Dealing With Uncertainty

I think one of the great challenges of life in general, and especially the finance arena, is learning how to deal with uncertainty. It is an essential ingredient to almost all problems. I know it is easy to talk about being cool-headed and detached and very zen about things, which might be easily achievable in calmer waters. But when a stressful catalyst is coupled with a dearth of sleep, it is sometimes difficult to prevent the mind from wandering to every possible future scenario, and settling on the worst one to be the most likely.

So folks, what are ways you deal with uncertainty? Have you trained your mind to embrace it? Do you distract yourself to ignore it? Do you so thoroughly plan as to attempt to overcome it? Would love to hear your thoughts.

I guess the only certain thing in life is that it's uncertain...aside from death and taxes.

 

While I agree that a world without any uncertainty would lack excitement and be quite dull, the paradigm I'm more referring to involves possible outcomes that would be devastating if they came to fruition. It's easy to love uncertainty when you know you will still be fine at a base level no matter what will happen in a given tree of events.

 
Going Concern:

While I agree that a world without any uncertainty would lack excitement and be quite dull, the paradigm I'm more referring to involves possible outcomes that would be devastating if they came to fruition. It's easy to love uncertainty when you know you will still be fine at a base level no matter what will happen in a given tree of events.

What kind of uncertainty are you guys facing that might leave you unwell at a base level?

Like, there's nothing looming in the shadows in my life that could seriosuly fuck me up. I'm a white male in good health living in the U.S. I mean, obviously there's tons of shit, but none of it is foreseeable by me is what I'm trying to say. Like, I might do bad in a class or not get a job or get in a fight with my girl, but all of that shit is unimportant if you zoom out the timeline. Or I could get hit by a bus and die, but so could anyone. What are you guys so stressed about? Now, I'm single. If I had dependants and money problems, I'd be stressing. So I can only speak for myself.

 
Flake:

Bring that shit on. Uncertainty ain't nothin' but a peanut.

^^^^^ Heard that.

The best thing you can do is have a good support system around you. One or a few people that you can count on to be there for you no matter what and push you in the right direction. If it weren't for my gf I'd be in a downward spiral reminiscent of Frank the Tank of Old School fame. That girl kicks my ass in gear too often and cares more than I could ever understand why.

[quote=patternfinder]Of course, I would just buy in scales. [/quote] See my WSO Blog | my AMA
 

I'm stressed because now because I'm being treated unfairly during the recruitment process. I've led a perfect life - I have a top-notch resume, I have near-perfect grades and I've been told that any employer would love to hire me. Despite the fact that it's taking me an extra 2 years to get through my business degree, I know I'm better than most other students my age. However, I got in a little tiff with the son of a MD at an investment bank - who happens to be one of my peers at school. I told this kid that it wasn't okay to plagiarize our business group case, because that doesn't sit well with me. I then complained to our professor about his dishonesty - but nothing happened because this kid gets treated like royalty at school because his MD dad is an alum who recruits students from our school. I then left the group halfway because I'm not cool with plagiarism and I'm too risk-averse to do that. The group then did poorly on the project and accordingly, the kid's dad blackballed me from the investment bank that I really wanted to work for. I then (unfortunately) acted out with another investment bank, due to sheer frustration and because the Faculty/admin at school are covering up the situation and pushing me into another direction. And now I'm blackballed from 2 investment banks. And I seriously feel like it's the end of my life right now because my entire life plans are falling through - I can't even seek gainful employment in the city that I call home. So the only way I'm able to move forward is to transfer to another business school for this Fall - because I have absolutely no voice in this situation anymore and nobody's going to advocate for me. And that really sucks because I really liked the school I'm at and I especially wanted to attend this university because I love the city that it's in and the class sizes are really small.

Don't know if it get's much stickier then that. It's extremely unfortunate and frustrating...but I feel there's nothing I can do anymore. But such is life...and I'm going to try my best to move forward - one day at a time.

 
pinkclouds:

I'm stressed because now because I'm being treated unfairly during the recruitment process. I've led a perfect life - I have a top-notch resume, I have near-perfect grades and I've been told that any employer would love to hire me. Despite the fact that it's taking me an extra 2 years to get through my business degree, I know I'm better than most other students my age. However, I got in a little tiff with the son of a MD at an investment bank - who happens to be one of my peers at school. I told this kid that it wasn't okay to plagiarize our business group case, because that doesn't sit well with me. I then complained to our professor about his dishonesty - but nothing happened because this kid gets treated like royalty at school because his MD dad is an alum who recruits students from our school. I then left the group halfway because I'm not cool with plagiarism and I'm too risk-averse to do that. The group then did poorly on the project and accordingly, the kid's dad blackballed me from the investment bank that I really wanted to work for. I then (unfortunately) acted out with another investment bank, due to sheer frustration and because the Faculty/admin at school are covering up the situation and pushing me into another direction. And now I'm blackballed from 2 investment banks. And I seriously feel like it's the end of my life right now because my entire life plans are falling through - I can't even seek gainful employment in the city that I call home. So the only way I'm able to move forward is to transfer to another business school for this Fall - because I have absolutely no voice in this situation anymore and nobody's going to advocate for me. And that really sucks because I really liked the school I'm at and I especially wanted to attend this university because I love the city that it's in and the class sizes are really small.

Don't know if it get's much stickier then that. It's extremely unfortunate and frustrating...but I feel there's nothing I can do anymore. But such is life...and I'm going to try my best to move forward - one day at a time.

You should call a wahhmbulance.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
pinkclouds:

I'm stressed because now because I'm being treated unfairly during the recruitment process. I've led a perfect life - I have a top-notch resume, I have near-perfect grades and I've been told that any employer would love to hire me. Despite the fact that it's taking me an extra 2 years to get through my business degree, I know I'm better than most other students my age. However, I got in a little tiff with the son of a MD at an investment bank - who happens to be one of my peers at school. I told this kid that it wasn't okay to plagiarize our business group case, because that doesn't sit well with me. I then complained to our professor about his dishonesty - but nothing happened because this kid gets treated like royalty at school because his MD dad is an alum who recruits students from our school. I then left the group halfway because I'm not cool with plagiarism and I'm too risk-averse to do that. The group then did poorly on the project and accordingly, the kid's dad blackballed me from the investment bank that I really wanted to work for. I then (unfortunately) acted out with another investment bank, due to sheer frustration and because the Faculty/admin at school are covering up the situation and pushing me into another direction. And now I'm blackballed from 2 investment banks. And I seriously feel like it's the end of my life right now because my entire life plans are falling through - I can't even seek gainful employment in the city that I call home. So the only way I'm able to move forward is to transfer to another business school for this Fall - because I have absolutely no voice in this situation anymore and nobody's going to advocate for me. And that really sucks because I really liked the school I'm at and I especially wanted to attend this university because I love the city that it's in and the class sizes are really small.

Don't know if it get's much stickier then that. It's extremely unfortunate and frustrating...but I feel there's nothing I can do anymore. But such is life...and I'm going to try my best to move forward - one day at a time.

Thanks for presenting the perfect case of what you should not stress about.

@"Going Concern"

What exactly are you so stressed about? I'm surprised to read that from you because you generally seem like someone that realizes that life is somewhat meaningless in the long run. Stressing out about meaningless things seems kind of pointless. If all else fails, sex and alcohol (or both) are pretty good stress relievers. Honestly, everything is uncertain...sometimes it works in your favor and sometimes you're steering the ship of the largest bankruptcy in the history of the world.

 
DickFuld:

What exactly are you so stressed about? I'm surprised to read that from you because you generally seem like someone that realizes that life is somewhat meaningless in the long run.

This is true, although my life is usually in some state of shambles on day-to-day terms, so it's not necessarily one particular thing. I guess just the most recent topic of my Friday Philosophizing...I should start a series. Aside from stress relievers, I like the notion that "everything is uncertain"...every thing cancels each other out in a way.
 

I can't remember who originally said this, but it is funny. “The optimist believes his future is uncertain. The pessimist is always right.” -- Robert Downey Jr.

"He that hath a beard is more than a youth, and he that hath no beard is less than a man." ― William Shakespeare, Much Ado About Nothing
 

Uncertainty/risk are a fact of life. Security is an illusion and noone is safe from bad luck.

“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” - Schopenhauer
 

^ Thanks for the replies, guys. I definitely agree.

I should've been clearer: What attracted you guys into IB/Finance? Are you passionate about it? And how'd you know exactly what you wanted out of a career?

The overwhelming response from the alumni I've contacted is do what you love, but there's also the fact that you have to pay bills, etc. somehow. The security of a paycheck is something I've seen a lot in my bank internships. Coming from nothing, I can understand how life isn't fair, but damn, I'm truly inspired by most of the members on these forums when they talk about HF/PE/IB as if they lived for it (besides the pay).

 
AlsatianCousin:
^ Thanks for the replies, guys. I definitely agree.

The overwhelming response from the alumni I've contacted is do what you love, but there's also the fact that you have to pay bills, etc. somehow. .

Take this with a grain of salt, as this is coming from someone that worked really hard to break into banking (think extreme non-target, subpar grades, lots of cold-calls, severe lack of self-confidence at first), broke in, and then ended up turning it down. In and out within a year. I'm switching over to entrepreneurship very soon.

I have a couple of friends that went through the BB IBD--> Megafund path; one is at Blackstone Hong Kong, and the others at KKR and Silver Lake. These guys are actually some of the most down to earth guys I know. They aren't gods or superhumans; they're just regular folks like you and me that were honest with themselves earlier and whose passion just happened to be finance. in fact, when I told them that I was quitting, they actually applauded me for it as they personally thought banking was overrated. Too many kids stay in for the wrong reasons, they said.

Look at people actually successful within the profession and compare yourself to them. How similar are you to them? Do you have similar interests? Would you mind spending the majority of the rest of your life working with these people? Are you, deep down inside, these people?

Me? I have a lot of successful friends in finance and I respect what they do, but I've realized I have a completely different set of interests and skills than they do. They actually enjoy studying accounting and learning how the numbers flow; I'd rather learn how people think and how I can market a product to them. They take pride in building an LBO model from scratch; I take pride in having the audacity to cold-call anyone in the firm and winning them over in 30 seconds. They hate interviews; I love them. They hate risks; I love them.

Cliche as it is, I say try your hardest to find your passion. Don't internalize any self-justifying rationalizations spewed on this board (my post included) without considering what you, yourself, really think.

 

Also, I would recommend not falling into the trap of creating an artificial binary between "doing investment banking" and "being able to pay the bills". There are plenty of other ways to make money (and I'm not just referring to consulting or biglaw). Just gotta find them.

 
Culcet:
Also, I would recommend not falling into the trap of creating an artificial binary between "doing investment banking" and "being able to pay the bills". There are plenty of other ways to make money (and I'm not just referring to consulting or biglaw). Just gotta find them.

i agree with your points. most of millionaires in U.S. are small business owners. what that says is that to make big bucks, you gotta know how to sell stuff and start a business in some niche area.

my buddy's dad owns a construction/ real estate development business. he's the richest man i know. that guy didn't even go to college, however. my buddy's family live in 10 million mansion + own 2 islands + own a large hotel in London + own a golf course in California + drive Rolls, Lamborghini, Ferrari, Aston Martin, and Bentley. (yes, his family owns all these vehicles)

 
Culcet:
Also, I would refrain from creating an artificial binary between "doing investment banking" and "being able to pay the bills". There are plenty of other ways to make money (and I'm not just referring to consulting or biglaw). Just gotta find them.
 

Everyone should have doubts, worry about mistakes they made, wish they had done something different...but really thats life. Its completely normal. Just think about what is most important to you in life and for your career and then live by that my friend.

XX
 

Thanks for the replies, guys. Over these past few months of lurking, I've been getting much more motivated by this subforum, specifically the more uplifting topics.

In response to Culcet, at these finance-related events, I feel out of place, despite my (limited) knowledge of markets, etc. I lean more to the creative side (according to almost all my professors, I'm an effective writer), but there's no hope in an English major (nor have I ever considered it).

I wonder what attracts you guys to Finance/IB/etc. I don't like comparing myself to others and their success, but I'd love to hear what about Finance makes you tick?

 

Just an update, I got a reply from a non-profit for this semester about interviewing.

I'm currently interning at a BB, but what are your guys' thoughts on smaller non-profits? At this point, I'm more worried about getting a summer internship.

I'll happily PM any of you the name of the company that wants to interview me (+ an Excel test).

 

I've been interviewing at a couple of places and I'm crossing my fingers for 2nd rounds, but I also don't like putting all my eggs in a a few baskets.

I feel I've missed the deadline for most places.

And I've also been offered a position at a HF for this semester. What to do, what to do?

 

I usually take one thing (or two but never more) at a time and set my priorities straight.

Judging from your post, you value Masters more than Summer Internships, so...

"You may have failed a paper?" Are you going to fail or are you not?

Stop being anxious and just wait for the result. Or if there's still something you can do to help you pass, then go ahead.

>If you fail, then well you have to retake it anyway right? Since you prioritize Masters. So, forget about internships. >If you pass, then good for you happy graduation and start applying for Masters.

Then, if you think you have some time until your Masters, just make up your mind about getting summer internships.

>If you got nothing to do anyway, call your contact and gain some experience. >If you want to take a break before your Masters, well go around the world.

I hope this helps.

Fortes fortuna adiuvat.
 

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