Ask DickFuld November 2015

I'm ready for another round of questions from all of you. Please remember, I'm doing this because I care, so try to keep it civil.

Fire away....

(PS -- Let's try to refrain from asking dumb questions this time.)

 
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1. What's your take on the Valeant situation?
2. What do you think are the most important traits to look for in a wife?

1. Where there's smoke, there's fire.
  1. I would say you should look for someone who you are compatible with and where you have an implicit understanding of what role each of you are going to play in the relationship. For instance, if you are highly motivated and expect to be (or are) the money maker, that should be your role. If one person is going to be the primary caretaker of the kids, then that is their role. Don't start trying to do the other person's role or you will cause problems. So, I would suggest that finding someone who is compatible with you on major life paths is very important. Also, a nice rack is very important to me personally.
 
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1. opinion of the Shiller PE
2. what will healthcare look like in 2020
3. do my Packers still have a chance to get to the super bowl

1. Opinion in what way? It's just a figure. Seems like asking my opinion of yield to maturity, unless I'm missing something.
  1. Once again, this could be answered in a million different ways. If you mean will it be more socialized?, my guess would be yes. Will we have a cure for cancer? Very doubtful. Even better erection pills? Highly probable.

  2. I'm sorry to be the one to have to tell you this, but I'm sorry, they do not.

 

If you were to hire a kid from a non-target into I-Banking, what are some qualities that you would look for to determine whether that person would be a great employee? Loyalty?

Favorite Booze?

 
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If you were to hire a kid from a non-target into I-Banking, what are some qualities that you would look for to determine whether that person would be a great employee? Loyalty?

Favorite Booze?

Definitely not loyalty. I'm not even sure how you would gauge that in an interview. I would hire a nontarget for the same reasons I would hire anyone else. Some people on this website make it seem as if targets and nontargets are entirely different species of people. They're not.

I'd be looking for people that can get the job done. Of course, the skills that make someone successful vary by job. But, generally, I'm looking for people who are smart, are resilient, can sell, and are hungry for success.

 
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Do you watch Game of Thrones, and if so, how hard would you sex Daenerys?

I do not watch, but would smash with authority. I just Googled "Games of Thrones chicks" and would also smash Missandei and Cersei pretty hard as well. There did seem to be a fair amount of uggos on the top ten most beautiful women of Game of Thrones lists (and this coming from a guy with unbelievably low standards). I'd still smash those trolls though, because at least they're skinny and young.
 

What's the secret ingredient in Sapphire? I thought it was heroine but I passed my last drug test way too easily for the amount of gin I drink so it's gotta be something else (however, my blood and urine are both flammable). Any ideas? I'm beginning to think it's an unsolvable puzzle kind of like how many licks does it take to get to the center of a Tootsie Roll Tootsie Pop.

 
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What's the secret ingredient in Sapphire? I thought it was heroine but I passed my last drug test way too easily for the amount of gin I drink so it's gotta be something else (however, my blood and urine are both flammable). Any ideas? I'm beginning to think it's an unsolvable puzzle kind of like how many licks does it take to get to the center of a Tootsie Roll Tootsie Pop.

And this, ladies & gentlemen is how you kiss ass when you're 40 years old. Shame on you Ding dong.

 
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What's the secret ingredient in Sapphire? I thought it was heroine but I passed my last drug test way too easily for the amount of gin I drink so it's gotta be something else (however, my blood and urine are both flammable). Any ideas? I'm beginning to think it's an unsolvable puzzle kind of like how many licks does it take to get to the center of a Tootsie Roll Tootsie Pop.

And this, ladies & gentlemen is how you kiss ass when you're 40 years old. Shame on you Ding dong.

No, more like a running joke and common appreciation of the nectar of the Flying Spaghetti Monster, but whatever gets you through the night.

 
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What are your thoughts on the current GOP primary field? Which candidates do you like if any and why, which do you dislike and why?

Really appreciate you taking the time to answer questions.

I like Chris Christie and Carly Fiorina best from that field, but it doesn't really matter because Hilary is going to win regardless of who she goes up against.
 
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What are your thoughts on the current GOP primary field? Which candidates do you like if any and why, which do you dislike and why?

Really appreciate you taking the time to answer questions.

i'm watching the debate on DVR now. I definitely want to inject Fiorina with a bit of throat yogurt/would knock the dust off that pussy.
 
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Will EBs keep taking market share from BBs in M&A? Why and where do you think would be the best platform for developing a career M&A banker?

i'm sure they will continue to take market share. I still think the best platform to start is at a BB. The training is good, but most importantly the path is clear to promotion. If you're at an EB, I'm not sure how you develop and control relationships when the senior guys are already in place and controlling those relationships. However, it may make sense to jump ship from a BB to an EB when you have significant relationships that will follow you if you leave. That's a hefty payday.
 

In your opinion, what are the most significant values/traits that make someone reach the CEO level? Why'd you mention "definitely not loyalty" in the earlier question about what to look for in candidates?

Then out spake brave Horatius, The Captain of the Gate: "To every man upon this earth, death cometh soon or late. And how can man die better than facing fearful odds, For the ashes of his fathers, and the temples of his Gods."
 
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In your opinion, what are the most significant values/traits that make someone reach the CEO level? Why'd you mention "definitely not loyalty" in the earlier question about what to look for in candidates?

It's not that I don't value loyalty, I just don't know how you would be able to ascertain if a kid was loyal in an interview process. Loyalty is rewarded for people who are already on the team.

Reaching the CEO level requires a combination of being very good and very lucky. Leadership skills are obviously very important, but so are sales skills and strategic planning. Truth is you mostly just need amazing people who will follow you. When they do well, you look good.

 

In your opinion what are the top 3 qualities of an exceptional salesman ?

Who would you value more on your team?

  1. Some one that is an excellent team player.
  2. Some one with a great technical skill-set. 3.Some one who has a lot of hustle.
Keep it together and you will go far..
 
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In your opinion what are the top 3 qualities of an exceptional salesman ?

Who would you value more on your team?

1. Some one that is an excellent team player.
2. Some one with a great technical skill-set.
3.Some one who has a lot of hustle.

1. Tenacity 2. Listening abilities 3. Trustworthiness

As far as who would I rather have on the team? It would depend on what role we were hiring for. Clearly #2 for a quant, risk management, technology, etc. #3 for anything sales or relationship management oriented, but I would want that in anyone. I would want #1 for most roles, but especially for support type roles.

 
Best Response
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@DickFuld any thoughts on writing a book? Also, can you revive the "Bleed Lehman Green" shirts? Or maybe create ''F*ck Paulson" shirts?

any thoughts on this hater's questions for you?
I saw part of that video you posted and it upset me. I had a horse-toothed, know nothing man who knows nothing, NOTHING, about how the real world works question my intentions and integrity at my absolute weakest point to score political points with his room-temperature IQ constituents. I threw an SB to almost every post in this thread, but now I have to fling my first poo at you. After watching my responses again in the video, I think I was composed and thoughtful. Unfortunately, there is a rule that should never be forgotten: Never get into a argument with an idiot, because most people will not be able to tell the difference between the people arguing.

I'm not writing a book anytime soon. I'm still the most hated man in America. I've enjoyed a small Renaissance on WSO, but it is a small audience.

I'll see if I have anymore 'Bleed Lehman Green' shirts. Unless I can get at least 30 SBs on this post or 30 confirmed orders here, I'm pretty sure I won't find them.

 

This comment is a confirmed order for one of the 'Bleed Lehman Green' shirts.

Then out spake brave Horatius, The Captain of the Gate: "To every man upon this earth, death cometh soon or late. And how can man die better than facing fearful odds, For the ashes of his fathers, and the temples of his Gods."
 

So that's you? Handled that like a boss. Kept composed the whole time, I would have lost my shit with dumb ass questions like that. Fuck that guy.

I've been trying to get into Equity Research/IB from a regional auditing firm.. graduate with a master of accounting next month from a non target. I've been trying to network and have made a couple of contacts but coming up short on getting interviews. Can you offer me any advice? I'm going to take the level 1 CFA in June.

 
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When you're young, how do you choose between jobs or opportunities where one offers a more reputable name while the other gives you a position where you will learn a lot/have more responsibility? Assuming both places you will still learn a solid amount and both have recognition in their industry.

Tough one. I would lean towards the one where you get more concrete skills assuming they are somewhat close in reputation. However, I'm not sure how you would know in advance which firm would enhance your skills the most. That seems unknowable in most situations. Therefore, I would probably pick the firm with the better reputation in most cases.
 
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Hi Dick, thanks very much for doing this again. I've just started in ER at an MM, and I 'hustled' my way in, given that it doesn't really have a graduate program. Most guys here are senior analysts (headhunted from BBs etc.) and I'm pretty much the only junior guy on the team.

Company is in an aggressive growth phase, building out our franchise as we just got bought over by a top Chinese MM.

Hours are good, and people are nice. However, comp is slightly lower than street with no clear visibility on career progression. Should I stay or network to a BB?

Seems like a decent spot for now. I would wait to leave when you get a substantially better opportunity elsewhere. Specifically, the opportunity to get a coverage universe of your own if you want to stay in research or at least a very clear path to getting there.