Happy Friday, Monkeys! The following is a story to help get us into the Christmas mood--it isn't mine, it's transcribed from the liner notes of an album by the Trans Siberian Orchestra. Let's keep it all in mind next time we're feeling thankful and joyful! Enjoy.
It was Christmas Eve and the Lord looked down from above at all His children. It had been nearly two thousand years since the birth of His son and turning to His youngest angel the Lord said: "Go down to the earth and bring back to me the one thing that best represents everything good that has been done in the name of this day."
Considering most of my clients are out in their beach and country homes vacationing leading to a very slow day at work, I figure I write about one of my favorite market developments of the year, The Hedge Funds vs. Herbalife war.
Herbalife LTD. is a network marketing company that sells weight management, nutritional supplement, and personal care products. The Company sells its products globally through a network of independent distributors. Herbalife also sells literature and promotional materials.
Man I love this story. As some of you know, Einhorn started the war on MLM in May of this year, when he nonchalantly asked a couple of questions on HLFs earning call which led to one of the most awesomes live drops in a stock price I've seen. (You can hear and read WSO comments about the call here.
For the people that went to these top boarding school especially in New England, is it incredibly easy(ier) to get into an elite university/ivy compared to a public school? Just looking at the college placements at some of these schools is insane.
A few months ago I wrote a post about how I came from a non-target school with a sub 3.0 GPA, and made it into a FO gig at a top MM bank. You can check out my background and brutal job search journey here.
I'm writing this post to hopefully provide some advice to fellow monkeys who have accepted offers and will be starting their capital markets careers soon or upon graduation. I've been on the job for 6 months now and absolutely love it. S&T hours, an awesome team, and I finally feel like I am somewhere with a solid future and career path.
While you may think you've made it and all your worries are gone now that you landed the bank job you've been killing yourself for, think again. It's just the beginning of another journey.
"MGoTrade, just wanted to follow up regarding that interview with you. They've decided to move on to other applicants. If there are any other opportunities that fit your experience, we will let you know."
We've all been there. You hear of an opportunity and you want to make it happen. You spend hours picking at your resume and cover letter (which you know they'll only spend 15 seconds reading anyway). You call every friend and friend of a friend you can to learn everything possible about the company or industry into which you're applying. You hear back that the company's interested and that they want to bring you in. Then, there is delay after scheduling delay. This guy's traveling, and that guy's booked. Finally, the planets align and you get that itinerary. Next thing you know, you wake up to the hotel phone recording: "This is your wakeup call. Good luck today."
There's been a lot of talk about the coming fiscal cliff, and Edmundo Braverman and TheKing have both done a great job in explaining what is going on and some of the current options available to law makers. Luckily for us at WSO, they've taken the time to explain what the fiscal cliff is comprised of, rather than what I tend to see in the news media, which is the likelihood of going over the fiscal cliff.
It's actually pretty amazing how quickly paper money goes bad. I guess it shouldn't be; I mean, it is essentially paper. But if you ever stop to think about the replacement costs of it, getting rid of the dollar bill and replacing it with a coin seems like a no-brainer. Here in Europe we have Euro coins up to EU5, though the fivers aren't widely circulated. But we all carry EU1 and EU2 coins every day.
Now Britain is considering moving to plastic currency. Sounds cheesy, but probably makes sense from a durability standpoint (although I could see counterfeiting plastic notes becoming a huge problem with the surge in 3D printers). Several countries already use plastic currency, and the Australian $5 note survives over three years versus the average six-month lifespan of a British PS5 note.
Between 2003 and 2011 the Bank of England received claims for bank notes destroyed through washing totalling PS747,000, and PS8.625m for fire or flood damage money.
It also received claims for PS946,000 for notes that had been eaten or chewed.
mod note (andy) NYC monkeys: Make sure to sign up for the NYC mailing list to get updates about nyc events, see the first comment inside the post
This meetup is intended as a gathering for the residents of Manhattan's exclusive, up and coming hot new neighborhood, SoPo!
I.e. anyone who lives below 34th Street and suffered power outage in the aftermath of the Wraith of Sandy. Bonus point if your building was also flooded and you were forced to relocate for a while.
Okay this is really embarrassing and stupid but here it goes. Currently I am working in IB working as a contractor and my end month is in february. I was out shopping and buying food and then i got the stupid idea to steal an item. Yes I know very stupid please dont lecture me. I am having a tough time economically out side my control for other reasons. Anyways I got caught and got arrested fingerprinted mugshot etc.
For all of you folks out here either currently in banking or were at some point in the past, I am just curious to hear what was the harshest feedback you remember getting as a 1st year, and how did you cope with that?
I got very negative feedback recently - industry knowledge weak vs. peers, relatively slow in doing work quickly, attention to detail, and soft skills need to improve (office appearance needs to be improve - always looking tired) . I was also told that I am very a motivated guy with a great attitude and always willing to put in the commitment. It's a little bit demoralizing atleast to me when someone bashes out at you and thinks you are stupid - even though you are coming from an environment where you have been cherished as a smart guy.
A very, very popular question among potential candidates compares the CFA charter to an MBA - which would be better? Like most comparisons, the answer is - it depends. Firstly, it’s a very tricky thing to compare a CFA charter and an MBA - they’re fundamentally different creatures addressing different disciplines. However, at the same time there is a real need to evaluate these two qualifications side-by-side these days, as many up-and-comers looking to reinforce their CVs look to these two qualifications and are not clear about what each can offer to them and their careers.
In trying to address this scenario, I will therefore critique both qualifications based on the benefits gained from a career perspective, and the costs involved. Always remember - the better qualification depends on your individual case. Read these points carefully and consider your own case before deciding which to pick (if at all).
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