rj, can you profitably short stocks? (maybe you need to be given the secular bear Market) What about Bonds / CDS ? - SAC = Steve Cohen's Hedge Fund- (they let go most of the people in their London offices last year) What about Brevan Howard (they are real pricks I here, but they make money) Moore Capital - London office... GLG Partners - London Eclectica - (go work for Hugh Hendry - I'm sure hes a fun boss!) These are pure equities, maybe some global macro thrown in above...
SAC Capital Management, and they have a decent London office.....or had one! GLG Partners is huge also over there. So just to rehash your goal here....basically you want to have an office, a bidness card, a secretary, and do nada for 1/2 the salary of someone that actually works? I am done with this thread, you are an empty suit.
psytrade - can I profitably short stocks? Not the last 12 months - but thats true of almost everyone. I did well shorting back in 2002, missed most of 2008 bear as I didnt want to short banks - I find them difficult to value. Right now easing back to cash a bit - I tend to do that rather than actively short as its lower risk - I dont see the markets as being crazily valued - especially given interest rates. Bonds / CDS I couldnt really do - I have only equity experience. El Pollo - your being a lil harsh again. I wouldnt do nada - just less than someone who was paid more. In the actuality I dont think it would work like that. I would make just as much for the firm as the next guy I would just live the life I wanted.... Dont think in absolutes. See the rainbow not the rain ! And to those who would say its all about results. I know a top analyst who was sacked for sleeping in a conference room - he found a job straight away but appearances of hard work matter to a lot of people. I might have a pop at the Hedge funds - however I have friends who work for em and they tell me its just the same as for a buy-side Asset Manager - just better paid and less secure.
That Hugh Hendry looks interesting may give him a pop - dunno if he'd hire me as we disagree on most things but time will tell...
In 2008, your strategies may have worked. In 2010, you are most likely eventually to apply to restaurants trying to flip hamburgers. You are unlikely to find anyone who wants you to manage their money, jobs are very scarce. Employers mention 8 skills, and want you to have 9 of them. Then, your money eventually runs out, and the hopes on this thread will be forgotten. Little of the stuff you mentioned really means much, as some have been saying here.
Hi Traderzones My money wont run out as I am still working. Very secure public sector job (ish). Been doing this since 2002 with no crazy drawdowns. Now it always could happen but with my level of exposure being only 80% invested and in real cheap stocks (lot of small cap) with good balance sheets, good cashflow and decent business models I wouldnt bet on it. What do you think will get me ? Always want to know so I can avoid whatever is out to get me. 2008 I lost money (a touch). 2009 very good 2010 who knows ? But all that is moving away from the topic - question is how to get a job in this field where they will negotiate?
As to managing money, most responses I have seen here seem to be - VERY hard to interest others in having you manage their money Regarding job that will negotiate, unless you have been living on Neptune the last 2 years, the Earth is in a serious recession.
Are there any jobs in the city with a good standard of living? It's tough. My current boss used to be a VP at an investment bank. After 8 years he left because he wanted to see his kids grow up. Since then they've asked him to come back and he's tried to do a consulting part-time gig and even for him, a known quantity and a guy who made them money, they won't go for it. He says they do a few deals like that but only for senior senior guys who are bringing big clients with them. Same with my girlfriend, she works at a top ten hedgie and she says everyone is absolutely miserable, but they stay cause it's stupid money. I'm with you on flex-time, studies support it, look at Best Buy, but that culture is beyond most management. Even more basic than that though - if they offer it to you then they have to offer it to everyone else and that's a risk way beyond your marginal value added. The only way I think you can do it is going small. We're an office of three and I go in when I need to but don't think for a second you're gonna get an expense account and Russian secretary with that - she went within the first 4 months of us opening shop.
Cheers for your reply Hulk - I see your point and agree entirely. Thing I dont get is why competition / market forces hasnt led to employers who offer the sensible option slowly becoming dominant. Maybe in another 20 years....