Philip Blancato, managing director at Laudenberg Fuman and Company, one of the oldest financial firms in the United States, and they just rang the closing bell here at the Big Board.
Nice to see you and congratulations.
Thank you, thank you.
It's a 150 year celebration today.
We're excited to close out today, and for us it's a seminal moment, very important to the firm and to the people we serve.
Yes, what is it for you?
What does this milestone mean to you?
That of course is so important to your firm, but also allows you the opportunity to come down and bring about a close to the financial markets.
You think about the history of the United States and everything we've been through as a country over 150 years.
We're in the midst of a 4th industrial revolution and all that change, all that variability.
So for us to be a part of Americana, to represent the 6th oldest New York Exchange member, one of the oldest now that so many are gone.
It really is a seminal moment for the firm.
And if you think about our history, we helped raise money for New York City at a time it was very difficult after 1876.
We've brought many companies public.
We've raised capital for that middle market small firm, the heart of Americana, the heart of American capitalism.
Represent Main Street investors every single day.
So very proud of our heritage and how we started and helped build the United States.
150 years.
What are some of the common traits that have allowed successful firms like yours to not just be consistent but to adapt with the times?
Very good question.
First of all, you have to be able to persevere.
Think about the, the moments of history, multiple wars, multiple deep recessions.
To survive that, you've got to have tremendous grit, tremendous perseverance.
Second, trust that we've been able to ring the bell in the same way we did today, but show up when needed multiple times in our history, when capital was needed, when bringing a company public. we were trusted, and we were trusted in the annals of New York City and the annals of the, of the stock exchange.
But the most important one, adaptability, that we had to change.
Whether it was the dawn of the first industrial revolution, the change of the computer age, and now in the midst of the 4th industrial revolution of AI and being a part of that and that again, that small middle market company that to me represents the essence of American capitalism.
That's who we are and that's who we've been for 150 years.
Talk to me a bit about your outlook specifically for middle market IPOs and its pipeline.
People wondering about the status of conditions.
Have conditions improved there and anything else that's big on your radar for Q3, Q4 of.
One of our biggest concerns is we've watched the shrinking of stocks traded globally and domestically.
So finally, with some of the deregulation that's happening with some of the unleashing of capital markets, thinking about where private markets are now coming to public markets, we think the 2nd and 3rd quarter of this year will be, I'm sorry, 3rd and 4th quarter of this year will be exceptional from the idea that we're finally seeing multiple firms line up to go public, we are a part of that, whether it's raising capital for existing small firms, which is a big part of what we do, but more importantly, bringing small.
Companies public.
There's a lot of cash in the system and you're seeing this euphoria of AI making productivity more effective and more importantly, revenue.
So for that reason, we think finally the dawn of a new age of new companies coming public, which means for the 4th quarter of this year from a total market outlook, you have to be very optimistic of the next 6 months and what it can bring for markets.
Philip Blancato, not only managing director at Laudenberg Thalman and Company, he's also the man who just rang the closing bell here at the New York Stock Exchange.
Congratulations.
Come back anytime on the show.
Pleasure.
Thank you.
Really nice to see you.
