'Bowie Bonds' bring College grad 'Fame'

"Ch-ch-ch changes" are happening in the world of high finance. With his innovative "Bowie Bonds," 1983 College graduate David Pullman has forever changed the bond market. Pullman has become famous since his invention of the bond, called an "Asset Backed Bond," which relies on the revenues of rock star David Bowie's song "Changes" and the other 250 songs he owns. "New ideas come from an evolution, rather than a revolution," Pullman explained in front of a crowd of 30, including Interim School of Arts and Sciences Dean Walter Wales, yesterday in College Hall. The talk was the most recent installment of the SAS Alumni Lecture Series. Pullman, a managing director at the investment firm Fahnestock Corporation, explained how he invented his Bowie Bonds with the help of a computer-driven slide show. The bonds, he said, are "A" rated bonds that are backed by Bowie's royalties that come from radio airtime, movies, commercials, sheet music and uses by other artists. He noted, for example, that rap artist Dr. Dre recently used Bowie's song "Fame" on an album -- which increased the strength of the already successful bond. "I never thought that finance could be so interesting and fun," Wharton freshman Meghan Coles said after Pullman's speech was finished. Pullman said the venture began when Bowie was searching for a way to invest the rights and royalties of his music. The new product came from a combination of creative work by Pullman and Bowie's intention to keep the rights to his music -- and make money off of the songs. Not only do investors profit from the bonds, but so do Pullman and Bowie. Pullman said he has not forgotten the roots of his success -- the lessons he learned as an undergraduate. "Students from Penn run circles around everyone else," he said of his experience in the business community. But Pullman quickly added that his success did not come easily. Relating his story of admission to the University, he recalled that the last time he was in College Hall was when he was being interviewed as a high school senior. "My high school guidance counselor said I would never be accepted to Penn," he said excitedly. "Look at what has happened to me since then." Noting that he has often talked with Bowie himself, Pullman said the key to such success in the business world is creativity. "You want to continue to be new and nimble," he said when asked what advice he could give to aspiring professionals. A Sociology major when at Penn, Pullman said he exemplifies the typical college graduate. "You don't have to know what you want to do to have success," he said. And backed by about $55 million in investments, Pullman proved that Sociology degrees can be just as marketable as Finance degrees.