Michael Ovitz

Well, it's what we've talked about. You asked me how I learned how to be an investment banker, and to answer your question, which I've avoided skillfully, my son, my oldest son, Chris, asked me the same question when I was doing it. He said, Dad... how the hell did you figure this out? He said, this is complicated stuff. I said, Chris, I learn on the job every day. I watched Steve Schwartzler.

I watched Pete Peterson. I used to go to lunch with Roger Altman and pick his brain. I am an insatiable sponge. If I can get 30 minutes with Marc Andreessen or a meal with Peter Thiel just to listen, to me, that's a quadruple net positive because I learned so much. And I have to tell you that I didn't know what I was doing, but I didn't need to.

I watched Pete Peterson. I used to go to lunch with Roger Altman and pick his brain. I am an insatiable sponge. If I can get 30 minutes with Marc Andreessen or a meal with Peter Thiel just to listen, to me, that's a quadruple net positive because I learned so much. And I have to tell you that I didn't know what I was doing, but I didn't need to.

I learned it as I did it because it's pretty much common sense. I could read a balance sheet. I knew what the SEC checklist was to make, you know, that had to be met. I knew enough. I had Herb Allen II as my mentor telling me, what to do, what not to do. Like I was, if I was gonna do something incredibly stupid, he had the nicest way of telling me how stupid I was.

I learned it as I did it because it's pretty much common sense. I could read a balance sheet. I knew what the SEC checklist was to make, you know, that had to be met. I knew enough. I had Herb Allen II as my mentor telling me, what to do, what not to do. Like I was, if I was gonna do something incredibly stupid, he had the nicest way of telling me how stupid I was.

And we were on the phone, Herb and I were on the phone 10 times a day.

And we were on the phone, Herb and I were on the phone 10 times a day.

Herb is the most extraordinary man on the planet. And by the way, so is his son. He raised him. I could tell a lot about a guy by their kids. That's the most I learned about a human being is by meeting their kids.

Herb is the most extraordinary man on the planet. And by the way, so is his son. He raised him. I could tell a lot about a guy by their kids. That's the most I learned about a human being is by meeting their kids.

He doesn't talk much, doesn't do press. You Google them, there's nothing. The family's amazing. Herb II was my mentor in banking. I went to him with these ideas, and instead of saying no or trying to steal them, I said, let's do it. He didn't push me away. He didn't think I was nuts. He thought it was a great idea that he and I do it together. Every other bank tried to push me out.

He doesn't talk much, doesn't do press. You Google them, there's nothing. The family's amazing. Herb II was my mentor in banking. I went to him with these ideas, and instead of saying no or trying to steal them, I said, let's do it. He didn't push me away. He didn't think I was nuts. He thought it was a great idea that he and I do it together. Every other bank tried to push me out.

When I signed Matsushita as a client, they took me into a room, like a cubby room, and there were stacks of engagement letters from every investment bank in the world, in the world. laying out all their fees and everything else. And Herb said to me, don't ask anybody for anything.

When I signed Matsushita as a client, they took me into a room, like a cubby room, and there were stacks of engagement letters from every investment bank in the world, in the world. laying out all their fees and everything else. And Herb said to me, don't ask anybody for anything.

So I went in and when I closed the deal with Matsushita, a man named Hirata, who was the senior vice president, number two guy in the company, that's how they work it, said to me, what would you like? And I said, nothing. He said, what do you mean nothing? I said, if we're successful, I said, if we're successful,

So I went in and when I closed the deal with Matsushita, a man named Hirata, who was the senior vice president, number two guy in the company, that's how they work it, said to me, what would you like? And I said, nothing. He said, what do you mean nothing? I said, if we're successful, I said, if we're successful,

I want you to get a Brinks armored truck and load it up with gold bars and send it to Beverly Hills to my office. If we're not successful, cover our expenses, we get nothing. He bowed so deep his head hit the table because it was trust. We never had a written document. In 25 years at CA, I didn't have written documents with employees or clients. We never lost a client the whole time I was there.

I want you to get a Brinks armored truck and load it up with gold bars and send it to Beverly Hills to my office. If we're not successful, cover our expenses, we get nothing. He bowed so deep his head hit the table because it was trust. We never had a written document. In 25 years at CA, I didn't have written documents with employees or clients. We never lost a client the whole time I was there.

You never had a written document with a client? No. Sometimes we had what's called guild authorization papers, but they didn't mean anything. Because under the Screen Actors Guild, if a client didn't work for 91 days, they had the right to fire you. Why have a contract? Because it just gives them something to look forward to. I had people stay with us 25, 30 years, never signed a document.

You never had a written document with a client? No. Sometimes we had what's called guild authorization papers, but they didn't mean anything. Because under the Screen Actors Guild, if a client didn't work for 91 days, they had the right to fire you. Why have a contract? Because it just gives them something to look forward to. I had people stay with us 25, 30 years, never signed a document.

But, you know, Herb said, do it. I did it. He was right. I did it with everybody. I never asked Sony for anything. I never asked MGM for anything. I never asked Credit Lyonnais for anything. I never asked anybody for anything. I just got paid. And I got paid obscene sums of money. But we gave them really good advice. And we gave them advice they couldn't get from anybody else.