Tips to Succeed in Wall Street

[chenchow]

I come across this article, which I think is quite useful for those who intend to go to Investment Banking, or what we call Wall Street.

Besides those in IB field, I think it is quite useful for those in other fields too.

Check it out here (http://www.informationarbitrage.com/2007/01/the_wall_street_2.html)

The article is on "Ten of the Keys to Success in Wall Street"

1. Be Honest
2. Be the kind of person that people want to work with
3. Find a mentor at each stage of your career
4. Hire people smarter and better than you
5. Be a good listener
6. Don't be afraid to go for it
7. Always be moving forward
8. Work in and foster good culture
9. Comport yourself with integrity
10. Be passionate about your work and have fun
Extra. Be hyper-analytical

[bluez_aspic]

Reminds me of the trailer for American Gangster lolol

http://www.apple.com/trailers/universal/americangangster/

[strikingstar]

OMG!! WTF!! Merrill Lynch has just been sold over the weekend and Lehman Brothers is winding down for liquidation!!! Fannie Mae and Freddie Mac were only just federalized last week.

[angina]

ya,true.to survive in this competetive rat race in the world,we have to equiped ourselves with this all characteristic.thanks,chenchow.

[capablanca]

Haha, the ultimate meltdown of US investment banks. Behold the financial crisis of the future, destruction of the investment banks. Shit, now where should I apply for job next?

[caramel_nut]

Haha, the ultimate meltdown of US investment banks. Behold the financial crisis of the future, destruction of the investment banks. Shit, now where should I apply for job next?Management consulting firms. They'll always be in demand. :P

[kintaro_kun]

tips to succeed in wall street:

be ruthless and greedy, play with other ppl's money. keep the profits for yourself, any losses will be borne by the taxpayers anyway. its certainly risk free! :-)

[bluez_aspic]

tips to succeed in wall street:

be ruthless and greedy, play with other ppl's money. keep the profits for yourself, any losses will be borne by the taxpayers anyway. its certainly risk free! :-)
You're bad, kintaro :lol:

Though you're missing the main one - which is to be personal friends with the political elite. This allows you to be protected from the unrelenting discipline of the market, have privileges bestowed by decree of the state, to privatize profit and socialize losses... you can even have priority access to lifeboats on the Titanic!

[chenchow]

Management consulting firms. They'll always be in demand. :P

While Management Consulting firms are well in demand today, it doesn't mean that it would continue to be so for the next 50-100 years. There would be up or down market. At one point, management consulting was almost wiped out from Malaysia during the financial crisis. Of course, some managed to presevere and eventually these few years have been very good years for the field.

[chongkeat]

In the end, all that matters is the quality of the people working at a company. Even in the current financial turmoil, companies like Goldman Sachs and Wells Fargo managed to ditch the "toxic" derivatives before things go downhill. They didn't succumb to their greed. So, there.

[bluez_aspic]

Thought I'd slip this brilliant article here - the Wall Street debacle narrated from an insider's perspective:

The End (Michael Lewis)
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom

Riveting (in spite of its length), and gobbledygook-free too. Here are the first few paragraphs:

To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue.

I’d never taken an accounting course, never run a business, never even had savings of my own to manage. I stumbled into a job at Salomon Brothers in 1985 and stumbled out much richer three years later, and even though I wrote a book about the experience, the whole thing still strikes me as preposterous—which is one of the reasons the money was so easy to walk away from. I figured the situation was unsustainable. Sooner rather than later, someone was going to identify me, along with a lot of people more or less like me, as a fraud. Sooner rather than later, there would come a Great Reckoning when Wall Street would wake up and hundreds if not thousands of young people like me, who had no business making huge bets with other people’s money, would be expelled from finance.

When I sat down to write my account of the experience in 1989—Liar’s Poker, it was called—it was in the spirit of a young man who thought he was getting out while the getting was good. I was merely scribbling down a message on my way out and stuffing it into a bottle for those who would pass through these parts in the far distant future.

Unless some insider got all of this down on paper, I figured, no future human would believe that it happened.

I thought I was writing a period piece about the 1980s in America. Not for a moment did I suspect that the financial 1980s would last two full decades longer or that the difference in degree between Wall Street and ordinary life would swell into a difference in kind. I expected readers of the future to be outraged that back in 1986, the C.E.O. of Salomon Brothers, John Gutfreund, was paid $3.1 million; I expected them to gape in horror when I reported that one of our traders, Howie Rubin, had moved to Merrill Lynch, where he lost $250 million; I assumed they’d be shocked to learn that a Wall Street C.E.O. had only the vaguest idea of the risks his traders were running. What I didn’t expect was that any future reader would look on my experience and say, “How quaint.”

I had no great agenda, apart from telling what I took to be a remarkable tale, but if you got a few drinks in me and then asked what effect I thought my book would have on the world, I might have said something like, “I hope that college students trying to figure out what to do with their lives will read it and decide that it’s silly to phony it up and abandon their passions to become financiers.” I hoped that some bright kid at, say, Ohio State University who really wanted to be an oceanographer would read my book, spurn the offer from Morgan Stanley, and set out to sea.

Somehow that message failed to come across. Six months after Liar’s Poker was published, I was knee-deep in letters from students at Ohio State who wanted to know if I had any other secrets to share about Wall Street. They’d read my book as a how-to manual.

In the two decades since then, I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting of the internet bubble, the crisis following the collapse of Long-Term Capital Management: Over and over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of no obvious social utility. The rebellion by American youth against the money culture never happened. Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces?

[stocktrader6080]

tips to succeed in wall street:

be ruthless and greedy, play with other ppl's money. keep the profits for yourself, any losses will be borne by the taxpayers anyway. its certainly risk free! :-)

As sad as it sounds, this appears to be the most profitable method.