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Comments (265)

May 6, 2015

Were you given the opportunity to join Barclays/Nomura way back when?

happy to give advice; no asking for referrals please

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May 6, 2015

What's the most interesting thing you've ever seen on someone's resume/someone participated in that you hired?

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May 6, 2015

Are you looking forward to the new Star Wars?

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May 6, 2015
Oreos:

Are you looking forward to the new Star Wars?

Yes. I might have to go see that one, even though I haven't really watched movies in a long time.

May 6, 2015

Hey asshole, way to answer the very first question

happy to give advice; no asking for referrals please

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Side-by-side comparison of top modeling training courses + exclusive discount through WSO here.

May 8, 2015

nope

May 8, 2015
anwesh.dhanvalkar:

nope

are you a new troll? or just autistic?

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May 6, 2015

If you had to lose a finger, which one would it be?

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May 6, 2015
SSits:

If you had to lose a finger, which one would it be?

Left pinky

May 6, 2015

Who do you have winning the Stanley Cup?

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May 6, 2015
FeedMeDealFlow:

Who do you have winning the Stanley Cup?

The Islanders. To be fair, I'm not a hockey fan.

May 6, 2015
DickFuld:

"FeedMeDealFlow" wrote:Who do you have winning the Stanley Cup?

The Islanders. To be fair, I'm not a hockey fan.

I can tell, Islanders have already been knocked out

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May 6, 2015

say you magically transformed to a fresh grad, which finance job/department would you apply to?

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May 6, 2015
Marker:

say you magically transformed to a fresh grad, which finance job/department would you apply to?

It would still be trading. It is a position that has one of the highest degrees of measurability of success. As an outcome oriented person, I love that.

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May 6, 2015

Given the regulatory changes, How do top level managers look at compliance officers at their firm? Does management actually care about it besides avoiding getting fined?

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May 6, 2015
cubsfanatic8228:

Given the regulatory changes, How do top level managers look at compliance officers at their firm? Does management actually care about it besides avoiding getting fined?

Nobody actually cares about compliance. You probably already knew that.

May 6, 2015

First hard question:

If all the things that are the consensus here on the forum (e.g. you must go to a target school, it's impossible to move buyside at any position higher than analyst, etc) what are the ones that just aren't true in the real world?

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May 6, 2015
Bigass_Spider:

First hard question:

If all the things that are the consensus here on the forum (e.g. you must go to a target school, it's impossible to move buyside at any position higher than analyst, etc) what are the ones that just aren't true in the real world?

None of that stuff is absolutely true. I went to a non-target, for starters. Many senior sell siders have gone to the buy side. One thing that is absolutely true is that being a great Excel jockey does not always or often translate into being successful later in your career.

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May 7, 2015
Bigass_Spider:

First hard question:

If all the things that are the consensus here on the forum (e.g. you must go to a target school, it's impossible to move buyside at any position higher than analyst, etc) what are the ones that just aren't true in the real world?

The inverse of this question: Which of the consensus/stereotypes (e.g. you must go to a target school, it's impossible to move buyside at any position higher than analyst, etc) sadly ARE true?

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May 7, 2015
surferdude867:

"Bigass_Spider" wrote:First hard question:
If all the things that are the consensus here on the forum (e.g. you must go to a target school, it's impossible to move buyside at any position higher than analyst, etc) what are the ones that just aren't true in the real world?

The inverse of this question: Which of the consensus/stereotypes (e.g. you must go to a target school, it's impossible to move buyside at any position higher than analyst, etc) sadly ARE true?

While this is not exactly 100% true, it's pretty close: Sadly, today you need to have a penis to make it to the upper echelons of finance.

May 6, 2015

how many licks to the center of a tootsie pop?

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May 6, 2015
akhbar:

how many licks to the center of a tootsie pop?

The world may never know.

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May 6, 2015

If you ever met Dick Fuld, would you introduce yourself as Dick Fuld and tell him about your WSO fame?

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May 6, 2015
CRE:

If you ever met Dick Fuld, would you introduce yourself as Dick Fuld and tell him about your WSO fame?

Is this some sort of psychological or philosophical question about how does one actually know oneself? If I were to introduce myself to myself, I would probably have bigger things to talk about than winning the WSO Member of the Year award. Maybe if I win the GOAT on WSO, that would be worth mentioning, but probably not compared to running a Fortune 100 company.

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May 6, 2015
DickFuld:

<

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"CRE" wrote:If you ever met Dick Fuld, would you introduce yourself as Dick Fuld and tell him about your WSO fame?

Is this some sort of psychological or philosophical question about how does one actually know oneself? If I were to introduce myself to myself, I would probably have bigger things to talk about than winning the WSO Member of the Year award. Maybe if I win the GOAT on WSO, that would be worth mentioning, but probably not compared to running a Fortune 100 company.

Well done

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May 6, 2015

Where do you recommend as a vacation spot? Looking for some ideas for a week this summer.

May 6, 2015
NESCAC:

Where do you recommend as a vacation spot? Looking for some ideas for a week this summer.

Sun Valley, Idaho. It's absolutely beautiful.

May 6, 2015

As a kid, what did you want to be when you grew up?

May 6, 2015
DomTorettoSmokem:

As a kid, what did you want to be when you grew up?

The boss.

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May 6, 2015

Serious question...

I presume you grew up in a middle class family (not very rich or very poor)... this is different for your kids (or other rich kids whose parents do not come from money) because their dad (you!) is filthy rich... As a result, I would imagine the generation gap is larger than that experienced in most other families because of the huge differences in childhood experiences of the parents vs. the children.

'would love to know how you (or other people) mitigate that?

To be clear, this question is intended to know how families, in general, work around this. It is not specifically about your family per se.

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May 6, 2015
MBA_Junkie:

Serious question...

I presume you grew up in a middle class family (not very rich or very poor)... this is different for your kids (or other rich kids whose parents do not come from money) because their dad (you!) is filthy rich... As a result, I would imagine the generation gap is larger than that experienced in most other families because of the huge differences in childhood experiences of the parents vs. the children.

'would love to know how you (or other people) mitigate that?

To be clear, this question is intended to know how families, in general, work around this. It is not specifically about your family per se.

In general, you have to try to let your kids have their own goals, but make sure they actually have goals, as opposed to just living off of three family money. To be honest, this is a very difficult thing, because your kids are unique people, not just little replicas of Dad. Luckily, all of my kids are good, so it hasn't been a source of frustration for me. But, it has been a problem for many of my friends who have similar levels of wealth. To be fair, people of all income levels have varying degrees of issues with their kids, so it's not a problem only for the well off.

May 6, 2015

Have you ever considered officially changing your name? If so, what would it be?

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May 6, 2015
Lou:

Have you ever considered officially changing your name? If so, what would it be?

Dick Hung

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May 10, 2015

lmao +1

May 20, 2015

"Dick Hung" "Hung Dong"
my fav replies on wso of all time!

LIVE THE IMPOSSIBLES

May 6, 2015

Question 1:
Do you think that Investment Banking (trading and advisory) is on its way out (given certain developments in technology/the negative impressions left by the crisis)? Or do you think that these institutions will continue to survive as a leading force in the business world - where younger minds like ours can rise to the top as you once did and make impressions on the world?

Question 2:
What are some characteristics of a person whom you would bet on to succeed at the highest levels on the street- the most upper echelon? Can it be done without ground-level pedigree (a degree from Harvard/parents who know Jamie Dimon?).

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May 6, 2015
FIGFocused:

Question 1:
Do you think that Investment Banking (trading and advisory) is on its way out (given certain developments in technology/the negative impressions left by the crisis)? Or do you think that these institutions will continue to survive as a leading force in the business world - where younger minds like ours can rise to the top as you once did and make impressions on the world?

Question 2:
What are some characteristics of a person whom you would bet on to succeed at the highest levels on the street- the most upper echelon? Can it be done without ground-level pedigree (a degree from Harvard/parents who know Jamie Dimon?).

1. For the foreseeable future, they'll clearly still be around. Advisory is harder to automate than trading and will certainly be around for a long time. Even if we get to a point where online auctions are common for selling pieces of businesses (in the distant future), you still need people to build the story and find the buyers.

  1. The people I bet on are street smart, can sell, are tough and ask tough questions, and are leaders.
May 6, 2015

Two questions:

  1. What do you think of your middle name? Weird as fuck name to have, how'd they even come up with that?
  2. Favorite lunch spot in the city and when should we meet there? Let me know what day/time works best and I will pay.
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May 6, 2015
Khayembii:

Two questions:

1. What do you think of your middle name? Weird as fuck name to have, how'd they even come up with that?

2. Favorite lunch spot in the city and when should we meet there? Let me know what day/time works best and I will pay.

1. This does not occupy a lot of my thoughts.

  1. A) Any place with booze
    B). No thanks
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May 6, 2015

Thanks for doing this again. For the lack of better opportunities, I will be joining a small investment management shop for the summer, that is largely family owned. It has about $100M AUM with only one poor performing fund and PM seems rather chill. Any tips?

May 6, 2015
astfin-juki:

Thanks for doing this again. For the lack of better opportunities, I will be joining a small investment management shop for the summer, that is largely family owned. It has about $100M AUM with only one poor performing fund and PM seems rather chill. Any tips?

Work hard, have a positive attitude, do not think you are better than any task they assign to you, and put yourself in a position to ask for referrals for other jobs by the time you leave.

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May 6, 2015

Thank you sir, I will bear that in mind.

May 6, 2015

Thanks Dick. Here's two more:

  1. Have you ever actually eaten the ripped out hearts of your victims
  2. WTF do you do all day when you're not on WSO
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May 6, 2015
Khayembii:

Thanks Dick. Here's two more:

1. Have you ever actually eaten the ripped out hearts of your victims

2. WTF do you do all day when you're not on WSO

1. I refuse to answer that question on the grounds that it may incriminate me.

  1. WSO and booze. That is all. Oh yeah, and help young people achieve their dreams.
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May 6, 2015

About asking hard questions:

Would you mind being a bit more specific about what "hard questions" means? The reason I ask is because I've worked in some environments where asking "hard questions" in operational plans was frowned upon, and anyone that offered suggestions that went against the leadership team's (unit head, his second, and the operations head) ideas or assumptions usually got a pretty strong negative response and labeled as "not a team player", ending their chance at any good assignments.

What is your advice for walking the line between supporting your management and, as you put it, "asking tough questions"

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May 6, 2015
Bigass_Spider:

About asking hard questions:

Would you mind being a bit more specific about what "hard questions" means? The reason I ask is because I've worked in some environments where asking "hard questions" in operational plans was frowned upon, and anyone that offered suggestions that went against the leadership team's (unit head, his second, and the operations head) ideas or assumptions usually got a pretty strong negative response and labeled as "not a team player", ending their chance at any good assignments.

What is your advice for walking the line between supporting your management and, as you put it, "asking tough questions"

Sorry, I meant that advice about hard questions for those 35+ and beyond. Nobody wants a hard hitting analyst.

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May 6, 2015

What's the most important life lesson you have learned in the last 7 years?

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May 7, 2015
Shambles:

What's the most important life lesson you have learned in the last 7 years?

That you never truly have friends who will support you through anything.

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May 7, 2015
DickFuld:

"Shambles" wrote:What's the most important life lesson you have learned in the last 7 years?

That you never truly have friends who will support you through anything.

+1.. sad but true..

May 7, 2015

Associate, actually. Thanks for answered questions.

I'm also curious what you think the ideal attitude for a post-MBA associate hire should be, and how you would advise me to express that attitude when meeting prospective employers.

Also at that level, how honest do you think I should be in between cheerleader and "brutal straight shooter"? It's a shitty way of asking the question I know, but I've also learned the hard way that people usually don't want to hear what you actually think(even when they claim to).

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May 7, 2015
Bigass_Spider:

Associate, actually. Thanks for answered questions.

I'm also curious what you think the ideal attitude for a post-MBA associate hire should be, and how you would advise me to express that attitude when meeting prospective employers.

Also at that level, how honest do you think I should be in between cheerleader and "brutal straight shooter"? It's a shitty way of asking the question I know, but I've also learned the hard way that people usually don't want to hear what you actually think(even when they claim to).

Until you are in a position of power, I would learn how to provide suggestions in helpful/positive ways as opposed to openly smashing the status quo. If you want to secretly undermine things that you don't think are working well, that is another viable alternative. In other words, demonstrate an alternate way of doing things in a better way and people will get on board with that much more easily than bad mouthing the current way and hoping to drive change from above. At an associate level, it will be impossible or at least unlikely to be effective as a 'brutal straight shooter'. Someone above you will smack the shit out of you if you're straight shooting about one of the problems they are causing.

May 7, 2015

Has the whole drinking in moderation thing been effective?

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May 7, 2015
Poultry:

Has the whole drinking in moderation thing been effective?

It worked pretty well.
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For about two days.

May 7, 2015
May 7, 2015
DickFuld:

"Poultry" wrote:Has the whole drinking in moderation thing been effective?

It worked pretty well.
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For about two days.

bEen absolutEly hammered ever. since.

May 7, 2015

What do you think about the guys at 3G and their management style (Welchesque, meritocracy, old school Goldmanesque, etc.) they seem very effective.

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May 7, 2015
LR1400:

What do you think about the guys at 3G and their management style (Welchesque, meritocracy, old school Goldmanesque, etc.) they seem very effective.

They're the type of people who will respond to a random cold email by a 24 year old commercial real estate broker, meet with the new broker over lunch, AND give said broker a run at their business, making the broker look like a complete badass to his entire firm. They'll always be good in my book.

May 7, 2015
LR1400:

What do you think about the guys at 3G and their management style (Welchesque, meritocracy, old school Goldmanesque, etc.) they seem very effective.

I don't know them personally.

May 7, 2015

Is there a singular moment at Lehman where you said to yourself "Holy shit, I l'm becoming a BSD in this company." If so, what was that moment? And when did you realize you were on your way to being CEO?

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May 7, 2015
MIAMonkey:

Is there a singular moment at Lehman where you said to yourself "Holy shit, I l'm becoming a BSD in this company." If so, what was that moment? And when did you realize you were on your way to being CEO?

After Lew Glucksman took me under his wing for so long, it felt like an inevitability. I guess the closest was when he became CEO, I realized it would likely be me someday, even if it was not inmediately.

May 7, 2015

For us young up and coming professionals, what investment strategies would you suggest as we start getting cash to stash? Is it a simple as 401K>IRA>Brokerage, or should we be thinking about real estate (or at least REITs) and educational savings account for our eventual progeny?

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May 7, 2015
John-Doe8:

For us young up and coming professionals, what investment strategies would you suggest as we start getting cash to stash? Is it a simple as 401K>IRA>Brokerage, or should we be thinking about real estate (or at least REITs) and educational savings account for our eventual progeny?

I think the 401K is a great place to start, especially if your firm matches. Most importantly, just make a fuck-ton of money and you won't have to worry about pinching pennies.

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May 7, 2015

Did you ever get a call sign in the Air Force?

May 7, 2015
flewbye:

Did you ever get a call sign in the Air Force?

No, I did not.

May 7, 2015

can you give me some banana?

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May 7, 2015
wilhug:

can you give me some banana?

There you go. Let it never be said that I don't give back.

May 7, 2015

How do you stay interested in WSO after your 3rd drink?

If I had asked people what they wanted, they would have said faster horses - Henry Ford

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May 7, 2015
happypantsmcgee:

How do you stay interested in WSO after your 3rd drink?

It really only gets interesting after the 4th.

May 7, 2015

What are your favorite WSO threads? The "I'm a 14 year old future Whartonite. Which group should I be in at GS?" teenage BSD threads? The "Which ways to fold a pocket square are acceptable as an analyst?" fashion threads? The "How many seconds exactly should I stare into the interviewer 's eyes while shaking his or her hand (and does it change based on gender?)" Asperger's threads?

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May 7, 2015
CRE:

What are your favorite WSO threads? The "I'm a 14 year old future Whartonite. Which group should I be in at GS?" teenage BSD threads? The "Which ways to fold a pocket square are acceptable as an analyst?" fashion threads? The "How many seconds exactly should I stare into the interviewer 's eyes while shaking his or her hand (and does it change based on gender?)" Asperger's threads?

Anything posted by Beny23 was pretty solid. I would still have to say the Brady threads were probably the best, especially those where he had a hard on for HBS.

The other ones I find hilarious are when there are 19 year olds planning their retirement at 30, when they haven't worked a single day in their professional career yet.

May 7, 2015

It's my birthday today. Can you wish me a happy birthday?

May 7, 2015
pleasebegentle97:

It's my birthday today. Can you wish me a happy birthday?

Unfortunately, I can't. However, I'm sure someone else will.

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May 7, 2015

In retrospect I should have seen that coming. How should I celebrate my birthday? I'm still one year away from legal drinking age, so can't go to a bar.

On a more serious note:

I'm a third year at UBC in Computer Science and Microbiology, and I recently got interested in finance, particularly the buyside. Now I'm starting to read some of the CFAI textbooks from a friend who took the tests a couple years ago. However I understand that I'm at a huge disadvantage to all of the target school students and students that have been learning about finance for a longer time, and that if I do pursue this path it would be a game of catch-up for at least the next few years.

So what I want to ask is:

What motivated you to pursue a career in finance in the first place?
Also what can I do to set myself apart/become a viable candidate for an internship?

May 7, 2015

1) As a senior guy, what makes you really respect a junior person at your firm?

2) As a senior guy, what could potentially make you hate a junior person at your firm?

May 7, 2015
SpaceMarine:

1) As a senior guy, what makes you really respect a junior person at your firm?

2) As a senior guy, what could potentially make you hate a junior person at your firm?

I don't really interact wih junior people and haven't for a long time. But, back when I did, it was people that went above and beyond what was asked and never complained.

  1. Entitlement.
May 7, 2015

HI DICK, PEEHOLE HERE. I HAVE EATEN 3 TO 4 GREEN APPLES IN THE LAST HOUR OR SO, I WAS JUST WONDERING IF YOU KNOW WHAT WILL HAPPEN TO ME? THANK YOU FOR YOUR TIME.

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May 7, 2015

HI DICK, PEEHOLE HERE COMING BACK FOR MORE. DO YOU KNOW HOW TO TURN OFF CAPSLOCK? IT SEEMS I HAVE TURNED IT ON BY ACCIDENT AND IM HAVING SOME DIFFICULTY TURNING IT OFF. JUST WANTED TO CLEAR THAT UP INCASE YOU THOUGHT I WAS YELLING. I AM SORRY IF YOU THOUGHT I WAS YELLING, BUT THAT WAS NOT MY INTENTION. THANK YOU AGAIN FOR DOING THIS AMA. GOD BLESS LEHMAN

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May 7, 2015

Hey Dick,

I'm a mid-level consultant at MBB (3 years out of business school). Let's assume I could keep being a consultant all the way to partner, where I would start just under 7 figures, and eventually move up to low/mid 7 figures if I could keep riding the train. It's fairly safe and stable (at least for now), with pretty good probability of making good money, but extremely low probability of making DickFuld money.

It's not a bad gig, but if I got bored with it and wanted to move into finance or some other career, what paths might you recommend? What are the trade offs I should think about?

Thanks again for doing this, sir.

Best Response
May 7, 2015
BigPicture:

Hey Dick,

I'm a mid-level consultant at MBB (3 years out of business school). Let's assume I could keep being a consultant all the way to partner, where I would start just under 7 figures, and eventually move up to low/mid 7 figures if I could keep riding the train. It's fairly safe and stable (at least for now), with pretty good probability of making good money, but extremely low probability of making DickFuld money.

It's not a bad gig, but if I got bored with it and wanted to move into finance or some other career, what paths might you recommend? What are the trade offs I should think about?

Thanks again for doing this, sir.

You have it good. You have to remember, any time someone makes it to centi-millionaire or higher, a large amount of luck is involved. If you can make high six figures or low seven figures with relatively low risk, that's a phenomenal thing. Granted, you won't be flying private, but there aren't that many things that different in your day to day if you make good money vs. great money.

I would not suggest moving from a relatively high paying job because you're bored. Especially if it means starting at a lower rung on the totem pole in another field.

Assume you are in consulting and you cover financial firms. Many people from McKinsey who make it to partner can move into a fairly senior role at the firm's they cover (or equivalent). I've seen some guys move into C-Suite level spots at relatively small public financial firms from senior level partner positions at these consulting firms. That's not half bad.

The grass is greener is one of the most damaging mindsets possible. It can ruin great paths in the pursuit of perfection.

Perfection simply does not exist.

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May 7, 2015
DickFuld:

"BigPicture" wrote:Hey Dick,
I'm a mid-level consultant at MBB (3 years out of business school). Let's assume I could keep being a consultant all the way to partner, where I would start just under 7 figures, and eventually move up to low/mid 7 figures if I could keep riding the train. It's fairly safe and stable (at least for now), with pretty good probability of making good money, but extremely low probability of making DickFuld money.
It's not a bad gig, but if I got bored with it and wanted to move into finance or some other career, what paths might you recommend? What are the trade offs I should think about?
Thanks again for doing this, sir.

You have it good. You have to remember, any time someone makes it to centa-millionaire or higher, a large amount of luck is involved. If you can make high six figures or low seven figures with relatively low risk, that's a phenomenal thing. Granted, you won't be flying private, but there aren't that many things that different in your day to day if you make good money vs. great money.

I would not suggest moving from a relatively high paying job because you're bored. Especially if it means starting at a lower rung on the totem pole in another field.

Assume you are in consulting and you cover financial firms. Many people from McKinsey who make it to partner can move into a fairly senior role at the firm's they cover (or equivalent). I've seen some guys move into C-Suite level spots at relatively small public financial firms from senior level partner positions at these consulting firms. That's not half bad.

The grass is greener is one of the most damaging mindsets possible. It can ruin great paths in the pursuit of perfection.

Perfection simply does not exist.

Thanks for the perspective. SB'd. My current plan is to stay put, but it's always good to keep an eye out.

Finally, regarding your comment about flying private: I did get to fly private with the CEO of a publicly traded company a few weeks ago (a client in his company's jet)....not a big deal for many, but this former-mid-western-kid was excited.

Thanks again.

May 7, 2015
DickFuld:

"BigPicture" wrote:Hey Dick,
I'm a mid-level consultant at MBB (3 years out of business school). Let's assume I could keep being a consultant all the way to partner, where I would start just under 7 figures, and eventually move up to low/mid 7 figures if I could keep riding the train. It's fairly safe and stable (at least for now), with pretty good probability of making good money, but extremely low probability of making DickFuld money.
It's not a bad gig, but if I got bored with it and wanted to move into finance or some other career, what paths might you recommend? What are the trade offs I should think about?
Thanks again for doing this, sir.

You have it good. You have to remember, any time someone makes it to centa-millionaire or higher, a large amount of luck is involved. If you can make high six figures or low seven figures with relatively low risk, that's a phenomenal thing. Granted, you won't be flying private, but there aren't that many things that different in your day to day if you make good money vs. great money.

I would not suggest moving from a relatively high paying job because you're bored. Especially if it means starting at a lower rung on the totem pole in another field.

Assume you are in consulting and you cover financial firms. Many people from McKinsey who make it to partner can move into a fairly senior role at the firm's they cover (or equivalent). I've seen some guys move into C-Suite level spots at relatively small public financial firms from senior level partner positions at these consulting firms. That's not half bad.

The grass is greener is one of the most damaging mindsets possible. It can ruin great paths in the pursuit of perfection.

Perfection simply does not exist.

This is probably the best advice I've ever seen on here.

You'd be pretty insane to leave a job paying you low to mid seven figures, if you make it to that level. Compared to nearly everyone on earth, that's a shit ton of money. I've seen senior consultants move into c-suites across the board, not just at financials, and that may net you more money and still be a somewhat stable career but unless you happen to land at the next Google at the right time, it's not making you a billionaire. Moving into finance, at least in my opinion, would be stupid. Too much risk of not hacking it vs potential reward when you factor in already making seven figures. If you think you're going to get bored, work for 10 years making mid seven figures, retire at 50 and go off to run a non-profit.

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May 7, 2015

what's the best book you ever read

May 7, 2015

what would Lehman and your career have been like if Pete Petersen had beat out Glucksman for control in '83

May 7, 2015
glen ross:

what would Lehman and your career have been like if Pete Petersen had beat out Glucksman for control in '83

I would have been fucked. Lew was my mentor and carried me on his shoulders until I was ready to stand on his shoulders. Lew is a god to me. No fucking way Pete would have beat him though, for the record.

May 7, 2015

What was your reaction when your daughter was going to pursue a career on Wall St?
What was your reaction when your daughter was going to marry an investment banker?

May 7, 2015
antimonkey:

What was your reaction when your daughter was going to pursue a career on Wall St?
What was your reaction when your daughter was going to marry an investment banker?

Sexist comment.

I love my daughter and support her choices.

May 7, 2015

I thought it would be okay for me to ask these questions because I do not have a penis.

You're a supportive dad. My dad would initially say no to both.

May 8, 2015

Since you went into finance for money only, what would you have gone into with money not being a factor?

May 8, 2015
Skinnayyy:

Since you went into finance for money only, what would you have gone into with money not being a factor?

Professional squash player

May 8, 2015

Follow up...

What are the similarities, if any, between squash and racquetball? I've only ever played racquetball and squash just looked so odd to me because their ball doesn't bounce very well.

May 8, 2015

how the earnings attributable to participating preferred stock is forecast-ed?

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May 8, 2015
anwesh.dhanvalkar:

how the earnings attributable to participating preferred stock is forecast-ed?

The preferred is attributable to send dog next thing heaven fog floor cloud are sending belts to upper fins.

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Jun 23, 2015

you are dick!!!!!

May 8, 2015

Dick, should I gear my career toward real estate development or value-add REPE? You get to pick my future right now.

May 8, 2015
CRE:

Dick, should I gear my career toward real estate development or value-add REPE? You get to pick my future right now.

value-add. You're welcome.

May 8, 2015
DickFuld:

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"CRE" wrote:Dick, should I gear my career toward real estate development or value-add REPE? You get to pick my future right now.

value-add. You're welcome.

It's definitely the option with less risk (and what my internship is in now). Thanks.

May 8, 2015

What advice would you give to a career changing 1st year analyst who's looking to advance quickly? I spent 2 years in the army and 2 years in transactional law, couldn't afford the cost (and time) of an MBA so went straight into IB as an analyst.

I am willing to fetch coffee but how can I leverage on my prior experience to beat the competition and advance quickly?

What's the best way to distinguish myself from the fresh grads and get more/better deal experience while avoiding the "managing analyst" trap?

    • 1
May 8, 2015
London-Monkey:

What advice would you give to a career changing 1st year analyst who's looking to advance quickly? I spent 2 years in the army and 2 years in transactional law, couldn't afford the cost (and time) of an MBA so went straight into IB as an analyst.

I am willing to fetch coffee but how can I leverage on my prior experience to beat the competition and advance quickly?

What's the best way to distinguish myself from the fresh grads and get more/better deal experience while avoiding the "managing analyst" trap?

Hustle efficiently. Make sure people know you're hustling as well. Because, you know what they say about quiet people? Nothing.

@"SSits" has written some quality things about how to get recognized as a hard working junior.

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May 8, 2015

Could you give some examples of effective hustling you have seen in juniors? Thank you.

May 8, 2015

"Because, you know what they say about quiet people? Nothing." Fucking poetry man!

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May 8, 2015

I second London-Monkey's motion.

May 8, 2015

Follow on question:

How do you make them aware of the effort without coming off like you're seeking recognition? The idea that comes to mind for me is sending "updates" on the status of things you're working on.

May 8, 2015
Bigass_Spider:

Follow on question:

How do you make them aware of the effort without coming off like you're seeking recognition? The idea that comes to mind for me is sending "updates" on the status of things you're working on.

Guys, I can't lay out a roadmap for every gesture and email you send from now until eternity. Send them updates, ask them questions, talk to them.....just figure out a way to convey that you have been busting your ass without looking like a sycophant.

May 8, 2015

What is the best route to break into global macro research positions?

May 8, 2015
attagirl:

What is the best route to break into global macro research positions?

I never worked at a macro fund, so I'm not the best person to ask. Presumably in rates trading or F/X trading.

May 8, 2015

I second Bigass_Spider's motion.

May 8, 2015

selfish questions:

  1. what do you think about the fiduciary standard?
  2. what do you think about robo advisors?
  3. marty shafiroff notwithstanding, what're some characteristics of guys you've seen really kill it in pwm?
    • 1
May 8, 2015
thebrofessor:

selfish questions:

1. what do you think about the fiduciary standard?
2. what do you think about robo advisors?
3. marty shafiroff notwithstanding, what're some characteristics of guys you've seen really kill it in pwm?

1. It's a matter of time before the fiduciary standard is applied to brokers in one form or another. Especially for those that offer managed money, which is almost everyone under 60.

  1. I don't think about robo advisors.
  2. It's the ultimate in hustle with the least support from the firm. Someone sitting on the bond desk from Lehman is going to get plenty of calls just because he's a part of the firm....clearly that's not true in PWM. So, I met some guys that were typical outgoing types of personalities that you would expect. I also met some that seemed rather reserved. So, the most common things were hustling, asking for the order, and asking for referrals. Basically asking for whatever it is they wanted. What have you seen?
May 8, 2015

pretty much same, I would just lump all of that together into not having any shame

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May 9, 2015
thebrofessor:

selfish questions:

1. what do you think about the fiduciary standard?
2. what do you think about robo advisors?
3. marty shafiroff notwithstanding, what're some characteristics of guys you've seen really kill it in pwm?

Dont mean to hijack, but will offer my $0.02 on points 1 and 2.

FWIW, I think the fiduciary standard will eventually become the norm. Will cost a shitload to implement, but long run i think it will be better for the industry. Will force out the bottom 20%ish of snakeoil salesmen in the industry and hopefully bring some more respect to the profession.

Robos are an industry queef IMO. They're basically doing what target date funds have been doing since forever, all be it in a more "cooler" and hipster looking way. I dont consider "tax loss harvesting" incredibly value added. its basic planning 101, and I would say 95% of their client base will never use it. its all just hype. They're also not profitable, and the ventures are going to want their money back eventually. I dont know how many millions they have received in funding but i dont think they're anywhere close to profitable. Say Wealthfront and betterment have 4Billion AUM collectively at 1% velocity, thats 40M in revenue per year at best. I dont know what the numbers are, but betterment has easily gotten over 100m and wealth front around 125m.

I think the robos value is not from the Asset Management side, but they do have value to insurance companies. id assume their clients are younger with smaller net worths, people starting out on their financial journey (less than 100K in investments) Think of the value to the insurance companies offering them life insurance, disability, etc. Insurance companies will pay big bucks to get access to their clients to hose them with some whole life.

I think you mentioned you were in the Wealth management arena....if your at merril or w.e your book velocity is probably 1.0-1.4%ish. Say you have 100m in AUM you're generating 1-1.4m and your book value is may 2-3x your production if you're lucky. that book is worth 3.5-4m ish at merril. The valuations wealthfront and betterment have are ridiculous.

a quick google tells me WF is valued at 700m. Say 2B AUM at 1% thats 20m production. thats a valuation of 35x revenue.

Say Mr.swingingdick at merril is retiring and wants to sell you his book, are you going to pay 35x his production? I highly doubt it.

This is just my $0.02, and im sure there is more value just on the information side of things. like i said, these companies may be useful to insurance companies or credit card companies.

/endrant

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May 8, 2015

Thanks for doing this, Dick. Always love reading your responses.

    • 1
May 9, 2015

@DickFuld

If you could give your twenty-something/first couple years of work/wet behind the ears self 3 pieces of advice, what would they be?

May 9, 2015
bule:

@DickFuld

If you could give your twenty-something/first couple years of work/wet behind the ears self 3 pieces of advice, what would they be?

learn as much as you can, you are not above any task, be known as someone who gets shit done.

May 9, 2015

What's your thought on junior people reneging on job offers (for a significantly better position, firm, exit opportunity, etc)? Would your opinion be different if someone is reneging on an offer from your firm vs. reneging in order to join your firm?
Thank you for answering questions, Dick. I enjoyed reading your responses.

May 9, 2015
wild_heart:

What's your thought on junior people reneging on job offers (for a significantly better position, firm, exit opportunity, etc)? Would your opinion be different if someone is reneging on an offer from your firm vs. reneging in order to join your firm?
Thank you for answering questions, Dick. I enjoyed reading your responses.

You have to do what is best for you. It's not personal, it's business. Virtually nobody reneged on Lehman.

May 9, 2015

Hey Dick, serious question.

What recommendations would you have for someone trying to get involved in the family/multi-family office arena? More so on the planning side (Tax, trust, estate, family business, and all aspects of inter-generational wealth transfer planning)

I apologize for my trolling before hand.

May 10, 2015
PeeHoleFarts:

Hey Dick, serious question.

What recommendations would you have for someone trying to get involved in the family/multi-family office arena? More so on the planning side (Tax, trust, estate, family business, and all aspects of inter-generational wealth transfer planning)

I apologize for my trolling before hand.

The only advice I have is contact some people who are in that space and get their advice. I think of what you're talking about is handled by trust and estate lawyers.

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May 9, 2015

Looking back, was there anything in your career that made you feel insecure about your ability?

Also, is there anything in your career you wish you would have done differently?

May 10, 2015
Shambles:

Looking back, was there anything in your career that made you feel insecure about your ability?

Also, is there anything in your career you wish you would have done differently?

  1. Not really, which frankly might have been my biggest problem.
  2. I wish I would have focused more on the politics. We had an 'us vs them mentality' at Lehman and certainly I was a large contributor to that mindset. When LTCM went under, we minimally participated in the bailout. 10 years later, government officials and other banks alike wanted to take us down because of that and, obviously to eliminate a strong competitor. I wish we made stronger relations guys like Paulson, even if it made me vomit in my mouth a little bit.
May 9, 2015

On my end I got over 200PM's in a two day period from someone who seemed to be under the impression that I"m someone named "Chris" that said person alternately is crazy about and doesn't want to be with. Blocked & Reported.

Got another question for Dick:

Do you have any tips on how to balance a relationship with junior IB hours? While I assume that most of the general principles would apply I'd love to hear advice from your perspective.

May 10, 2015
Bigass_Spider:

On my end I got over 200PM's in a two day period from someone who seemed to be under the impression that I"m someone named "Chris" that said person alternately is crazy about and doesn't want to be with. Blocked & Reported.

Got another question for Dick:

Do you have any tips on how to balance a relationship with junior IB hours? While I assume that most of the general principles would apply I'd love to hear advice from your perspective.

I think you just need to be honest about why you're putting in the hours you're putting in and make sure to be in contact often. Don't forget things like birthdays and the like, those tend to be a big deal to women. If you forget or deprioritize, expect bad things to happen to the relationship.

May 10, 2015

Are you willing to submit any proof that you are actually Dick Fuld? I enjoy your posts, but you could easily be anybody.

May 10, 2015
opsdude1:

Are you willing to submit any proof that you are actually Dick Fuld? I enjoy your posts, but you could easily be anybody.

I am a Certified User. That's about all I'm willing to do.

Even if I wasn't Dick Fuld, if it makes the postings more enjoyable to believe I was DF, then just believe. If not, then you're sort of out of luck because I'm not submitting to DNA testing or whatever it is you want me to do.

    • 1
May 10, 2015

you said you would still choose trading fresh out of college. it seems like traders are trending towards quants. where do you think trading is trending towards?

I assume salesmen still have to be around to liaise with clients, but what does the future look like for traders in our generation?

seems like banking gives the best foundation for a career in finance nowadays, as you can essentially exit to any other field after an analyst stint

thanks for the input

May 10, 2015

Trading is certainly becoming more computerized everyday. I still think we have a fairly long way until most derivatives and fixed income products are predominantly algo traded. Certainly it will help to be more and more quantitatively inclined for those starting a career in trading as time passes.

I don't know if I think trading is the best career for everyone, even back in the day. But, I certainly loved it.

May 10, 2015

Any plans for the future if you'd like to share?

May 10, 2015

Dick,

You're down 9 - 10 in a game of squash. Your opponent makes a mistake and puts his shot right down the middle to your dominant hand. Whats your next move considering your playing for 100 k?

May 10, 2015

Who was the best banker you have ever worked with? What made him/her so good at their job?

May 10, 2015
cayo275:

Who was the best banker you have ever worked with? What made him/her so good at their job?

i won't mention the name, but the best guy was long-term greedy, which means he would provide good advice, regardless of the situation. Even if this meant losing a deal in the short term. This person knew everybody and came to be relied upon by his clients for more than just transactions. His relationships were unparalleled.

May 10, 2015

Thanks for this reply, that makes a lot of sense.

May 10, 2015

I guess you have been through a lot. You tasted life in a way very few people did. After all this, what possibly motivates you to give advice to a bunch of 20-something-year-olds you don't even know on some internet forum? I can imagine mentoring young people can be rewarding but I would say it is the case if you develop a close relationship with them or simply get to know them. I am interested in the intrinsic motivation factors you have. Or you guide juniors in some other way 'non-WSO' way?

May 10, 2015

His allows me to hit a wide audience. Certainly I help the kids of my friends and what-not, but one on one is not the type of mentoring that makes the kind of impact I'm used to making.

May 10, 2015

We have a number of success stories here on WSO but I'd like to hear your experience. Have you worked with a junior that particularly impressed you?

May 10, 2015
astfin-juki:

We have a number of success stories here on WSO but I'd like to hear your experience. Have you worked with a junior that particularly impressed you?

http://www.wallstreetoasis.com/forums/from-non-tar...

May 10, 2015

I am a recent college graduate and I know I want to do PE. I have an offer to join a small PE firm. Everyone says that the best way to do PE is to get into BB IBD, but if I can do PE right away, shouldn't I? Curious to hear what you think of jumping in right away and going against the trend.

May 11, 2015
d7aug:

I am a recent college graduate and I know I want to do PE. I have an offer to join a small PE firm. Everyone says that the best way to do PE is to get into BB IBD, but if I can do PE right away, shouldn't I? Curious to hear what you think of jumping in right away and going against the trend.

This has been answered thousands of times on WSO, so make sure to search for answers. My answer is: if you are highly confident that it is what you want to do long-term, that firm is one you could see yourself working at for a long time , and you think you will be given the time to develop, then go ahead and take the PE offer.

May 10, 2015

Thanks Dick!!!

1) What did you do to impress Lew Glucksman back then when you were a junior?

2) Imagine language barrier wouldn't be an issue and you are not personally tied to any geographical location, where would you start out today from a career standpoint? NYC? LDN? HK? Or somewhere else?

3) I'd like to start a career in trading, and I have been admitted to the Master in Financial Engineering program at Carnegie Mellon and UC Berkeley - which program would you prefer and why? (I'm an undergrad with no fulltime experience)

Thanks again for your time and this invaluable Q&A session!!!

May 11, 2015
SpaceMarine:

Thanks Dick!!!

1) What did you do to impress Lew Glucksman back then when you were a junior?

2) Imagine language barrier wouldn't be an issue and you are not personally tied to any geographical location, where would you start out today from a career standpoint? NYC? LDN? HK? Or somewhere else?

3) I'd like to start a career in trading, and I have been admitted to the Master in Financial Engineering program at Carnegie Mellon and UC Berkeley - which program would you prefer and why? (I'm an undergrad with no fulltime experience)

Thanks again for your time and this invaluable Q&A session!!!

1. Read the link I posted a few comments back. I'm not entirely sure, but he knew I could make money, he saw leadership potential in me, he must have seen something in me that reminded me of him.

  1. NY for sure.
  2. No idea. Both seem good.
May 10, 2015

Do you regret of having your name as Dick?

"It is our fate to be tormented with large and small dilemmas as we daily wind our way through the risky, fractious world that gave us birth" Edward O. Wilson.

    • 1
May 11, 2015
Nomadchimp:

Do you regret of having your name as Dick?

Absolutely not.

May 11, 2015

Dick,

Just graduated with my B.B.A in Finance. I took a gamble and moved to NYC April 1st, to pursue my dream of working on Wall Street. I am having no luck finding an analyst role, and have no finance experience.
What entry-level jobs should I be applying for whether it be back, middle, or front office that I can move up from if I don't get a shot at being an analyst ?

    • 1
May 11, 2015
cchioma86:

Dick,

Just graduated with my B.B.A in Finance. I took a gamble and moved to NYC April 1st, to pursue my dream of working on Wall Street. I am having no luck finding an analyst role, and have no finance experience.
What entry-level jobs should I be applying for whether it be back, middle, or front office that I can move up from if I don't get a shot at being an analyst ?

Just make sure you get something. It's much easier to get the job you want when you have a job. Don't hold out for perfection while unemployed.

    • 1
May 11, 2015

Thank you. I will definitely work on getting something asap then.

    • 1
Jul 18, 2016

Delete

    • 1
May 11, 2015
theteam:

What's the most pissed off you got at a junior banker?

I worked on the trading floor when I interacted with junior people enough to pissed off at them, not with bankers. I would say probably smashing phones and screaming was about as bad as it got. No big deal.

May 11, 2015

Dick - thanks again for the advice, really helpful and insightful.

Do you think EQ/soft skills can be learned? If you take a person who is technically solid and capable of doing most roles in finance, but is rough around the edges on the social side, can they continue to be promoted or will they ultimately cap out at some role that makes use of their skills but is not necessarily client facing? Have you ever seen someone from the team around you materially improve their EQ/social skills, beyond just awkwardly making chatter about the weather etc.? In your opinion is being a good "marketer" an important quality for aspiring portfolio managers, or is it all about alpha?

    • 1
May 11, 2015
jankynoname:

Dick - thanks again for the advice, really helpful and insightful.

Do you think EQ/soft skills can be learned? If you take a person who is technically solid and capable of doing most roles in finance, but is rough around the edges on the social side, can they continue to be promoted or will they ultimately cap out at some role that makes use of their skills but is not necessarily client facing? Have you ever seen someone from the team around you materially improve their EQ/social skills, beyond just awkwardly making chatter about the weather etc.? In your opinion is being a good "marketer" an important quality for aspiring portfolio managers, or is it all about alpha?

Great question.

My experience is that people can certainly enhance their EQ. However, normally people are able to move up a few notches, not go from terrible to fantastic. I would also say that the more you push yourself to constantly improve, the more comfortable interacting or public speaking becomes. Imagine if you just improve by a couple of percent per year....after 10-15 years or more, it becomes a noticeable improvement.

I was rough around the edge when I started out and spoke to large audiences regularly towards the tail end of my career. There is a big difference between rough around the edges and socially incompetent.

If PMs do not raise money, it's hard for them to build a track record. So, unless they are part of the machine and never have to interact with clients, it's going to be a hindrance to their progress.

    • 2
May 11, 2015

Definitely makes sense - thanks! Just need to keep putting myself in uncomfortable spots and hopefully things will start to click...

    • 1
May 11, 2015

Have you ever dropped the hammer on someone just for personal satisfaction?

    • 1
May 11, 2015
theteam:

Have you ever dropped the hammer on someone just for personal satisfaction?

many, many times.

    • 1
Jul 18, 2016

Delete

    • 1
May 11, 2015

First off, thank you for doing this. Whether or not your actually Dick Fuld doesn't really matter, you clearly know what your talking about, as well as the industry that all us monkeys strive to be a part of. As CEO/head what helped you most when facing challenging odds? What was the thought process like, and any advice to us young guns on the many disappointments we might have to face in life?

I think- therefore I fuck

    • 1
May 11, 2015
worklikeamachine:

First off, thank you for doing this. Whether or not your actually Dick Fuld doesn't really matter, you clearly know what your talking about, as well as the industry that all us monkeys strive to be a part of. As CEO/head what helped you most when facing challenging odds? What was the thought process like, and any advice to us young guns on the many disappointments we might have to face in life?

I always focused on the goal. When faced with daunting odds, we used that as a rallying point. Us vs. them. Us vs. the world. It worked almost every time. Of course, the time it didn't work out it practically was us vs. the world, which are indeed daunting odds.

    • 1
May 11, 2015

Thanks for doing this! Very insightful stuff.

I think- therefore I fuck

    • 1
May 11, 2015

Thanks Dick for your valuable insights!!! I've a few more questions:

1) Once in the firm, when does the school name cease to matter for one's career progression?

2) Quote Dick Fuld 2007: "What I really want to do, is to reach in, rip out their heart and eat it, before they die" - is that kind of predator personality beneficial for a career on Wall Street?

3) Does this Q&A session stop on May 31 ?

    • 1
May 11, 2015
SpaceMarine:

Thanks Dick for your valuable insights!!! I've a few more questions:

1) Once in the firm, when does the school name cease to matter for one's career progression?

2) Quote Dick Fuld 2007: "What I really want to do, is to reach in, rip out their heart and eat it, before they die" - is that kind of predator personality beneficial for a career on Wall Street?

3) Does this Q&A session stop on May 31 ?

1. Almost immediately. If you went to Harvard and fuck something up, expect to hear something like this: "When did they start letting fucktards into Harvard?"

  1. Sometimes you have to fight fire with fire. I'll leave it at that.
  2. Ending momentarily.
May 11, 2015

Dick-What are your thoughts on the Public Finance space?

Si Vis Pacem Para Bellum

    • 1
May 12, 2015
AY01:

Dick-What are your thoughts on the Public Finance space?

It's a great service. This is where 'doing God's work' actually applies.

May 12, 2015

So 80% certain you're not actually Dick Fuld but you're clearly a very smart guy doing a brilliant impersonation, so keep it coming!

Do you envisage any realizable situation where global banking regulation could decrease to a point where prop desks could start popping up at BB's again?

Cause who wants to be in the 99%?

    • 1
May 12, 2015
LeadBalloon:

Do you envisage any realizable situation where global banking regulation could decrease to a point where prop desks could start popping up at BB's again?

Yes, it will happen with almost 100% certainty. However, not in my lifetime and probably not in yours either.

The regulatory pendulum always swings too far one way or the other and it always swings back eventually.

    • 1
May 12, 2015

One last question Dick:

For traders who want to make the transition to the buyside (AM or HF), or try to move up the corporate ladder at the bank, do you see value in doing a top MBA?

(I'm particularly thinking NYU/Wharton/Columbia)

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    • 1
May 12, 2015
SpaceMarine:

One last question Dick:

For traders who want to make the transition to the buyside (AM or HF), or try to move up the corporate ladder at the bank, do you see value in doing a top MBA?

(I'm particularly thinking NYU/Wharton/Columbia)

It depends on where they are in their career. If they have some managerial responsibilities already, probably not. If they are looking to transition roles a bit, it probably helps.

    • 1
May 12, 2015

Dick,

I believe you are 'THE' Dick Fuld.

I can't say how valuable and incredible this Q&A session has been for me (and propably for others too).

Thank you so, so much for your time and willingness to give back, I wish you all the best for you and your family, and I hope this wasn't the last Dick-Fuld-Q&A on wso!!!

    • 1
May 12, 2015
Comment
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May 12, 2015
May 12, 2015
May 12, 2015
Comment

Cause who wants to be in the 99%?

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May 12, 2015
May 12, 2015
Comment

Cause who wants to be in the 99%?

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May 12, 2015
Comment

Use more debt than your competition or get out of the business. Any other policy is either self-limiting, no-win, or a bet that the competition will go bankrupt before they displace you. - Bruce Henderson

May 12, 2015
May 13, 2015
Comment

Use more debt than your competition or get out of the business. Any other policy is either self-limiting, no-win, or a bet that the competition will go bankrupt before they displace you. - Bruce Henderson

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