4 ms·
Yeah that’s pretty insulting, honestly. Black or Sholes were making >10m as thought leaders in banks. It’s surprising to me that finance is so passe as a career
by mruts 7y ago
Yeah that’s pretty insulting, honestly. Black or Sholes were making >10m as thought leaders in banks. It’s surprising to me that finance is so passe as a career despite the fact, as Matt Levine said, “they are run as employee run co-ops.” In otherwords, big big money. Entry level analysts at my old firm were making over 250k total comp.
- ben_w 7y agoDidn’t Black & Sholes win a Nobel Prize? I don’t think it’s fair to compare their pay to that of “mere” experts, even in the same field.
- adambyrtek 7y agoScholes & Merton also joined a hedge fund that traded based on their models and cased a financial crash after the Russian bond default in 1998 which their models didn't take into account. Great example of a black swan event. https://en.wikipedia.org/wiki/Long-Term_Capital_Management https://en.wikipedia.org/wiki/Long-Term_Capital_Management
- HenryKissinger 7y agoIt's only a black swan event if you pay no attention to geopolitics, which unfortunately banking types don't, at least not beyond WSJ/FT headlines.
- mruts 7y agoA more accurate statement would be that most fund managers care about geopolitics too much, and quants too little.
- codingslave 7y agoPeople in tech generally have no clue of how much money gets made in finance
- sdenton4 7y agoJust put your hand in the giant rushing river of money and see what sticks...
- mruts 7y agoThe oyster farmer eats more oysters than everyone else. The money farmer eats more money than anyone else.
- megaremote 7y ago> People in tech generally have no clue of how much money gets made in finance People in everything have no clue. Nothing to do with tech people being ignorant.