Here's the story, as told to OneWire's Skiddy von Stade.
“Richard, does your father want you to go to business school?”
“Does your father love you?"
“Do you love your father?”
“Then you should go to business school!”
Lane also told Galanti that investing might not always be his passion, and an MBA would open new doors.
Galanti took Lane's advice and enrolled in business school at Stanford and would later be recruited by a "small business" named Costco only a few years after graduation. We all know how that developed.
Aside from advising young people to get their MBA, Lane also offered a few pieces of wisdom for recent grads just entering their first job or internship in investment banking:Listen to everyone’s opinion Develop a group of mentors and spend time with them Gain confidence in your own abilities and decisions
To Lane, the older generation is already playing a supporting role to the younger generation, who are the innovative and creative minds of the industry. His goal is to nurture and pass on the torch.
“The best ideas will always come from the young people,” he said. “The 20-year-olds and the 25-year-olds and 30- and 35-year-olds are going to have the great ideas. It is our job as the more senior people to provide them some advice and counsel and to apply some limits and boundaries around what is being done.”
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See Also:Wall Street's lost jobs aren't coming back, and it’s no biggieGoldman Sachs now wants to lend you moneyThere’s one thing Wall Street interns care about more than which bank they get into
SEE ALSO: Part I of Fred Lane's interview with Skiddy von Stade