Interesting take by the author of The Black Swan:
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Don’t you work in banking and associate with these types of people at super exclusive golf clubs and such?
Meaning?
I work in commercial banking, which is super boring and slow-paced. Very different from Wall Street.
What the fuck about that is confusing to you?
Just joking of course. I’m 'aving a giggle being on the old ignore list.
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Correct me if I’m wrong, but I always assumed that both wall st bros and the commercial banking bros were fundamentally the same type of people. It’s just that the latter either couldn’t make it on wall st. or just didn’t want to put in the insane workload.
Everyone’s treating this as a spectacular outlier event, but according to Taleb, the movement of the stock falls within expectation. In terms of stock price moves, it’s business as usual.
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Gonna go with a big time nope on this one.
Stocks often go from $3 a share to $350 a share with no underlying change in the fundamentals of the company?
There’s a difference between “often goes” and “within expectation,” as we all know having come from a poker forum.
In any case, I just linked the Tweet because I thought it was interesting, not because I agree with it or even fully understand it.
You’re right, I shouldn’t have said “often.” But is it even in the “ever” category?
No. Completely different worlds.
As I understand Taleb’s Tweet, the answer appears to be yes. But as I’m just as much a layman in this matter as the rest of us, I have no further insight to offer.
Ok, well I guess my perception was wrong.
Is there a lot of crossover? What percentage of commerical bankers have wall st pasts?
Almost none.
Wall Street people almost all start as analysts at big banks. Goldman/MS used to be the best, not sure now. They make like $150k and work actual 100 hour weeks. Next job is either associate at the same bank ($300k or so with bonus) or a PE fund or Hedge Fund (similar or more pay). It obviously goes up from there. All these jobs are in NYC, maybe a few in SF but not many.
Your typical commercial banker never works in NYC. They just slowly climb the ladder in whatever city they are in, getting promoted when someone older retires. The hours are much better, it’s not cutthroat, it’s very rare to get fired. You make less, though are paid well (especially given the relative cost of living). Not competitive at all, just a totally different kind of person.
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Thanks.
So what is the pathway to entry level commercial banker? Is it just straight out of undergrad? And what position are they hired into? Are they analysts also (just analyzing different stuff).
Tired of both sidesing from the WaPo editorial board? Here’s a column that takes a position! (Not gonna click on it or even link, the headline is enough for me)
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Yeah, straight out of undergrad into a $70k analyst job, slow progression from there.
That actually seems like a damn fine career path for a smart, lazy poker bro. I’m surprised there aren’t more of you here and on 22.
Damn, my first job out of Law school was 50k. I didn’t hit 70k till year 5.