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These type of investors have been chomping at the bit to do this for about a decade. I sort of knew it was coming which is why I transitioned to become a trader
by isthisthingon99 4y ago
These type of investors have been chomping at the bit to do this for about a decade. I sort of knew it was coming which is why I transitioned to become a trader of capital rather than a trader of my time.
That being said, the salaries will still be great, just not "I make more than a surgeon" great.
- eshack94 4y agoWhat do you do these days?
- isthisthingon99 4y agoMostly, I try to be a better person. For a living, I trade futures and do contract software dev work.
- albertopv 4y agoUS FAANG IT salaries are insane, well beyond normal, especially compared to european ones. I know these companies made an insane amount of money, but still they were outrageous.
- isthisthingon99 4y agoHere is the thing... Person A and B create system X that is responsible for some % increase in revenue. Person A and B should be compensated well, so they don't go over there and create system Y. Especially given the FTC might be clamping down on non-competes, this is a plausible scenario. Person A and B eventually tired of maintaining system X, so they bring in new people. The new people, once they have earned the trust of persons A and B are now the successors. The successors should also be paid well for the same reasons. Scale this up, and you get the salaries. I know this because I spent my career becoming the new persons A and B, and the bean counters always hated people like me. The salaries are thus well deserved, but that is why the companies are trying to create electronic slaves that can be driven by a few persons A and B.
- albertopv 4y agoThat worked for big american tech companies only thanks to the insane amount of money they made, also thanks to the de facto oligopoly they have. Alphabet inc alone made 70B of net income in 2021. I know no other market like this.
- pfarrell 4y agoOutrageous salaries are part of FAAMG’s* moat. It’s very hard to lure a googler away to your startup when you can only afford to pay them half their current salary. And even if said googler is interested, their lifestyle is now depends on that salary. * I don’t count Netflix as in league with the others
- ticviking 4y agoThe basic problem of supply and demand for skilled labor doesn’t go away. This may make talent at the top end more tolerant of risks and willing to dive in and try and disrupt a company facing the inevitable morale and operational challenges that come after layoffs
- isthisthingon99 4y agoAgreed. They are not letting go of major contributors. Note that this is not the same as "top talent". Leetcode is not that important.