Those of us that have been trading since the 90's and earlier have seen some really lavish (stupid IMO) spending, especially back in the day (pre algo fuckfest). If I could go and ask the guys who did crazy stuff with their profits, almost every one of the guys would kill to have that money back now that the market has been HFT'ed into submission and their P&L's along with it (most are long gone from the industry). Take note youngsters.
Nice link, the guys on Wall Street know how to live. I wonder if the guys that spend all this money have it ten years later ?
No they didn't work hard to earn that much money. No, they made those money by either running some scams like Ponzi or Pump 'n' Dump scams or taking advantage of lax deregulations and the SEC not having a clue of what they are doing. It's a slight comfort to see that they are giving a little bit back in stimulating the economy still they don't deserve half of the money that they earned as proven by reality. Once the machines came in, they were all out which means they never had any advantages in the first place. If you really had good sound trading strategies, you WILL withstand the test of time. And even speaking of their spending choices, they don't even know how to spend their money right. 1) The Japanese Wagyu beef? I highly doubt if they are real. If they are real, you don't need to "infuse" it with butter. If you know how the GENUINE Wagyu beef is raised, you would know how marblized the texture of its meat is and how fattening it is already. All you have to do is heat it up and the fat will just drip over the plate. WHY would you still want to eat it with butter? That's overkill and totally prevents you from tasting the real texture of the beef. So it can only be one thing: the beef is NOT real Wagyu beef. They were just spending $300 on prob. some local American beef from cattles down in Texas, still very nice but NOT Japanese Wagyu beef. The REAL GENUINE Japanese Wagyu beef can only be eaten in TWO places in the world: Japan and Macau as Japan refuses to export that beef outside of Japan except to Macau. 2) Cavier? I hope the guy realizes that all he's eating is just salty fish eggs right? I mean it's nice and tasty for the first time around but once the novelty wears off, it's just salty fish eggs and nothing more. 3) $10K on Toto Toilet = Total Waste - LITERALLY 4) $15K ice-skating rink: This is the ONLY cool thing that I think is worth the money and impressive too. 5) Strip-club bill. I am not even going to comment. So shallow and low taste. Paying $40K just to see some bitch taking her clothes off? Seriously??!! 6) Field of Dreams - No the way to keep tabs on your children is NOT to spend money on your house; it is to spend time with them and talk to them. Anyway if I had the money that those "wall street guys" had, I know I would spend it lot better. LOL
Please, do share! I think these are current habits, so they still have it and spend it. It's post-regulation and post HFT. In fact, some of them actually are HFT PMs, probably. Oddly enough, over my roughly 20 years in this business I've seen only one crazy spender. The guy did blow up and in process blew up his life, a sad story.
I will when I make those amount of money but DEFINITELY NOT $10K Toto toilets and fake Japanese kobe beef. LOL Well you know what say, easy come easy go!
There is one thing you are missing from your list of how others spent their money. FUN! After a certain point, money is only useful for enjoyment. Some people enjoy the thought of how their kids will blow whatever cash is willed to them. Some people enjoy hookers and blow. And as for regretting the blown money later, lets face it, if they cant make more money now (to blow on new fun) then they would have lost whatever they had anyway. Given a choice between 44k loss vs 44k strip club bill....
Yeah except if they can't make the money now, they would've been stuck with the losses AND the strip club bill. At least if you spent the money earlier on something more meaningful you would have something better to look back on while crying over the losses. LOL