Patrick Reyno in the morning: Business’ golden boy

It’s odd how Patrick and I became best friends. I first met him when he got back after completing his MBA at Columbia. My friend Wendy told me that her dear friend from Paris was coming home for good, and that I would looove him. Love him I did. He was dressed to the nines when we met. We had instant rapport and quickly discovered that we shared the same sense of humor.

A few nights later we had dinner. The conversation took on an entirely new tone. Tsismis was replaced by real topics. He spoke of art with such depth like he was one of those hundred-year-old curators at the Whitney or Guggenheim, and then business talk followed. I was astounded and befuddled, and asked myself, "Who in the hell is this guy talking percentages in such a happening aqua and gold Dolce outfit?" It just didn’t fit and I loved it!

That’s Patrick. The ultimate surprise party. Our close friends kid around that there are two sides of Patrick: Patrick P.M. who is the darling of the young society pages for his fab outfits and delicious wit, and Patrick A.M. who is the golden boy of the financial world.

Patrick Reyno’s smart outfits are a minute reflection of his genius. Patrick has an AB in Economics and Social Studies. He graduated magna cum laude from Harvard University, and has an MBA with honors from Columbia University. He also has a Diplome Superieur in French from the Sorbonne, which means he can wheel and deal with those stern French hotshots, and order French food for me when I’m faced with those rude all-French menus with no translations making sure I don’t end up eating calf brains.

Before getting his MBA, Patrick was working as an investment banker at Morgan Stanley in Hong Kong. He’s now vice president for Business Development and Strategic Planning for Manila Jockey Club, and was recently elected to its board of directors.

Patrick had to do the rounds in the investment world before settling in his family’s corporation. For him, this was an invaluable experience in operating in the business world that not even his Ivy League education could have provided. "I studied economics as an undergrad at Harvard, and so it was but natural for me to start my career in finance. My first job was as a stockbroker for Dharmala, after which I did corporate finance at SGV. I then worked at Morgan Stanley’s investment banking division in Hong Kong. In 1994 my father Alfonso Reyno Jr. led a group of investors that acquired Manila Jockey Club from the Prietos. Seeing the great potential of the business, our family has since increased our involvement in the club, and so after I finished my MBA at Columbia, I decided to join the Jockey Club to take charge of business development and strategic planning."

Patrick Reyno is now focused on the expansion of the Manila Jockey Club which, by the way, is the oldest racing club in Southeast Asia. With its much talked about move from its current location in Santa Cruz, Manila to a vast and impressive site in Carmona, Cavite, the Reynos with their group of partners and investors have single-handedly saved the club from imminent demise. Its resurrection is both a preservation of our culture that is threatened by commercialism, and of course serves as an inspiration for all businesses that have been hit by the crisis.

Patrick’s involvement is not limited to one role. Being more of a hands-on kind of guy, he chooses to involve himself in every aspect of the business rather than simply delegating it. "I wear many hats. I am responsible for strategic planning and ‘business development,’ financial valuations, investment management. I am responsible for planning the redevelopment of the San Lazaro property into a mixed-use commercial center, after the Jockey Club has moved to its new home in Carmona. I also dabble in marketing and public relations for the club," he enthuses.

When it comes to networking, Patrick is proactive enough to create a cocktail of business and pleasure. "My dad sometimes asks me why I’m always out at night. I always tell him I’m working the night shift for business development. And God do I work hard for the money!" he laughs. "But seriously I’ve developed so many great friendships in my social life that have proved so helpful in opening new avenues for joint ventures for the club." It’s no nine-to five for Patrick – it’s work, work, work whether he’s at the Tower Club or charming the Katayone Adeli pants off everyone at Mati.

He discloses some exciting new changes the club will face as it moves on to the next level. "Manila Jockey Club is at a very critical and exciting juncture right now. We acquired a 77-hectare property from the Kuok estate in Carmona, and are developing that into a world-class race track and turf club which we expect to finish next year. We will develop that portion of the property that slopes upward and overlooks the racetrack into a residential estate. On May 28, we are officially launching the new Jockey Club and will present our plans to the horse racing community."

He adds that "We now have over 230 off-track betting stations (OTBs) located mostly in Manila. We will now take our expansion nationwide. We will then complement this network by enabling racing aficionados to place bets via the Internet and SMS. We are currently evaluating a number of proposals for JVs for this but we want to do this the right way so that we do not cannibalize our own business. In the long run it will probably be more cost-effective to do it on our own."

Patrick’s unconventional approach to life itself serves as an encouragement that people do not necessarily have to live the roles that have been prescribed to them. The business world is often stereotyped as a stuffy planet full of bad ties and corny jokes. Patrick is certainly the antithesis of that, he is confident enough with his business acumen to go against the waves and be honest in all his actions. It is said that geniuses go mad because they simply do not know how to apply their knowledge in the real world. They live in a theoretical cage wherein pragmatism escapes them. However, Patrick proves that expediency can gel well with theory, thus providing an effective method for formulating successful business strategies. His investing style is quite impressive. Perhaps it is through empirical experience and the lessons learned from such bold and risky actions from many overly optimistic investors that Patrick has chosen to be conservative and prudent in his decisions.

"I follow classic investment management principles. Diversify holdings, ensuring more specifically that the different investment classes have low correlation so that long-term performance can be smoothened out and risks minimized," Patrick says. "I am a conservative long-term investor, therefore I rely first and foremost on fundamentals. When I decide that a certain investment’s fundamentals are sound, i.e. it has long-term appreciation potential, or that the paper is cheaply or fairly priced to properly compensate me for the risks that are imbedded in the asset, I then look at the fundamentals to study the levels at which I am happy to purchase the security, and then I execute the trades at those levels or better."

Though he is a devout realist, his business insight is also fueled by conjectures from wise men from history. "To be honest I am quite partial to this investment class, I like to dabble in emerging markets, because of my own education and interests. I studied the political economy of development as an undergrad at Harvard. Would you believe I was an avowed Marxist in college? If only Karl could see me now," Patrick laughs. "And so I continue to have keen interest in political and economic developments in countries as diverse as Russia, Argentina or Malaysia and love reading research on developing markets."

Of course, it should not be forgotten that to be an effective performer, one must live a full life. Patrick Reyno balances the tension of his challenging role in MJC with his favorite stress release, which is shedding Patrick A.M. into Patrick P.M. mode. When asked how he handles stress, he candidly replies, "I laugh and I dance. And you can fill in the rest of the blanks."

Of course, it is not all fun and games that keep him afloat. His solid relationship with his family and his upbringing have become his anchor in keeping sane in such a crazy world. "My education at Harvard taught me to be an independent thinker, and how to distill what may otherwise be a complex situation, problem or argument into its essential elements. That allows you to focus on the critical issues on which your investment or management decisions should hinge. My stint at Morgan Stanley taught me perseverance and humility. They make you work very long hours, sometimes doing the most inane things, and you just gotta hang in there. That is what life is all about isn’t it?" he says. "There is something very fulfilling about seeing a vision unfold before your eyes. And that is what we are doing at the new Jockey Club in Carmona, we are building towards the future. Working with the family has also brought us closer together."

It’s not all business for him though. His career in the financial world is only one facet of his remarkable existence. It’s about making time for other things and making sure that the world of commerce does not overshadow his passion for life itself. "I spend a lot of time with my friends. Over the years I have cultivated an interest in so many things, and I continue to educate myself in art, literature, language, philosophy, business and international politics. Travel is one of my great passions, as it always stimulates my interest in new things, and leads me to read more about anything from Aztec archaeology to Burmese lacquerware. And so if you look at my bookshelf or spend some time discussing things freely with me, you will have absolutely no idea what it is I really do in life. As Tolstoy once asked, ‘What shall we do, and how shall we live? We spend our whole lives finding the best answer to that question."

Just like in every movie there are the moving and inspirational last words. Here Patrick with all his wit and depth gives us his two cents with such pristine simplicity: "Intelligence only takes you so far. Business is not rocket science; it is 1 percent inspiration and 99 percent execution. What matters most is hard work, perseverance, the ability to manage and motivate people. And of course, a little charm always helps."