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SEASON 2, thursday TV WALLSTREET WARRIORS
- Thread starter jtnet
- Start date
Quote from the4xczar:
An observation I would make regarding the stockbrokers is that what they're doing is practically dead. They're not attempting to "manage" portfolios - just recommend a few "good ideas" each year. These days the sales credits are not what they used to be - how much credit could you make on a stock with a penny or two spread? With that said, they're essentially trying to make a living off of commission alone - which went away a long time ago. When I was in the business, I made the transition to fee based back in the late 90s. In the early/mid 90s, I could recommend CUBE or HTCH with a 3/4 pt spread, make money off the commish and the spread... and the stock would go up: win/win. Unless you're a fee-based advisor, I don't see how you can make substantial money in the brokerage biz these days doing what these guys are doing. (I'm not questioning their stock picking prowess, I just don't think what they're doing is financially viable).
Trust me, the people who are good salesmen are making great money "managing" portfolios. Some of them with clean u4 and some with marked ones. I have quite a few friends who did over a million gross last year on an 80% payout. Granted 800 grand is nothing copared to many hedge guys, but to many in America it is a damn good living. The guys are between the ages of 25-30 that I know, not to many 20 somethings can say they put that in their pocket. The two guys from Chicago Investment group both have clean U4's and are the firms top producers, so I would not be suprised if they are making a pretty penny.
I dont understand when people say "cold calling is dead," and Stock brokers of today are 10 years to late because it is just not true.
What I'm wondering is -- how representative of Wall Street are the people profiled in WSW? I mean, no offense to ETers, but it seems to me that boiler rooms and prop shops operate at the fringe of the entire Wall Street business. I like the pit traders that are profiled, and I like the private equity guy, but I'm sure the reason WSW chose the other "characters" is (1) there's no way in hell any of the BSD firms or individuals would even talk to Mojo, and (2) as someone else mentioned, much of Wall Street are boring analysts and IB number crunchers that don't make for compelling tv.
Having said that, can anyone comment on how big an industry are the boiler rooms and prop shops?
Having said that, can anyone comment on how big an industry are the boiler rooms and prop shops?
Quote from HotTip:
(1) there's no way in hell any of the BSD firms or individuals would even talk to Mojo
Larry Hite was in the last season. So was James Rogers.
What do you want? The CEO of Goldman Sachs, how boring would that be..
As for prop firms being on the fringe.. If you add up all the volume done by prop firms and retail day traders it comes in at
100s of millions of shares per day, a good chunk of the total daily volume.
Fair enough. I'd forgotten that Rogers was in one episode, though if I recall it was mostly him giving a tour of his home to the hot chick and not really providing any inside look at him managing or researching any of his trades. Hite, if I remember, was also a very quick one-line quote. I'm still impressed that they were able to get those two on camera, nothing on what they do on a day2day basis.Quote from Businessman:
Larry Hite was in the last season. So was James Rogers.
What do you want? The CEO of Goldman Sachs, how boring would that be..
As for prop firms being on the fringe.. If you add up all the volume done by prop firms and retail day traders it comes in at
100s of millions of shares per day, a good chunk of the total daily volume.
As far as what you said on prop firms -- I guess they're not as much on the fringe as what I'd thought. I'd still prefer to see a Goldman Sachs trader profiled though. As the partner at SMB Trading said on the show to his new recruits, those guys have more money, better information, and better training.
Personally I find Lance and his crew the biggest waste of time for the show. Brings nothing to the table. Just that boiler room nonsense still exist. But the plus is that I like the camaderie among those guys. None of that PC bullshit you find in those "respectable" wirehouse firms.
Wish they spend more time and deeper with the rookie and her time at SMB Capital.
That PE guy Brett got some pretty hot chics at his party in the Hamptons.
Wish they spend more time and deeper with the rookie and her time at SMB Capital.
That PE guy Brett got some pretty hot chics at his party in the Hamptons.
Quote from lilboy716:
how come the new episode is not posted on their website?
Just got an email from MojoHd, were they told me, that further episodes wont be posted anymore on their webpage. So you'll have to tune into MojoHd, or buy episodes at amazon.com. Unfortunately Amazon doesn't provide any video content outside the U.S.
It is only for two bucks and you can download it and you can own it in WMV format.