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Bonus Bananas May 11, 2012

1) Dawn Loggins, Student, Heading To Harvard After Being Homeless, Abandoned By Parents ( Huffington Post ) - Thought I'd kick this week off with an inspirational story about a...

Obama's Job Creation Advantage

The economy was supposed to be an Achilles heel for Barack Obama and the Democrats in the upcoming election. Unemployment is still high at 8.1 percent. The debt ceiling is even higher with deficits and planned deficits that exceed one trillion dollars a year.

WSJ - J.P. Morgan Flags $2 Billion Trading Loss

[quote=WSJ] J.P. Morgan Chase has taken $2 billion in trading losses in the past six weeks and could face an additional $1 billion in second-quarter losses due to market volatility, Chief Executive James Dimon said Thursday in a hastily arranged conference call after the market closed.

The losses stemmed from derivatives bets gone wrong in the bank's Chief Investment Office, a part of the corporate branch of the bank that manages risk for the New York company. The Wall Street Journal reported last month that large bets being made in that office had roiled a sector of the debt markets.

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The Earnings Whisperers

It seems that in a world where aggregated content is king, earnings estimates are now officially part of the craze. Meet Estimize, a startup that allows anyone to put up their own estimates come earnings season.

Obviously this has been around for awhile in the form of "whisper numbers" the unofficial but widely relied on earnings numbers by which companies are judged. Apple may have a blowout corner but if it doesn't meet the whispers... well.. hope you owned puts. Surprising or otherwise, it seems the crowd over at estimate are pretty good at what they do...

Why CEOs Should Stay Out of Politics

In the past few months I've read various articles--see here , here and here --asking whether Warren Buffett and Berkshire Hathaway are past their prime. Looking at Berkshire's...

Bankers That Stand Out

We probably want to work in IBD hoping we last the hours; work on interesting deals with high profile clients and then hope to become a rainmaker for the investment bank in the future. One such example is Michael Grimes who is working on the IPO of FB. When I read articles like this it renews my reasons for wanting to get into IBD .

he quietly networked, visiting venture capitalists, entrepreneurs and engineers.
building a reputation as a banker who offered personalized service, industry understanding and a distinct strategy.

What do you think the key to success is the long term in investment banking (other then surviving the long hours!)? Do you think networking is the number 1 factor to success?

Just got a famous actresses' number. Would a young trader have any chance with a hot rich actress?

Just got back from a quick lunch break, first one i've had in 6 months not at the desk. I'm a 25yro quant trader/geek at a well known hedge fund in NYC and I pull in around $...

Wall Street or The White House: Which Will Be Run By A Woman First?

U.S. Senator Kirsten Gillibrand said last month that a woman would become CEO at one of the five biggest U.S. banks before the country has its first female President.


The Argument Against Gay Marriage

President Obama caused a bit of a kerfuffle yesterday when he officially came out in support of same sex marriage . I, like most rational people, fall solidly into the "Who...

Maximizing Sleep

I have spent the past three years trying to maximize my hours of sleep. The banking industry is known for its killer hours and life sucking nature, but the one time you get to eventually check out is when you go to bed. My workflow seems to be out of my hands, but I think I have tweaked my morning routine to get an extra 20 minutes, which is clutch.

I have my mornings down to 7 minutes from alarm to out the door. I always shower the night before, leave my contacts (dailies) at work, have suit ready to go, get my coffee after I get in, and have even gone as far as leaving dry cleaning at my desk so that I can put my dress shirt on when I get to work.

Anyone else have any tips? Also as a side note, V neck under shirt or crew?

The Vampire Squid Swims On

Lloyd Blankfein, the CEO for Goldman Sachs , was interviewed on Bloomberg Television last week. What an intimidating man. He was there to present Goldman Sachs in the best possible light, and to stop the bleeding from the negative publicity the company has been receiving since the financial crisis. For example, Rolling Stone's Matt Taibbe had referred to Goldman Sachs as "a vampire squid wrapped round the face of humanity." During the interview, Blankfein said what he wanted to say, avoiding unpleasant issues while trying to project an optimistic view of Goldman Sachs and the global economy.

Europe is slowed, Blankfein explained, but China is growing--by half a UK economy every year.

Happiness and Income

Going along with the "money and happiness" theme set in a few of my previous blog posts, I recently came across an article that went hand in hand. It turns out that money CAN...

Office Poly-Ticks

Looking to hear from the more experienced voices on this board: Are there any general guidelines for navigating office politics, especially as a 1st or 2nd year?

One of my most admired investors, Ken Fisher, describes politics thusly: "'Politics' comes from the Greek poly, meaning tiny, and the English word "tick," a tiny blood sucking animal. Therefore, when you have politics, you have, 'many, tiny, blood-sucking animals.'"

Motivation - How to stay motivated

Sitting in my dorm at 2am, typing an article for my WSO internship before going back to my assignment (that hopefully wont fuck up my GPA ) which I will barely have time to hand in to my non-target college tomorrow after running home from my Ops internship. 3 hours sleep tonight if I'm lucky. Did the exact same shit last year and I still didn't manage an FO internship...

In very few other vocations is such a belief needed to keep on going, the light at the end of the tunnel is brighter, that is. Most of us won't get half as far as we like to think in IB, but we keep on going anyway.

How do you stay motivated when shit gets on top of you? Aside from all the belief shit I talked about, I find music to be one of the best things...

Offshore account? Think again.

The primary response to the financial crisis by the U.S. government was to put in place many new regulations that covered everything from setting up a business to centrally...

How many hours you sleep in a day?

I'm curious - how much sleep do you usually get during the week?

Typical time you get to bed / wake up in the morning?

Do you nap at work?


Going Postal

Ah, the Post Office. Talk about a massive entity desperately trying to justify it's existence. All I get in my mailbox nowadays is 0% credit card offers, flyers, packs of cupons and now I've even gotten nigerian scams. They must be getting pretty desperate. Frankly, the only thing I get worth anything in the mail are birthday or Christmas cards containing money. The cost of all this wonderful mail? Only $18.2 Billion dollars in losses a year by 2015 .

The agency was recently poised to begin finally cutting back, however backlash from rural areas has caused it to change it's stance.

Lessons learned, unlearned and relearned: A semester of online class

In January, I posted of my intent to put my valuation and corporate finance classes online. As I finished my last sessions in both classes today, I thought it would be a good...

College Football Should Be Banned

I have always been a proponent of the mantra that college is a place to learn, and that a lot of sporting activities are distractions. I imagine that in writing this sentence,...

Half of Young Wall Street Looking for a New Job

This is pretty interesting, depending upon how you look at the numbers. According to a recent PWC survey, 48% of graduates born since 1980 and working in finance are looking...

WallStreet Prep Master Financial Modeling