Raymond Lei Yin, War Stories from Capital Markets in Asia

 

115. Raymond Lei Yin

SPEAKERS

Raymond Lei Yin, Will Bachman

 

Will Bachman  00:02

Will Hello and welcome to the 92 report conversations with members of the Harvard and Radcliffe class of 1992 I’m your host. Will Bachman, and I’m delighted to be here today with Raymond Yin, who many of you in college knew as lay yen. Raymond. Welcome to the show.

 

Raymond Lei Yin  00:21

Thank you for having me well.

 

Will Bachman  00:23

So Raymond, tell us about your journey since graduating from Harvard.

 

Raymond Lei Yin  00:30

Okay, so I after graduation, I moved to New York City, and I joined Goldman Sachs, and I worked at Goldman Sachs for over 20 years, and most of the time in Hong Kong, as well as in Shanghai, China and and then I moved over to China private funds for three and a half years and the last five and half six years, I worked for UBS Asset Management as head of Asia Pacific and head of China.

 

Will Bachman  01:14

And what are you doing now?

 

Raymond Lei Yin  01:15

I just retired. So I retired from UBS Asset Management as end of June. So I’m enjoying my life traveling around the world. Just had a great trip in Nordic countries, saw the Northern Lights and lot of rainbows in Iceland, Greenland, Norway, Finland, and now I’m back home visiting my parents, who’ve been living in Boston area for last few decades.

 

Will Bachman  01:51

Well, congratulations on retirement. What do you see as next for you two, three decades of traveling around. Or do you have some kind of additional ideas or aspirations of what you want to do next?

 

Raymond Lei Yin  02:05

Yeah, so I’m looking, actually for opportunities to get involved, you know. So I’m reaching out to my classmates and to my colleagues and ex colleagues, and try to see their ways I could be helpful and be engaged and but, you know, at this point in my life, you know, it’s really no longer about making the career, and it’s really about, you know, how I can be engaged in The community and in the industry, some in some capacity. So, yeah, I’m taking my time to look around for the next journey in my life.

 

Will Bachman  02:52

Amazing. So if the world is open in terms of thinking about and does that mean for you, like, potentially, like board roles, or teaching, or nonprofits, some of the traditional things, writing or or something. Yeah,

 

Raymond Lei Yin  03:07

so I think I’m open to all that. I’m looking at a few board seats positions, and teaching is a possibility, although, you know, I I still only have a Harvard BA degree. So I’m not sure people will take me seriously without a PhD. But, you know, I have to say, a lot of stories, war stories, working in Hong Kong, China during the heydays, and working in the capital markets, in the forefront of, you know, in China, Hong Kong during financial crisis, during Asian crisis, during the last round of, you know, global financial crisis. So I think I have lots to share with people, and so I do hope that you know that could be helpful to people.

 

Will Bachman  03:56

All right, well, I want to hear some of these war stories. Why don’t we dial it back? You started at Goldman Sachs in New York. Why don’t you kind of briefly tell us about the time in New York, and then how did you end up getting to Asia? What did you know was it? Did you get reassigned there? Did you have to raise your hands or tell us a little that story? Let’s

 

Raymond Lei Yin  04:18

Yeah. So it’s an interesting story. I, you know, I studied Computer Science at Harvard, and at a time, computer science was a niche major, I we had, I remember probably around 130 people in computer science major. And today, of course, computer science is third largest or popular concentration after government and economics. I believe so it has come a long way. But anyway, the reason I studied computer science was to to convince my parents I could have a job after Harvard, because they were Chinese engineers. They were both architects. Actually, and their way of thinking is that you need to really get a solid engineering degree at MIT before, you know, before you can secure a job for life. And Harvard education may not help you with that. I did get into MIT, but I then started thinking that this is my parents dream school, not my dream school. So after spending, you know, one to two days in each of the schools, I decided Harvard is a better suited for me and but to convince my parents I can be independent, I eventually settle on computer science so I could have a job. So long story short, I entered Goldman in untraditional way. Basically, I started in Goldman. IT department because of computer job. I was a program analyst in 1992 and my first task is to support the international trading desk at Goldman, and that was very interesting experience, say at least, because for people who read liars poker, you know Solomon trading floor, you could relate. Because back then, early 90s, the trader we worked with were hires from Sullivan brothers, Lehman Brothers, Credit Suisse First Boston, and they’re pretty rough. And I was like walking into a jungle basically, and try to keep alive each day. So that was interesting experience when

 

Will Bachman  06:38

you say, just translate that for me, what does that exactly mean? Try to keep alive each day where people, like, physically, kind of,

 

Raymond Lei Yin  06:49

you know, keep in mind, this is the early 90s. I mean, today is very different,

 

Will Bachman  06:52

right? So physical hazing going on here? No,

 

Raymond Lei Yin  06:55

he’s just, no, not hazing. Just a lot of you know, lot of cursing, lot of you know, loud shouting around. And sometimes people bang on the bend the phone on the desk when someone’s still talking on the end of the phone. And I’ve seen that happen right around me. So literally, my boss, who is a senior IT guy, would tell me, stay away from them. Don’t get yourself in the middle and, you know, just be careful which I did. So I’m glad you know I survived that. But to answer your question, earlier question about how I end up in, you know, Hong Kong was after year of Goldman trading floor, I obviously realized, you know, the core part of business Goldman is not it is really about financial, you know, advisory, trading, etc. So I decided I want to be in front office rather than back office. But of course, internal transfer is very difficult, which I was aware. So I decided to look for a job outside Goldman. So I got myself an offer from for another firm and and I went to resign. But last day at Goldman, someone stopped me. Just say, Look, you know, before you do that, we actually have, you know, we have senior MD looking for Chinese speaking analyst based in Hong Kong. Would you want to try that? So I say, of course. And so I flew to London for interview and got the job and moved over to Hong Kong in equity capital markets, which is something I knew nothing about, that started another interesting chapter in my

 

Will Bachman  08:51

life. Okay, so you don’t know anything about equity capital markets, but you speak Chinese and you are an analyst, so they send you off to Hong Kong. What was your What was your role there? What did you learn to do, and what were you doing?

 

Raymond Lei Yin  09:09

So I obviously had to go through training. So I spent a couple of months in New York City, and train was the best, really Goldman for some people may know in the industry, is a firm that invented equity capital markets concept, and I was actually trained under the guy who invented, invented that concept. His name is Eric dawkin, and that name is Prince Tara. Was in Goldman and even on the street, because he’s brilliant, but he’s a tough as nail. And so I, again, I saw a lot of action up and close and and I learned a lot in a very short period of time before I was sent over to to Hong Kong. And

 

Will Bachman  09:58

when you say they. Invented the term equity capital markets. What? Maybe you should tell me. What is equity capital? Okay, it sounds like trading stocks, but maybe

 

Raymond Lei Yin  10:07

no equity prep markets is a very interesting area. Is basically, is straddles between investment banking and equity sales and trading. And the reason, you know, before Eric sort of invent this, quote, unquote, this. There was people in the investment banking. There were people in sales trading. So when they price an IPO, there is a huge fight between, or I shouldn’t say, fight negotiation between banking team and sales trading team to come to agreement on price, because, as you can imagine, the banking team represent the issuer, so they want price to be high, but sales trading team represent investor. They want the price to be low. So there’s no buddy sitting in the middle to be the arbiter. So then Eric came out. Was idea, okay, so why don’t we put together equity card Markets team, which says in the middle, and essentially a Goldman was a joint venture between banking and equity sales trading. So that way there they can be the middleman to kind of be and the arbiter in terms of what you know, price could be. So they are essentially orchestrating a IPO and be the liaison between banking and the sales trading, and then eventually set the price, you know, working with both parties.

 

Will Bachman  11:28

Okay, all right, so you get trained on this. Thank you. I did not know that. I was okay. You get trained on this, and they send you off to Hong Kong. And what is this about? 1993

 

Raymond Lei Yin  11:41

9593 so I was sent, you know, again, one o’clock back 1993 was boom of the red chips. So all these Chinese companies are being listed in Hong Kong, starting with Qingdao brewery and and, and then China petrochemical, etc. So that’s the reason there was a huge demand for Chinese speaking bankers. And at the time, there are not that many bankers who speak Chinese, unlike today. So So I think you know now, sorry, you can understand why there’s a need for talent. But I was really throwing to the band, because at the time, Goldman had nobody full time in equity kind of market, or I should say, ECM, right, in Hong Kong, based in Hong Kong. So I was the first full time ECM person based in Hong Kong, working with my boss, who was head of equities, but he was not full time ECM. So I, and you can imagine, I was working till 3am every morning, and just try to keep up with the pace of the IPOs. And it was tough, right? And and also, back back in those days, there’s no syndicate in Hong Kong, at least. And when people send me money, when we underwrite a deal, as a co manager, I used to get a fiscal check, like couple of million dollars, and I take that to, you know, our back office, and get that deposit. So anyway, it was a very different era, but, but it was fascinating.

 

Will Bachman  13:23

So you were the only equity capital markets person. You’re kind of junior. You’re 2324 years old. And tell us about was, were you kind of negotiating then and being that middle?

 

Raymond Lei Yin  13:36

No, I wasn’t negotiating. I mean, I think I was just processing, really, to be honest, but, but, yeah, but my boss did bring me to meetings, negotiating with clients, and he would take the lead out Listen, right? This situation, obviously was not sustainable. So I think after maybe few months, they finally send in the cavalries, and they sending more senior people. And you know, then, I think a year time or later, we had a fully staffed desk. But that took a few months. And so it was interesting history. But today, you know, you look at UCM desk in Goldman or any firm in Hong Kong, is a huge team, 2030 people at least,

 

Will Bachman  14:27

tell us about one war story or one thing that you learned during that time period that stuck with you through your Goldman career. I um,

 

Raymond Lei Yin  14:46

I think the, you know, I think the market, I definitely have learned that the market can be irrational, right? So during the wretched bones, because there are just not many Chinese listings, so there’s definitely a scarcity value for Chinese paper. And so as a result, there’s a huge bit for all these Chinese stocks and unlike today right, which is opposite and, and since then, we have seen several cycles of this and, and the price might be, you know, off the roof and going higher, but eventually the price will settle down to a rational level, and oftentimes, in a bear market, when there’s a financial crisis, it actually falls through the fair value go to the, you know, undervalued territory, and that’s where actually, you know, investors should really piled in. However, human nature is such that, you know, we like to buy when other people are buying. So it’s very difficult to be contrarian. So I think to make money in the market, certainly in equities market, you really have to be a contrarian. Number one, number two is you need to be, you know, you have a very long, sustained power IV, because the market could be irrational, longer than you can be liquid, right? So you have to be liquid. So these are two criteria for people to make lot of money in equity markets.

 

Will Bachman  16:42

Tell us a bit, give us like a short little economic history lesson of what was going on in Hong Kong in the kind of 90s when you were there. This was before it got, you know, handed over to China, right? I guess it was still kind of controlled by by United Kingdom, and where was all the money coming from? What sort of companies were were you? What kind of deals were you working on? Give us, give us some insights into what, what was going on with economic history and deals?

 

Raymond Lei Yin  17:16

Yeah, so Hong Kong, at the time, was a very much an open market. And so there are a lot of foreign capitals there, even though, in the early 90s we didn’t have the hedge funds. But there are a lot of foreign traditional institution, long only institution that has established a beachhead in Hong Kong. And they are kind of the office, you know, representing their firms, maybe in London, you know, headquarter in London or New York. And so these are the firms we market to right, try to sell the IPOs and and, of course, there are retail investors as well in Hong Kong, who will probably in when the deal is hot and so, so. But I would say in Hong Kong, institutional investors at the time really dominate. You know, the space we play with, which is Chinese, IPOs and these, because we market to institution. Primarily, we don’t market retail, but by Hong Kong regulation, we have to reserve a tranche to retail. But retail doesn’t set the price. It’s really the global institutional investors set the price. So, so I think you know, it was the price would be set essentially, by the Booz, who’s that you will know, like Fidelity, you know, shoulders, etc, etc, Wellington. You know, these are the big investors we we try to try to bring the deal to and try to get a sense what they think is a fair price. And you know what

 

Will Bachman  19:01

sort of industries were, were you doing deals in? What? What sort of industries were raising money at that time?

 

Raymond Lei Yin  19:07

It’s all kinds, right? As I said, like before I went to Hong Kong, the first deal was chill breweries. It’s a beer company, right? Very famous. Set up a Germany, German company. And then the technology. I mean, and then there’s a Shanghai petrochemical, which is petrochemical company. And later on there were China Telecom, China Mobile. So China was going through privatization, so under denshaw pings push, China is, you know, try to learn from the west and try to learn from capital markets. So they are selling their best prong jewels, if you will, to the global investors, and hopefully in return to get you know the Western technology in terms of professional management capital market. Market expertise. So it was a very smart thing to do. And so that was the broader background

 

Will Bachman  20:09

did when you were dealing with these companies, was the were you dealing with, just like the manager of the companies was the Chinese government involved? Were they? Did the Chinese government sort of retain a share of ownership, or

 

Raymond Lei Yin  20:23

these companies, even till today, are majority held by Chinese government, so they only sold a very small piece, let’s say five to 10% and definitely not over 20% to the market, right? But these are huge companies, so five 10% might be billions of dollars in terms of offerings, and at a time, Goldman really had an edge in locking in these deals. So that’s why I was in the front desk center and tried to help these companies, Chinese companies, raise money in the international capital markets. But I should say that my desk didn’t just work on Chinese deals. We also worked on Korean deals, Costco, the steel company, Samsung, the electronic company. We’re also our clients. We raise money for them as well through gdrs, not IPOs, but they were listed already, but through gdrs, global deposit receipts and convertible bond and etc, etc. So it’s, you know, and we did similar IPOs for Thai companies, for Indonesian companies, and so on, so forth. So it was China. Was big part of it. But was not only China. Was APAC Asia country, all the Asian companies,

 

Will Bachman  21:36

yeah, tell us about the Asian financial crisis in your experience then?

 

Raymond Lei Yin  21:44

Yeah, so that was interesting, because I was so I trust transition from equity capital markets to equity sales and trading after two years, because equity capital market job is very intense, you know, I just could not sustain myself by staying up till 3am every day. So I moved out to associate program in equity sales and trading, you know, join another training program and so equity financial, I mean, sorry, Asian financial crisis happened as I was, you know, just becoming, becoming a young junior salesperson on desk, institutional salesperson. I remember the day when I happened, I think was 1997 and or 98 it was a very dark, stormy day in Hong Kong, and the start, the sky was dark. Basically, it’s almost like, you know, it’s almost like early evening, but it was 11 o’clock in the morning, and we’re sitting in the conference room and try to discuss what’s happening in the markets. Because background was that at time Tai bot just devalued, Indonesian Rupiah devalued, and there was a huge tag on Hong Kong and both currencies and equity and futures market and the entire market, there was no buyer. There’s only one buyer, everybody seller. There was only one buyer, and was Hong Kong government. And everybody knew that. And I saw before I working on that meeting, you know, there’ll be 100 million shares of China. I mean, Hong Kong telecom at the time, and and it was basically taken out by sellers within two seconds, right? 100 million shares, and then government will put more shares on the bid. So, so we’re sitting in a conference room and we’re thinking, this is the end of capital markets in Hong Kong. This is it. Because whenever you, as you learn in school, wherever government step in and try to take over market, nationalize it, that’s it. No more cattle markets. And so it was. The mood was more gloomy than the weather at the time. Again, fast forward, if you’re looking back now, that was probably the single best time to buy Hong Kong equities. So that’s go back to my early statement about being contrarian. So Hong Kong government made a lot of money that day, a lot of money. Yes, they held those stocks, and then over time, in fact, Goldman helped them sell all these stocks at a profit. Huge profit.

 

Will Bachman  24:40

What was, what were people saying in that room? Were people thinking they’re, we’re gonna disband this whole team, this whole, you know, no, no, it’s

 

Raymond Lei Yin  24:50

not even that. I’m just, I’m telling you, you’ve, I mean, it’s bigger than us, right? It was. We’re thinking Hong Kong equity market will no longer be existing. Will be taken over by government. If government owns the market, then that’s it, right? There will be no buyer sellers, right? Yeah, so that’s what we’re afraid. But of course, what happened? You know, you can look so all the literature at a time was a really mainland government came into rescue Hong Kong, and it really put a stop to the speculation on currency and futures and market, and they forced up the short term interest rate. So make the shorting of Hong Kong market extremely and Hong Kong dollar extremely expensive, and they step in as a buyer, and they’re the unlimited buy. They have unlimited wallet, essentially, because you’re just talking about China reserve and Hong Kong reserve combined. So no investors, speculator, have that type, type kind of size. So, so that’s why they failed. Speculator failed, and the government won. But of course, once smart investor realized, you know, this is happening, they kind of step in and then became a buyer, and then the market reversed itself, right? So, so that situation didn’t last for many days, but it was a very scary moment in history.

 

Will Bachman  26:22

So you joined that equity sales and training and associate and then just kind of walk us through your the rest of your 20 career, 20 year career at Goldman. Yeah.

 

Raymond Lei Yin  26:31

So I and then I did a couple of other things. I i also set up the corporate access desk for a for Goldman, for a Asia, and then in 2006 I got a call. Basically that’s when Goldman is setting up business in China under Gao hut securities, and they want me to to go to China. So I answered the call. I moved my family to China, to Shanghai in 2006 help Goldman build the the sales and trading operations in Beijing and Shanghai and Shenzhen. And so I I worked in Shanghai for Goldman till 2015 I 15.

 

Will Bachman  27:24

What is involved in building a sales and trading desk? What’s that? What’s that mean?

 

Raymond Lei Yin  27:31

Oh, yeah. So, so the first union license. So at a time, you know, Goldman worked out a clever deal to get the license through a Chinese proxy. So that’s why they cannot call Goldman. That’s why it’s called Gao Hua. But Gao buen in Chinese, collaboratively, means Goldman Sachs China in Chinese. So, so we were all seconded to Gao Bucha securities, but it’s really Goldman control me operating behind the scenes and and they sending a golden partner run. It was my boss. So that’s first thing, you need a license. Second thing you need people. So I went around interviewing everybody. I remember, you know, sitting in a hotel room and and the lobbies just basically interview everyone. So we hired the first sales team. We also did the campus recruiting, and so I set across some of the young talents from best universities universities in China and hired them. I’m very happy to report that today, many of them are well established fund managers in China now. So I hired them out of college and started their career. You know, in the financial world,

 

Will Bachman  28:49

that’s pretty cool. And then in 2015 you left Goldman. Tell us about your next step,

 

Raymond Lei Yin  28:56

yeah. So the next move is that, you know, I I joined the sell up. I joined the buy side and China private funds. This is one of the largest China private funds, and they’re looking for international expansion. They want to hire someone to help them set up Hong Kong office. So So I was hired by my boss to do that. So I spent, you know, quite a bit of time in Hong Kong and helped them set up the office, hire the people, you know, lease the office space, got the type nine license, and basically set up their international operation. So I did that for three and a half years before a headhunter called me and and asked me to join UBS Asset Management.

 

Will Bachman  29:51

I’m curious to hear any times that you see as just pivotal in your career at Goldman. Or subsequently that, you know, some learning that you had that has really stuck with you.

 

Raymond Lei Yin  30:09

Yeah. So one thing I definitely learned is that do not ever, you know, take anything written lightly you when you put on paper or on the electronic communications, it’s a very high bar. And so the saying we had Goldman was that unless you want what you put down on email to be printed on the front page of New York Times, do not write it right. And that is true. And the reason I can tell you is that we had, you know, unfortunately, you know people who learn very painful lesson, because during IPO process, you may remember, you may know, or may not know that you cannot front run that process. So I in that sensitive period before I feel a week or two, any communications on this company is forbidden in public. So we have people who basically, unfortunately, carelessly wrote an email on this company, and that email has to be published on the perspectives, which is embarrassing. But again, once you know you see a mistake like that, you just basically do not ever want to try that again. So I think in today’s world where young are, you know, young, younger generation have no, no, no problem putting their life on the electronic communication that’s something that we never understand.

 

Will Bachman  31:46

So along the way, you left New York City, and then by the time you moved back to Hong Kong, you had a family tell us, like, how did you end up, you know, meeting your significant other, and, and,

 

Raymond Lei Yin  31:56

yeah, so I met my wife to work and, and she added, you know, actually, for a period, we’re working together at Goldman as well. And we got married in Hong Kong and had two children. So we married for almost 30 years. And our children’s are, you know, adults now, really 23 and 21 so it’s, it’s, that’s, that’s another story. Yeah,

 

Will Bachman  32:30

outside of work, what has kept you busy, and, and, and, you know, all these years?

 

Raymond Lei Yin  32:41

So I enjoyed a few things, like photography. I think I really enjoy shooting pictures, especially portrait for people. So like, whenever I go out traveling with my friends, or get go to gatherings, I always bring my camera and try to shoot their portrait I can capture the right moment. It’s not just staring at a camera and it’s really about, you know, when they relax and laughing and so then, you know, I think today’s technology allowed me to send a picture to them right away on iPhones. So I think they really appreciate that. And I, you know, I enjoying sports like tennis. I’m not good at it, but, but I like to play, and I also do play golf occasionally when I have time, hopefully, now I have more time, I’ll have a chance to practice more. And I really enjoyed red wine and white wine and yeah, so, so that’s another hobby, and I used to have quite a few bottles in storage. But yeah,

 

Will Bachman  34:05

what happened to all the bottles? Did you drink them or have to sell them, or you couldn’t ship them back to the US? Tell us about this wine collection? No, we

 

Raymond Lei Yin  34:12

had them in the US storage, but then we discovered that two things, one is that our tastes have shift from because we used to, you know, my first impression of wine was from Napa Valley Wine, which is us wine. And so we collect a lot of Napa Valley Wine, but then our tastes Shift as you get older. You, you know, can no longer always drink huge body wines. So we now like try to change that to something lighter, right? And yeah, and, and also, just the so much trouble, try to store the wine and transport the wine, so we kind of give up and just, I. Think today, you know, there’s wines are widely available in pretty much everywhere. So really, people don’t need to, you know, to store it. You can just buy it off the shelf and enjoying it. But, but yeah, but back then,

 

Will Bachman  35:18

where were you storing all this wine in the US.

 

Raymond Lei Yin  35:21

Oh, you know, you know, in a professional storage, yeah, so there are a lot of service like that. Oh, yeah, that was store. It was in Napa before, before shipped over to our house. But, but yeah, mostly, most time. That was story in in California. And

 

Will Bachman  35:38

then what does one do, if your tastes change, and you have all these bottles to kind of sell them off with a wine broker or something, or, yeah,

 

Raymond Lei Yin  35:46

you can sell them off. There’s a good market for it. And you can obviously enjoy that you can give away to your friends. And so there are, there are many ways. So luckily, the wine, you know, I think the like other assets, actually appreciate over time. So I think you know, you’ve used story carefully, professionally, and you hopefully not going to lose money. But I think unfortunately for most of us, we we enjoy the the wine and then end up in our stomach.

 

Will Bachman  36:21

What’s what’s, you know, just kind of close out the banking career. What’s one deal that really stands out in your mind, that you’re particularly proud of?

 

Raymond Lei Yin  36:37

Yeah, so I, you know, I was working with Petro China team management and try to bring them to your global investors. So I was organizing road shows and doing the IPOs and post IPOs. And again, you had to understand Petro China is a huge SOEs have 100 1000s of employees at the time, and they most of senior management and people never left China, right? They probably never left their oil field. So we have to, basically, you know, familiar them with, you know how the IQ process work. We have to, you know, we have to introduce them to the investors doing the translation everything. And there’s another important background that was during thedotcom bubble area era, when nobody want to touch traditional asset like an oil play. Everybody want to buy dot coms. Okay, so it was very difficult marketing process. We eventually got it done and but it was very at a, you know, very discount valuation. Luckily, the gunk company only sold a very small portion, and eventually the share price went up and and they could sell more, and the investors who bought it made a lot of money, so that, again, go back to my earlier statement. You know, be in contrarian. If you’re not afraid to step in when the market sentiment is bad, then you could make a lot of money.

 

Will Bachman  38:21

All right, I’d like to turn back to Harvard. Are there any courses or professors or activities that you were involved in that continue to resonate with you in some way?

 

Raymond Lei Yin  38:37

Yeah, so I would say, unfortunately, was not a computer science classes, actually, most useful classes I took, surprisingly, you’ll never guess it was art history. And the reason I’m saying that is today that, course, allowed me to enjoy artwork, and today I go to any museum in the world, including recently, I went to visit Harvard Art Museum. I could immediately see which are the masterpieces and why that is important and and that is really give me a lot of enjoyment, right? And my daughter now is our history major, and so, so I think that it was, you know, that was a that was one of the more, definitely more useful courses I took at Harvard. The other course,

 

Will Bachman  39:33

memorable, which, which, which art history course. Was it a survey course or one of the cores on one

 

Raymond Lei Yin  39:39

of the core courses, I’m pretty sure. Yeah, alright, alright. And the other core courses I enjoyed was taught by Professor Ronald mcfarl, who passed away, who taught a course called cultural revolution. And you know, again, it’s core. Is that is not offered in China, obviously, and and, but every Chinese family went through that, including my family. And so I learned that from Professor Mike Fogg, you know exactly what what happened and why it happened. So that was, that was great. And then many years later, I actually reconnect with Mike Parker. Professor Mike Parker, when he was a speaker at Goldman conference, and it was great that he’s, you know, we reconnect and talk about the class at Harvard.

 

Will Bachman  40:36

Yeah. And what was your background before Harvard? Did you grow up in the US? You grew up in China or Yeah,

 

Raymond Lei Yin  40:43

so I spent first 16 years of my life in Beijing, China, and then my parents immigrated. So I joined them when I was 16, and I did three year high school in public high school in Boston before I was lucky enough to enter Harvard? Yeah,

 

Will Bachman  41:04

amazing, Raymond. For listeners who want to follow up with you and maybe ask you about a board seat or a nonprofit or some other potential next step for you, where would you point them on? Yeah,

 

Raymond Lei Yin  41:19

so I’m I’m on LinkedIn. I’m also my email is Ian, raymond@yahoodotcom that’s y i n raymond@yahoodotcom so feel free to reach out. I have lot of time, and I love to catch up.

 

Will Bachman  41:36

Fantastic, Raymond. Thank you so much for joining today.

 

Raymond Lei Yin  41:39

Thank you well and best of luck. Bye.