed, although I wasn't sure whether I would be up to prolonged exposure to Cash's geniality and Cathy's lectures.
'Whilst you are over there, you may as well stop off in New York. It's always worth finding out what's going on there.'
'I will. Thank you very much.'
I had been to New York before, but I had never visited any of the investment banks there. Their trading rooms were legendary, the centre of the world financial markets.
I went back to my desk, and opened the Tahiti documentation. I could use some help with this.
'Debbie?'
'Yes?'
'Are you feeling helpful?'
'No.'
'Would you do me an enormous favour?'
'No.'
'See what you think of this.' I tossed her the prospectus for the
Cash sensed this. He had not become Bloomfield Weiss's top salesman by bludgeoning alone. New junk bond issues carry the highest sales commission, and he was prepared to go a long way to try to land a sale, even if there was only a half-chance of success.
'Look, Paul. If we can get satisfactory answers to your questions, will you buy these bonds?'
'Well, I would need to think about it some more. But there is a good chance I would, yes,' I said.
'OK. Let me suggest two things. First, Irwin Piper is passing through London in a couple of weeks' time. I've met him. He's a great guy. I may be able to fix for you to meet him. Have an informal drink. How does that sound?'
'That would be very helpful. Thank you.'
'OK, I'll call you tomorrow to tell you where and when. The other thing I wanted to mention was our annual High Yield Bond Conference. It will be in Phoenix at the beginning of September. There will be an opportunity to visit the Tahiti in Las Vegas at the end of the conference. You will also get a chance to see the management of a number of other companies that issue high yield bonds. Would you like to come? It should be fun. Cathy and I will be going.'
'Well, thank you very much,' I said. 'I will have to check with Hamilton first, but that does sound interesting. I suppose I will get a chance to see the savings and loan Cathy mentioned earlier.'
Cash's blue, piggy eyes looked at me questioningly for a moment. Then he coughed uncomfortably, and looked at his hands clasped in front of him.
'I'm sorry, client confidentiality. I understand,' I said, although I didn't quite understand.
With that, the meeting broke up.
As soon as the lift doors had closed on Cash and Cathy, Rob turned to me. 'Phew! Don't you think she's gorgeous? Can you believe those legs?'
I couldn't argue about the legs. I could argue about the girl.
'She's all yours, Rob. Talk about arrogant. She makes Cash look as sweet as a kitten.'
'You just didn't like her showing you up like that,' said Rob. 'She obviously knows her stuff. Beautiful, and intelligent too. I'm sure she was looking at me all through that meeting. I think I'll give her a ring and see what she's doing tonight.'
'You must be out of your tree. She'll eat you alive,' I said. But I knew it was no use. When it came to women, Rob was definitely out of his tree, and he would probably enjoy being eaten alive.
As we walked back into the office, Hamilton called me over. 'How did it go?' he asked.
'Pretty well,' I said. 'I'll need to do a fair bit more work on it, but I may well get comfortable with the credit in the end.' I told him some of the details of our discussion. 'It certainly will be worth while seeing the owner. Cash also invited me to their high yield conference in Phoenix. He said there would be a number of companies that issue junk bonds present. What do you think?' Hamilton could be tight on expenses and I feared the answer would be no.
But I was wrong. 'You should go. I'd like to begin buying a few junk bonds soon, and it will be a lot easier if you have seen the managements speak. You might learn something from other investors, too. It's always worth gathering information.'
'Fine,' I said. The idea of going to Arizona appealed, although I wasn't sure whether I would be up to prolonged exposure to Cash's geniality and Cathy's lectures.
'Whilst you are over there, you may as well stop off in New York. It's always worth finding out what's going on there.'
'I will. Thank you very much.'
I had been to New York before, but I had never visited any of the investment banks there. Their trading rooms were legendary, the centre of the world financial markets.
I went back to my desk, and opened the Tahiti documentation. I could use some help with this.
'Debbie?'
'Yes?'
'Are you feeling helpful?'
'No.'
'Would you do me an enormous favour?'
'No.'
'See what you think of this.' I tossed her the prospectus for the
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