Hedge Fund Intern: A 'monkey' could be a junior banker at a place like Goldman Sachs

A monkey, they say? Kid must be a fan of @WallStreetOasis.com

From Business Insider:

Sharp young Wall Streeters are increasingly finding ways to avoid doing time at investment banks.

They're trying to build careers on the buy-side, or hedge funds and private equity firms, instead.

Whether they're student-investment club leaders or just really young and keen, many young financiers are looking to dodge the two-year analyst gigs that have traditionally been a rite of passage on the Street.

Business Insider spoke to some of these young people and learned why banks like Goldman Sachs have become a "backup plan" for them.

"A monkey could do the job" of a junior banker, said one Ivy League student who's currently interning at a hedge fund.

Ever Want to Just Say "F*@k it" and Move to Thailand?

Lately I've been fantasizing a lot about moving out to Southeast Asia. I have a great job; it's challenging and pays me reasonably well, and frankly a lot of MBA's would probably love to be in this seat. But imagine just moving out to one of the islands in Southern Thailand (Ko Samui or Ko Pha Ngan etc) and spending your mornings surfing or diving, going for runs on the beach, or just kicking around through town looking for tasty beverages and cool people. You can literally live very comfortably in a place like Bangkok or Saigon for $15-$20k a year, and in peripheral cities like Chiang Mai or Phnom Penh, you could get by on like $12k/yr.

Through my old work, I could potentially do some freelance consulting work at ~$200/hr, which means I'd need like 8 billable hours a month just to get by...lol. How awesome would that be?! Spend 28 days a month dicking around the beach and work for two days (2nd day just to save up a bit extra for flights etc). Places like Bangkok and Bali have world class food options, beautiful majestic scenery, ridic hot women (or ladyboys if that's what you're into), international culture, and pretty much no b.s. obligations like we get constantly pestered with in the States.

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Greece: A History of Financial Disaster

Dionysius the Elder, a ruler in ancient Greece, ran up massive debts to pay for his multiple military campaigns. His solution? Change every drachma into two drachmas. Pulling money from nowhere to cover massive debts has seemed to be a monetary policy throughout Greek's history.

First, let us observe the 1800s. Greek defaulted in 1843 (thirteen years after becoming a modern state), 1860, and 1893. Starting in 1800, based on economic studies, Greece has delayed payments in fifty percent of the years to the present. Moving into the 1900's, history depicts the global economy becoming industrially driven, while Greece falls increasingly behind. Occupation by the Nazis which was immediately followed by an intense civil war made economic progress essentially stagnate. Furthermore, the prominent political parties of 1960s and 1970s alienated cultural and industrial assimilation into mainstream Europe. Greece was still essentially owned by a few wealthy dynasties, and was the opposite of a growing and thriving economy. So this begs the question why Greece was allowed into the Eurozone in the first place?

I came across my father's HBS 30th Reunion profile book...

My father is a graduate of Harvard Business School. HBS's alumni association (not exactly sure if it's actually the alumni association, but I am guessing it is) creates a "profile" book for each graduating class of HBS every 5 or 10 years (any year that there is a class reunion).

At a minimum, the profile book contains each alumnus's name, the section they were affiliated with when they were a student at HBS and their current city/country of residence. Some people's profiles only contain the absolute bare minimum, other people have photos and very detailed entries about the various minutiae in their lives (career, family, etc.)

I flipped through the thing pretty casually, but some notable names that caught my eye:

Jamie Dimon
Mr. Dimon's profile only contained the bare minimum. His name, section at HBS, and current job title:

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Gold bugs squashed by aggressive selling

Bullion sinks to five-year low on concerted wave of selling...

'curious what you guys think of this.. looks like the fall was mainly during the asian trading hours.

Is this china's way of trying to assuage fears of impending stock market losses?

If this is an unnatural fall, do you think the prices will creep back up? When?

Buying a boat as an analyst?

If you were working in Florida, would you consider buying a boat at one point in your analyst stint? Assuming you wanted to stay in Florida?

Assumptions: IB making $85k base + bonus, living in an apartment that costs you under $1000 /month, keeping your car you had in college.

It seems pretty irresponsible to buy a boat a year out of college, but under the above conditions? If you took out a $20k-40k loan at a 10 year term, your payments wouldn't be bad at all. Or would you consider using your bonus to buy it straight up? Not sure what loans are at with boats, but it could possibly be worth it.

Rewind - Capital Markets - Day in the Life + Q&A – 8am ET, 7/25/2015

n case you missed our June 2nd webinar entitled Capital Markets - Day in the Life, have no fear. The full recording of the webinar will be available for free on the WSO homepage on this date: (free for only 24 hours and then it goes into our Video Library). Do you want to a 1 on 1 mentoring session with Lev? Click below:


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Investor relations??

I was hoping some of the more-experienced CRE people here could shed some light for me. I currently work on the CRE debt side for a bank (2 years) and have realized that my strengths may lie more towards transacting with people and developing relationships versus, say the technical analysis/underwriting/evaluating that goes along with commercial real estate. I realize banks have roles which encompass these personality skills (loan originators) but I think I would be able to really maximize my value in other areas.

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