Dealing with down market
Currently working in an out of favor asset class that was very hot for a few years but now looks like it may take a few years to recover. Value of my promote took a dump - was expecting low 7 figures over a few years but that’s now probably low 6 figures. Still making good salary plus bonus, super flexible job, and people I like but it’s really not motivating going to work with deal flow coming to a grinding halt and our assets sucking wind.
how do you folks that have been through cycles deal with this? This has been absolutely brutal.
Switching asset classes after having developed an expertise seems unwise in the long run. Seems like the only thing to do is suck it up but the idea of the asset class taking years to recover is tough
I understand how you're feeling, and most of us are likely in the same boat. But I think we should stay patient.
Our MD summed it up well when he said:
“This career is all about being patient. You endure the tough, boring cycles and capitalize on the 1 or 2 bear cycles you encounter during your career"
On a positive note we’re in a favorable position by not being a senior in these times. Those in senior positions are probably the most frustrated, as they have fewer cycles left to take advantage of. + A few years is honestly a short period, so there's no need to get overly stressed I guess..
You're always going to hit slow points on your career. It's why they're called "cycles".
Making money is easy when everything goes well. It's why so many idiots seem like they come out of nowhere to make a fortune. If you can figure out how to keep trucking away when your market hits a trough, you'll be well positioned both career-wise and for when things turn around. I'm always amazed at how short a memory institutional players seem to have when it comes to giving money to the same obvious scumbags and thieves time and again, but it's not that short, so if you're the guy making your lender's life easy when things are rough, you'll be at the top of the dance ticket when activity picks back up. Versus being the guy who is looking for workouts and retrades and handing back keys at the drop of a hat, just to save a couple bucks or preserve a couple basis points of yield
Just as an aside, I'm 37 and I've arguably only seen one cycle in my entire career. Most people who post on these forums weren't in the job market in 2007-2008. A lot probably weren't even in grade school yet. You say you are in a relatively good spot. Maybe shift your focus to other aspects of your life for a bit, tread water, save money, and be ready to roll when things turn again.
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