Thank you for Quitting
As a response to this sudden wave of McPosers who just seem too good for finance, here´s a nugget of greatness that will help you see what the rest of us think of your sudden moment of insight...
As a response to this sudden wave of McPosers who just seem too good for finance, here´s a nugget of greatness that will help you see what the rest of us think of your sudden moment of insight...
Career Resources
Leveragedsellout site never loads properly for me
Several times a year, I receive a forward in which some young analyst at an Investment Bank has flipped out, decided to quit, and written an embittered email manifesto to his group detailing his thought process. These emails ring of both anger and haste, and, without fail, they carry the tone of “I’m meant to be doing something better than this.”
I read these emails, and I chuckle. I laugh not only because these kids are raging pussies but because their naiveté is overwhelming. It’s as if they’ve had some sort lack of sleep induced revelation and are convinced that their true “path” has suddenly become clear—they aren’t meant to be working on pitch books for deals that alter the global economic landscape or doing complex analysis—they’re meant to be “using their minds.”
The most recent one of these emails is from a young analyst at some small shop called “UBS.” I hadn’t really heard of it before, but apparently they are not only “everywhere,” they’re “right next to me.” To which I say: How the fuck did you creep up into my prestigious-ass building, UBS? And no, I do not want your estate planning services!
Anyway, don’t get me wrong. I appreciate hubris; I applaud it. But when someone is so deluded to think that he is better than Banking, he is advertising his stupidity. These kinds of people don’t understand the solid fundamentals that come with getting one’s hands dirty, and it’s obvious that these quitters are just scared of a little hard work and the occasional all-nighter.
Grip some Red Bull and shut the fuck up, kids—everyone has to put in dues. You think Scott Kapnick was bitching about long hours when he started out? What would have become of King Leonidas if instead of braving the cold and killing that beady-eyed wolf, he had just set his spear down on his desk and ran away like a sissy? They would have ended up like you, UBS: jobless.
In the spirit of being scientific, I had the drones over at Sunday, LLC (appropriately, the sad little personal assistant startup of an ex-CS-Banker) pull me some historical data on all these “Fuck you. I quit” Banking defectors. Ran a quick little regression, and the results were just as I had speculated: R2 of 1.0 with the line going straight to shit.
Turns out that storming out of finance violates what some might call “the cardinal fucking rule”—it leaves you no outs. Those that have left are forced to take on small business ventures, work random in-house corporate finance jobs, and return, hat-in-hand, to family businesses. Guys that were once a part of an extremely elite finance set are now living godknowswhere, dreaming of the past and trying to apply their rusty DCF skills to the income they’ve managed to stuff underneath their mattresses (“$12 valuation, baby! Woo!”).
So I ask our UBS friend: are you worried about the significance of these data points? Has it occurred to you that perhaps you should have taken a moment to breathe and think before you made such a rash decision, squandering your life and the opportunity you had been so lucky to receive?
Perhaps there should be a counseling center for Bankers on Tilt that could save these young confused souls and guide them back to sanity. Perhaps their MDs should be instructed to give them another shot and forget about the momentary insanity. But then again, perhaps not.
I’m fairly certain all these kids were destined to be pretty shitty Bankers anyway, so the only net loss was that someone missed out on the sheer pleasure of informing them of their bottom tieredness and the joy of presenting them with a measly $2k bonus. No big deal.
Thanks for quitting, guys—you would have been weeded out anyway.
You're not prestigious enough and you pay your internet bill with mastercard.
R2 of 1.0 with the line going straight to shit.
HAHAHAHAHA
Thanks Sonny, SB
Always funny, but you do realize that LSO wasn't even written by a banker?
THIS. Before you rub one out to LSO, realize that he wasn't even a banker and that it's pure fiction/entertainment based on his banker roommate. Also, this was written in 2007 when they basically cut you a $100,000 bonus check just for showing up, and you had to be crazy to quit banking. Not so anymore.
Whatever. So what? Jesus was jewish and this guy is an indian english major. He´s still preaching the truth.
I personally read every LSO post twice every day, to remind myself Im still at the top of the food chain.
You don't get it. He is not saying that you are crazy to quit. He is completely mocking bankers and having a laugh at the elitist attitude.
"How the fuck did you creep up into my prestigious-ass building, UBS?"
Anyone who hasn't read every single post on that site is doing themselves a severe disservice. Just don't read the damn book. What a shame.
I think the point is to simply quit. I've worked plenty of shit jobs, but when the time came to leave I did just that. Gave notice, said thanks and walked out the door. Never wrote a dumb goodbye email, never posted an opus about what cool shit I am going to do, just moved on.
I frankly think all these "I quit" posts are more about convincing the OP or getting affirmation from others that what they did is correct. Heads up, you quit, cool, no one gives a shit.
No one cares that you are gone, no one cares what you do, you are not special, none of us are. Life goes on. Stop looking for someone to validate your personal decision and just move on with things.
Well said Ant
Entrepreneurs own bankers :)
A lot of peeps are rubbing it in on this site - I get that - but if you can make "enough" money in Business Development, I don't see how banking even compares...
I suppose you could argue "professional economist", or something that's truly "academic" or "interesting", but IBD or a long-term career in trading? I don't get it...seems like a shitty life
Most people that make MD do not come in as analyst, thats what the MBA is for. The bulk of senior bankers are: failed entrepeneurs, ex consultants and lawyers.
I guess it comes down to what you want to do. Leaving any job without having a clue what to do next is dumb, so yeah, in that case i suppose you could call someone a pussy for leaving an analyst gig.
But if someone knows they want to do something else / have a plan to do it, what you're saying just doesn't make sense. How would businesses even get started?
It comes down to the person too. There are lots of people on this site who've probably spent their lives learning how to "beat the SAT" or "beat the final exam" and yeah, those people wouldn't make good entrepreneurs....but for people in finance who've played some sports, travelled a bit, learned how to talk to girls, and smoked a few joints here and there, I don't see why waving goodbye to the industry is such a bad thing.
If having a sub zero fridge and drinking champagne in the MoMA garden while watching Kayne is a shitty life, then my life is pretty god damn awful
What the hell is an entrepreneur anyways? People use that term like it's a job description. It's a catch-all term for everything that can't be defined as working for someone else. Most entrepreneurs fail miserably and go home to work menial jobs for their parents. The ones that get lucky enough to sell their dogshit company to Facebook for $1B are the ones who get all the media attention obviously, and for some reason we all just assume that every one of us can be that lucky? There were 1000s of Instagrams out there, Instagram just happened to be the one that caught on with the public, and they were rewarded for it. Those guys are more than likely done for, as far as earnings potential goes. And personally, I'd rather take this route making more money and having more fun than all of these "entrepreneurs" who think they're adding "societal value" at their shitty start-up with offices on the edge of Harlem and a $50,000 loan from grandpa that's been gone since the first rent check went out.
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