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Friday, February 17, 2017

Friday Feature Book Review: Trump: The Art of the Deal: by Donald J. Trump トランプ自伝―不動産王にビジネスを学ぶ:ドナルド・J. トランプ

Back in 1985, Donald J.Trump was starting to make a name for himself in Real Estate. His first big project was the Grand Hyatt Hotel in New York City, in front of Grand Central station on 42nd Street. He explains how a nobody can get started. What it takes to look for, recognize, focus on and execute a major project in Real Estate. The style is very clear, easy to read, and is all based on facts. The problems he faces are overcome with creativity and a laser beam focus on detail. The business and economic big picture overview is explained logically and is easy to follow. This was not the book I was expecting. It was a positive surprise.

He is not going off topic in this book. He explains what he does in a typical day. Who he meets, where he goes, who he speaks to, what he does in different situations, and why he takes those actions. It is really is a kind of solid business overview for any real estate "apprentice" manual for anyone who really wants to do deals. He clearly explains to the reader how he takes action, and why every move can be important in the business. Again, the lack of hype compared to what I expected, was just not there. If you wanted to know how to be a stockbroker in 1987, you could have watched "Wall Street" to get a real feel for the equity business. This book is also from 1987, and gives you a similar exposure, but for New York real estate.

Are there political views? Absolutely, but 30 years ago, Donald J.Trump had a different mentality. He was still building his business and making his mark. He explains his views more in how he has to deal with politicians, in order to get his deals done. They can be a help or a hinderance in most cases. That is the kind of overview we get from this book on politics. He certainly tries to have views on what is best for the New York economy, but there is no hint about any presidential policy views that come only later in life. A clear agenda for his goal to be president, is not in this book. That comes out later on in his career, in other books. This was just his business debut book. Presidential ambitions followed in written form only years later. 


If not politics, what does the book focus on? Deals of course. Big high profile deals. How they started, how they got in trouble, how they were overcome, and how difficult it was to get done. Donald makes it very clear that almost nothing he does is ever easy or quick. He starts by buying a failing near bankrupt Commodore hotel and turns it into the Grand Hyatt. He finds a way to get the Bonwit Teller department store site again after tough times fall on the parent. However, this is over 3 years after starting a process that got nowhere fast in the beginning. Later on the innovation he saw for Trump Tower and the local pushback were high. He does a public service when he helps build the Wollman ice skating rink in Central Park. Lastly, he describes the difficulties with Television city on the West side of Manhattan. 

If there is a common thread with other billionaires, it is persistence. There is also a sense of what hard work means. For most, working hard means exchanging one's time, labour, for income. The more you work, the more you earn. In the entrepreneur's mindset, hard work is about leveraging one's time into deals now and deals in future. If you approach 10 people on every deal, and do 10 deals a year, that is 100 people, and 1000 people over 10 years. If you close one deal, that can mean 99-999 people remember you for a follow up deal that may come about later on. If one or 2 deals follow up like this, you realise quickly, that you are planting seeds for future deals every time you do business. The more seeds you plant by trying, the more chances you have of getting a deal done later on. The harder you work, the luckier you get. That seems to be the biggest message in the book. Every meeting and every deal today could lead to one or more deals with the same people in future. Never burn a bridge as you never know where things can lead. Again, not a message I expected to read about from Donald Trump.


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about real estate in any market. There are basic rules on transactions, building regulations, customer or client tastes and many other details that must be learned. There are no shortcuts to success.

2) The economics of real estate must be respected. Loans, planning vision and approach can all make a single deal profitable or not. Every challenge can often be overcome, but never expect an answer to be easy or quick. Any buyer's or seller's motivations need to be deeply understood.

3) Input from a great education, early exposure to the business and intelligence do not make a successful dealmaker. Hard work, quality experience and persistence from colleagues are ultimately what really counts. You never get lucky long term. Only the toughest get deals done, male or female, gay or straight, whatever your religion.


What insight on business from this future billionaire can be found in this book? Well, what you actually read about seems to contrast with the person today. The basic lessons learned here are study the facts, be prepared, focus on clear and realistic goals, be flexible, and make sure the other side listens to your positive constructive message. Trump tries to focus on win win for both sides whenever he can. That seems to be the true "Art of the Deal". This book was a pleasant surprise, and not at all what I was expecting. A very thought provoking book, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, and anything else with a financial theme.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 29,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業29,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, February 10, 2017

CEO Asia Q&A: 金融インタビュー Henley Executive Hedge Fund Program: Co-founder Anna Stephenson ヘンリー大学のヘッジファンドエグゼクティブ東京コース

Soon, finance professionals in Tokyo, wishing to enter the hedge fund industry will be able to learn directly on weekends from local buy-side experts in their financial field. The Tokyo program starts March 11, 2017. See full details on this program below. 
ンリー エグゼクティブ ヘッジファンド プログラム (東京) 2017年 3月 11日~ 東京独自のエグゼクティブヘッジファンド認定プログラム6か月でヘッジファンドビジネスの経験を積むインフレクションポイントインテリジェンスはヘンリーエグゼクティブヘッジファンドプログラムを東京のヘッジファンドクラブ、トムソンロイターズ、そして平和不動産と共同で開催いたします。このプログラムは次世代のヘッジファンドマネージャーとカウンターパーティを育成するプログラムです。日本語のニュースとサポートはFacebook上にあります。
Today we interview Anna Stephenson, the co-founder of the Henley Executive Hedge Fund Program for professionals interested in gaining expertise about Hedge Funds. They have had three Hong Kong streams of students already, and expanded the program to Singapore in 2016, and Tokyo this spring. The program is taught in English in all three cities, and is focused on practical knowledge taught by experts as well as a strong networking component.

1) Why did you start your program and when did it begin? How big are the classes and how many students have completed the program so far?

We had the idea for the program because we noticed that while there are many professionals in the Hedge Fund space, most are experts in only their own field. For example, Lawyers understand the documentation required but have little expertise in Portfolio Management. The Portfolio manager might not have strong Fund Administration expertise or Capital Raising skills.  This course is designed to give an overview about all aspects of the Hedge Fund business from setup to management. 
The classes are limited to 25 participants and require at least 3 years of working in the finance industry.  We have had 70 people take the program in Hong Kong, and started in Singapore last fall. Tokyo will start with 15-25 students on March 11, 2017. There are 9 places left as of today, 16 confirmed.
2) What kind of results are you expecting for your graduates in the short or longer term? How long does the program take and what is the schedule like?
Participants who have completed the program have gained a much better understanding of all the aspects of operating and managing a Hedge Fund. Service providers can now see a complete picture of how their client operates.   We have also had a number of participants who were looking for an opportunity to work in the Hedge Fund industry find new jobs.
Classes are held one weekend a month for six months (12 days). The rest is online learning and a group project. We also have monthly networking events where industry partners, teachers and participants get together. These have been very helpful to build lasting relationships across the Hedge Fund community.

3) Why is  your program different from other hedge fund courses? Why not just take a college course on hedge funds instead?
This course is unique because it is taught by current industry professionals.  There are no pure academics teaching the program. This makes the hands-on learning very relevant, current and practical. Many Universities teach a hedge fund course but it usually centers around Portfolio Management or Risk Management. We also teach that but include other important subjects including Pitch-book Formation, Capital Raising, Fund Setup and Administration, Operations, Legal, Tax, Compliance and Governance.

4) Why are you so driven to make this program do well? What connection is there with Henley University, and why did you partner with them?  
Knowledge is power.  To really excel professionally, it takes a person who is motivated, willing to learn and able to apply what they learn in the real world. That is what this course offers in the Hedge Fund space.  Henley Business School has an International Capital Markets Center (ICMA) and have been a great school to collaborate with.

5) Are there any extra benefits to taking this program that are worth sharing at this time?
In addition to education and networking we also spend time with each participant to identify what their goals are for the program and give advice how to achieve them. Both Steve and I have been working in Finance for over 25 years, in three different countries, so we have a lot of experience to share.

6) Are you only going to offer the Henley Executive Hedge Fund Program in 3 cities in Asia? Will the program only be taught in English?
For 2017, we are only running the course in Hong Kong, Tokyo and Singapore. We likely will expand to other cities over time. The course is only taught in English at this time. If we see a demand for a Japanese language program, we can consider it in future.
7) How much does it cost? How can you register or apply? What kind of background or procedures are needed?
The cost for the 6 month Tokyo program is 950,000 and can be paid in installments.  There is a discount for those between jobs. Registration and more information can be found here: 
The program is limited to 25 participants on a first come, first served basis. Candidates must have three years of expertise in the financial services industry. Register today! It is Highly Recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, and anything else with a financial theme.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 29,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業29,000以上のフォロワーが既に持っています!クリックしてください

For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, February 3, 2017

Friday Feature TED Talk Review: Jim Simons Quant Founder : Renaissance Technologies ジム・シモンズ: ルネッサンス・テクノロジーズ: クワンズの社長。


There can only be one king, and Jim Simons is the king of quants. There are very few great innovators in finance who make their own success on their own terms. They are people who go their own way, do their own thing, and still makes billions of dollars in profit. Jim Simons is such a man, and has inspired many people interested in math and numbers. I always get the feeling that if I ever had a one on one conversation, he would see through me like a piece of glass. However, he may also play around with me to see if I had any worthwhile ideas he had not thought of.

He always had a gift for numbers, and worked within the intelligence department as a code-breaker for the US military. When you have an IQ gift, you do not always have the same EQ gift to match it. Luckily, he was able to find a balance in both later on. He did not grow up wanting to be a hedge fund manager at 12 or 13 years old, his career path took time. Unlike recent Tech Billionaires running unicorns today, his career development had a more reasonable and realistic in pace.

He went on to figure out financial markets and create one of the largest hedge funds ever, Renaissance Technologies. The flagship product, the Medallion Fund grew to over US$43 billion dollars in size. It charges some of the highest fees in the world, 5% annual fees and 44% performance fees. This seems high, but as it was founded in 1982, is has been a profitable success over a very long time. 

They use high frequency trading and complex algorithms to maximize profit from various markets globally. The poor returns within the hedge fund space today, now struggling to keep a 2 & 20 fee structure in place, need to understand what real long term solid performance is really about. The fee structure is not a negotiation, is just more a logical result of a proven process.

He is secretive by nature, and any interview with him is a rare treat. We have had similar stories that inspire, and the Russell Crowe movie " A Beautiful Mind" is a good example. Jim Simons is the real deal. Curiously, he hires non-financial people, often scientists, into his hedge fund. He does this on purpose. He finds that they have more freedom in their thinking as they have no expectations of what should work. 


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how a great mind thinks, and what life experience lead him to the quant space of finance. The mind of an intelligence officer is a very rare occurrence. It really is a special enigma. This difference needs to be understood.

2) The financial markets are always evolving, so a flexible mind is always needed. Why would an established mindset then be a good fit? It would not, a clear scientific mind with no set assumptions can be a powerful advantage. 

3) When becoming a successful quant investor, you have to put in the long hours, work hard and learn by experience. There is not short cut. Once the hard work is done, you "may" get lucky. That was a key lesson in his life.

In this very rare TED Talk, he explains his story and views on various markets. Enjoy the TED Talk, and learn from the best quant mind the world has to offer, enjoy! TED Talk with Jim Simons  A very thought provoking interview, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, and anything else with a financial theme.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 29,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業29,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, January 27, 2017

Friday Feature Book Review: Collapse: How Societies Choose to Fail or Succeed by Jared Diamond 文明崩壊 上: 滅亡と存続の命運を分けるもの (草思社文庫) ジャレド ダイアモンド

In this follow up by Pulitzer Prize award winning author Jared Diamond, he continues his detailed observations of human life and their global economic impact. He uses his training in anthropology to search for how people prosper economically or just disappear after a collapse. He has a very entertaining way of comparing ancient societies around the globe. He then compares these people with the current US population in the same locations. 

This is really a scientific approach to various sections of finance. Real estate development, population control, and renewable energy impacts on economic wealth and prosperity. Using his wonderfully clear explanations with just enough numbers to keep you in full attention, you see a bigger picture of the world economy. The cost of military power, basic food and resources bring unexpected changes to the economy of each society observed.

Empires rise and fall, be they Roman, Mayan or Anasazi. Water and cheap energy show how certain communities rise and fall. They do so very quickly in fact, they collapse. Water is a key resource impacting the economy of California, and this book reflects how the modern world may have to change, as a result. South East Asia, the Middle East, Africa, and many other water bottle necks around the globe have a water crisis on the horizon. Major global cities like Hong Kong, New York or Mumbai may have to move.

Will people really be able to live in Southern California in the future without water? Will parts of India or China be able to sustain populations without local water supplies? If global warming melts the ice on top of the Himalaya mountains without replacing the snow, will the great rivers like the Indus or Ganges just stop flowing? Massive migration of large cities may be needed, or wide scale famine may spread afterward anyway.  The impact of Syrian refugees into Europe, will seem very minor by comparison.

Jared Diamond, paints many dark worse case scenarios in order to focus attention, but does offer the balance that they is a choice. Some societies may take the best action for survival long term. Eco habits and organic farming seem to be the kind of choices that the author hopes more people will make. Energy in the middle east may not be valuable in future, yet over half of all food is imported. What happens when there is not enough money for food? Will the Arab spring be a small sign of change to come in that region?


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how the USA, China or India thinks about the world and their economic policies. Many hard truths cannot be escaped. Globalization has both winners and losers. Some economies may fail quickly and actually collapse.

2) The economies of Europe or the USA cannot expect to stay number one without knowing how rivals economies are working and taking advantage. Facts on Africa or Russia need to be learned. Differences need to be understood.

3) When becoming a successful global investor, you have to put in the long hours, work hard and learn by experience. You have to consider a wide variety of scenarios. You never get lucky long term.

Local sustainable farms in large cities with easy transport of locally grown food, seem to be a successful long term goal. Information is now widely spread via the Internet. This was never the case with the Roman, Mayan or Anasazi empires. This access to figure out how to avoid the mistakes of the past is hopefully the choice we make. Will the current age of information help us learn to avoid the great mistakes of the past? Only time will tell, but there is a chance to minimize misery. A very thought provoking book, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, and anything else with a financial theme.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 29,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業29,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, January 20, 2017

Friday Feature Book Review: Why we want YOU to be RICH by Donald J. Trump and Robert T. Kiyosaki あなたに金持ちになってほしい: ドナルド・ トランプ + ロバート・キヨサキ

This book was a positive surprise. I expected the typical Trump style saying how "Money is a Game, and I play to Win!" However, it was quite the opposite. It was subtle and well thought out. It was even understated. Not at all what I expected from our new US President. The main concept is that for many Americans, and others globally, very basic financial intelligence is often lacking. If the average person had better insight into how finance worked, and had a higher financial IQ, they would be able to invest with more confidence and benefit greatly. 

Donald Trump teamed up with Robert Kiyosaki best known for his own best seller "Rich Dad, Poor Dad" because of an overlap at a conference in Chicago. Both were speaking at a real estate conference there, trying to help the many there to learn how to better invest in real estate. Both were speakers and crossed paths. A spark started and as they got to know each other, a clear need to help more people learn was found to be in common. The book started from there, but continues into a lot of depth that is not expected at the beginning. It is a clear set of rules and guidelines on how to be rich by investing. A key point is to enjoy the process, and see it as a game that is fun to win.

What I could not believe was the clear style of flowing ideas about how any average person could learn to be a much better investor. It touched on how China was a huge economic story with plenty of opportunity. It also underlined India, and how the rise of both of these super economies will be worth knowing more about. Facts, clear facts were used that showed clear depth of understanding about both economies.


This book was written over 10 years ago, but certainly has a clear agenda on how the USA can be better managed politically in future. The presidential aspirations are included in many of the arguments presented. This is not another basic investing 101 course that any financial advisor could give. Things like "live below your means, save, and diversify into mutual funds etc". Not at all. It actually questions it. Why would you listen and take advice from a person who takes the subway, when you drive a Rolls Royce? How wrong is it to give great respect to a US financial advisor at the retail level, when it takes fewer hours of study than a massage therapist accreditation?

This is the mentality presented and it is a good one. Not everyone can be rich, but many with the desire do not have the right tools or concepts solid in their financial education. this is who the book is aimed at, and it does so very well. There are three types of investors: (1) non-investors with no money and no financial IQ, (2) savers with some money and limited financial IQ, and (3) investors with a lot of money and high financial IQ. This book is targeted at helping people in group 1 and 2, be a successful investor like number 3.


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how Donald J. Trump thinks about the world and his economic policies. His political campaigns have given only a superficial view. He has written many books and they include his policies. There is no single book with all of his policies, there are many, so read them all.

2) The economies of China and India are big and need to be better understood from every angle. The USA cannot expect to stay number one without knowing how rivals economies are working and taking advantage. Facts need to be learned. Differences need to be understood.

3) When becoming a successful rich investor, you have to put in the long hours, work hard and learn by experience. You cannot learn to swim from any text book. Only by doing deals and learning what works and what doesn't, can you really become rich and successful.

This was not what I expected to written in a style that I thought I would recognize. This is only one book, but certainly gives a clear indication of what the future president make be thinking about global economies. finance and the USA. That seems worth absorbing and keeping in mind when seeing what first moves come out of this new US president and his administration in 2017. This book reads like the revealing of a man's soul and true colors, the key to a unique and complex personality. A very surprising book, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, and anything else with a financial theme.  Thank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 29,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業29,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com