What's the difference between trader and portfolio manager?

Smoker · Jan 30, 2013

Quote from DedicatedTrader:

After GS, I took a job at a smaller shop with roughly 500 employees. I ranked in the top 1% of producers there for the last two years I worked there.

What were you producing? Were you proprietary trading or in some kind of sales position?

Quote from chipmunk:

Portfolio manager: Salesman like figure. Relaxed, peoples person. Groomed and well dressed, Speaks well. Gets paid to chew fat and feed egos. Doesn't matter if the market goes up. down, sideways. He doesn't know a stock from a future, no T.A. or system studies from him. Gets paid a good wage whatever happens. Is relaxed and happy with life.

I have been in the business since 1982 and have never met this portfolio manager.

I have met a lot of guys that finished each day looking like they had been in a fist fight.

Quote from chipmunk:
Trader: Can't sleep at night from stress and worry. Has his system had its day, will the market gap up tomorrow? How will I pay my bills. Is constantly re-builiding his ssytem and kids himself the one winning streak wasn't luck. Scrapes bye but "is living the dream."

In todayâs world this guy is more likely to be described as a great drinking buddy by night and spends his days working as an execution monkey for the portfolio manager who is running his version of the Black-Litterman model on his lap top while doing a line of coke to stay awake after being up all night playing the Heng Seng.

Just my two dirhams worth!

Cheers Smoker

newwurldmn · Jan 30, 2013

Quote from DedicatedTrader:

I agree I might be focusing too much on geographic proximities. After GS, I took a job at a smaller shop with roughly 500 employees. I ranked in the top 1% of producers there for the last two years I worked there. I was there from mid 06' to mid 2010 and traded my own capital in 11' and 12'.

Something is shady when information like this takes this long to come out.

Recheck the assumption that you are good at interviews. Interviewing in college is different than interviewing as an experienced hire.

Smoker · May 7, 2013

Quote from newwurldmn:

Recheck the assumption that you are good at interviews. Interviewing in college is different than interviewing as an experienced hire.

A college interview is mostly personality while an experienced trader interview is mostly mathematics.

BTW I have been off the board for a while so what happened to your job search dedicated trader?

Cheers Smoker

newwurldmn · May 7, 2013

Quote from Smoker:

A college interview is mostly personality while an experienced trader interview is mostly mathematics.

BTW I have been off the board for a while so what happened to your job search dedicated trader?

Cheers Smoker

That guy went away when we started challenging his statements. My guess it was a troll.

My experience was in college the interview was mostly mathematics and personality. Semi-experienced (associate equivalent) was what you had done and understanding of the product and Senior trader was what you had produced and definable alpha and investment process.

Smoker · May 13, 2013

Quote from newwurldmn:

That guy went away when we started challenging his statements. My guess it was a troll.

My experience was in college the interview was mostly mathematics and personality. Semi-experienced (associate equivalent) was what you had done and understanding of the product and Senior trader was what you had produced and definable alpha and investment process.

When I interviewed with CRT, Hull Trading, Cooper Neff, OâConner etc in Chicago in the early 80s they all had me do mental âspeed arithmeticâ during the interview to prove I could learn to follow my option sheets, quote spreads etc in the pits.

It was pretty stressful the first time it happened in an interview. I did ok but it was after being hired and being trained up in mock trading sessions at CRT where I got my speed to respectable levels.

I am so glad those interview days are far behind me never to be repeated.

Cheers Smoker

chimera · May 22, 2013

trader = loses own money

portfolio manage = loses o.p money and takes com's for doing so.

Guess which one "smart" people do?

Smoker · Feb 17, 2014

Hi chimera,

chimera said:
trader = loses own money

portfolio manage = loses o.p money and takes com's for doing so.

Guess which one "smart" people do?

How do you think the portfolio manager gets a shot at trading OPM in the first place?

If you have the track record with your own money it is only a matter of time before someone comes after you. In trading like sports talent always is found. In the modern world it is practically impossible to fly under the radar if you have talent.

Warmest Regards, Smoker