April 8, 2026
Students,
Thank you for having me on campus today with the opportunity to both impart my knowledge from 30 years in finance and Wall Street and live vicariously through you, and the futures you have together, and in your careers.
I had moments like this when I was an undergrad, and it wasn’t until later in life that I realized how important they were.
This is as much about you, in fact even more about you, than it is about anything else. My singular goal is to have your take what we talk about today and use it to keep you on the right tail of your careers, and life.
Let’s make each day our very own masterpiece.
Fight Onward!
Bryan Goligoski
Ucla Class of 1995 (and not afraid to drop it)
Journeyman Wall Streeter (drop it all the time)
This is your starting off point, Marshall School of Business. While there will be times in this lifetime to lose sight of where you are, and what you’ve become, don’t. This is a special place to be, and you will do special things with what you take from your studies here.
Life will not be easy though. You will lake mistakes. You will surely fail at times. They tell you to never dwell on regret or missed opportunity. Turn that around. Don’t do things you will regret, or miss out on those opportunities. If mistakes become habit, you will only have yourself to blame.
The right tail is where you are today, it’s my job to prepare you to survive and thrive there, on the great Gaussian bell curve of life. To avoid blaming yourself, and instead celebrate your growth and sucess.
First sports analogy of the session comes from seven-time College Football National Champion, coach Nick Saban. While he may not have known it explicity when he said it, this is pure bell curve thought. The video of the speech does far more justice to the lesson and meaning. Please watch it, as often as you want.
You are already good, knocking on the door of excellence. That’s what USC Marshall sets you up for.
And the comp that goes with it.
Besides being here, what is your starting point? Debt, equity, hedge funds, venture capital, straight up finance? Don’t be afraid to ‘flex’ a little. You’ve done the work.
The newly arrived big elephant in the room: Private credit.
The Boom
The Current Reality
Liquidity Deficit
Stock route for those involved
Did you not see the gate? It was right there in the front. No crybabies in the casino.
Career resume: Bryan J. Goligoski
1995
Graduated UclaPolitical Science MajorBusiness Administration ‘Emphasis
Accounting Minor? (Don’t ever lie on your resume!)
2004
Kodiak CapitalLee Mikles & Mark MillerPride of the Sun Devil Nation…Go Sparky!
This is what the front of the house looks like. Deal closer.
This is the back of the house. NTBFW grinder.
My attempt to pull a Mark Miller…fail of all headshot fails.
So, you say you want to be a short seller? You don’t.
The most shorted names for a time. Put them on the tombstones.
The ultimate long, and then short, and then long again trade: Carvana
My final masterwork: Facebook
From $300 in February 2022, to $100 in November 2022
2004 – 2012
Santa Barbara Asset Management/NuveenRunning $5 billion, when $5 billion was a lot of money.Equity Analyst = Energy, Material, Industrial
So, you say you want to be an equity analyst? You don’t!
After the full impact of artificial intelligence settles in, you really don’t want to be a model maker.
Better bring your relationship Rolodex, and industry experience to the table. The 'quant' fight is over; the 'qual' fight is where we make our stand.
I birthed and raised a beautiful baby, Nuveen Equity Long Short. My Wall Street child.
Performance since inception against the benchmark.
Seriously? You charge 2% for a 22.7% mega tech fund now?
A horse of the Trojan kind, just not our kind.
Important lesson, one that never gets old. You will get royally screwed at some point in your career. Be ready for it, and don’t let it take out your career ship.
Build a solid series of compartments under the waterline to keep you afloat when the iceberg comes. Design flaw was not protecting the sides of the Titanic, instead focused on the bow in a head on collision.
2013 – 2015
Mercer Global AdvisorsBusiness Development & Family Office ‘Pioneer’Current AUM = $ 70+ billion
Wealth Advisory….a complete and utter land rush for private equity. Build a revenue stream with a base that keeps compounding. Borrow at 2%, yield 12%, walk away with a massive ROI for investors.
2015
Hatteras FundsClient Portfolio Manager - I went for the money.
Fund of funds in a 40’ Act wrapper…at 200 basis points in fees????
But we had distribution to hide the flaws.
But to what end?
2016
TCW, Trust Company of the West, as old as West Coast money gets. Transformed into a trillion dollar asset manager. I no longer remember my title.The upside, meeting people like this. Fight on!
The downside…
Los Angeles is a debt town, thanks to this man.
The Milken family tree.
2016 Foward
Stillwater Capital, LLC…the hope and dream.
Analyst, portfolio manager, writer, consultant, speaker. Jack of all trades, master of some.
The Gonzo Capitalist. Telling the truth and suffering the (unknown) consequences. Publishing on Facebook, Instagram, Tick Tock, LinkedIn, etc.
You have all now been field deputized as 'Sharks'.
2018 forward
The big 'lateral move', Oaks Culinary Group a 'food idea' farm.
The bogey, Bitchin' Sauce
Skinny Dips - The Original Seed Dip
The bogey, the world's most popular condiment.
World Sauces – Bringing the flavors of the world to your kitchen.
The trailblazer: LaCroix/National Beverage
And then the competition hunts the trailblzer.
Inflation impacts our business. We are not alone, nor very special when it comes to exposure.
We cannot adjust our prices fast enough to keep up with rising transport costs.
We cannot keep up with rapidly rising ingredient cost.
Extra Virgin = Extra Expensive.
Olive oil producers have yet to adjust downward off record highs…why would they?
Make friends with FRED.
The inflation pig in the python. Growing slower, not going down.
The culprit: One too many ZIRPs
One of the greatest trades in the history of great trades.
The Long: Residential
This is a 50% move higher in six years. And it’s levered!
The short: Commercial
Reading list...
'Soros on Soros: Staying Ahead of the Curve'
A simple theory, but on that is true to this day.
'Make Your Bed'
One of these two guys was the highest-ranking Navy admiral for a period, had a direct line to the White House anytime he needed it, oversaw all the SEAL teams, helped pan the raid the killed Bin Laden, and was later the President of the University of Texas, Austin. The other wears plaid fly fishing shirts all the time.
Guess which is which....
The final lesson 'do your best'. That didn't say 'try your best' it's 'do your best'. Make the effort.
