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Friday, October 28, 2016

Friday Feature Book Review: "Gods of Greenwich" : Norb Vonnegut (Finance Mystery!) グリニッジの金融神々 (ヘッジファンドのミステリー!) ノーブ ヴォネガット

Money & murder work well together in this hedge fund mix. I am always looking for a good fast-paced financial thriller and this was it. When possible,  I also prefer to read about finance, but rarely expect direct exposure to the hedge fund world or its High Net Worth lifestyle trappings. There is plenty of luxury eye candy woven into this story. I get the feeling that Norb is able to bring to finance, what John Grisham, has brought to the lawyers and the legal profession.

America's hedge fund center "Hedgistan" is the main location in Greenwich, Connecticut. It is just outside New York, and this book did not disappoint. It is fiction, but reads like a very realistic documentary. You very much get a sense that Wall Street can be seen in 2 complimentary locations, Manhattan and Greenwich. You can even see them as 2 sides of the same coin. One buy side and one sell side perhaps. Ever detail rings true, and nothing seems fake.

Cy Leeser, the hedge fund manager with the "secret sauce" has everything including Bianca Santiago, the beautiful Brazilian trophy wife. Picasso paintings, and a vast and sprawling Greenwich estate, is so large in size I would not want to clean it. The plot is based around hero Jimmy Cusack, the hero and underdog taking on the buy side's big time players. 

He is caught in a post-Lehman & pre-Iceland crisis, that many can relate to. Coming from the Boston area, not New York, he still made it into Goldman Sachs, the pinnacle of investment banking at that time, and then his own hedge fund, sweet. However, every good deed does not go unpunished, as we learn in this book, as is life in finance.

Jimmy is somebody who has one financial strike against him and brothers in the military who did not share his financial career path. There were so many bells and whistles that were spot on, I lost count. In fact, it was the details that the author Norb Vonnegut (yes related to Kurt), uses that click everything in place. 

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

1) There is a lot to learn about how to succeed within a hedge fund, but at the core, it is about making money. Those who figure out the "secret sauce" survive long term or die trying.

2) The more of this book you read, the more you wonder how much the world of finance can cover. Where does it end? and how much wider does it cover in ways you do not see today.


3) Becoming successful in a hedge fund is never easy, but can sometimes appear to be to outsiders. There is often a reason, and that reason is often a key rare talent that is hard to replicate.

Norb does have a Harvard MBA, and did work at top investment banks. This is key to what makes this story work, because it feels so real. These insights are used so well, in the right amount, that he kept me engaged for much longer than I should have ever been. Annuities are about peoples lives, but only for their lifetime. There is a blood thirsty innovation on this theme that I certainly have never seen. I could not put it down and that is always a good sign. If you like money, art and "killer sex", you will be changed with this read. 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, October 21, 2016

Friday Feature Book Review: The 48 Laws of Power by Robert Greene 権力に翻弄されないための48の法則 上 : ロバート グリーン

Without question, The 48 laws of Power reads like a secret list of tips on "how to be an MD in an investment bank, or alternatively, a PM in a hedge fund". It is really good stuff, rock solid in fact. The kind of stuff so valuable, only a close friend or family member would ever share. 

In many ways, I would describe these modern rules as very Machiavellian and perfect for the world of finance today. These are timeless markers for any career path. They seem both practical and essential for any young or mid-level executive's future high powered career. 

I have many favorites but the first of note is #1 never outshine the master. I cannot tell you how many times, some new junior dealer tries to impress the MD with his new higher level skills. Within a short time, he is transferred to another desk or fired with no understanding as to why.

Another great one touches on the truth, and how useless it may be. Again young people feel that if they are right, they can get ahead. however rule #9 Win through your actions, never through argument, is worth noting. If some MD says you cannot make money from that client, do not argue, just book the P/L, show the P/L and explain that "something has changed", so now they are able to deal with the firm. No blame or argument takes place, only an adjustment of the situation.

I was very impressed with one VP who soon became an MD. he value rule #18 Do not build Fortresses to protect Yourself- Isolation is Dangerous. He told me that even though he did not smoke, he took smoking breaks, and chatted with other senior in the smoking room. In fact, one of the biggest deals he ever closed was a result of one of those conversations. He heard something he never would have heard before, and he acted on it and closed a major deal for the firm. Information only flows when it is shared. A person alone shares very little and does not often succeed.

If you are smart and know the answer, never give it out too early. Rule #37 Master the Art of Timing, is key. When inside any tough situation, if you know how to exit or source a solution, let others around you or above you feel the pressure. Once you sense that an end is near or the firm may need to give up on any opportunity, that is the best time to offer the solution everyone needs. Two impressions will be made, not only that you could find the solution, but that you could find it "just in time". The fact that you had it ready previously would have been wasted when bonus time arrives.

I am surprised by some in finance who discredit "politicians" as useless in a firm. Rule #43 Work on the Hearts and Minds of Others, is very important. Any bonus often needs to be decided on my a number of people, never one, if it is big. All of those who would determine your bonus need to be understood and appealed to. There is no such thing as "the right amount" for anybody, no bonus number is "fair". The more you can have those around you like and value your contribution, the more likely that bonus will be larger. 

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

1) There is a lot to learn about how to succeed within any organization, financial or otherwise. IQ is not EQ, and this book underlines many of the "soft skill points" too many promising people overlook, that hold them back.

2) The more of these rules you read, the more you think that a better title for this book may be, "how not to waste your time on things that do not help your career, only hurt it, and keep your high compensation delayed."

3) Becoming successful is not simple or quick. There is no easy action that can save your career instantly. The road is long and takes time, and is full of possible dangers. It is best to be cautious with your career.

A final note that ensures a fat bonus from your MD or senior management is #46, Never appear too perfect. Envy from others is to be avoided. It is best to create a foolish vice or weakness, even if it is not true. It make others who judge you to relax. It can be anything such as disco music from the 1970s, or being a Superman comic book fan. Having something that others around you can be aware of allows you to be accepted as human, and worth the big bucks! Highly recommended, without question.


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, October 14, 2016

Friday Feature Book Review: The Whims of Fortune ロスチャイルド自伝!by Guy de Rothschild ギー・ド ロスチャイルド

These memoirs by the late Guy de Rothschild do not disappoint. His family, the Rothschild family, perhaps the richest family in the world, is full of history. The original German founder in the 1760s, asked his sons, the core five Rothschild brothers to build the very first multi-national bank in Europe. 

This innovative jewish family were the first to create a cross border letter of credit. They continued to have had strong banking DNA that passed on well across the generations. Guy took over the bank's direction in Paris, and stretched it further to New York and the US market. I see him as a key sixth member of the family to expand the firm's reach and making them truly global in ability. 

Although personal memoirs, and the perfect window into a Ultra High Net Worth family, they have great business balance to them as well. The glamorous lifestyle of the 1% is all here. The race horses, French chateau properties, hunting & shooting weekends, support for the arts, and a long list of galas full of celebrities are all well documented here.

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

1) There is a clear intermingling with multi-generational HNWI families and their wealth and politics. Wealth is about any decent return of capital learned by family members internally!

2) The Rothschilds are not technically aristocrats within British society has they have not survived as English nobles for 500+ years.

3) Keeping strong economically after initial financial success has never been easy to families to continue past many generations, but the Rothschilds have always found a way for over 250+ years.

What is most surprising to the reader though, may be Guy's military career during World War Two. He seems to have been very happy to be a simple soldier and came out well once tested in battle. He was given a medal for his valor and got recognized by General Charles de Gaulle. The circle of life recrossed again when de Gaulle became head of state. 

Another clear connection is a politician who started out as a manager within the Rothschild bank in Paris, Georges Pompidou. A brilliant man of high EQ (emotional intelligence) not just high IQ, he later replaced de Gaulle as the president of France. Maria Callas, Coco Chanel, and even Salvador Dali, was a famous artist of the time, often at the same parties with George and Guy. Queen Elizabeth, and her love of horses also make an appearance in this memoir full of many slices of life. 

How this key individual Guy de Rothschild, criss-crossed among politicians, statesman, celebrities, businessmen, and the world of horse racing is fascinating. The revealing open access to one of the world's wealthiest families, also leaves any reader with a great satisfaction into a life well lived and fully enjoyed. Highly recommended, without question.


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, October 7, 2016

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コース

Today we interview Anna Stephenson, the co-founder with Steve Bernstein, 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 are expanding the program to Tokyo, and Singapore this year. 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 will be starting our first intake in Singapore on October 15th. Tokyo will follow in March 2017
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 2016/2017, 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.  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, 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