Ask DickFuld November 2015
I'm ready for another round of questions from all of you. Please remember, I'm doing this because I care, so try to keep it civil.
Fire away....
(PS -- Let's try to refrain from asking dumb questions this time.)
I'm ready for another round of questions from all of you. Please remember, I'm doing this because I care, so try to keep it civil.
Fire away....
(PS -- Let's try to refrain from asking dumb questions this time.)
Career Resources
Do you still play squash nowadays?
wouldnt you love to see a Seahawks / Packers rematch in the nfc championship?
also what did I hear about aaron rodgers being scared to throw the ball? hmmm
Once again, this could be answered in a million different ways. If you mean will it be more socialized?, my guess would be yes. Will we have a cure for cancer? Very doubtful. Even better erection pills? Highly probable.
I'm sorry to be the one to have to tell you this, but I'm sorry, they do not.
Are you really DickFuld?
If he isn't, why would he answer you honestly?
. . . Just kidding. I may need to change my username to therealDickFuld to alleviate this confusion.
If you were to hire a kid from a non-target into I-Banking, what are some qualities that you would look for to determine whether that person would be a great employee? Loyalty?
Favorite Booze?
I'd be looking for people that can get the job done. Of course, the skills that make someone successful vary by job. But, generally, I'm looking for people who are smart, are resilient, can sell, and are hungry for success.
Do you watch Game of Thrones, and if so, how hard would you sex Daenerys?
If you were in college, would you choose the same path or try something completely different? Also interested in qualities for a wife/significant other...
What's the secret ingredient in Sapphire? I thought it was heroine but I passed my last drug test way too easily for the amount of gin I drink so it's gotta be something else (however, my blood and urine are both flammable). Any ideas? I'm beginning to think it's an unsolvable puzzle kind of like how many licks does it take to get to the center of a Tootsie Roll Tootsie Pop.
And this, ladies & gentlemen is how you kiss ass when you're 40 years old. Shame on you Ding dong.
No, more like a running joke and common appreciation of the nectar of the Flying Spaghetti Monster, but whatever gets you through the night.
Who wins in fight, a trillion lions or the sun?
What are your thoughts on the current GOP primary field? Which candidates do you like if any and why, which do you dislike and why?
Really appreciate you taking the time to answer questions.
It's funny going through older election predictions like this.. We all got trumped, seems fair to say.
Will EBs keep taking market share from BBs in M&A? Why and where do you think would be the best platform for developing a career M&A banker?
In your opinion, what are the most significant values/traits that make someone reach the CEO level? Why'd you mention "definitely not loyalty" in the earlier question about what to look for in candidates?
Reaching the CEO level requires a combination of being very good and very lucky. Leadership skills are obviously very important, but so are sales skills and strategic planning. Truth is you mostly just need amazing people who will follow you. When they do well, you look good.
In your opinion what are the top 3 qualities of an exceptional salesman ?
Who would you value more on your team?
As far as who would I rather have on the team? It would depend on what role we were hiring for. Clearly #2 for a quant, risk management, technology, etc. #3 for anything sales or relationship management oriented, but I would want that in anyone. I would want #1 for most roles, but especially for support type roles.
DickFuld any thoughts on writing a book? Also, can you revive the "Bleed Lehman Green" shirts? Or maybe create ''F*ck Paulson" shirts?
any thoughts on this hater's questions for you?
I'm not writing a book anytime soon. I'm still the most hated man in America. I've enjoyed a small Renaissance on WSO, but it is a small audience.
I'll see if I have anymore 'Bleed Lehman Green' shirts. Unless I can get at least 30 SBs on this post or 30 confirmed orders here, I'm pretty sure I won't find them.
lol I just thought the judge was being ridiculous when he was talking about your pay but not mentioning how much stock you bought and the loss of value.
This comment is a confirmed order for one of the 'Bleed Lehman Green' shirts.
So that's you? Handled that like a boss. Kept composed the whole time, I would have lost my shit with dumb ass questions like that. Fuck that guy.
I've been trying to get into Equity Research/IB from a regional auditing firm.. graduate with a master of accounting next month from a non target. I've been trying to network and have made a couple of contacts but coming up short on getting interviews. Can you offer me any advice? I'm going to take the level 1 CFA in June.
I don't have SB's as I'm just starting out but can guarantee I'll buy 2 t-shirts..
When you're young, how do you choose between jobs or opportunities where one offers a more reputable name while the other gives you a position where you will learn a lot/have more responsibility? Assuming both places you will still learn a solid amount and both have recognition in their industry.
.
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Which regulation and technology taking a hit on trading roles, how are sales roles being affected?
Where do you think the market will be heading in 2016? Is it too simplistic to say that the current market is inflated given the stagnation of GDP/wage growth/etc. ?
Also, Bombay Sapphire tastes like pine needles. (I'm sorry)
I am balls deep in this market.
thebrofessor
Just in case you were wondering if I just got balls deep in this market recently.....
DickFuld What did you work on that made you better and better as a trader? What do you think set you apart to become CEO of Lehman?
DickFuld Is there anyway you and Dingdong08 can come to one of the WSO NYC bar hangouts? I'm sure everyone would want to see the "Bleed Lehman Green-Bombay Sapphire Challenge" between you two. It would be bigger than Mayweather vs Pacquiao!
How are you dealing with the New York social scene? Read an article on vanity fair on how people were no longer friends with you once Lehman was down
For someone 20 years of age focused on getting a career on Wall Street, what would your best advice be? Which books would you recommend?
Thanks. Also have you met any successful foreign bankers in the U.S.? What does it take to hire an international other than a native who has a lot more things in common with you? I feel that internationals are having a hard time in this industry and none of my peers did well on recruiting
Not sure if this has been answered and I apologize if it has.
This is something that I've wondered. . Coming from someone whom has had success in finance and has made a great deal of money in it, were you ever afraid that your children would feel privileged/ self-entitled because of your wealth? I know they're adults now, but how did you go ensuring they wouldn't get a sense of entitlement?
DickFuld could you do a thread on your philosophy on micro-cap stocks?
Would you buy SunEdison?
Hello Mr Fuld,
what is your opinion of Fisher Investments and their Global Return fund as a retirement management vehicle?
Over the course of your career, you've likely met countless influential leaders in various situations. Who is someone you never had the chance to meet that you wish you were able to? What would you have liked to ask and learn from them?
Who do you wish you haven't met (I have a strong guess at this one though..)
As far as the second question: no comment.
Fair on the 2nd question, appreciate the extra thought!
What do you think the future of public finance is?
Dick, what do you think of algorithmic trading as a field to begin a career in?
Move up in the firm and try to diversify into trading multiple products. The firm in question is a MM bank (the move into algo would be a progression from MO internships).
Ever worked with a primary research firm? I know some of my clients from MBB and HF who would be willing to pay you high-3 low-4 figures an hour to get to speak with you.
.....
I think he did exactly that. He will be more qualified to answer than I am.
So dick, the real dick, where do you think the next hot career path is going to be in? It's pretty much waning in S&T for the past decade, IB seems consistent, Consulting / Sexy Tech seem to be the new hot things.
Also, what is your take on the IB industry now, seems promo's are slower, regulations increased, risk measures as well. Your 5 year, 10 year outlook on the career? Will IB monkey work ever be commoditized by tech
However, the 'easy' money in private equity and hedge funds has already been made. These industries are becoming increasingly difficult to launch mega businesses in. It is far too easy for asset allocators to give money to the established brands to protect their reputation if something goes wrong, not to mention the mountains of capital there now, relative to 20 years ago. It doesn't mean that these are poor career choices. It does mean that your probability of becoming uber wealthy by working for someone else are low. You will still do better than the average person. I think people here are often of the mindset that as soon as they make the leap to the buyside they are suddenly in the land of unicorns and rainbows, but that isn't the case. Almost everyone who has made a lot of money has had to grind for it.
Frankly, I would expect that the average person who is starting their career in banking today and ended up their career in banking would do better than the average person who jumped to the buyside. To be fair, most people who pursue either career path won't make it to the upper echelons because what makes someone a successful analyst does not always translate to success in the more senior positions. Plus, many will burn out.
I am one of the believers in the MBA recruiting trends as a good contra-indicator towards what will be a more lucrative time to be in finance. MBAs are not viewing finance as that desirable now and they tend to be the biggest fad chasers in America. They always skate to where the puck is right now, not where it's going. This is probably a great time to pursue a career in finance.
Really interesting reply. I just wanted to ask some follow up questions.
1) Within the domain of finance is there a specific direction you'd advise people towards; do you think trading will pick up over the next decade, is sales a great place to start if hoping to reach high up management positions, or is the classic IB route the better entrance?
2) Do you see banking ever becoming as lucrative and sexy as it was a decade ago and if so how long do you think it will take to recover?
3) There is clearly a trend of finance becoming increasingly quantitate and mathematical. Do you think quants will come to hold the high up managerial positions of the future? Do you think this is a good place to start?
4) I've read about people still talking about prop, or at least forms of it, at banks here on WSO. Do you think it still goes on at banks and do you think it will ever come back?
Thanks. I really enjoy reading your posts, you're clearly a very smart guy, and I look forward to hearing your response.
Are you looking forward to the new Star Wars movie? Will you be putting out a review? Any comments and opinions appreciated. Also, DIS is killing it.
How did you actually join WSO? And what factors have played a key role in your activity on the site and contributions to it? In other words : What do you find fascinating about WSO?
Hi Dick,
As someone who just recently found out that he wants to pursue a banking career (few months ago), I would like to ask a question.
I am 22 year old student from a European (non-UK) school, non-target, and have a low GPA 3.2 in undergrad Economics (high grades 4.0 in quantative subjects though, low grades in ''marketing''). I played poker over the past few years and did quite well in it, I won more than $300,000 over a large and statistically significant sample.
After posting here a few times people agreed that I should mention that on my resume, as I do not have anything else that sounds ''attractive'' for an employer. Furthermore I received an offer (with a low salary, possible bonus) for a very small, domestic, ''unknown'' hedgefund with 25$AUM, with less than 10 employees and currently expanding.
If I would ultimately want to be employed by a bank, and have been denied by a few (not all yet) investment banks based on my current profile, would you advise (like most people on this forum) taking the hedge fund offer as a junior equity trader?
Would you mention $$$ won on resume, or not? (I feel like a douchebag mentioning it on resume, but on the other hand it does add some more value).
It feels ridiculous asking you this particular question, but unfortunately I do not have any questions on an appropiate level ha.
As far as taking the job.....if the alternative is unemployment, I would certainly take the job.
Thanks a lot!!!
Would you ever mentor a young jew who wanted to take over the finance world?
I was told that once you reach 48 years of age, everything changes. Your body completely breaks down, your perception of what reality is changes, your priorities change etc. Can you confirm?
How exclusionary is Wall Street on ethnic lines? I hear once you get to a high enough level, it becomes key in the internal politics i.e. better to be a Jew at Goldman and a WASP at Morgan.
In that same vein, I'm not Jewish but my father is so I'm shit out of luck when it comes to ethnic associations of any sort. Is this likely to fuck me?
My only advice would be to make as much money as possible for both you and your firm. In other words, focus on what you can control.
Did you get e-mails from students/analysts post-1994? If so, how did you respond?
So, let's say you did end up meeting 1-on-1 with a student. What would be the thing that would most impress you/how would I get you to keep me on the loop?
Might be generic shit but I'm meeting a ceo later this year of a major bank in my region and am not sure how to pitch the mentorship route. I would like a job but I think it's a waste of a relationship like this.
By the way, for your gin&tonic, how much tonic-water do you use and which one?
DickFuld Dingdong08 Considering both of you have been in the industry for a long time I was wondering if there was anything that stands out to you in people who you've seen firsthand become a MD?
DickFuld Hypothetically, let's say you were given the opportunity to return to Wall Street as a BB CEO again. Would you accept the offer? (I'm wondering if you are enjoying being semi-retired, or if you find yourself with too much time on your hands.)
Probably would not accept the offer at this point, but probably not a dilemma I'm likely to be faced with either.
Hi Dick,
How long have you been working with Sharon and why did you choose her to be your assistant out of the other applicants?
double post
1) Why do you think Hillary is going to win? Is it because she's supported by Wall Street? 2) Did bschools get as much applicants in the 70s as now? Did people even know what MBA or bschool was?
Yes, people knew of B-School in the '70's. However, it was much less prevalent than it is today and much easier to get into as well.
Trump is laughing at you right now
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