Well, if he’s talking 70K today, then it may have been comparable to 50K back then.
Fair.
Still a raw deal for you. You needed a whole extra degree to get yours.
Well yeah but I meant the short-term bear case, though it’s really the combination. Once the WSB crowd stops buying/holding, then the fundamentals will be the dominant force. Short-term it’s a question of when that transition happens.
You could also go into the compliance field and be the arch-nemesis of every commercial banker at your institution, like I did. Lol.
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I did this. I also somehow earn more than even the managers of big 4 tax advisory firms in Australia (and I’m a shit kicker) . Makes all the work we make them do even more delicious.
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One of the elder sages on my thesis committee once told me: “The data always look fantastic on a log plot” and that was probably one of the most interesting things I learned in grad school.
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Haha! Yeah overall I’m happy with my decision to go into the field. I will admit, and maybe you can help me understand if this is an American thing or not, it gets frustrating every now and then when literally everyone else at the financial institution thinks that YOU made these rules up and not the government.
It’s like, I’m just the messenger, bros.
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So what exactly is the compliance field? Do you work for the government to make sure that the banks follow the rules? Or work for the banks to make sure they are up to date on the rules? Or do both of those things count? Or maybe it is something else entirely?
A thing absolutely no one was asking for but any excuse for the NYPD to walk around kitted up with semi autos
If you accept the centrist POV that capitalism is great and the stock market is a cool and legal thing, there’s a solid argument that short sellers are a necessary part of the ecosystem. (Not saying I agree with this POV, but you understand it’s the kind of argument a WaPo could make without being a complete troll job).
But the Gamestop hedge funds… I have no idea how there’s any free-market-based justification for that. Dudes putting down bets they can’t possibly cover and then shutting the casino down mid-hand and getting bailouts when they lose, it’s absurd.
There are tons of banking regulations, at both the state and federal level. Compliance is there (bank employees) to make sure the bank follows those regulations so that when government regulators come in they don’t find much (also so the bank doesn’t fuck over their customers.)
As someone in compliance you could also work for the government as a regulator (something I have yet to do), and there are lots of consulting jobs as well (I’ve done that.)
So what’s the path for that? Undergrad to some junior compliance role, and then work your way up?
Short sellers are the guy betting the don’t pass line at the craps table in Vegas.
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I work in corporate tax regulation but essentially yes.
Yeah that was the path for me. Majored in economics, no clue what I wanted to do, ended up in compliance in a bank and have been in that field since.
I agree, but at the same time, the broker shouldn’t be the one deciding what the true value is. I’m not saying that that’s what RH did, but that the true value of GME isn’t relevant to the topic of RH restricting buys. There exists a theoretical true value (I think?), but no human actually knows what it is. And it’s not like the broker even cares if you get bad value. RH wasn’t restricting buys out of the goodness of their hearts.
Yeah, as I constantly counsel youth now, don’t get a law degree unless you actually have a burning desire to be a lawyer. It is not worth the cost otherwise. I actually wanted to be a prosecutor since I was a kid, so it was worth it for me.
Read it, the article isn’t as terrible as the headline implies.