Jobs you can do until you’re 75
Title says it all. Maybe not the right sub-forum on this website but HF careers seem to be/are pretty short relatively speaking. I have family members who work standard professional jobs (doctors, lawyers, etc.) and they can practice into their 60’s and 70’s
Are there similar paths in finance? How about the world in general today? Seems like everything is changing so rapidly
Stripper
https://www.clermontlounge.net/
If I wanted to look at old ugly people in Atlanta, I would’ve looked at ELTON JOHN
Hahaha, this place is a blast.
You definitely see PE shops where there are some old guys (sometimes called “Partner Emeritus”) who show up a couple times a quarter and probably still get a fuckton of carry.
Plenty of family office types are up there as well, especially if it’s part their money
And of course you could always try and be Warren Buffett. Still crushing it in his 80s
Is this really that common in PE? Generally seems like best talent wouldn’t work at those shops given lack of upward mobility
These guys probably function pretty much like LPs, though probably with better terms than your typical LP
There is a massive lack of upward mobility in PE. A lot stall out at VP level because of it.
It's pretty common for founders to retain a lion share of the fund's ownership (and therefore carry). Publicly traded funds have sold 50% of the carry to public investors, yet they seem to have no issues attracting top talent
PE has had lack of upward mobility for years now. It's what you get when you have overly saturated field with founders and senior level partners only looking to hold on for carry. The usual route to becoming an MD now in the PE fund is to bounce and start your own fund.
This kid doesn't know anyone.
Interned at a FO like that through connections. Old guys pushing mid-upper 60's. Smartest people I've ever met, still do calculations on paper instead of excel. They usually bring in younger people (30's and 40's) every now and then for operational expertise in the industries they own companies in. They work a lot but have tremendous amount of freedom and all wear a bunch of different hats in different industries like real estate, energy, consumer products. Sounds like the dream to be able to get all the interesting aspects of business along with being able to work in both equity and debt.
US Politician
We talking any level of gov't here? I always figured being a senator was the best position to be in. No one knows what you do all day and every 6 years you usually have a pretty good chance at getting reelected.
House of Reps. Chance have it that you can break into a smaller district and win rather than fighting for one of two seats. I say what you want about AOC but she found a under represented district and won.
There are certainly similar paths in finance where you can work until you are in your 60's and 70's. Basically, as long as you enjoy your job, you can work in it easily until your 70's. You see, for some people their job is stressful, for others, they genuinely enjoy their job. Take for example a hedge fund manager. There are hedge fund managers that are stressed out badly, but others who see their job as a fun game that they enjoy. So their job can actually make them healthier. Basically, anyone who loves their job can work on it forever because for them their job is also their leisure and they are having fun at it. So really, if you enjoy your job, you can work into your 60's and 70's in any area of finance whether it's being a hedge fund manager, a floor trader, a venture capital executive, a financial advisor, anything. I see this pattern over and over again in every sector. If you enjoy your job, you will last at it. It's not so much the job itself, it's whether the person enjoys doing it or not.
I appreciate your response but I’m not so sure it’s that simple. It seems to be a pretty competitive world and I don’t see many 60-70 year old hedge fund managers?
Thanks for your feedback. If you would like an example of a 70 year old hedge fund manager, look up the name "Leon Cooperman". He continuously also outperforms most hedge funds out there. I really do believe that your enjoyment of your career decided how long you can last in it. At least that's my opinion.
Yes. You can head up an asset management company.
Have an amazing track record and reputation until you're about 50 years old. Then, hand off all work and decisions to juniors. Next, tell clients that you're still the genius creating all the alpha and continue to "work" for another 30 years while actually doing jack shit.
🤣🤣 I love how you’re cynical, but fucking accurate.
OMFG, I wish I could give you all my bananas. This is 100% accurate. Most MD's are completely worthless after about 5 years and literally do nothing. There are a rare few that don't go down this path, but I've only met a handful.
Kind of like some HF Founders... there are only twenty four hours in a day and you are not researching/making trading or portfolio decisions when you are dining at Le Bernardin or playing tennis six times a week or randomly flying out on the gulf stream to heliski somewhere. But your name is on the door and so you’ll get the credit.
I have a couple MDs who I think are around late 60s early 70s. They aren't as aggressively out in the market as the younger ones, but rather continue to do good business off of the relationships they've built over the last four to five decades. They seem to have chiller lives than other MDs and are pretty comfortable knowing that they are winding down business and may call it quits sometime kinda soon. I don't know how normal this is, but they seem to like it.
happens in PWM all the time. if you have junior partners ready to take the reins when you step away, you don't ever need to retire until health forces you to. I had an office colleague in his 80s, was probably making 4-500k near the end and working 3 days a week (his business partner was clearing $1mm easily, so it's not like the senior was hoarding everything).
https://richmond.com/business/two-colleagues-at-davenport-co-mark-65-ye…
Wow - PWM guys that make more than lots of HF guys
as I've said hundreds of times, it's an incredible business to be in if you can build a clientele and are a people person. way less volatility than other high paying jobs in finance. easy to break in, very difficult to survive, even more difficult to thrive.
Walmart Greeter
Middle office roles / back office roles at HFs from what I understand make decent money and don't have to worry about being canned during a rough patch
Own rental property. Acquiring the real estate and doing value add can be tough, which is what you do when you're younger, but once you've gotten a decent portfolio keeping it steady isn't too intensive. Especially if you want to take a earnings cut and hand off the reigns to a property management company, then it can be very backseat.
Honestly some of the oldest, chillest roles I have seen are General Counsel's at non-distressed hedge funds.
Often times basically a part time role, but good for the website I guess.
Asset Allocator. Most people on this board have no idea...
Can you dive into this a little more?
At that point, most people in PE/HF have retired or are investing out of their own family office.
If strictly in finance, a partner role in PE or being an absolute rainmaker just by your presence in a meeting at a bank would probably be the top two in my mind.
Those I've seen who carry jobs into their 70s tend to be sole proprietors of small to medium-sized businesses in which they hold a significant if not controlling stake.
What is your definition of a small to medium sized business?
Eh I guess what you'd either consider a LMM/MM business which is family-owned or something of the sort. It's a pretty broad definition which can certainly be applied to larger public companies in some scenarios but I hope what I'm getting at makes sense. Could be anything from a restaurant to a manufacturing company which does 20-30M in sales
Tenured College Professor
Talking head on CNBC.
Soros was running money as recently as 2008-2009.
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