Q&A with Heister, "My Total Worth is North of $50 Million" 
For those who do not frequent the WSO Chatroom, I would like to introduce WSO Chatroom extraordinaire, Heister. Although he might have some troll tendencies, if you ever have a question about agricultural farming, finance homework, or the hedge fund industry, Heister is always online to lend a helping hand. While he may not be the type of “banker” a nice Christian girl would bring home for dinner with her parents, he sure does make me laugh.
Instead of doing the regular two part series, I have gone ahead and put our whole Q&A below. Please do keep an eye out for more of my Q&A series with our more experienced users. Who knows, you might actually learn something.
Enjoy,
---
MF: What advice would you, seriously, give to someone in college trying to break into the HF industry?
Heister: For someone who is in college trying to break into the HF world the routes to do so are immense. Personally for people in my situation, a non-target with mediocre grades and no internships, I would say focus on smaller banks that offer both an Investment Bank and a Hedge Fund. These banks are more likely to promote from with in.
While in college I would advise doing banking related internships, busting your ass grade wise, and having a life. Honestly, mega funds are what people cream their pants over, and that personally is not for me. I’m not about that work a million hours a week and chest bump your fellow analysts because you just pulled off 5 all nighters this week. I would rather enjoy my working experiences in a fund with a laid back culture.
---
MF: As mentioned, you work as an analyst at a hedge fund, and that must take up a good amount of time. So, how in the world do you have so much time to spend on the WSO Chatroom?
Heister: The past couple of weeks things have been slow, the partners are bickering over a potential buy out of a consulting firm. Some of them have this idea that they want to create a "one stop shop" for all banking and consulting needs. So it has left me with only a few active projects to do for the next week and a half or so. Despite my wiry nature and lack of apparent attention span. I am rather good at multi tasking.
---
MF: Everyone wants to know, what is your estimated net worth range?
Heister: Ha, while I wont give out an exact number. I will dish out some nuggets for you all to drool over. My total worth is in the eight-figure range; it is north of 50 million. I expect it will pass into the nine-figure range in the next two years or so.
---
MF: What does it compose of? Real Estate? Cash or debt? Jets (how many)?
Heister: I am not sure of my exact portfolio break down. The vast majority of my net worth is tied up in real estate, natural gas leases and business ventures. I keep a fairly healthy amount of cash at any one time. I do not personally own any jets, my businesses own two and I have use whenever I feel like it.
As some people on WSO have realized I absolutely in LOVE with debt my current debt load strips my net worth by a considerable amount. Debt opens up a world of possibilities.
---
MF: If you were elected president, what would be some of your first orders of business?
Heister: Besides making it illegal to be liberal? I honestly have no idea.
The problems that face the world are so complex and massive that I would get grey hair. I am not a huge fan of grey hair in my mid twenties. I know a guy with greying hair and he’s not even thirty if you were wondering, its not a good look.
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MF: We talked about starting a fund on the WSO Chatroom, what are you thoughts on this? How would you go about running the fund?
Heister: I have thought about this a bunch over the last week or so. I think it would be set up as a learning and experience tool for undergrads. Almost like an internship only that the people involved will be responsible for everything. They would be responsible for targeting companies, analyzing the company, making buy/short recommendations, and executing the trades. It would be impossible for the fund to give a full banking spectrum of experience due to laws regulating what licenses people have to have to do certain jobs.
I think this would be very beneficial to non-target undergrads who can not get the traditional banking internships. What would set this apart from a school investment club is that students who excel would have the opportunity to join the fund upon graduation in a paid role. It would be a prop shop in essence. I would keep the profits from the interns or reinvest it in the fund to help hire more traders and analysts that stand out above the rest.
---
Heister: I think we are lacking that really controversial question.
MF: You mean, boxers or briefs?
Heister: I mean something more like, male thongs or commando
MF: So..?
Heister: Male Thongs.
---
I could not have thought of a more appropriate ending to a Q&A with Heister.
Check my past Q&A’s:
Comments
Holy shit, 50 mil? the fak>?
Holy shit, 50 mil? the fak>?
Finally!
Finally!
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
What a fucking man. Webster's
What a fucking man. Webster's needs to update their definition.
good stuff MF can't wait for
good stuff MF can't wait for the others
WSO's COO (Chief Operating Orangutan) PM me w/ ideas/complaints/q's-or lets meet up if you're in Buenos Aires. My story
Such a baller.
Such a baller.
"Economic history is a never-ending series of episodes based on falsehoods and lies. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited."
-Soros
Can heister give us more
Can heister give us more tutorials on how to be a gauche new money douchebag?
Sooo..if I said I was worth
Sooo..if I said I was worth "north of $60 million", all of you would believe me?
melvvvar wrote: Can heister
Can heister give us more tutorials on how to be a gauche new money douchebag?
New money, old money, thug money, it all spends the same.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
still cant tell if this is
still cant tell if this is serious or not
happypantsmcgee
Can heister give us more tutorials on how to be a gauche new money douchebag?
New money, old money, thug money, it all spends the same.
touche.
M Friedman wrote: MF: We
MF: We talked about starting a fund on the WSO Chatroom, what are you thoughts on this? How would you go about running the fund?
Heister: I have thought about this a bunch over the last week or so. I think it would be set up as a learning and experience tool for undergrads. Almost like an internship only that the people involved will be responsible for everything. They would be responsible for targeting companies, analyzing the company, making buy/short recommendations, and executing the trades. It would be impossible for the fund to give a full banking spectrum of experience due to laws regulating what licenses people have to have to do certain jobs.
I think this would be very beneficial to non-target undergrads who can not get the traditional banking internships. What would set this apart from a school investment club is that students who excel would have the opportunity to join the fund upon graduation in a paid role. It would be a prop shop in essence. I would keep the profits from the interns or reinvest it in the fund to help hire more traders and analysts that stand out above the rest.
this would be awesome
If your dreams don't scare you, then they are not big enough.
"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
Wait one second...everything
Wait one second...everything depends on how much of that $50M did heister earn on his own. I've got friends worth more, but all old money trust funders...meaningless...
I don't know about this
I don't know about this Heister guy. His advice and general behavior on this site have been less than helpful in my experience. Obviously, I don't know the guy, but my bullshit meter is off the fuckin richter scale. I could type out a long list of reasons why, but I know this post will just degenerate into another WSO internet pissing match. $50M in your mid-twenties? You're suspect, friend.
Man made money, money never made the man
Prim.er.ate wrote: Wait one
Wait one second...everything depends on how much of that $50M did heister earn on his own. I've got friends worth more, but all old money trust funders...meaningless...
Go read his alt investing Q&A thread for additional background.
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
Heister discusses how he made
Heister discusses how he made his $. You be the judge:
http://www.wallstreetoasis.com/blog/non-traditional-investments-q-and-a
See my WSO blogs here.
Obviously a sharp guy - but
Obviously a sharp guy - but dropping a net worth number is pretty meaningless (as has been said before). It all depends on the starting point.
I see a few people drunk on
I see a few people drunk on Hatorade in here - well, I liked the interview and also the long post Heister did on his land and natural gas investments, FWIW.
I'm not sure his advertising
I'm not sure his advertising his wealth is that helpful to him. Then again, it's not always that helpful when I talk down to kids at target schools who think they're better than state schoolers, so this kettle can't start saying bad things about pots.
Life is a lot better when you don't advertise your wealth. Or your prestige. You tend to attract better people to you. Hence why I drive a rusty Honda, drink PBR, and used to live in Jersey until I moved into my walk-up. If people still like me despite my apparent poverty, they're probably good friends to have.
Work hard, play hard.
IlliniProgrammer wrote: If
If people still like me despite my apparent poverty, they're probably good friends to have.
Another great piece of advice by IP. Well said.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
His other thread should be
His other thread should be required reading for any investment professional. I think we get caught up in securities a bit too much these days - I think our society would probably benefit significantly if more people had a similar mindset to heister while investing.
I remember him saying he
I remember him saying he inherited 900 acres, if that changes things. That would have been worth what, 4-5m?
"So who lost the hundy?"
Also, Heister is probably
Also, Heister is probably facepalming the headline choice right now. M Friedman shrewdly chose the headline to attract as much interest as possible in a way that was complimentary to the interviewee, but now heister is quietly banging his head into his desk saying "I ANSWERED BECAUSE HE ASKED ME! NOW IT LOOKS LIKE I'M BRAGGING."
Work hard, play hard.
I'm on the same page as RE
I'm on the same page as RE Capital Markets.
RE Capital Markets wrote: I
I don't know about this Heister guy. His advice and general behavior on this site have been less than helpful in my experience. Obviously, I don't know the guy, but my bullshit meter is off the fuckin richter scale. I could type out a long list of reasons why, but I know this post will just degenerate into another WSO internet pissing match. $50M in your mid-twenties? You're suspect, friend.
Judge not, least you be judged.
"Economic history is a never-ending series of episodes based on falsehoods and lies. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited."
-Soros
Macro Arbitrage wrote: RE
I don't know about this Heister guy. His advice and general behavior on this site have been less than helpful in my experience. Obviously, I don't know the guy, but my bullshit meter is off the fuckin richter scale. I could type out a long list of reasons why, but I know this post will just degenerate into another WSO internet pissing match. $50M in your mid-twenties? You're suspect, friend.
Judge not, lest ye be judged.
Fixed it for you.
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
TROLL
TROLL
If he were telling the truth
If he were telling the truth and turned $5MM to $50MM in 5 years, he would be the most overqualified analyst in the history of the universe.
I rich, smarts, and totally in debt.
M Friedman wrote: ...My
...My total worth is in the eight-figure range; it is north of 50 million. I expect it will pass into the nine-figure range in the next two years or so...
AwkwardStudentsMeetWarrenBuffett
"Concentrate your energies, your thoughts, and your capital. The wise man puts all his eggs in one basket and watches the basket." -Carnegie
Pretty weak compared to the
Pretty weak compared to the other two but I guess after interviewing eddie and Patrick there isn't much more room to go uphill.
M Friedman wrote: Heister
Heister discusses how he made his $. You be the judge:
http://www.wallstreetoasis.com/blog/non-traditional-investments-q-and-a
Read and judged.
So he mentions he was willed about $4.5M worth of farm land in high school, now he is worth north of $50M. For kicks, lets assume that growth occured in a 10 yr time horizon (age 16 to 26). Assuming $4.5M to $50M investment - that's a ROI of 1011% in 10 years. Statistically impossible? No. Unlikely? You be the judge.
Why is he even working?
Man made money, money never made the man
RE Cap and others - if
RE Cap and others - if Heister's a troll, he's a fucking awesome one given the time you guys put into analyzing this.
Hes an analyst at HF and has
Hes an analyst at HF and has 50 million plus net worth wise? How is that possible?
What possible motivation
What possible motivation would he have for lying on an anonymous forum after giving useful advice for the past few months? I'd like to see more interviews like this one, very entertaining.
Life is a lot better when you don't advertise your wealth. Or your prestige. You tend to attract better people to you. Hence why I drive a rusty Honda, drink PBR, and used to live in Jersey until I moved into my walk-up. If people still like me despite my apparent poverty, they're probably good friends to have.
PBR? I assume you started drinking this before the hipsters took it over?
"One man with courage makes a majority." — Andrew Jackson
Scott Irish wrote: RE Cap and
RE Cap and others - if Heister's a troll, he's a fucking awesome one given the time you guys put into analyzing this.
??
I have spent 10, maybe 15 minutes thinking about this.
Again, I am not trying to start an internet pissing match. My intention is not to tear down the rep of another poster; rather, I am trying to seperate truth from fiction. And again, I don't know the guy...but neither do you.
Man made money, money never made the man
RE Capital Markets wrote: I
I don't know about this Heister guy. His advice and general behavior on this site have been less than helpful in my experience. Obviously, I don't know the guy, but my bullshit meter is off the fuckin richter scale. I could type out a long list of reasons why, but I know this post will just degenerate into another WSO internet pissing match. $50M in your mid-twenties? You're suspect, friend.
Agreed. The only posts I ever read from Heister are about him bragging about his wealth or how much money he makes. It's like he needs to mention it as much as possible in order to gain some sort of self appreciation.
I remember hearing about that
I remember hearing about that person that claimed to be a Virgin Muslim feminist but was some creepy pedophile-looking-guy in his mom's basement. Can someone post that link?
I rich, smarts, and totally in debt.
Oh no, someone young has
Oh no, someone young has earned a lot of money, has a high relative net worth and is proud of his achievements, what a douche, must be a troll!
Oreos wrote: Oh no, someone
Oh no, someone young has earned a lot of money, has a high relative net worth and is proud of his achievements, what a douche, must be a troll!
LOL
yes. if that someone is heist.
Oreos wrote: Oh no, someone
Oh no, someone young has earned a lot of money, has a high relative net worth and is proud of his achievements, what a douche, must be a troll!
This perfect. If someone on this forum has a net worth of $50 m then my accomplishments don't look so great...
"One man with courage makes a majority." — Andrew Jackson
RE Capital Markets wrote: Why
Why is he even working?
Heist can you answer this - actually curious to know. Not a doubter, just a healthy sceptic.
Moving tonnes of product. Making fat stacks.
I wrote this before reading
I wrote this before reading how he is some sort of land baron...
...50m net worth for an analyst at a non-mega hf.... i call major bs unless he got some warrants in facebook-type as part of his comp from some series A. i know pm's of moderately sized hf's that aren't worth that. I also don't know anyone who is worth 20 million, much less 50 million who finds the time to get on a forum explaining things to college kids and arguing with wannabe's. but it was humorous.
... after reading that he is some sort of land baron...
...everything sounds so much more bullshit. as a 20 something analyst I presume his salary is in the 250-750k range? was the +2m a year in investment income not enough. he just likes sitting in the office.
Finally I do know a couple twenty something self made realestate millionaires (I used to live in Miami). To make millions of dollars doing something so highly entrepreneurial in your teens and 20's makes you (in my experience) fiercely independent. if you have made 50 million on your own, why the fuck would you ever go working for someone else (dealing with their bullshit) and being hostage to their success (he claims to be an analyst... not a pm) regardless of how much they paid you. The fact is you wouldn't.
If he seems to tell a convincing narrative it is probably because A) he is smart B) he was close to someone that actually walked the walk. Ex: My dad makes a lot of money investing in land and whatever while I sit there and help him out and learn all about it, then go onto internet forums and describe his success as mine.
50 million dollar people don't go and post on WSO.
thedude, think you may be
thedude, think you may be right...not that it really matters, but I offered some ways he'd be able to to give me some proof of his claims while in chat and he didn't take me up on it. yet...heister, the offer is still on the table.
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sounds kind of like a badass
sounds kind of like a badass to me. Haters gonna hate.
look at heister's other
look at heister's other posts. he's always trying to call attention to himself. always starting these idiotic, self-indulgent threads about some stupid whimsy that happened to pass through his mind while he was taking a dump. you think a guy with 50 million needs the attention and approval of a bunch of non-target college kids? why isn't he busy banging all the women he claims to have under his thumb? why isn't he on one of his two jets flying off to make another 1000000% return on his money? and yeah: why is he still working and taking crap from a boss?
none of these even begins to make any sense.
i assume that he might have some cash. but if you believe it is north of $50MM based on nothing but his word...well there is one of you born every minute. $50,000 is more like it.
that would be epic: acting like a new money poseur, but \without the money.
thedude wrote: I wrote this
I wrote this before reading how he is some sort of land baron...
...50m net worth for an analyst at a non-mega hf.... i call major bs unless he got some warrants in facebook-type as part of his comp from some series A. i know pm's of moderately sized hf's that aren't worth that. I also don't know anyone who is worth 20 million, much less 50 million who finds the time to get on a forum explaining things to college kids and arguing with wannabe's. but it was humorous.
... after reading that he is some sort of land baron...
...everything sounds so much more bullshit. as a 20 something analyst I presume his salary is in the 250-750k range? was the +2m a year in investment income not enough. he just likes sitting in the office.
Finally I do know a couple twenty something self made realestate millionaires (I used to live in Miami). To make millions of dollars doing something so highly entrepreneurial in your teens and 20's makes you (in my experience) fiercely independent. if you have made 50 million on your own, why the fuck would you ever go working for someone else (dealing with their bullshit) and being hostage to their success (he claims to be an analyst... not a pm) regardless of how much they paid you. The fact is you wouldn't.
If he seems to tell a convincing narrative it is probably because A) he is smart B) he was close to someone that actually walked the walk. Ex: My dad makes a lot of money investing in land and whatever while I sit there and help him out and learn all about it, then go onto internet forums and describe his success as mine.
50 million dollar people don't go and post on WSO.
lol. +50,000,000
In his defense, having $50MM
In his defense, having $50MM liquid in the bank and having a ton of land, worth $50MM, are two completely different things.
Just saying.
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RE Capital Markets - Fair
RE Capital Markets - Fair enough, you stated your case well.
Either way, this has become a much more interesting interview with comments and all. Nice work on the headline, M Friedman, I think you might actually need to do a Part 2.
My firm just closed two
My firm just closed two properties worth ~60MM.... Half of the ownership was by 1 person. With RE, worth is not 30 million sitting in the bank.
See my WSO blogs here.
Can someone please comment on
Can someone please comment on this:
"As some people on WSO have realized I absolutely in LOVE with debt my current debt load strips my net worth by a considerable amount. Debt opens up a world of possibilities."
If the glove don't fit, you must acquit!
Hello, It's nice to see you
Hello,
It's nice to see you all are so very spirited.
Why do I work? Simple because I want to. After graduation I didn't do any real job for upwards of a year. It bored the hell out of me. So an opportunity came up and I took it. You wonder why those old fucks hang around the office so much? It's because they are bored out of their minds sitting around at home doing little to nothing. You guys act like what I did is some insane accomplishment. In reality it was all timing and luck. Being skeptical is a great thing to be. Shit you would look like a total fool if you were sold on the bridge to nowhere. It's like ANT said, being wealthly and being cash rich are two entirely different thing. I started out in the days when any idiot could go to the bank and get a loan for just about anything. When you factor in my sizable inherentence and making solid investments that turned out to be insanely better then I could have even hoped for. You get to where I am at today. I am a student of life just like all of you guys are. I ask questions when I seek advice. I give help when I can and I try to have a few laughs and good memories. Every opportunity you are presented with is an opportunity to learn something new or change the way you look at the world. It's up to you to how you want these experiences to shape your views of the world.
Heister
Follow the shit your fellow monkeys say @shitWSOsays