Being Invested

S2 Ep2: Lee Spelman: Holiday Special with JPMorgan Chair of Global Equities - Keeping it real on the rise - perpectives from a career in the inner circle of US markets

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Hello and welcome to Being Invested, where we explore the personal stories of the people who make the markets. For Ep2 of Season 2 we have something really special, finishing off the year strong.

 

I’ve chosen and carefully wrapped up a conversation with one of the most influential investors in the world, Lee Spelman, JP Morgan’s chair of global equities. Now advising on trillions of dollars of assets, Lee grew up in a family that  didn’t even own stocks. Yet when she was told there was no way she’d get a job on Wall Street, that’s exactly what she did. She discovered it was her passion, combining a journalist’s skill for finding the story and a love of competition that sizzles in the performance-driven culture of public markets.  She graduated from the Wharton School of Business, and has been an active alumna for decades, including serving as a Trustee. She started her career at Martin Simpson & Co, a brokerage specializing in tech research. Lee joined JP Morgan in 1989 and rose through the ranks. As a Senior Research Analyst, she covered computer hardware and software sectors in the US at the start of the digital age – sitting in the front row as the PC and the internet emerged, and on first-names with the likes of Steve Jobs and Bill Gates. She became MD and led JP Morgan’s US Equities group for many years, until starting her current global role in 2024. She’s married with two grown children, lives in Manhattan, adores art and travelling, and has never lost her love of the ‘newsroom.’ For years Lee has leant her time and influence to open doors in the investment industry for women and under-represented people, and she’s not done yet - now actively involved in JP Morgan’s Project Spark, a new initiative providing capital to funds managed by diverse, emerging alternative managers.

 

With the pod's Season 2, I am shining a light on some of the many brilliant women in the US investment world. Lee truly emanates her own radiance, and I am thrilled to share our conversation with you. Stay tuned in the new year – we have a line-up of cracking episodes with the personal stories of extraordinary investors. Thank you for your support in 2024 and see you in 2025!


WHAT'S IN STORE:


  • I'm a competitive person. I like to win. And in investing there's a scorecard.
  • So I think to be a good investor requires two … opposing characteristics. One is you have to have the courage of your convictions so that you can actually invest. But at the same time, you have to have the humility to know when you're wrong and to move on.
  • You know, predicting the future is impossible. Let's start with that. I've ordered my crystal ball a long time ago. I'm still waiting for its arrival.
  • I struggle with why more women aren't interested in investing. I think some of it comes down to risk. … women tend to do very well in school, outstanding students because they study and get the A. And then you come into investing and you could do all the work you want. It doesn't necessarily mean the stock you're going to pick is going to work.
  • I try to keep an even keel and.. I try not to get angry when something goes wrong. … after a day or two goes by you say, you know, okay,… I can live with it. And you move on.
  • The key as, as you're beginning your career ... is to become an expert at something. So when you're a junior .. try to just add value. Become an expert in some aspect of your job where you know it better than just about anybody else, because that …is how you get recognized.


FAVES

Film: Love Actually

Book: Anna Karenina, Lev Tolstoy

Music: Thomas McKean (singer-songwriter)

Quote: “Be fearful when others are greedy and greedy only when others are fearful” – Warren Buffett

YouTube: Roger Federer speech at Dartmouth - https://youtu.be/pqWUuYTcG-o?feature=shared

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Being InvestedBy Susannah Nicklin