Translate

Friday, December 30, 2016

Friday Feature Movie Review: Arbitrage: Richard Gere (Hedge Fund Thriller) キング・オブ・マンハッタン : リチャード・ギア

Money, Sex and Power are all here. Our hero is a hedge fund manager wanting to sell his business. Nothing wrong with that, but he has to sell. That is never an easy place to be. Life is good at the top, but when a mistress ends up dead, and the police start asking questions, life even at the top of finance, gets complicated.

Richard Gere plays the patriarch of a family owned investment firm. It is large and well established like the Gabelli Funds, but without the brightness of a younger generation. We first see the public face on CNBC and other channels, but his life behind the scenes is not for public viewing. Manhattan is full of flash and affluence, but the people serving the rich, are also part of the same world. Good people you need to rely on. Loyalty from long-term staff can never be overestimated. It can even be life saving.

There seems to be a hole in the balance sheet, not a stolen money hole like Madoff, but more a funding hole caused by Russian markets. It is a big gap that needs to be filled by a Ultra HNWI loan. Help that gets frustrated when the 2 week period takes longer longer than expected to repay. When trying to pass a final audit, that kind of loan is the type that is best not found.

How can you sell after an audit investigation when the accounting books are questionable? Drama and tension continue all through this story, and never seems to let up much. It may look wonderful from the outside, but the life of this hedge fund manager, at the center of the story, is far from comfortable, and never easy.

Susan Sarandon plays the wife, poor in the early days like her equally hungry husband, but monetary success came ultimately. She was tolerant of affairs as the money came, but everything has a limit. When cash flow trouble over a medical charity donation gets delayed, a backup plan begins. 

It is every money manager's worst nightmare, a divorce lawyer, with no pre-nup, enters the story. That is true fear when you are over 60, a founder trying to sell, looking at a retirement exit, and not getting much room to maneuver. Major markets can be scary when you need to make money, not just desire to do so. Emerging markets can also be the most scary due to unexpected events. Every experienced market player knows those risks, and often has the scars to prove it.

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

1) There is a lot to learn about how to be a long-term successful rainmaker, and no single profit stream with last forever.There is no single way to success, so keep open to every new trading opportunity.

2) The best rainmakers know how to make money and keep doing what they do best by observing key decision makers and possible patterns. Knowing what buttons to press to close a deal at the best price is the EQ magic that many lack, not IQ, that only gets you to the table.

3) When becoming a successful rainmaker, your emotional strength from family at home, may help you perform on deals at work. Every person has a personal life, so the more empty or fulfilling it is, the more that can creep into personal performance. It cannot be denied.

The police detective played by Tim Roth, is spot on. He brings the most raw and tasty character to this big screen movie. There are many curious moments in this New York financial story when he is on camera. The old style face to face sale of the firm and how it goes down, is classic and very much old school. If you get a chance to watch it, it is worthwhile viewing. Highly recommended for all staff at an investment bank, hedge fund or asset manager. It is all realistic, and portrayed wonderfully by an excellent castAn amazing movie that is perfect for the holidays, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank 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 45,000+ 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45,000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 23, 2016

Friday Feature Film Review: The Family Man : Nicholas Cage (Christmas Special) 天使のくれた時間 : ニコラス・ケイジ

It is Christmas eve, and the M&A transaction must still get done, a deal close meeting is set on Christmas day, but the staff are not happy. Nicholas Cage plays Jack Campbell, a Wall Street Rainmaker with everything that money can buy, except love from a family of his own. If only he made a different choice, his life may be different. A former girlfriend calls his office out of the blue, and a new twist in his normal life begins.

He soon wakes up in suburban New Jersey, not New York City. He is in bed with Tea Leoni, his former flame and current wife with screaming children running around. How is that possible? A parallel universe shows him what could have been. He cannot believe he is now married with 2 kids and working as a tire salesman, but that is the life he now has. 

This is really a movie that questions the morality challenge of money & career vs family fulfillment. It is a fun film that tries to bring a mirror to the materialism that keeps many within finance happy in their possessions, despite the emptiness of a surrounding growing family and the ties that bind. Is this attraction to things just a temporary part of any human's emotional evolution? It is a timeless question with no clear answer.

For many early in their financial career, yet to marry and yet to start a family, you will find the story basic. Those more senior than 30 or even 40, with the internal need to breed, will see this story in a very different light. It may make one uncomfortable with the lack of depth that money can bring in a career. You question what wealth is worth without the family love and bonding that grounds many in the world today. It may be a movie to avoid for those not quite sure on their life choice. Those who wonder if they have sacrificed personal relationships for careers of cash, and still have made the best choice. 

The opening of this movie is around the Christmas holiday and the work vs life balance around deals at this time. All members may want the deal to happen, but not all have as much to lose at home. The emotional price that each member pays to work on that day varies enormously. The younger the member, the lower that price when single. Time is money shows itself to have another price tag for those with families at home. It can be a very high price.


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

1) There is a lot to learn about how to be a long-term successful rainmaker, and no one answer will do. The more motivations you can find to close deals, the better. There is no single way to success, there are many, so learn them all.

2) The best rainmakers know how to make money and keep doing what they do best by observing key decision makers and possible patterns. Knowing what buttons to press to get a decision is the EQ magic that many lack, not IQ, that only gets you to the table.

3) When becoming a successful rainmaker, your emotional strength from family at home, may help you perform on deals at work. Every person has a personal life, so the more empty or fulfilling it is, the more that can creep into personal performance. It cannot be denied.

Much of course depends on your personal definition of financial success, and the drive or core reason to pursuit it in the first place. Beware to all those who may look at a financial career with less interest and more longing for the basics of life. Be warned of what you could really be feeling! A perfect movie choice for the Christmas holiday season. Highly recommended for all of the typical staff at an investment bank portrayed wonderfully by an excellent cast.deservedly so. An amazing movie that is perfect for the holidays, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank 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 45,000+ 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45,000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 16, 2016

Friday Feature Book Review: The Education of a Speculator by Victor Niederhoffer (ex George Soros Trader) ジョージ・ソロストレーダーの教育: ビクター ニーダホッファ

Any trader who is so good, he worked for George Soros, must have something special. Victor Niederhoffer, was that man, and he was certainly something, and still is. Not only did he go to Harvard and get his PhD at the University of Chicago, he was a 5 time US National squash champion, board game lover, horse racing enthusiast, and music fan. He is pretty complex due to his New York upbringing in Brighton Beach, Brooklyn. 

With a father who was a cop & squash player, and an uncle who liked to buy & sell stocks, a lot of influences came to make up Victor's personality. Why does a trader who takes risk for a living with USD100 million or more, not wear any shoes in his office? Why does he keep pictures of the Titanic in his trading room and reminders of great men having great failures? Why does George Soros nick-name him looser? There is another image of him at the beach with george. Victor is out in the waves and George is closer to shore in a safe zone. A large wave is about to come crashing down onto Victor. It represents 2 different views on when market waves are safe to trade in. You soon have more questions about him than the money he makes by trading for others.

This book was written during a shining highlight peak of his trading career, well before any Titanic sized trading loss that was to come later on. This book is a self written explanation of how could he have got to his trading role and risk taking success. It is not a simple system that he developed, or an edge that he uses against a market. It is an entire process of thought. He is a great speculator because he is great at cross pollination of his many influences.

In many ways, his education comes from observations made in one area, and then applying them into a very new totally different unrelated area. How can you combine championship squash play strategies to price reactions from a US Fed announcement on interest rates? How do you make clear correlations between how bookies size up horses at the race track, and also see stock prices move in a very similar way to a keen trained eye? You do so in a very unique way. The amazing thing you learn in this book is that a speculator can become great by using any combination of disciplines but only if all are well observed. way. 

This is not a light read. In fact, I would call it intense reading, You need a few moments to fully absorb what you take in. It reminds me of sipping fine cognac. This book is not something you go through fast, just like how you do not guzzle down XO cognac. You take is small amounts, and savor them. That is how best to fully appreciate this well written explanation of a great trader's personal roots, trials and tribulations. This 414 page testament to a 360 overview of influence, was a National Best Seller, and deservedly so.

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

1) There is a lot to learn about how to be a long-term successful trader, and no one path will do. The more paths you can take, the better. There is no single way, there are many, so learn them all.

2) The best traders know how to make money and keep doing what they do best by observing trends and possible patterns. Squash or any other sport keeps the mind sharp when in competition.

3) When becoming a successful trader, other similar disciplines may be obvious to learn from. Horse racing tracks that "bet on the ponies" can be a great insight into how horse betting crowds react like investors in the markets.

The most sad reality of this book though, is that it came out in 1997, just before a great fall. Like the Titanic image kept to balance human hubris in his trading room, the fall in his risk taking did come and hit hard within 2 years. Going broke at such an age after such a high, is discouraging for anybody who admires & applauds, such amazing courage to win against the markets. Maybe the house does win in the end? Maybe George Soros was right, Victor was a loser in the end, or at least for a time, before he of course, started trading again. Like any Greek tragedy, the hero must suffer defeat, and hopefully rise again. This book reads like the revealing of a man's soul, the key to a unique and complex personality.
An amazing book, highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank 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 45,000+ 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45,000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 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, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank 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 45,000+ 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45,000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, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank 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 45,000+ 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45,000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, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank 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 45,000+ 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45,000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