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Bid-ask spread

  1. You know you are getting robbed when the bid-ask spread is high.

    I'm getting emails from recruiters presenting themselves like: "I am Mediocre Nobody finance recruiter drone based in London. I work with tier 1 investment banks and hedge funds, such as JP Morgan, Morgan Stanley and Goldman Sachs, to name a few. [blah blah blah]".

    So what do we have here: Mr. Zero, "recruiting" for Corporation Infinity. Nothing smelly about this astronomical spread, not at all something that will rob you of your time, money (opportunity cost on the time wasted with these useless piece of shits) and self-esteem (essential for carrying on in this business).
     
  2. what are they trying to sell you that you don't want? please explain.
     
  3. Jumping trough hoops like 1000 other monkeys so they make one sale.
     
  4. I have only the vaguest idea what you talking about. what exactly do they want from you?
     
  5. Take some automated coding challenge (most despicable since it burns none of their time so they can pit you against 10,000 college kids who train for this sort of stuff). Online whiteboard interviews otherwise, a little bit better since there's a guy on their side wasting his time too, hardly paying attention among sounds of keyboard clicking and talking with other guys in the office. And give you the sort of relevant problems that you face as a quant dev, like finding find how many permutations do you need to make a word an anagram of the other or count all palindrome sub-strings in a string. And if you don't do it fast enough as having seen the problem before but not looking like you seen it before, you're disqualified. And even if you actually solve it in the half an hour to an hour that you have but you haven't solved it *optimally* as the well-rested guys with lots of time to burn on stupid problems have eventually come upon after months of mingling and tweaking, then you're also disqualified.
     
  6. It appears that the OP was trying to tell the following story.

    While being interviewed for a quant position at an investment bank, he was asked to write a program to count the palindromes in a given word. The night before, the OP did not sleep well, and on the day of the interview, he felt antagonistic towards his potential employer, on the basis of "if you are a first-rate bank, why are you using a third-rate recruiter?" Predictably, the OP's disposition towards the interview process made him fail the test. The position was offered to another candidate, whose program counted the palindromes in an efficient and elegant way, and who did not complain about how the interview process was conducted.

    Not much of a story, if you ask me.
     
  7. thank you for your reply. if not for the fact that you offered a clue by creating the thread in the programming forum how would someone understand what you are referring to? i read your post and the title and understood it to be related to trading financial instruments.
     
  8. Well, it's related to programmers. I thought of renaming the thread to "Bid-ask spread in recruiters" but it's too late now.
     
  9. The proposed new subject, "Bid-ask spread in recruiters" still does not make any sense. Following the OP's venting, I suppose the appropriate subject would be "Why are top investment banks not using top recruiters?".
     
  10. No, it's a bid-ask spread analogy. On the markets you get burned when you enter trades where the bid ask spread is too high. Zero working for infinity is a similar situation.
     
  11. I understand what you are trying to say, but you communicate it in such a cryptic way that your message is lost. What "zero working" and "infinity" mean in this context? You just invented some new linguistic terms and plugged them in without any reference.
     
  12. I'm assigning numeric values to linguistic terms. "Tier-one" investment bank = a gzillion employees and a rigid hierarchical structure with no authority and control at the lower echelon. And the recruiter isn't even there but I've been nice and cap his value at zero.
     
  13. You took tests all your schooling years to be where you are and now you cry wolf.This field is not like any of those tests,here you need to learn the actual staff to excel and be really good at it.That involves a lot of time and enormous effort.
    All those tests that propelled you to think you are smart are worth shit when it comes to trading,in other fields yes you could be quite capable to impress people about being bright etc.
    Aren't you the guy who started a thread "How much does it cost to start a hedge fund"?
    So here we are,all that greed is working against you,it's too late.System that suppose to put you in the lead actually left you on your own.Should've been a eye doctor,genealogist even academic.That comfort zone that you been near "the big stage" is same as countless musicians who never make it to be on the big stage.It's like a curse,honestly!

    Disclaimer
    1.I am sure in school,University etc you were better student than me.(Thank God i didn't do those dumbed down tests to end up like that)
    2.You aren't the worst,at least you don't start those stupid threads asking people if it's possible to be rich from trading or what strategy would you recommend and this type of crap.
     
  14. Schadenfreude feels nice, doesn't it?

    Provided one is not entirely retarded and keeps working and learning, being successful is a matter of time, money (to buy that time) and luck (to fall upon some valuable idea). But given enough time, luck will manifest eventually and if even a monkey like you could make it I guess things are really encouraging.
     
  15. Personal insults are hitting below the belt . using a German word to a Dutchman makes it even worst, I guess.
     
  16. It wasn't me who started it. His attack was unwarranted and uncalled for.
     
  17. thanks
    it doesn't matter ,monkey is happy [​IMG]
     
  18. OK, so no more insults? I'm getting bored already.
     
  19. >> You took tests all your schooling years to be where you are and now you cry wolf.

    https://www.theguardian.com/commentisfree/2015/feb/04/social-mobility-equality-class-society

    Sweden, the most social-generous country of EU has finally reckoned (I hope) that welfare doesn't do much for you if you're a powerless kid in a poor family. No matter how smart, the splinter doesn't land far from the tree (local proverb).

    >> This field is not like any of those tests, here you need to learn the actual staff to excel and be really good at it. That involves a lot of time and enormous effort.

    I do this shit being born in a poor peasant family and having endured all your "excel at YOUR stuff" thing. You know what I excel at? Having potatoes grow. That involves a lot of time and enormous effort. Including advanced knowledge on why they came here and what you can do for them to keep them safe. Before eating them, of course :) You probably excel at that quant shit (or having read your post, rather at that trader shit). I know enough of both to burry you on my potatoes field, pour lime above you then plant corn on top. But I choose not to (you taste sour, of course :p)

    >> Aren't you the guy who started a thread "How much does it cost to start a hedge fund"?

    Yeah, it's me. You've no idea who you're dealing with so the least, if I can ask that from you, is to be civilized.
     
  20. civilized is an oxymoron on a chat board. it is more like a whack a mole.
     
  21. I.e. fun stuff :cool:
     
  22. speaking of bid-ask spread last night during the Euro session the NQ spread was often 5-9 ticks, and that was on an orderly march up lasting hours. The Nikkie spread was unusually tight often at 1 tick. Never seen that before. Typically tighter than usual bid-ask spreads imply that big operators are at the helm.
     
  23. Last time I heard about a Nikkie fuckoff, there was a trader guy who accidentally reversed price and quantity in it's state of the art user interface thingy. That thing though happily passed trough 17 microservices (read "teams") in the tier-1 bank that hired him then another at least 1 single service, the stock exchange, before being registered as good and valid to go.

    That bank quietly settled for a $2.1B payoff before starting an international scandal. Since then the Tokyo stock exchange has changed not only their software but also their protocol so such mistakes are no longer possible.

    I don't know exactly who the bank or the guys were but I worked for Japanese or Asians in general for 10 years of my life and know above all they appreciate efficiency. Even at the expense of politeness, although that's a big tradeoff. You can get by being efficient and not polite just like you can get by being polite but not efficient. The middle is the dangerous ground.
     
  24. ez bruv,you alright mate?

    i get a bit edgy,because we are in Eastern Europe and you know we have more to prove.If you were over there basically anywhere else than who cares.With us is this:if you go from soon to be manager of OPM to good developer working for over 10 years to answering recruiters questions this doesn't look serious you know.
    As one Sri Lankan friend of mine in London once told me:If many Sri Lankans ask for bank credit based on false application and take the money and fly out back home it makes it much much harder for genuine applicant who wants to get a mortgage and buy a house.He happened to get a refusal and of course got pissed off about it.You get my drift ....

    Clear your mind and work on what you have to do,maybe at the moment it's not easy but only way is up.
    We are 2 different personalities and in real life we probably wouldn't get along as well so i will refrain from further posts to you.

    peace

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  25. Coming back to the original idea, recruiters. It came as a shock to realize they're kind of those slimy salesmen who appears to give you something of great value, gets you excited and all-too willing to give it a try then... at the end you cannot shake that feeling that you've been screwed.

    Radio Yerevan joke:

    Q: Is is true that recruiter X finds me a great fit with high chances of getting payed $$ by company $$$$Y?
    A: Yes there are very high chances only it's not you but recruiter X who's getting payed and company $$$$Y isn't giving money but receiving them from you and a whole bunch of other suckers who spend their time interviewing. (Or working there, same thing).

    A2(shorter version but you gotta know the context): Yes there are very high chances only it's not you but recruiter X and you're not getting payed but getting robbed.
     
  26. good lesson in life. follow President Reagan's dictum trust but verify.
     
  27. Learned that eventually.