Are you special? Or just another wannabe?
It’s funny how a completely unrelated conversation connects to finance.
I was discussing with our man James Hunt the sad decline of the sports car industry, wherein once proud and truly special marques have lost their way and are now but shadows of their former selves. Complacent in mediocrity and slaves to marketing. And then it hit me:
This applies to you guys.
Most of us here were drawn to Wall Street eyes all wide, dreaming to strike it rich and have our names uttered in the same breath as Kravis, Buffett, and Soros.
We studied hard for it, we worked hard for it, and for some reason we actually expect it.
Well, there’s one thing you monkeys should note about those guys; like a proper Ferrari, they have stood the test of time.
Show me the top 30 over 50 and they'll be some impressive track records/bios that are worth reading.
Much like the sports car industry today, today’s Wall Street is littered with the mediocre. They still have all the flash; they still make all the noise, but most are far from what they set out to be in the first place.
Today’s culture of getting rich quick has left most monkeys soft, complacent, and quick to burn out.
Some even think penny stock pimps are cool.
Now what would have happened if Kravis had that mentality? Would KKR be around?
What would have happened if PTJ had “a number”?
What would have happened if Buffett dreamt of “Fuck you money”?
Well they’ll probably still be rich, they’ll probably still be much better than us.
But they’d be generic, just another rich guy on the street, nothing special compared to who they are today.
Keep your eyes on the prize WSO, especially those who set out to be somebody in this world.
Only you can dictate if you’re someone special, or just another wannabe.
Is it worth is to try be "somebody in this world," or just sit on a cool $100 liquid? Soros will be forgotten after 10yrs when he dies. Jack Welsh? 5.
Jorge,
Wow. Thank you for saying that. I completely agree with you on this.
There is no such things as a fuck you number or a churn and burn mentality by the top guys in Finance. There's a reason why Drunkenmiller said I may be done running a fund but I'm still managing my own money. Drive and desire do not fall to the wayside when you retire. They are still there, which is why you see these great legends still involved well beyond the age they should have retired.
This is why Joe Paterno still leads the Nittany Lions onto the field and this is why the biggest names are still the most respected. Being somebody is something is not about the cool hundred mil liquid in the bank, but doing what you love doing until you can't do it any more. When we study the markets in the next twenty years, we will be talking about guys like Soros, Druckenmiller, Kovner and PTJ because they stood in there, worked their asses off and loved what they did every step of the way.
The guys that retired have done so because they lost the drive and desire to continue having done so much and wanted to finally relax. Those are the Teddy Forstmann's of the world, who worked their asses off and can retire in peace. We talking about Kravis and Roberts, but Kohlberg is retired, having been forced out of the firm that bears his name and is enjoying retirement.
The point is, it's not about the "What Number", but about when do I finally feel comfortable quitting and leaving the world to those who will inherit their titles. If PTJ had a number, he wouldn't be as respected as he is. If Buffet believed in the fuck you number, he wouldn't be Warren Buffet, he'd be some overzealous rich guy looking to play one up with other billionaires.
Hard work, time, effort and loving what you do definitely influence everything. It's easier to wake up in the morning, loving what you do than view it as a job that you hate. Keep your eyes on the prize and love what you do if you plan to get ahead in life. That's the honest truth and don't let anyone tell you otherwise.
Nice post. Agreed.
@New Yorker - I think soros will be around in business school texts for quite some time, but maybe I'm wrong... Buffet will be an everyday household name in 250 years --- like an Cornelius Vanderbilt.
Are you kidding? I'm talking about the population at large not, 10 thousand people out of 350 million in b-school. What percent of the population do you think can write two sentences about Cornelius Vanderbilt? I've said it before and I'll say it again, the only people that get remembered are authors, artists, and kings.
Vanderbilt had a much larger impact on the economy (as a percentage of GDP) than anyone alive today. Additionally, his lasting contributions to society are much greater than anything the above list of people are likely to leave behind. It is unlikely that even Buffett will have that level of name recognition in 150 years.
The First Tycoon is a great read by the way.
Don't kid yourself. The population at large doesn't know and never knew what letters KKR stand for . And tell me, how many 20 year olds even know who the f are simon and garfinkel or Captain and Teneil? Those were popular performers in their day. How many people know the Beatles song Lady Gaga lifted her name from? How many young people will know who is Lady Gaga, 30 years from now? Or maybe you mean artists who paint? Sadly the population at large is more familiar with Thomas Kinkade than it is with Dali, or Caravaggio, or even Michelangelo. Sure, they've heard the name but will they be able to identify even a single work? And authors - newsbreak, the population at large says Bible is their favorite book, because they can't think of any other. Also, what kings did you have in mind? I can't think of any that regularly get mentioned outside the history or religious study classroom.
Eh....There's being in it for the love of the game, but there's also being in it so much that life passes you by, so that you can't see your wife or tuck your kids in at night because you're writing another goddamn brief for some asshole with money.
I bet Buffet really doesn't give a fuck whether he's famous or not. Fame just means people less important than you bug you all the time.
Think about the reason we idolize sports stars. Is it because they're rich? No, it's because they weren't afraid to follow their dreams and to never give up.
Well done my friend, combining sports cars and finance into one blog post, well done. A proper thread.
Silver Ferrari and SB for you.
The common man being able to write a paper on you is not an indication of your impact. Buffet will be improving lives through his charity for a long time in the future.
What about Fuld, Cayne, Greenberg, Meriweather?
Sometimes having a # ain't a bad idea.
That said if you are special. Follow the words of Mr. Soros, "go for the jugular".
Self Actualization; that's what it is all about.
As a proud sell-out, I just thought I'd chime in here.
Hit your number and GTFO.
Who cares if you're remembered? Make your money and get on with your life.
On a side note, I don't think I've ever seen a bigger moron than that guy in the accompanying thumbnail. What a wanker.
Nice perspective Jorge. +1
I think you can do things "for the love of the game," but still have a point where you get out. I can't think of any career more interesting than trading but I also have plenty of stuff I'd like to do in "retirement" which aren't real jobs (owning a sports team for instance).
The problem about being speical is the result of the hollywood, it gives people the idea that if they study hard, get good grades and work their ass they will be something speical. However, if everyone does that it doesn't make anyone speical, but rather average. However those people that speical and everyone wants to be, did all of that and then some. But there is one factor that I constantly keep seeing being left out; the aspect of dumb fucking luck. Take for example Hollywood, if it wasn't for luck of them being discovered and landing the role that made them, then 80% of the stars would be waiting tables & giving blow jobs for 50 bucks. So if you actully wanna be something speical you have be better than everyone and be super fucking lucky.
Like someone pointed out, Paul Tudor Jones and Henry Kravis will be not be remembered by anyone but other finance guys. And what have they had to give up in the process? I'd rather get my fuck you money and have time for a real life with a wife and kids so they don't grow up being raised by their nanny. There's no point in having money if you have nobody to enjoy it with you.
And those guys have connections. Relax, guys.
Bottom line is that you are not going to reach the level of a paul tudor jones if you dont love your job. For eg Ed Braverman says GTFO....that is really impossible for me to imagine since even when I go on a ten day vacation I miss the profession of trading and the feeling of doing something that has some pressure to it. To me, the concept or "retirement" is both terrifying and outdated...I mean what would I do all day, play golf at some country club in florida and wait for death? I dont think so. I am not comparing myself to the guys who have done it for decades but I'm just saying that I dont think somebody like PTJ thinks of his business as some kind of punishment that he has to endure and that's why he didnt have a "fuck you number" or whatever you want to call it. I also dont think he is doing it for the recognition or to be remembered by people in the future...no hedge fund manager or businessman can reasonably expect to be remembered in this way. Those guys are doing it because its what they love to do and that's why they don't stop.
BTW this idea that you have to be retired to spend any time with your wife and kids is ridiculous. Your kids are alot better off seeing you work hard every day then having you drop them off at school in your robe and slippers and spending the day doing nothing. The whole idea that you structure your whole life around spending time with your kids is very new-age and to me is a big reason why kids get more spoiled every year.
You're right, Bondarb. If it's something you really love, then I can see doing it for a long, long time - at least until you don't love it any more.
In my particular case, I was always just there for the money. If I could have made the same money doing almost anything else, I would have.
I hated that I could never go on vacation without worrying about what was happening in the market and whether I was missing a big move. One of the rare vacations I did take was to Tahiti and a couple days after I got there, Clinton started bombing Iraq and driving crude oil higher. The French protested (Tahiti is a French island) and all the newspapers went on strike. So here I am, stuck in paradise with a major market move happening and I can't get any information or access to trading. Ruined my whole vacation.
For me it was just about making the dough and getting free from the cycle of 20-hour days (yes, even when I came home I was on the computer till all hours of the night watching Asian markets, etc...). I've never been the golf course type, so I wasn't long into my "retirement" before I bought my first company. I've owned or controlled a number of them since.
Agree with you on the wife and kids thing. Frankly, I could see mine a little less and they wouldn't be any the worse for it.
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