Are "performance coaches" actually a thing?
Watching Billions right now and they really seem to be glorifying Wendy. I get that her character adds a lot of interesting dynamics and whatnot, but does her job actually exist for HFs/AMs or even IBs?
I've only been at smaller funds thus far but I could imagine that the multi-billion $ funds may have a psychiatrist/performance coach. -and if not, why not?
Tnasty, shame nobody has responded. Maybe one of these topics will help:
Who will rescue this thread? Mr. Pink Money TrentKM Sasquatchosaros
Fingers crossed that one of those helps you.
bump, interested as well.
i know SAC/point72 has/had performance coaches, but not sure about the other multi managers. i would imagine that it is unnecessary for a "buy and hold" single manager that has turnover of 1-2 names a year
I'm not familiar with the show but yes some HFs (typically large ones that could afford) have performance coaches / psychologists / counselors.
Brevan Howard’s hired Josh Waitzkin as a performance coach. That’s probably the most interesting such relationship (because Josh is brilliant).
I enjoy pretty much all that Josh does, truly a unique mind.
Never head of this guy, but would be interested in getting familiar. Any recommended reading?
Hedge funds should just hire sociopaths, cut costs on coaches/counselors etc.
They need the coaches/counselors to talk the sociopaths out of their creeping consciences or reservations and keep making them money.
Eyy it's the play-doh guy.
Well then, maybe get psychopaths instead, absolutely dead conscience with no chance of resuscitation. However, funds may experience a lack of alignment in interests.
Performance coaches are a thing... Why that might be the case is beyond my comprehension.
I'd never get a woman coach.
Performance coaches are a thing on professional sports teams, and I'm sure if a PE firm or HF thought it would be a good financial decision they'd bring one in. Granted, as an outside vendor not one permanently on staff. Unless things were really bad.
performance coaches can help a great deal for mid-to-high frequency trading...if you are trading off a 5-minute chart with a large degree of leverage and tight stops...for example, the level of nerves and anxiety can be ludicrous...and a performance coach sounds like a great idea.
Any Metallica fans here may recognize a performance coach by the name of Phil Towle who helped them when they were on the edge of breaking up in the early 2000's. Looks like he has worked with some other bands, businesses, and sports teams.
http://philtowle.com/home/
What Wendy has ACTUALLY done...is not really about "being a performance coach" AT ALL....what she has done is IDENTIFY something SHE'S WAY BETTER AT THAN PRETTY MUCH ANYONE (i'e specialize) and then PROVE SHE'S WAY BETTER THAN ANYONE.
Consistently. Over 5-15 years. But it's not even hard for her. She doesn't have to try much. She's THAT GOOD. That's how she's so RICH. Basic supply and demand. Oh...and she also found the one person (AXE) willing to pay her anything (basically) to stay with him. She's his "difference maker" even if he believes sometimes it's ALL HIM. This is really the hard part, all this usually cannot be done overnight.
So anyhow....like that old saying "if you're reading about it in the Journal about an investment or stock it's WAY TOO FUCKING LATE"....you can't really go be a performance coach now. Cat's outta the bag.
BUT THE GOOD NEWS? The marketplace evolves daily. So does technology. Innovation possibilities are everywhere. Use your God given talent and identify a need, see if you have a smarter and better way to fill it. SPECIALIZE.
And ignore everyone who tells you that you suck or that your idea is dogshit or reminds you about the 567 other times you bombed out. Stick with your plan IF the numbers add up. But don't abuse that tip. Numbers don't lie.
Hope that helps pal. Good luck.
MG
There seems to be more coaching activity like Wendy Rhoades these days. I’ve been in finance for 15+ years (IB & PE), and in the last 3-4 years, I’ve seen a few small companies pop up that are more similar to Billions. There have always been the big guys like Korn Ferry - but don't think they specialize in finance. My friend's firm uses a company named Arete-Performance, and they appear to be just like Wendy: psychology focused coaching firm working solely in finance - believe they work only in PE, HF, and IB.
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