Say goodbye to the dream

[Sponger.]

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WSJ: "SAC Capital Management LP, Mr. Cohen's largest and oldest fund, launched in 1992, has generated an average annual return to investors of 43.5%, after he takes a sizable cut of profits."

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Did you see this in the wall street journal...

http://www.moneyweb.co.za/shares/int...ews/180724.htm

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His relationship with his parents was sometimes difficult, he says. He began playing poker frequently as a high school student, he recalls, and would sometimes arrive home at 6 a.m. after an all-night game, hand the car keys to his father, then head to bed without saying a word. Mr. Cohen says his mother never acknowledged his success. She "thought I was smart but lazy," he says, and up until her death last year, considered his younger brother Donald to be the family's financial expert.

Mr. Cohen excelled in school and at the card table. "I'd look at his desk in the morning and see wads of $100 bills," says Donald, 47, now an accountant in Florida. The summer before his junior year, he quit his job cutting fruit at a local grocer for $1.85 an hour to concentrate on cards. Mr. Cohen says poker "taught me how to take risks."

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JASON YOU HAVE AN IN. HE SHOULD ALREADY KNOW WHO YOU ARE. I SMELL PERSONAL APPRENTICESHIP. GOGOGOGOGOGO

[Vavavoom]

Well, fair play on taking the Job opportunity on Wall St...

I'm not a trader but I'm a Bond Broker in the city in London..

Let me know if you ever decide to do European HY / Distressed Debt Cash/Loans and I'll gladly bring the roadshow over to Wall St...That'll mean going over to the I-Bank side...

As for the figures banded about...over here...The senior traders make $2-$3 Million I guess depending on how their year goes........senior brokers or those with the best relationships probably make $400k upwards...but with full expense account and get to live the rock star lifestyle going out with customers...

Fwiw, being very good socially will help make this job a lot easier and personality plays a big part...

Vava

[FreakDaddy]

Do you see yourself happy in either of these positions.

Personally I'd rather jab cold ice picks into my eyes over and over, but to each their own. I have no clue how people take these kinds of jobs. It REALLY comes down to how much happiness you can see coming from this because making career choices is making a choice about how you spend a large position of your day. These decisions should have NOTHING to do with money.

You're young though... you can spin off a few years of misery and still make a career change. [img]/images/graemlins/wink.gif[/img]

[DpR]

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WSJ: "SAC Capital Management LP, Mr. DERB 's largest and oldest fund, launched in 1992, has generated an average annual return to investors of 43.5%, after he takes a sizable cut of profits."

That's why he gets those fees.

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fyp

[Wowliksom!]

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DB,

"7figures per year > 60-100k per year"

How much you want to put down on Strassa having more money than you in 10 years?

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lol...pull out a # and ill double it if he takes this job

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You need to read some books on wall street.

Fooled By Randomness
Liars Poker
Ugly Americans (about Japan but still trading)

watch Wall Street (movie)

Huge money in that game man, makes poker look like chump change.

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You also want to add Market Wizards to the booklist. This book may get stop thinking about poker less and commodities more.

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Yes, read these books and add the best book on trading ever written: "Reminiscenses of a stock operator" by Edwin Lefevre. Its a sort of a biography of Jesse Livermore a stock trader who operated in the beginning of the 1900s. Everything that is written in this book is valid still today. Almost every trader in "Market Wizards" recommends this book.

Livermore shorted stocks during the stock crash in -29 and ended up with 100 M$ when the smoked cleared. 15 years later he was broke and committed suicide. He had some problems with money management to put it lightly...

Jason, you know you have a golden ticket right?

It will of course be a heavy work load and you can absolutely not be sure to reach these very high incomes. These jobs are usually "up or out" so if you dont perform you most likely will have to find something else to do. You will have a sound base though since you obviously are a very good poker player. Trading firms like to employ people who are highly competetive and thats why there are so many former athletes working as traders. You will fit right in to that category.

Which school are you attending?

[El Diablo]

f2f,

"He return 43.5% annually after fees! Holy [censored]! Can anyone invest with him or do you need millions?"

Minimum investment in his latest fund was $25M.

[Mason Malmuth]

Hi Jason:

I worked until I was 35. The first six years after graduate school was with the United States Census Bureau as a Mathematical Statistician, and the next five years was as a mathematician -- that's what they called me but I was really more of a statistician -- with the Northrop Corporation. I left my career almost 20 years ago.

I believe I did it just right. My working experiences, particularly those dealing with other people, have been invaluable to me since I quit my job, and those experiences have helped me greatly in the decisions I've made since "retiring" in my second life. It's my opinion that my success today would be greatly diminished if it wasn't for those eleven career years under my belt.

So I think you're making the right decision. You won't always like working, and at times will be frustrated by the job and the people you are dealing with. But in the long run, it should be worth it, and perhaps like me, when you get a little older other opportunities will become available.

best wishes,
mason

[Wowliksom!]

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ok - first i think this thread belongs in QLC, but whatever.

second, i think the dollar figures being thrown around are a little retarded. my best friend went to wharton undergrad and also got his mba at wharton - in both schools he won an award for being the number one finance student. he was at goldman for 8 yrs or so and is probably one of the best young traders in the world. trading currency options, he and 2 other traders - one in hong kong and one in london netted the firm an avg of $190mm/yr for the last 4 yrs he was at gs. he's 33 and makes in the range of 2.5mm-3.5mm/yr and was never made an md. he's also very skilled socially and a really honest, tough and fair guy.

he left gs last year for one of the other big banks and is making about the same there.

my point is, this guy is sick good - probably better than nearly anyone here could ever aspire to be - and his numbers are lower than what is being thrown around very casually here. also of importance is that the big banks are often not meritocracies, and political crap/bad timing can leave you relatively effed.

i think real jobs are better than poker generally speaking, i just don't want all of you guys who lack real world experience to set unrealistic expectations and then be disappointed.

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Very interesting post!

El Diablo, very, very good posts! You made may day at work...

[DcifrThs]

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Dali,

"NO ONE is worth that kind of $$$, and anyone paying those kinds of fees should have his head examined."

WSJ: "SAC Capital Management LP, Mr. Cohen's largest and oldest fund, launched in 1992, has generated an average annual return to investors of 43.5%, after he takes a sizable cut of profits."

That's why he gets those fees.

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any reprts on whether he is doing this with his own alpha or if it is simply beta related?

im going to go read up and check back.

Barron

[fish2plus2]

Its is his own alpha baby!