Phillip Toth

Phil Toth is an investment banker, capital markets executive and part-time Professor of Finance. #specialty finance #capitalraising #investmentbanking #lending

[Phillip Toth @philliptoth1]

Bloomberg News, thanks for the opportunity to discuss private capital markets today.

[Phillip Toth @philliptoth1]

@RepRashida Yea . that is it. How profound.

[Phillip Toth @philliptoth1]

@BernieSanders Awesome to bring attention to this. It is a humanatarian disaster.

[Phillip Toth @philliptoth1]

@ewarren Sen. Warren Thanks for bringing attention to this. Clearly, it isnt easily solvable or an area of your expertise. Please allow people who do this for a living solve it.

[Phillip Toth @philliptoth1]

@BernieSanders 80% of Americans support voter ID. Using the same logic you should vote for that.

[Phillip Toth @philliptoth1]

@BernieSanders Good job!

[Phillip Toth @philliptoth1]

@BernieSanders It is becauase his policies are so bad. Socialism is demonstrably proven to not degrade social welfare. Senator Sanders your policies do not work and are more political than practical.

[Phillip Toth @philliptoth1]

@JohnBegler @MalloryMcMorrow That is true but how can we trust mostly the same people from doing it again?

[Phillip Toth @philliptoth1]

@GavinNewsom Sure. Lets create a class warfare for poltical purposes so you can take more money and power from our most productive people for projects like the high speed rail debacle, more wastefull spending and fraud. That is a great idea!

[Phillip Toth @philliptoth1]

@Scaramucci The country needs a strong Democrat party with fresh ideas. Instead we have a party with policies we know do not work. It is a double down on stupid aka TDS.

[Andrew Yang🧢⬆️🇺🇸 @AndrewYang]

I, like most Americans, think that the average family and young person deserves a better shot at a decent life. I also think that socialism doesn’t work in real life, that America is good and filled with good people, and that it’s okay to work with people who don’t agree with me.

[Phillip Toth @philliptoth1]

@GavinNewsom Didnt the policy makers and politicians creat thqt system? Americans are supposed to trust the same people to control even more money?

[zerohedge @zerohedge]

Anthropic accused Alibaba of waging a large-scale effort to “illicitly” access its Claude artificial intelligence model using thousands of fraudulent accounts: BBG

[Phillip Toth @philliptoth1]

@SenSanders So is the greed or the ineptitide of the Legislative Branch , where you sit, destroying this country? Be honest.

[Phillip Toth @philliptoth1]

@amyklobuchar Odd political calculation. Seems like you are the one priotitizing it. It is sloppy mudslinging and hard to imagine it sticks with any idependents.

[Phillip Toth @philliptoth1]

Alan Greenspan died today at 100. Appointed by Reagan, he led the Fed for nearly two decades across four presidencies and did more to shape modern credit markets than any policymaker of his generation.

He coined irrational exuberance in 1996 and watched the markets prove him right.

I started on a bond desk during his tenure. I was in Bangkok doing investment banking when the Asian financial crisis hit. I watched a country go from boom to crisis while foreign capital reversed and a currency peg broke under the weight of leverage his easy money environment had helped enable. I came home to the dot com collapse. Then I watched the housing credit machine build and break from a trading desk in New York.

Every one of those chapters played out inside the rate environment, the regulatory philosophy, and the market confidence his Fed helped create. Securitization scaled under his watch. The originate to distribute model grew up under his watch. The belief that markets could self correct became policy under his watch.

I did not always agree with him. The industry has moved on in significant ways since then. But his impact on the credit markets is very much still there. Every deal I work on today sits on a foundation his era helped build. That is a legacy worth recognizing.

[ludoonchart @ludoonchart]

Goldman Sachs ceo David Solomon just shared a pretty sobering message for anyone panicking about ai taking over wall street:

"these models are extraordinary when you have a clean data set. but when you don't and you send them out into the world, you get really cockamamie answers. garbage in, garbage out. human judgment still has to look at that"

"part of investment banking and client relationships is creative. it's eq. it's emotional intelligence around spending time with people, how to connect with people, how to build trust. machines can be really good tools, but humanity is about trust and relationships"

"this concept of getting things out of people's heads, what you're really talking about is human intelligence, humanity, eq. when it comes to the way human beings interact, i actually think this is a superpower that's going to get more and more valuable"

bookmark and watch the full conversation here

[Phillip Toth @philliptoth1]

@FT Great economist and his work on international monopolostic competition was worthy of that Nobel Prize . However, his poltical economy blogs are so far off the mark and in such volume that it diminishs his academic work. Please do more of that acacdemic research.

[Phillip Toth @philliptoth1]

@Scaramucci Happy Fathers Day!