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I worked at a hedge fund as my first job on the IT and Dev side. I will never put my money in a hedge fund. Just the way they spend money to boost the sense of

I worked at a hedge fund as my first job on the IT and Dev side. I will never put my money in a hedge fund. Just the way they spend money to boost the sense of self importance, etc. is nauseating. I once Fedex-ed a ream of printer paper from NYC to a partner on vacation in Miami because he was too entitled to drive to the nearest office supply store. I literally found a store like 10 minutes away but was told to just Fedex the paper. Then there were the allegations of PIPE and various other SEC investigations that always end up settling without any admission of guilt. There are quite a few genuinely good people in finance so don't be surprised to find good people doing good things who also work in finance but finance also attracts a lot of people who are amoral at best. I shake my head at the memory of one of the partners screaming at someone over the phone, "This isn't even illegal! How is it immoral!?"

hehehaha 6y ago
Yes, I was on Wall Street for awhile on trading desks, research etc. I’ve seen how the sausage was made. I only respected very few people with academic credentials who had genuine intellectual curiosity for the markets. Outside of that it’s a jungle and you will get eaten if you don’t watch your back. People steal all the time without any remorse.
- smabie 6y ago
  buy-side or sell-side? I don't have any exp with working at a fund or a bank, but I work at a prop shop and the atmosphere is markedly different than what people would expect. Money is not wasted, profits are distributed every month in a way such that every employee does very well (some more well then others ofc), and everyone hustles to generate pnl. When you are fully invested (life savings in the firm) you tend to get much better results. On the other hand, if you're using OPM or not even really trading except to rip off dumb businessmen on high spreads, things probably look a lot different.
smabie 6y ago
That's because the costs come from OPM. When you work at a prop shop and all the money is literally the money of the employees, things are very different. Sure, everyone makes out like bandits and gets rich if things are going according to plan, but no one, and I mean no one, is wasting money. If your prop shop blowing up means everyone who works there is now penniless, you tend to get much better results.
u678u 6y ago
> I worked at a hedge fund as my first job on the IT and Dev side. I will never put my money in a hedge fund. Just the way they spend money to boost the sense of self importance, etc. is nauseating. I once Fedex-ed a ream of printer paper from NYC to a partner on vacation in Miami because he was too entitled to drive to the nearest office supply store. Sounds like a good place to work tbh.
renewiltord 6y ago
Honestly, though, why would you? VITAX is safe money, 20% YoY for 10 years.

hehehaha 6y ago

Yes, I was on Wall Street for awhile on trading desks, research etc. I’ve seen how the sausage was made. I only respected very few people with academic credentials who had genuine intellectual curiosity for the markets. Outside of that it’s a jungle and you will get eaten if you don’t watch your back. People steal all the time without any remorse.

smabie 6y ago
buy-side or sell-side? I don't have any exp with working at a fund or a bank, but I work at a prop shop and the atmosphere is markedly different than what people would expect. Money is not wasted, profits are distributed every month in a way such that every employee does very well (some more well then others ofc), and everyone hustles to generate pnl. When you are fully invested (life savings in the firm) you tend to get much better results. On the other hand, if you're using OPM or not even really trading except to rip off dumb businessmen on high spreads, things probably look a lot different.

smabie 6y ago

That's because the costs come from OPM. When you work at a prop shop and all the money is literally the money of the employees, things are very different. Sure, everyone makes out like bandits and gets rich if things are going according to plan, but no one, and I mean no one, is wasting money. If your prop shop blowing up means everyone who works there is now penniless, you tend to get much better results.

u678u 6y ago

> I worked at a hedge fund as my first job on the IT and Dev side. I will never put my money in a hedge fund. Just the way they spend money to boost the sense of self importance, etc. is nauseating. I once Fedex-ed a ream of printer paper from NYC to a partner on vacation in Miami because he was too entitled to drive to the nearest office supply store. Sounds like a good place to work tbh.

renewiltord 6y ago

Honestly, though, why would you? VITAX is safe money, 20% YoY for 10 years.