How to work in a bank/or botique/or firm with no experience

Trademanstan · Oct 2, 2012

so Jack Hershey is a SOUGHT after trader

hes a physics major?

so he trades sophisticated?

More like a James Simons type of trader?

Grandluxe · Oct 2, 2012

Quote from jack hershey:

As you say, I'm definitely not that Jack Hershey.

The EOP phone number is 202-456-1414 as I remember.

Write or Call the White House
President Obama is committed to creating the most open and accessible administration in American history. That begins with taking comments and questions from you, the public, through our website.

Call the President
PHONE NUMBERS

Switchboard: 202-456-1414

The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500

http://www.whitehouse.gov/contact/write-or-call#call

CT10Gov · Oct 2, 2012

ET's Jack Hershey at least has the decency of admitting in the previous page that he's not the John Hershey of wharton's faculty (who, as you can see from the bio, is not a trader).

Quote from Grandluxe:

Jack Hershey is Daniel H. Silberberg Professor in the Operations and Information Management and Health Care Systems Departments at the Wharton School. He also has a secondary appointment in Penn's Psychology Department, and is a Senior Fellow at the Leonard Davis Institute of Health Economics.

Professor Hershey received a B.S. in mathematics from Carnegie-Mellon University. His graduate work was at Stanford University where he received an M.S. in Operations Research and a Ph.D. in Management Science from the Graduate School of Business.

Prior to coming to Wharton in 1976, Professor Hershey was on the faculties of the Stanford Business School and Medical School, and served as a Congressional Fellow in the U.S. Congress in 1975-76. At Wharton, he has served as Director of the Health Care Administration Program, Chairperson of the Decision Sciences Department, and Director of Research and Acting Executive Director of the Leonard Davis Institute.

newwurldmn · Oct 2, 2012

Quote from CT10Gov:

In case anyone hasn't caught on, this is complete, incoherent, nonsense. It's just nouns strung together with bits of random verbs.

What video?

Notice how in an earlier post he mentioned seven letters implying several degrees and then when called out on it he dismissed it.

CT10Gov · Oct 2, 2012

The industry has a buy side and a sell side; ET has those who see through Jack Hershey in about 2 seconds flat, and those who don't

Quote from newwurldmn:

Notice how in an earlier post he mentioned seven letters implying several degrees and then when called out on it he dismissed it.

Grandluxe · Oct 2, 2012

Quote from CT10Gov:

The industry has a buy side and a sell side; ET has those who see through Jack Hershey in about 2 seconds flat, and those who don't

But he worked for the president.

He even gave us the presidential hotline

darkhorse · Oct 2, 2012

Quote from CT10Gov:

I'm not sure managing you own net worth and the money of trusted and cherished friends and family for your own financial survival is low stress. I'd argue that without a goal to grow beyond that, it's reckless.

Why?

I know a trader who has $5-$10MM in AUM between personal capital and a few select long-term relationships. This trader has no marketing and administrative headaches, no capital raising arm or consultant dealings, no friction with the small coterie of backers (for whom the amounts invested are not large relative to total assets), a short-term trading methodology that is well-suited to the amount of funds deployed (but could run into headaches at larger size), and a happy, healthy lifestyle. Add in the pleasure of pursuing a craft and executing it well, and I fail to see how that is not laudable, sustainable success on every level.

There is nothing wrong with wanting to expand. But assuming that every trader needs to expand seems myopic.

darkhorse · Oct 2, 2012

Quote from CT10Gov:

The industry has a buy side and a sell side; ET has those who see through Jack Hershey in about 2 seconds flat, and those who don't

Similar to others, Hershey is the sole name on my ET ignore list. His communication style is so bad I'm not even sure it qualifies as English. Can't tell if this is done with purposeful effect (to be more oddball guru-like) or the result of mental deficiency. Don't much care either way.

Grandluxe · Oct 3, 2012

Quote from CT10Gov:

ET's Jack Hershey at least has the decency of admitting in the previous page that he's not the John Hershey of wharton's faculty (who, as you can see from the bio, is not a trader).

I know but surely since Jack was an adjunct professor there, and Professor Hershey has been in Upenn since the 1970's, I am sure they have met?

CT10Gov · Oct 3, 2012

Quote from darkhorse:

Why?

I know a trader who has $5-$10MM in AUM between personal capital and a few select long-term relationships. This trader has no marketing and administrative headaches, no capital raising arm or consultant dealings, no friction with the small coterie of backers (for whom the amounts invested are not large relative to total assets), a short-term trading methodology that is well-suited to the amount of funds deployed (but could run into headaches at larger size), and a happy, healthy lifestyle. Add in the pleasure of pursuing a craft and executing it well, and I fail to see how that is not laudable, sustainable success on every level.

There is nothing wrong with wanting to expand. But assuming that every trader needs to expand seems myopic.

I've seen too many traders and firms that went through the "eh, I got $xxxxMM in AUM, my clients love me, and my alpha is real; I'm happy keeping it at this level", and then face the inevitable alpha decay - at which time they wish they grew while they could to survive the times when they couldn't.

In the case of a lone-wolf type trader with a small AUM base of friends and family, the bad time will be one where (1) his alpha decays and he losses his craft* (2) he losses his own net worth, (3) he losses his friends and family who are pissed off that he lost their money.

Take on this level of correlated risk without any plan to get past it is taking on a vast amount of risk without reward - hence, why I think it's a poor choice.

(*) the difficulty of sustaining alpha is a reason why trading is not like a craft - does a master sushi chef wake up every morning wondering if he's going to stop being able to make the same sushi he has for the last 30 years? In a craft, skill is cumulative over time. In trading, alpha is not. (Not that I'm saying experience doesn't matter - not at all my point - but that measurable alpha is not necessarily time-additive).