Susan Hayes Culleton

speaker

3,424 appearances 24 recordings 2 series first heard Nov 2025 last heard 4d ago

Susan Hayes Culleton’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 24 in all, peaking in Jul 2026 with 5.

Appearances

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Taking Stock · Are weight loss drugs starting to have an economic impact on society? · 10 Jul 2026 podcast

We hadn't seen Brexit.

We hadn't seen the pandemic.

We hadn't seen much of the corporate buybacks that have happened.

The Mag7 didn't exist.

So many other things.

And of course, the AI boom that we have seen didn't exist either at the time of writing.

And that's why I'm delighted of the opportunity to, in some ways, hold your views to account because some of them are quite prescient and then other things have changed as well.

But I'm going to start off with where I found myself disagreeing with you.

And that was...

You spoke about the road to getting financing and how companies, just as you've said there, lots of them have focused on debt rather than equity.

My point to you, though, is that, and perhaps this is cause and effect, but it is a lot easier

to get debt versus equity.

And since the path to equity can be so illiquid, so difficult, so time intensive, and take up so much time and the effort that goes along with it, that ultimately the total cost of equity would invariably be much higher than that of debt.

You did say that and you spoke about the role of equity finance being far more patient.

So then that also led me to get thinking about that as well.

And that is, I found that the perspective you took is if equity works out.

And of course, as you well know, Andrew, it doesn't always.

Like if I look at the position of the private equity industry today, let's say, and I'm being very simplistic here, but for any 10 companies that they invest in, they're expecting one to shoot the lights out, three, they're thereabouts, and then the rest of them probably to dwindle and fail.

If it was the case that we were to take the ideas in the book and scale them up, how would the industry recalibrate to where you're not going to have that type of a dynamic and you're going to have lots more companies that might be more so in the middle ground?

So how would that scale up then?

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