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Mark van overloop11/14/2022 ![]() Jack also possesses a good measure of grit. This outstanding achievement needs no further comment. He has been on the Institutional Investor #1 All-star team 11 years in a row -the first times 5 as a corporate bond analyst and the last 6 as a general fixed income strategist. People familiar with Jack’s recommendations inevitably comment on his outstanding batting average. However it is not the quantity, but the quality of his sector and strategy calls that has earned Jack his reputation. Several people have observed that this voluminous and meticulous piece of research has no equal on the Street. Jack is a great lover of baseball no doubt this explains why he refers to his annual research summary as the “Playbook” for fixed income. He is best known for his insights on relative value, published every Friday. Back then this index, while important, was not nearly as dominant as it is today.Īt Lehman, Jack was initially a corporate bond strategist and then rose to his current position of Chief Global Fixed-income Strategist. Part of Lehman’s allure for Jack, I am told, was the opportunity ”to get his hands on” the Lehman Aggregate Bond Index. Jack recognized the hidden value in cumulative deferred dividends of distressed utilities, and his insights contributed to Kidder’s very profitable activities in this area.īut where Jack has really made his mark is at Lehman Brothers, starting in 1992. Gulf States Utilities, El Paso Electric, and Public Service of New Mexico were all standouts. According to Tony Vignola, who was Jack’s boss at Kidder, Jack made all the great calls on companies going into and emerging from bankruptcy. This was in the heyday of the 80’s, when utilities still dominated the fixed income markets. Five years later he joined Kidder Peabody, occupying there a closet-sized office. He received his grounding in utility analysis at Moodys, starting in 1978. Jack moved to Wall Street following a stint in the Air Force. Ceremonies like this help us to rededicate ourselves to the higher goals and objectives we started out with when we came to Wall Street, but may have lost sight of in the competitive fray. He came up with the idea almost a decade ago, and these annual presentations have since become the central event of our association. In fact, without Jack Malvey we would not have a FIASI Hall of Fame. And Jack Malvey has been in the forefront of this organization since 1986, sitting on committees too numerous to mention and serving as its President in 1996. FIASI has provided a valuable forum for the cross-fertilization of ideas and approaches, even in the most competitive of environments. Well, the securities industry is no different. Long ago, Alexis De Toqueville remarked on the penchant of American communities for using voluntary associations to solve problems. And he has the rare tenacity to see that ideas get implemented. He combines intelligence with a remarkable ability to work as a team and draw out the best from his cohorts. To my mind, Jack is much more than a specialist in fixed income. His blend of intellect, ingenuity, and tenacity mark him as an American classic. In a time when the headlines are filled with villains, Wall Street could use a good guy. I cannot think of a more deserving candidate than Jack. Jack introduced me when I received the same award in 1997 and now it’s my turn to return the favor. My name is Andrew Kalotay, and I have the privilege tonight of inducting Jack Malvey of Lehman Brothers into the Hall of Fame. ![]()
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