Induction of Tim Schaefer into The Bond Buyer Hall of Fame

At this year's event, we will induct late Tim Schaefer, Deputy State Treasurer for California, into The Bond Buyer's Hall of Fame. Daniel Wiles, Assistant Treasurer at the Los Angeles County, will provide a few remarks.

Transcription:

Daniel Wiles (00:03):

Thanks everybody. I got the glasses pulled out so I don't completely screw this up. First, I want to thank the Bond Buyer. I want to thank the Bond Buyer for its recognition of all the contributions that Tim made to the industry and industry that he loved, that he spent his life serving, and to recognize Tim's impact on many of us here in this room by having this occasion in California, his spouse, Catherine, is here to celebrate his life as are his friends, Colin and Sally. Tim and I met over 33 years ago. In 1990. We were both brand new to Evanson Dodge, which no longer exists, like a lot of things in public finance. And we were originally supervisor subordinate. I worked for Tim, and over time, that morphed to being a mentor and a mentee. Then big brother, little brother. And on our best days, Tim would say, because we were both Star Wars fans, that it was like Obiwan and Luke. Ultimately, in 2001, Tim called me and said, I'm just freelancing here, but would you like to relocate to California? It was a decision that certainly changed my life and created me an opportunity. So I came to Fieldman roll up in Southern California and we were partners for a lot of years and spent a lot of time driving together to glamorous places like Needles.

(01:48)

Which is a lot of hours. And I think we bonded to some degree because although I am wearing a bow tie today, and I did tell some people, this is actually one of Tim Schafer's bow ties, which Catherine graciously gave me. I was wearing these things longer than I knew Tim. I started wearing them a long time, but we both wore them and I think we stood out because of that. So with any long trip that you took with Tim Schafer, you got a lot of laughs, you got a lot of stories, and you got a lot of wisdom. Tim raised as a Jesuit educated. This Jesuit long drives tended to be a mix of finance, business, philosophy, religion, and just generally life. He knew a lot about all of them and he had a lot to say. And Tim at his core has been a teacher and you'd never know when something he said would stick with you for the rest of your life and make an impact. So some timisms that some of them are kind of funny just come to mind. I taught you everything, but I didn't teach you everything. I know

(03:06)

I was born at night, but it wasn't last night. Remember Danny, the geniuses on Wall Street are the guys who were right 51% of the time, and then there was the dead cat bounce. A dead cat will bounce if you throw it hard enough. And while it's a funny name, it actually does stand for something and it's helpful in difficult markets. And I know in my career I've used it at least three times. Once a market is frozen up and when it reopens again, Tim taught me that public finance and particularly pricing bonds, while it could tend to be very mechanical and very quantitative, had an element of magic to it, had an element of using the force, so to speak to it. He developed a feel for the market, the people you're dealing with and how your offering worked into the overall context. And you went with your gut sometimes, and I learned enormous about on that. Tim was bright, endlessly articulate and always tried to be helpful. He was a mentor in the best sense. He'd let you try and you had safety and the knowledge that if you screwed it up, he would be there to catch you like a net.

(04:23)

Regardless of the fact that he had a decade plus experience on me and knew much more than me, he was always teaching me. He treated me like an equal. Although I knew that we weren't. I knew we really weren't. And after a couple of years, Tim sometimes has health issues, and when he couldn't attend a meeting, he'd say, well, look, we've worked on this stuff together. You have the same instincts that I do. Just make the call. It'll probably be the call I make, and if it isn't, it's probably good enough. And if it isn't, we'll fix it. Just go with it. And that was amazingly empowering. I've tried to remember those words in working with younger people myself, to let them make mistakes and be there to be a safety net. Tim's life, sprang from his innate intelligence and his strong values of family service to God and the community. And one of my memories is being with Tim and Catherine, not long after we had moved to California and joining the sisters at a Catholic parish in Linwood, making lunches for the poor, the destitute on homeless people in downtown Los Angeles. Tim's sense of dignity and his compassion for the other person, the one who couldn't do a damn thing for him, was really a big impression on me

(05:47)

Because Tim, I think as many of had a very strong sense of right and wrong and doing things the right way. So being a financial advisor that fit right in. And it also fit right in with being a deputy state treasurer to be a real guardian of other people. In 2004, Tim was diagnosed with cancer in his throat and it was a deep struggle that nearly took his life. His recovery was remarkable, and he endured lasting effects with strength, dignity, and courage, and his unwavering love and devotion to Catherine. And through it all, he never lost his sense of humor or did he stopped looking out for others, mentoring, teaching, and sharing that wisdom were ingrained in his DNA.

(06:33)

Some of you, including at last year's conference, have heard me say that Tim Schaefer, with all due respect to every financial advisor in a room, was the best financial advisor I ever saw. Working with Tim was the equivalent of earning a PhD. If you have heard me say anything in my career that is reasonably intelligent, it is almost certainly a derivative of something I learned from Tim Schaefer. When I faced difficult issues in advising clients or more recently at LA County, I always thought, what would Tim do? And invariably, if I did that, it worked out. I'm pretty confident I'm not the only one in the room that shares that belief. Tim's was a career and a life imminently worthy of the Hall of Fame and many in this business. I am grateful to the Bond Buyer for not only recognizing that, but for allowing his induction here in California where he had so much impact. I will never forget the impact that Tim Schaeffer had on my career and on my life. His memory for me will always be a blessing. Thank you.