Schoenfeld is a tough interview, and they're looking for a "certain kind of face" in the crowd to grace their chairs. I say that not from experience, but from what I've heard.
The other firms could learn more than a lot from Don and his brother. The Bright's are the most honest team out there. Pity the scallywags at AB Watley are still in business ripping people off with their crookedness. Oh, that's another firm to totally avoid, not even reading their mail or their advertisements in the trade press.
limitdown - From the response from our firm's add and the people, (both former Schoeny traders and current interviewees) I would say that you've accurately described the process at Schoenfield. It's a very difficult chair to get...... rttrader1 -
"back in the day" they looked for robots....momentum traders.....then the market changed but the robots didn't. Now they are consolidating....getting rid of dead weight and closing offices....so they don't want more dead weight. They don't want newbies....as they don't really train anymore...they want experienced with a track record.....but if you have a track record..why would you trade for 20-50%??? They like quants tho.....so if thats your game.....try it..... What is perplexing to me is why they closed their chicago office.......there are 10000 traders in chicago!!!!
To add to spyderman's comments - I was on the phone with a hedge fund manager from London today and he said that the hedge funds in London are looking only for traders/quants..their the "hot" ticket now..but their are a lot of MM's out their w/o quant experience looking for a place to land...our firm is trying to accomodate them.....but I guess the quants guys are very popular now....... rttrader1 -
I will admit that I have some envy in my posts. You have a solid business and have been around a long time. I just want to stand up for newer firms that have come along and have solid business operations, secure risk management and offer the trader a different type of edge out side the equity markets. To infer or attempt to scare away traders from newer firms because they do not have your "mammoth size" is painting a picture that is not accurate. That type of neighbor bully mentality works great with kids but we are adults and to generalize any industry with different models is not fair. I do not want to build my business on other firms mistakes, but it is wiser to learn from those that have failed and not repeat their mistakes. I also do not want to market or represent our operation on negative comments about other firms, so I must apologize and will go down that road again. We have different models and a different target market. Sorry for the comments, and lets allow the market place to decide the proper formula.
Jeff, as you know, I certainly prefer a mutually respectul relationship with all the other firms, big or small. I think that I am one of the few who actually seeks out the other firm owners to discuss "wayward traders" and other possible problems for the industry. I try to chat with the people at Generic and Assent on at least a monthly basis, have lunch or whatever. I hope you build your firm in a straight forward, solid, and reliable manner. One small point....is when you said that you don't want to build your firm on other "mistakes." My (in good faith) comment is that what may appear as a "mistake" may not be in the long run (I'm not talking about BT here, we thought a couple of firms were doing things "wrong" and found out later that their approach worked, at least for the short term). I, too, apologize for any terse comments! All the best.....come by and say hi if you come to Vegas for the Expo. Don