How do the Old Money actually live today?

I'm talking families with multiple consecutive generations of upper-class wealth.

In terms of what they wear, do they like wearing top designer brands like Chanel and Hermes, or do they wear boutique brands that most people don't know about, or do they just not care and actually wear very basic clothing?

How do they spend their money differently from the more recent generations of upper-class, if at all?

What kind of professions do they get into in general?

This is just out of curiosity; I'm not asking so I can emulate what they do

Growing a Network as an Analyst

I have recently graduated and was lucky to land an investment banking analyst gig at a small boutique. I am looking to maintain and grow the small network that I have accumulated throughout my college career, but am finding it difficult to generate excuses to keep in touch with bankers at other banks. (of course I may be looking to lateral to a larger bank at some point.)

What are some of your strategies? Looking for input and tactics from people in the industry not necessarily college kids as I imagine the 'informational interview' doesn't really work for me any more.

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Public Shaming - Yay or Nay?

I'd like to share with you all a brief story - something that recently happened to me. Will do so 'in effect' rather than verbatim to protect anonymity of the counter-parties in this story. What you should take away from this, young monkeys, is something you should never do. With that, a brief recounting of events as they transpired:

Share / Tweet Comments from WSO with Ease now

We just launched a share icon on all wso posts and comments that allows you to easily Tweet any comments from our forums & blogs. (bottom left corner of comments)

This is just the first iteration...tomorrow they will include links and we will also try to get this 1 click sharing working for Facebook and Google plus by end of this week if time permits from the same icon.

George Clooney, Stick to Making Movies, Please

For a few months now, Dan Loeb of Third Point has been criticizing Sony's management of their entertainment arm. In his view, Sony would be well served to spin off their entertainment arm, as noted by dealbook back in May:

Mr. Loeb said he believed that spinning off a portion of the entertainment business to Sony shareholders could sharpen the company's focus and lead to higher profit margins, while helping to revive the core electronics business.

Well, that was May, and recently, the discussion has become a little more rough around the edges. Third Point's letter to investors has all the hard and dirty verbiage:

Keeping entertainment underexposed, undervalued and underperforming is not a strategy for success

Now, at first look, you might think of it as a simple spat between a company and one of its larger investors. Well, you're not George Clooney, and George Clooney has a big problem with it. That, also, is pretty hilarious.

Can anyone be a Warren Buffet? (book review)

If there is one thing that I've learned from reading about different investing strategies over the past few years, it's this: active equity investing is very difficult, and you need to be very sure of yourself to think that you have better knowledge about the price of a security than whatever "Mr. Market" decides it is.

Quantitative investors tend to rely on algorithms to automate trading, while value investors seem to pride themselves on their ability to be successful by doing intense research and by having the courage to make judgments on highly subjective decisions. And never the twain shall meet, right?

Perhaps not. One of the more interesting books that I've read lately is "Quantitative Value," by Wesley Gray and Tobias Carlisle. In it, the authors argue that the best way to do value investing is by taking a quantitative approach, and that automating the investment process by screening for value factors can result in superior returns.

Essentially, they want to figure out how to automate the best of Buffet style value investing to make it accessible to more people.

Cuban: What Business Is Wall Street In?

Mod note: Best of Eddie, this was originally posted on 9/25/12.

It's hard not to like Mark Cuban. The guy is the quintessential American success story. He was a "C" student who partied his ass off, but when he buckled down and got serious he created an empire. But he doesn't have a very high opinion of Wall Street these days. And you know what? I can't say I disagree with him.

I first got into finance because I was romanced by the notion of a capital market where smart companies could come to raise money to produce the innovations that would change the very world we lived in. Growing up in Silicon Valley in the '70s and '80s, I got to watch a lot of it firsthand. But that's not what Wall Street is about anymore.

The important issue is recognizing that Wall Street is no longer serving the purpose that it was designed to. Wall Street was designed to be a market to which companies provide securities (stocks/bonds), from which they received capital that would help them start/grow/sell businesses. Investors made their money by recognizing value where others did not, or by simply committing to a company and growing with it as a shareholder, receiving dividends or appreciation in their holdings. What percentage of the market is driven by investors these days?

Real Estate Q&A

Mod note: Click here to see all of our q&a's and interviews

So the deal I have been working on won't close by the end of the year. This means I'm going to have a few slow weeks heading into the holidays and will need something to do. I've been getting a lot of PMs about Real Estate lately and thought it would be good to get a good Q&A going on RE.

Financial and Valuation Modeling Boot Camp (San Francisco)

Attended by investment banking, private equity, corporate finance professionals, MBA students, and those in career transitions, Wall Street Prep's popular Boot Camps bridge the gap between academics and the real world, to equip professionals and students with practical financial skills they need on the job.

Boot Camp Agenda
Day 1 Financial Statement Modeling and Excel Best Practices
Day 2 Valuation Overview and DCF Modeling
Day 3 M&A (Accretion/Dilution) Modeling
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Live Seminar Highlights:

    August 8, 2013 - 8:00am to August 10, 2013 - 5:00pm
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    Most if not all of the successful people I look up to......

    built their wealth by building a business.

    Don't get me wrong, I look up to one of my siblings, some family members, and family friends who are in finance as they are hard workers, but I can't help but think people who built businesses from the ground up are more prestige worthy.

    Just my opinion though - thoughts? Anyone can punch numbers in a computer, but not everyone can build a business

    The 13 Most Influential Inventions in History

    I'm currently reading The Signal And The Noise by Nate Silver and he pointed out that the most influential invention in the history of mankind was the printing press. Silver gives several reasons why it is so important which can be summed up in 2 points:

    • It allowed for free flow and mass consumption of information
    • Because of above it greatly changed economics

    This led me to think what are the most important inventions in history due to economic or societal impact? I will not include fire, stone tools, the wheel etc. The inventions of antiquity are too old to properly realize how they reshaped society. In fact, I would say the majority of them happened in the past 150 years.

    Mentor Showcase - PE, Trading, and Corp. Dev. (oh my)

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