“No one else is willing to work the hours I’ll work. I will do whatever it takes. I am INSANE.” – one of Jared Dillian’s interview responses
If you were fortunate enough to catch Jared Dillian’s keynote speech at WSOCon 2013, you’ve already been given an excellent intro to his story and the guiding precepts behind it.
“Smart and lazy people are the best,” he says in both spoken word and print format, “because they create tools for everyone else to do their jobs better so they don’t have to work as hard.”
Dillian had started on the military path in the Coast Guard before embarking on the journey that saw him become head ETF trader at a firm that embraced and complemented his hardscrabble, tough-as-nails, underdog background: Lehman Brothers. He fit right in. He didn’t even have to ask his boss for permission to put on an enormous trade that made him $700,000 in profit.
And then, to use the term from his newsletter, Lehman “took a dirt nap.”
Jared had something to fall back on, though: an enormous amount of clients who loved to read his “Daily Dirtnap” market analysis. His is better because it’s actually well-written, in contrast to the recycled tripe that passes for most Street research. Much like our own Eddie Braverman, his life and career has taken a dramatic turn after an intense stint in the world of trading.
Of course, it took a series of insane events to get there, including years of averaging 3 hours of sleep per night, ever-enlarging quantities of Maker’s and ginger, explicitly suicidal thoughts as he watched certain trades spiral out of control, and leaving the office in the middle of the day to check himself into a mental institution.
Another key part of the book is how much Dillian loved working at Lehman, despite some unsavory moments. But even after blowing up a sleazebag client at an expensive dinner, Jared doesn’t get fired: Lehman stands behind him. That was the biggest surprise in “Street Freak” for me.
But this is not just the story of a successful career. It’s the story of someone with many gifts, who chooses to use them for his own, and others’ benefit. In “Street Freak,” there is market knowledge, career advice, trading strategies, and some obligatory shenanigans.
This is one hell of a story that has yet to really end, and in a way those who saw him speak, shook his hand, and bought his book that day at WSOCon are all part of it.
Jared, thank you for coming to that event, thank you for reaching out to us with your story, and most of all, thank you for living it.
Read up, monkeys!
Monkey’s Review 1: Barbarians At the Gate
Monkey’s Review 2: The Financier
Monkey’s Review 3: Decision Points
Monkey’s Review 4: Debunkery
Monkey’s Review 5: When Genius Failed
Monkey’s Review 6: Monkey Business
Monkey’s Review 7: Death Of The Banker
Monkey’s Review 8: A Journey
Monkey’s Review 9: Damn It Feels Good To Be A Banker
Monkey’s Review 10: The Quants
Monkey’s Review 11: All About Hedge Funds
Monkey’s Review 12: The Unlikely Disciple
Monkey’s Review 13: Adventure Capitalist
Monkey’s Review 14: The Hedge Fund Book
Monkey’s Review 15: Investing In Hedge Fund of Funds
Monkey’s Review 16: Hilarity Ensues
Monkey’s Review 17: The Prince
Monkey’s Review 18: Markets Never Forget (But People Do)
Monkey’s Review 19: The Money Culture
Monkey's Review 20: An Empire of Wealth
Monkey's Review 21: The New Tycoons
Monkey's Review 22: A Bold, Fresh Piece of Humanity
Monkey's Review 23: Ahead of the Curve (2 Years At HBS)
Monkey's Review 24: How To Be A Gentleman
Monkey's Review 25: Ten Roads to Riches
Monkey's Review 26: The Best of Braverman
while i'd call this more of a summary than a review, i agree that the book was well-written and well worth the read. also enjoyed jared as the keynote at the wso conference!
Solid though calling the Coast Guard the military is a stretch.
No, it's actually not. Not sure where you got that though
I know it isn't. Thats why I said it...
! HPM ! good to see you dude
For the record: Coast Guard is non military armed forces.
So, four guys go camping, each from a different areas of the service. Marines, Coast Guard, Navy, and Delta Force. The Marine says "Hey Coastie, I shot ten bad guys when I was only 17". The Coastie says "Well I rescued 30 people out of the middle of a hurricane in the North Pacific in pitch black". The Navy guy chimes in "You guys are nothing, I manned a gun that destroyed entire cities". They all go silent waiting for the Delta operator to brag, but he's just quietly stirring the coals in the campfire with his dick.
I haven't read a lot of non-license/study/GMAT anything lately, and this is one book I'm looking forward to enjoying when I get the chance. The guy is a total inspiration. He's like the un Michael Lewis....he actually WANTED to be on Wall Street :)
CG is a branch of the US Armed Forces albeit with a different mission focus. Their members receive the same pay and benefits as the other four branches. They have an academy in CT, just like West Point, Naval Academy, and AF Academy.
Bah, it's the only one of the five federal service academies that doesn't require a congressional nomination of any sort in order to gain admittance.
What service did you take a commission with?
They had a guy die in the Gulf supporting OIF who was posthumously awarded Bronze Star w/ Valor. So I wouldnt go hating on them too quickly
@happypantsmcgee : so what'd you think of the actual book? ;)
+1 for the book.
Sidebar: CG falls under Department of Homeland Security and not the Department of Defense like the other services so they are going to catch shit regardless.
LOL my uncle told me that joke 20 years ago, and yeah, everyone uses different branches
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