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Friday, December 9, 2016

Friday Feature Book Review: RICHISTAN by Robert Frank (New Super Rich) グローバルのスーパーリッチ: ロバートフランク

The new global home of Ultra High Net Worth Individuals is now called Richistan, a curious new term. Many have done well in the post Lehman financial crisis. The 1% of wealthy citizens known as Richistanis, are living in Richistan places including Singapore, London or New York, and are all spreading. There were 3.7 million US millionaire households in 1995, 9 million in 2004, and more than 15 million as of 2014. The 1% varies is size depending on the state you reside in within the USA. In Connecticut, you need over US$620K of income, but in New Mexico, it is less than US$300K. This book explains how this new segment of society enjoys their lives. 

Author Robert Frank, takes us on a very vivid journey that paints a very clear picture. He gives a great account of how these new families start out, and upgrade to levels of daily consumption that have never been seen. Lower Richistan have families in the US$1-10M in wealth, with a primary residence of $810K. Middle Richistan has $10-100M in wealth and a primary residence of $3.8M. Upper Richistan is the $100M crowd with a residence of $16.2M. 

It seems there is always another level of wealth to aspire to, and services that the rich want that soon become a need. The great mind candy that I enjoyed most explained how a single mother developed a butler school aimed at these Richistani families, that grew well beyond her early expectations. You learn that beach homes in the Hamptons, or ski chalets in Aspen, need to be better served in Richistan. 

There are many other entrepreneurs featured like Tim Blixseth who started Yellowstone Club, a gated private community resort in the rocky mountains of Montana. Ed Bazinet made more than $250 million from the sale of his ceramic mini-village items, and now tries to focus on how to spend his cash on a new Gulfstream jet and modern art collection. Small hobby experiments can grow into very big businesses when the market timing is perfect. Any person can make money from any idea when the timing presents itself. Who these entrepreneurs are, and how much money they make is a guilty addiction and deep fascination for myself. 

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

1) There is a lot to learn about how to be rich and successful in any society. You have to learn about the key market factors, and adapt to them constantly. Small ideas can grow into big businesses fast.

2) The best entrepreneurs know how to make money and keep doing what they do best. It is in their DNA and never turns off. You need to maximize the power of your ideas or inspirations with all business opportunities.

3) Becoming a successful entrepreneur, follows no pattern. It is the personal drive that is the common pattern, but the business itself. The determination needs to be at the core. 

The most encouraging pattern though is that there often is none. Money can be made from almost any business by a very driven entrepreneur. Once there, the goal is to find the right residence in Richistan, and try and settle down. It does not come naturally for them, and they often find themselves starting a new business opportunity. Settling down is not in their DNA. That may be the most common thing among these Richistanis. This is a great luxury read that is inspirational, and well worth a weekend!  


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 focused roles in Asia or Japan then click here. Follow us on Twitter, over 26,000 followers already have! click here! 

あなたはアジアや日本の金融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Twitterでフォローします! 26,000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, December 2, 2016

Friday Feature Book Review: Guns, Germs, and Steel : Author Jared Diamond 文庫 銃・病原菌・鉄: ジャレド・ダイアモンド

Humans are not all equal across globe, so why is that? Why is there a segment of 1% across many populations around the globe? Is there a reason why the first world economies dominate third world economies? Is race, culture, technology, geography or any reason the key to the reason why? It is not easy to figure out, but can be done. The author succeeds. 

Why do people in the first world have more wealth than the rest of the world? Many races and societies have created great wealth over time, but then failed, is there any common pattern of success? This question was first asked by the author's helpers in New Guinea more than 30 years ago. It is very interesting to understand. He takes you on a historical journey. He explains a number of natural advantages that come down to geographic luck. 

The author's basic idea is that in Europe & Asia, especially near Mesopotamia, the fertile crescent, the best animals get domesticated. They no longer need to be hunted. Milk from these animals brings regular protein in rich diets. The people who live with animals get stronger in health and resist disease. Goats, sheep, pigs and cattle all help economic power. Animal power drives machines for improved production of food. Extra food can then be traded for storing extra wealth. Soon human health rises against disease and germs, it is the first economic advantage gained.

By spreading East and West along the same latitude in Europe and Asia, the extra food turned into wealth, could then be invested for artists, specialist and soldiers. The military benefit from germs as an extra weapon. This is best explained by smallpox when the Spanish first landed in North or South America. Over 95% of the native indians died of small pox, those who survived then faced follow up diseases. Without this ability to work crops, the extra wealth created could not be stored. Once in place, then fire first used for clay pots would lead to bronze and later steel weapons. 

Many have been critical of the theory as too simple, and does not value enough cultural influences. Many cannot accept that the land itself, the geography, determine local culture at its base. Farming stores surplus wealth. Extra income from this surplus is then invested in technology, leading to better guns or steel, making wealth easier to protect & transport via rail, and increase more wealth. 


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

1) There is a lot to learn about how to be economically successful in any society. You have to learn about the key market factors, and adapt to them constantly. Germs attack the weak more than the strong.

2) The best economies know how to make money and keep doing what they do best where they have an edge, usually technology. You need to maximize the power of military guns or similar technology over all enemies.

3) Becoming a successful economy, for a true long-term length of success is never fast or easy. Short cuts catch up with you, and can lead to losses. The more you invest in higher levels of technology or other benefits to your society, the better you will triumphs over competitors. The steel industry is a good example, as few can enter it due to high capital entry costs.

The book is full of many details that cannot be covered in this review, but the theory itself is really eye opening in many ways. As a Pulitzer prize winning project of 30 years, it has certainly made one man's career shine. I highly recommend this book to any who like to seek out answers in history that explain why economic wealth & power spread on a global scale.


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 focused roles in Asia or Japan then click here. Follow us on Twitter, over 26,000 followers already have! click here! 

あなたはアジアや日本の金融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Twitterでフォローします! 26,000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, November 25, 2016

Friday Feature Book Review: "The Buy Side" : Turney Duff バイサイド : ターニー ダフ (ニューヨークヘッジファンドのインサイダーストーリー)

This book is a buy side voyeur's guilty pleasure. The end game for many on Wall Street, is to end up "on the buy side". It is where the asset size is huge and the people running that big pile of cash, make a nice pile for themselves. That is the myth, the fantasy, but some have lived it, and seen it from the inside. This is one such story. 

All grass is greener on the other side of the fence, at least in theory. The reality is often less green or clean. Before Lehman Shock, "the white house" was known as a New York luxury apartment full of big money players with a lot of white cocaine. When buy side clients "ordered in", it often was for high end exotic escorts. This is a true life story about sex, drugs, stress and money, all pursued to spectacular excess. 

Sometimes you fly too close to the sun. You have waxed feathers, they melt and you fall. That is this book's core story. It is a modern twist on the famous Greek fable. Turney Duff starts off in Morgan Stanley, after intros from his only family relative in finance. "Uncle Tucker" opens the door for him, and he walks into Wall Street. The book works, because Turney was a journalism graduate. The book's writing is really excellent, perfectly fitting into documentary style, and that makes all the difference.

Uncle Tucker trades in his Corvette for a Mercedes Benz. He does so due to commissions he earns from a top client, Ivan Boesky, and calls it the "Boesky Benz". Boesky later goes to jail for insider trading. In fact, it was his unique personality that was used as the core base for Gordon Gekko. Also known as Mr "greed is good" made famous on the big screen in the Charlie Sheen movie Wall Street in 1987. Finance is about connecting with people, not always numbers. The female MD at Morgan Stanley that hired him, had a common interest in a US TV drama "Melrose Place", and sure enough, he got his first opening into finance. Ultimately finance is about relationships, very personal relationships.


Our hero has no MBA, no economic views of any sort, just soft skills and a hunger. This is a personality that works well in a world of professionals that wants more. We learn that Turney Duff, is not like his father, not the hard working man from Kennebunk, Maine, who shovels snow in fluid motion. 
His father is a man who thinks life is "not full of short cuts". Yet young Turney tries his own path, and finds every short cut possible while enjoying more sex, drugs and porn than the average rock star. 

He marries a model, wants to be on the cover of GQ magazine in a Prada suit with Dolce & Gabbana jewelry. In the end, he finds out that his search is really empty. Like driving by a car accident, you want to look away, but you can't. It is too compelling. It is too real. All of the Wall Street client patronage rumors that you heard about are explained or rather confessed to, in amazingly candid "too real for TV" detail to ignore.


Reading all of the examples of excess is like gorging on a giant bag of potato chips, and 2 liters of Coke. Not a good thing, but it's so good then, that you cannot stop. His personal life story does not end well, but that is not the point. What you want out of this book is clear confirmation of "how it really was" in the middle of a possible insider trading shop like the now infamous Galleon hedge fund, whose founder is now serving 11 years in prison. 


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

1) There is a lot to learn about how to be successful buy side trader. You have to learn about the key market players, and adapt to them constantly.

2) The best buy side traders know how to make money and keep doing what they do best where they have an edge, hopefully legal. You need to recognize patterns and be consistent and keep a constant ability to adapt to trends, markets and changes.

3) Becoming a successful buy side trader, a true long-term moneymaker is never fast or easy. Short cuts catch up with you, and can lead to your downfall. A market diary always helps. The more trading notes you take, the more profits you make. 

If you want to read in glorious detail what world got him there, and about what the peak was like from "an insider" then this book is for you. You will learn during the go-go New York pre-Lehman years of 2002-2007, what took place and get your belly full of over-excess satisfaction. It really did happen, and every story you ever heard about the wild night side of Wall Street is documented in this very honest with no self pity confession. Warning: not to be shared with your grandmother in any book exchange. 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 focused roles in Asia or Japan then click here. Follow us on Twitter, over 25,000 followers already have! click here! 

あなたはアジアや日本の金融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Twitterでフォローします! 25,000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 Feature Book Review: "The Buy Side" by Turney Duff 金融不良少年の楽しみ バイサイド : ターニー ダフ

This book is a buy side voyeur's guilty pleasure. The end game for many on Wall Street, is to end up "on the buy side". It is where the asset size is huge and the people running that big pile of cash, make a nice pile for themselves. That is the myth, the fantasy, but some have lived it, and seen it from the inside. This is one such story. 

All grass is greener on the other side of the fence, at least in theory. The reality is often less green or clean. Before Lehman Shock, "the white house" was known as a New York luxury apartment full of big money players with a lot of white cocaine. When buy side clients "ordered in", it often was for high end exotic escorts. This is a true life story about sex, drugs, stress and money, all pursued to spectacular excess. 

Sometimes you fly too close to the sun. You have waxed feathers, they melt and you fall. That is this book's core story. It is a modern twist on the famous Greek fable. Turney Duff starts off in Morgan Stanley, after intros from his only family relative in finance. "Uncle Tucker" opens the door for him, and he walks into Wall Street. The book works, because Turney was a journalism graduate. The book's writing is really excellent, perfectly fitting into documentary style, and that makes all the difference.

Uncle Tucker trades in his Corvette for a Mercedes Benz. He does so due to commissions he earns from a top client, Ivan Boesky, and calls it the "Boesky Benz". Boesky later goes to jail for insider trading. In fact, it was his unique personality that was used as the core base for Gordon Gekko. Also known as Mr "greed is good" made famous on the big screen in the Charlie Sheen movie Wall Street in 1987. Finance is about connecting with people, not always numbers. The female MD at Morgan Stanley that hired him, had a common interest in a US TV drama "Melrose Place", and sure enough, he got his first opening into finance. Ultimately finance is about relationships, very personal relationships.


Our hero has no MBA, no economic views of any sort, just soft skills and a hunger. This is a personality that works well in a world of professionals that wants more. We learn that Turney Duff, is not like his father, not the hard working man from Kennebunk, Maine, who shovels snow in fluid motion. 
His father is a man who thinks life is "not full of short cuts". Yet young Turney tries his own path, and finds every short cut possible while enjoying more sex, drugs and porn than the average rock star. 

He marries a model, wants to be on the cover of GQ magazine in a Prada suit with Dolce & Gabbana jewelry. In the end, he finds out that his search is really empty. Like driving by a car accident, you want to look away, but you can't. It is too compelling. It is too real. All of the Wall Street client patronage rumors that you heard about are explained or rather confessed to, in amazingly candid "too real for TV" detail to ignore.


Reading all of the examples of excess is like gorging on a giant bag of potato chips, and 2 liters of Coke. Not a good thing, but it's so good then, that you cannot stop. His personal life story does not end well, but that is not the point. What you want out of this book is clear confirmation of "how it really was" in the middle of a possible insider trading shop like the now infamous Galleon hedge fund, whose founder is now serving 11 years in prison. 


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

1) There is a lot to learn about how to be successful buy side trader. You have to learn about the key market players, and adapt to them constantly.

2) The best buy side traders know how to make money and keep doing what they do best where they have an edge, hopefully legal. You need to recognize patterns and be consistent and keep a constant ability to adapt to trends, markets and changes.

3) Becoming a successful buy side trader, a true long-term moneymaker is never fast or easy. Short cuts catch up with you, and can lead to your downfall. A market diary always helps. The more trading notes you take, the more profits you make. 

If you want to read in glorious detail what world got him there, and about what the peak was like from "an insider" then this book is for you. You will learn during the go-go New York pre-Lehman years of 2002-2007, what took place and get your belly full of over-excess satisfaction. It really did happen, and every story you ever heard about the wild night side of Wall Street is documented in this very honest with no self pity confession. Warning: not to be shared with your grandmother in any book exchange. 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 focused roles in Asia or Japan then click here. Follow us on Twitter, over 25,000 followers already have! click here! 

あなたはアジアや日本の金融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Twitterでフォローします! 25,000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, November 18, 2016

Friday Feature Book Review: "Inside the House of Money" by Steven Drobny 市場成功者たちの内幕物語 :スティーブン ドロブニー (ヘッジファンドインタビュー )

If you could have in-depth interviews with top hedge fund "masters of the universe" what would you ask? I suspect it would be the very same questions that Steven Drobny, the author, asks in this book. I love the format and the direct answers, that are always clear and concise. This book was an instant knowledge widener for many of the best hedge fund fundamentals needed as an overview. It served the right purpose for me at the right time. It certainly reminds me of the "Market Wizards" series in its style and format. In a similar way, it has high quality insight with every chapter.

It is a series of one on one interviews that gives a great wrap up of which strategies have been able to take the best advantage of world markets at different times, and most importantly, why. I am a big Steven Drobny, fan as he is able to deeply research a subject matter, and explain it in a very smooth and logical rhythm that matches my mental intake pattern almost perfectly. Like a well tailored suit, this writing style fits me perfectly and feels like a second skin, very natural.


The in-depth chapters and subject matters are wide ranging from on how family offices see the world, in total contrast to Yra Harris, floor trader, Christian Siva-Jothy, from Goldman prop (later SemperMacro) or Dwight Anderson, from Ospraie on commodities. Each was a rare combination of feedback sources for me. It was presented really well, and I felt that I received my full money's worth when I finished this fine collection of conversations. 

I get a sense that these are the kind of people who have an edge. Partly unique talent but always worked at and sharpened by long hours and hard work and dedication. There is no easy path to success. It is an insight that many investors or Managing Directors are always looking for in financial markets.


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

1) There is a lot to learn about how to be successful hedge fund trader. You have to learn how and when markets may move in your favor, and adapt constantly.

2) The best traders know how to make money and keep doing what they do best where they have an edge. You need to recognize patterns and be consistent and keep a constant ability to adapt to trends, markets and changes.

3) Becoming a successful trader, a true long-term moneymaker is never fast or easy. Losses are a part of profits and cannot be avoided, by noted them, you seek to minimize them in future. The more trading notes you take, the more profits you make. 

At 356 pages this book is dense quality and no fluff - just great, high quality interviews asking the same kind of questions to legends in the hedge fund world. They are the kinds of questions I would have asked myself, maybe even over drinks in a New York bar, to get the full color. This book is a keeper and 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 focused roles in Asia or Japan then click here. Follow us on Twitter, over 25,000 followers already have! click here! 

あなたはアジアや日本の金融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Twitterでフォローします! 25,000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