Is Wall Street South Worth the Hype?
With major firms from Citadel to Point72 opening offices in Miami during the pandemic, there was excitement that Miami was on its way to becoming a hub for the corporate finance industry. Five years later, do you think the so-called Wall Street South has lived up to the hype?
What do you think of the lifestyle and culture in Miami compared to New York City? And what about the corporate finance industry itself -- are there a lot of opportunities?
Unless you are the “Miami type,” Miami is kind of a shithole. Great place for a vacation, but I’d never live there.
What is the "Miami type?" I'm imagining someone that likes flexing on social media and/or loves BBLs & clubbing
People for whom "club promoter" is a dream job
been to Miami a few times and NYC is 10x better unless you like the Miami life of everyone riding around in rented lambos
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The culture vibe in Miami is more Latin American cuz the proximity to the region. That and the city is filled with obnoxious crypto bros riding in aforementioned rent-a-lambros. Nine month out of the year it's hotter than devil's bumhole. Enjoy getting grilled at work then finished with a nice oven roast. E1even is a fun club tho.
I don't think it will ever be a major financial hub, except for entities covering LatAm from there. My perspective:
I wish reporters actually interviewed live human beings and not 16 years olds on a message board who are cosplaying as financiers.
Depends on how much you can bench. If > 2 plates Miami is pretty sick with all the beaches.
I think West Palm Beach has much greater long term potential as a "Wall Street South" than Miami does, which as people have previously stated is much more LatAm/international money, crypto BS and satellite offices. There is a reason Stephen Ross has moved his operations down to West Palm Beach from NYC and is investing billions into redeveloping the city - just look at the City Place development project Related Ross recently finished to get an idea of the growth trajectory.
Know a decent amount of shops, albeit mostly institutionally-sized family offices and hedge funds, that have moved operations down there. Originally this was usually just the principal/seniors wanting to hit 6 months + 1 day to satisfy Florida residency for the tax break, but seeing a growing trend where these guys are staying longer or have moved their families down there full time. Lot of capital floating around due to proximity to Palm Beach and the concentration of private wealth management & private client bank branches for most of the big players.
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